China’s Tiens Group plans to foray into the fast growing Indian e-commerce market to take on the likes of Flipkart and Amazon as the firm plans to set up its marketplace by the second half of the year.
The group also plans to expand direct selling business in the country and expand user base to one crore over the next five years. “We plan to sell 3,000 products from the online shopping platform, which would be ready in the second half of the year. Indian customers will be able to buy products from different countries on the platform,” Tiens South Asia Region President Kevin Hou told PTI. The Indian e-commerce market is estimated to touch USD 119 billion (Rs 8 lakh crore) by 2020. In March, the government allowed 100 per cent foreign direct investment (FDI) in online retail of goods and services under the ‘marketplace model’ through the automatic route.