"Should Australian startups think about scaling into India?" A question increasingly asked by entrepreneurs, with many recent success stories out of India demonstrating the potential value to be found in a marketplace historically overlooked by companies with global scaling ambitions. With the phenomenal growth of India’s economy and a burgeoning middle class, it’s worth considering.
Some Australian startups might find that venturing into the Indian market isn't the best move for them at this time, dependent on variables that can shift quickly. The challenges could range from a lack of comprehensive knowledge about the Indian market landscape, to financial limitations, intense competition from established domestic companies, or even a lack of well-defined business goals beyond simply satisfying investor expectations.
However, for many Australian businesses, India has begun to show signs of , it could be a game-changing decision, with many additional benefits that only become clear once you dive in.
Your venture might be ready to test its readiness for the Indian market if:
✅ You Have Outgrown the Australian Market
Australia, with its relatively small population, might not offer the kind of scale and diversity that a growing startup needs. If your product has saturated the Australian market, India, with its 1.3 billion people and a highly digitised nation could provide the next phase of exponential growth.
✅ Your Business Model is Suited for Indian Market Demographics
Certain business models like fintech, e-commerce, and edtech have immense potential in India. The country’s large population, increasing internet penetration, and a growing segment of tech-savvy consumers make it fertile ground for businesses that have inherently cross-border models.
✅ You Are Already Receiving Interest from India
If your startup is receiving organic inbound queries and/or Google Analytics data shows a chunk of traffic coming from India , it may be time to take notice and capitalise on this signal. Establishing a presence in India can multiply your revenue potential, given the sheer size of the market.
✅ You Want to Capitalise on Cost Arbitrage
India is known for its cost-effective technical talent. By setting up development or operational teams in India, Australian startups can not only reap the benefits of high-quality talent at a fraction of the cost, but can scale much faster given a million are being added to the job market every month. This can enable faster iterations, more aggressive scaling, and a healthier bottom line.
✅ You Aspire to Build a Global Brand
Breaking into the Indian market can be a stepping stone towards building a global brand. It is an indicator of your startup's ability to adapt and thrive in different market conditions. Succeeding in a complex and competitive market like India is a badge of honour and a testament to your startup's robustness.
Embarking on an Indian venture requires research, adaptability, and resilience. The cultural, linguistic, and regulatory landscape is vast and varied. However, the potential rewards are immense for those who can navigate these challenges adeptly.
To Australian startups aiming to make it in the Indian market – fortune favours the bold. Reach out today if you need a good sounding board with experience in the space. Good luck on your journey to tap into one of the most dynamic and diverse markets in the world! 🌏 🚀