A new generation of IT entrepreneurs in India is offering new and cutting-edge software products and this, with the increased consumption of software could see India increase its presence in the global industry going forward.
Rehan Yar Khan, founder and general partner, Orios Venture Partners, is an early stage investor in software product and e-commerce companies, whose fund recently raised Rs.300 crore in the domestic market. According to him, `Convenience’ is the core area Orios will be investing in going forward.
“Our reading as a fund is that people are becoming richer but they have less time. We are continuously looking out for winners and the new economy rewards innovation — whether it is Amazon in the U.S., Alibaba in China or Flipkart in India — all have become leaders through innovation.’’
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Mr. Khan said the Indian software industry had finally found the confidence to venture into software products “which is seeing an explosion and is in itself a $ 2 trillion industry globally. The story is now moving from software services to products — a welcome move up the value chain, and we are seeing some amasing new products.’’
Secondly, there is a large emerging consumer market online. “India has 30 million online shoppers, and this is expected to reach 120 million by 2020 as phone shopping is moving to online shopping. In essence, the driver going forward is ‘convenience’. Online shopping, thanks to logistics reaches 90 per cent of the pin codes in the country.’’