Buhl Group, a German financial and tax software firm, on Tuesday, said the size and uniqueness (kirana ecosystem) of the Indian retail market has attracted the company to the market.
India was one of the largest retail markets in the world and yet was uniquely characterised with its unorganised retail segment, primarily driven by kirana stores, said Moritz Buhl, Managing Director and CEO, Buhl Group.
To capitalise on the country's booming retail market, Buhl on Tuesday launched an app-based and downloadable point of sale solution product, Imprezz, after test running it in Mumbai and Bengaluru. The android app would target stand-alone retail outlets and mom-n-pop stores in the country, he said while interacting with reporters.
Imprezz was a business operations software that managed accounting functions, GST compliant invoicing, inventory, customer data, and order processing, claimed the company.
Amit Mundra, CEO and Country Manager, Buhl Data Service, said India was among few countries the world over to show growth in retail sales in 2020 after the pandemic disrupted businesses.
The country's retail market was expected to grow to $1.7 trillion by 2026 with groceries alone contributing 65% of it, Mr Mundra said quoting a report by Statista.
To expand its presence in India, Buhl has also invested 5 million Euros in India.