Coupang has no plans to enter the Indian market, the company said, refuting a local media report that claimed the South Korean e-commerce company had expressed interest in entering the South Asian nation.
“Coupang has no plans to enter the Indian market,” a company spokesperson told TechCrunch 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 investment management and research firm Bernstein.
Indian conglomerate Reliance is poised to surpass incumbents Amazon and Walmart-backed Flipkart in the race for the country’s e-commerce market, Bernstein predicted in a damning report to clients this month.
Coupang, the largest online marketplace in South Korea, has expanded to Japan and Taiwan in recent years.