30 May 2014 07:00
30 May 2014
cloudBuy plc("cloudBuy" or the "Company")
Appointment of Country Head for India
cloudBuy plc (AIM:CBUY), the eCommerce marketplace, today announces that Nilesh Gopali has moved from the UK to take up the post of Country Head for India, based in Mumbai.
Since joining cloudBuy in November 2013, Nilesh has been developing and growing the team in India, securing the first buy-side customer and creating a further pipeline of large prospects. Nilesh and the technical team have been working to enhance the cloudBuy platform to operate in Hindi and manage India's complex, cross state, taxation structures and Indian payment gateway providers.
The ability to solve the challenges posed by India's complex taxation regime has been central to market entry and whilst there is still development underway, the Company now has a good pipeline of large organisations who wish to use the solution once this development is complete. To support the ongoing sales activity Nilesh has appointed a senior salesperson who has joined the Company from the commercial cards division of one of leading banks in India - HDFC Bank. The response of larger Indian businesses to the cloudBuy payment capability has been very positive; consequently our ability to leverage the banking network is a key element of market entry.
India's ecommerce market is developing very quickly. Three years ago cloudBuy found that there was little demand for transactional web sites. This has changed significantly with India's e-commerce market in 2013 estimated at around $13 billion, according to a joint report of KPMG and Internet and Mobile Association of India (IAMAI).
In our engagement with Indian prospects, both buyer and supplier, cloudBuy is also seeing a new trend emerging, which is a desire to transact using mobile devices. This supports the other finding of the KPMG and IAMAI report where they expect the situation to improve with growing access to the Internet, the availability of broadband and the rapid adoption of smartphones and tablets. Within the B2B eCommerce space, cloudBuy has the only mobile marketplace in India.
Chairman of cloudBuy, Ronald Duncan commented: "We are excited about this next phase of development for our Indian offering. B2B eCommerce is just taking off in the Indian market and the response to the cloudBuy proposition from business leaders underlines our confidence that we have the correct solution for this growth market."
Enquiries:
cloudBuy plc Ronald Duncan, Chairman | Tel: 0118 963 7000 |
Westhouse Securities Limited Tom Griffiths / Richard Johnson | Tel: 020 7012 2000 |
Newgate Threadneedle Caroline Forde/Robyn McConnachie | Tel: 020 7653 9850
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About cloudBuy PLC
cloudBuy, formerly @UK, is the world's leading transactional Cloud Platform.
cloudBuy has used the platform to build world leading B2B ecommerce and eprocurement applications which address the full range of buying and selling activities, in an easy to use web and mobile experience, along with other cloud based applications including Content Management, email and big data analysis.
The applications have already managed over $500 billion of spend and are being used by leading organisations around the world to deliver savings and improved services.
The applications are unique in delivering correct pricing in the complex world of B2B whilst being easy enough to use that the people with difficulties can use the system to buy their own social and health care.
For more information, visit www.cloudbuy.com