UAE-Based Phygicart Invests $14.5 Mn To Enter The Indian Ecommerce Market

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Original: Inc42, July 5

Analysis: Indian Ecommerce is market as alluring as it can get and companies from all over the world want to enter the market somehow. In the past few years we have seen numerous Chinese companies investing in India ecommerce ecosystem. However, it is not only Chinese companies that invest. A company from UAE Phygicart has also invested in the Indian market. Phygicart has raised $14.5 Mn, as part of its first phase to enter the Indian ecommerce space. The investment has been made by Boby Chemmanur, Chairman and Managing Director of Boby Chemmanur International group.

Phygicart is also looking forward to make their own products in India by opening up an assembling product in Ahmedabad. They are also entering in tie-ups with ther brands in India according to the company CEO.

According to IBEF’s research, India is currently 3rd in the world in the ecommerce market value. There is a high probability that India will surpass the US to grab the second position by 2034. There can expand drastically with such investments and more and more people switching to online modes of shopping.

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