MAINBOARD-LISTED YuuZoo Corporation said on Thursday it has penetrated the Indian market by selling a regional franchise licence to iComp Digital Media.
iComp Digital Media is part of iComp Solutions Group, a distributor and the largest partner of Apple India, it said.
The social e-commerce network said that together with its new franchisee, it is working on major new projects that focus on opening up new services to the hundreds of millions who live in villages and in the countryside in India.
Ongoing developments in India, where the government has asked people to embrace new payment technologies in order to go cashless, present opportunities for YuuZoo's payment platform YuuPay and its new YuuWallet product, it added.
YuuZoo's business involves franchisees buying a licence to operate the YuuZoo business in a particular market, and paying for the licence in cash, in shares, or both. This means that sometimes, YuuZoo does take an equity stake in the franchisee and enjoys a share of the latter's profits.
At 10.53am, its stock was up 2.6 per cent at S$0.155.