In my recent article – India: the global deeptech launchpad – I described how India’s deeptech ecosystem is booming and opening immense prospects for innovators around the world.
I explained the reasons for this rapid growth and pinpointed six technology sectors which are presenting particularly exciting opportunities – opportunities that I’ll profile in more detail soon.
The other subject I promised to address is the best way for tech companies to enter and expand in the Indian market. After all, while the potential rewards are huge, attaining them isn’t easy.
So, what steps do you need to take to achieve success? The most important considerations fall under the following themes.
1. Route to market
For some companies, a couple of sales reps in India or a network of capable channel partners may be enough. For others, it may be wise to invest upfront in a strategic partnership. And where you should land on this spectrum isn’t always obvious.
For example, a major provider of distributed energy solutions recently identified a compelling opportunity in India's rapidly growing need for sustainable cooling. The key to success was a relationship with, and the guidance of, an experienced Indian player. By taking a long-term view of the addressable market and its unique characteristics, discussions soon developed into a joint venture which combined the international company’s global expertise with the Indian partner’s in-country network to deliver trigeneration solutions adapted to the Indian market.
Neither company could have done it alone, so it was the right choice to play off each other’s strengths and to share the pie. The partners went on to bring a new team onboard and roll out a successful service model, illustrating how the right go-to-market strategy can unlock significant commercial returns in a short space of time.
2. Product localisation
A ‘one size fits all’ approach can be a recipe for disaster when it comes to targeting India’s vast domestic market.
You will have to prioritise and adapt your offering by region or category. Examples abound, from consumer products like the hugely successful (and delicious!) McAloo Tikki burger to climate-smart deeptech solutions such as solar-powered irrigation and cold storage systems designed for Indian conditions.
And it’s not just about end user preferences. Your B2B channel partners in areas like SaaS or hardware solutions will need you to be adaptable, too. Expect high price sensitivity, precise performance validation and detailed due diligence. But progress can be made quickly by demonstrating an understanding of the Indian market’s needs and cultural nuances.
3. Local expertise
Don’t try to DIY. Surround yourself with trusted Indian advisors and partners for product development, distribution, manufacturing, sales and regulatory support.
India can feel ‘easy’ because of widespread English in business settings and its strong entrepreneurial spirit – ‘if there’s a deal to be done, we’ll do it’. But I can’t overstate the importance of having someone on the ground to look after your interests as you navigate the business landscape.
A great example is an international provider of semiconductor testing services who achieved early market traction by engaging a highly capable local representative. The rep developed relationships with a well-researched and qualified list of target companies, bolstered by personal connections, and engaged effectively with a host of ecosystem partners to guide and support local service delivery. This not only opened doors but gave the business a first-hand understanding of where the opportunities were and which prospects were worth prioritising.
4. Relationships and commitment
Success in India is not always purely transactional: the deal that looks best on a spreadsheet isn’t always the one you should make.
People are people, and what might ultimately tip the scales is the right relationship. For example, partnering with the market-leading Indian system integrator to sell to the automotive sector might seem like a no-brainer – they talk the big talk and seem impressive. But chances are, you could get lost in a sea of the principals they represent.
Or you may find the historical market leader isn’t at the leading edge of innovation and doesn’t grasp your technology’s true potential. Better to select a smaller integrator which – like you – sees the industry as it will be, not as it is, and can represent you with vision and enthusiasm.
So, go with your gut. But commit the time, resources and effort to explore and build trusted relationships with a variety of Indian partners.
5. India’s diversity
India is not a fly-by market that you can develop remotely. You need to ensure you understand the nation’s historical and industrial background, its latest trends, its cultural norms and its strengths as well as its areas of development. And this necessitates spending time in the country.
Above all, you need to recognise its diversity:
- The Indian subcontinent has 28 states and eight union territories, many with their own subcultures.
- The country has 22 official languages, 19,000+ dialects, six major religions and massive cultural variations across its five main geographic zones in terms of food, lifestyles, habits, traditions and social norms.
- It’s a landscape of problems and challenges, and each provides an opportunity for the right solution.
Recognise and plan for this vast diversity and use it to your advantage through micro-market insights, regional customisation and continuous adaptability.
The more time you spend understanding India, the more effective you’ll be in achieving scalable, impactful outcomes. The market truly rewards engagement and commitment – sleeves rolled up, doors knocked, airports visited, local dishes tasted, traffic jams navigated!
Who knows? Development through India’s diversity may even facilitate product or service improvements which you carry into other global markets.
Smart approach
India’s technology landscape, then, presents considerable opportunities alongside unique obstacles.
But that’s not to say it’s too difficult to tackle. Take a smart approach to your route to market, relationships, market understanding and localisation – tailored to India’s nuances and customs – and there’s every reason you’ll succeed!
For an informal discussion about how we can help develop your business in India, contact Jai at jai.mallick@intralinkgroup.com
