Coupang doesn’t plan to enter the Indian market, the company said, refuting a local media report that claimed that the South Korean e-commerce firm had expressed interest in entering the South Asian nation.
“Coupang has no plans to enter the Indian market,” a company spokesperson told technewss in a statement.
India is one of the fastest growing e-commerce markets and is estimated to be worth $150 billion in three to four years, according to wealth management and research firm Bernstein.
The Indian conglomerate Reliance is poised to outpace incumbents Amazon and Walmart-backed Flipkart in the race for the country's e-commerce market, Bernstein projected in a scathing report to clients this month.
Coupang, the fifth largest e-commerce globally by revenue, operates in South Korea and Taiwan.