cloudBuy outlines terms for e-commerce deal with Indian outsourcing firm

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E-commerce marketplace cloudBuy is tying up with SYNISE, part of the Kalyani Group, to provide a business-to-business marketplace and a ‘source India project’ in support of the government’s Make in India campaign.

Prime Minister Narendra Modi hopes to turn India into a manufacturing powerhouse with the Make in India campaign, targeting the Gulf States as potential customers.

“[They are] India’s largest trading partner and we have the largest group of vetted high quality Indian suppliers,” said SYNISE chief executive Ashok Dani.

“We believe there is immense potential in providing these suppliers with B2B ecommerce so that they can easily export to the world, at the same time as making their Indian business more efficient.”

Under the new agreement, cloudBuy has agreed to provide the technology for the marketplace, and SYNISE the procurement services.  It is expected that the cloudBuy revenues will be a small percentage of the value flowing through the markertplace – SYNISE thinks customers could transact up to US $2bn per year.

The research group Intellisys is predicting the company will post its first profit next year – a £750,000 pretax surplus on turnover of £7mln rising to a £10mln profit in 2017 on revenues of £19.8mln.

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