Crunchfish doubles down on the Indian market, partners with Business Sweden

2020-02-27|

Digital Cash

Crunchfish AB (“Crunchfish”) announced today its intention to increase its efforts in the mobile payments market in India through a collaboration with the India arm of Business Sweden. Business Sweden is an organization jointly owned by the Government of Sweden and the Swedish business community through the Swedish Foreign Trade Association; it’s purpose is to assist Swedish companies with sales and international market expansion. Through the collaboration, Business Sweden will provide extensive support to Crunchfish over a twelve-month period, focused on the market launch of Crunchfish’s mobile payment solutions in India as well as expanding the company’s contact network within the mobile payments space.

Crunchfish has previously informed the market in the company’s year-end report and in the press release about the company’s planned rights issue, that India is a large and fast-growing market for the mobile payments space and that Crunchfish plans to invest in it. Building on the company’s existing groundwork in the country, Crunchfish has now entered into a collaboration with Business Sweden which, among other offerings, helps Swedish companies to establish themselves abroad. Through this collaboration, Business Sweden will contribute to Crunchfish’s India expansion in three main areas:

Contribute to organizing events and coordinating communication with the media regarding Crunchfish’s mobile payments solutions.
Establish a broader contact network and arrange meetings with representatives of the Indian government, various authorities and other similar actors (such as the Indian Railway Catering and Tourism Corporation) in whose operations Crunchfish’s mobile payment solutions could be implemented.
Establish contacts with key players in the private sector, both with respect to Indian companies and global companies operating in India.

“The mobile payment market in India is exploding. The country is currently transitioning from a cash society to one of digital payments, with digital payments experiencing rapid adoption and UPI payments growing by over 7% per month. The Indian government is behind the push to digitize payments, and in December 2019, a total of 1.3 billion digital payment transactions were completed in a single month. Crunchfish has kept an eye on these developments and we see that the time has arrived for our payment solutions to improve mobile payment interaction in India. This is something we also validated in meetings with key people from market leading payments apps, terminals and cash registers, as well as the National Payment Corporation of India, during our recent trip to India. We will now intensify our entry into the Indian market, and it is positive that we now have the backing of Business Sweden, which has solid experience helping Swedish companies to establish in India,” said Joachim Samuelsson, Chairman of the Board at Crunchfish and CEO of Crunchfish Proximity.

About Business Sweden

Business Sweden is jointly owned by the Swedish state and the Swedish business sector with a mandate and a mission to help international companies gain access to the Swedish market and help domestic ones utilize it as a platform for expansion. Their clients range from start-ups via small- and medium sized businesses to multinational enterprises – with tailor-made services catering to all of these segments. Business Sweden have a holistic approach, offering both hands-on support, strategic and practical expertise and a unique capability to create access where access is hard to get, both in Sweden and through their 44 offices across Europe, Americas, Middle East & Africa and Asia Pacific. Their expertise, presence and exclusive access to networks and stakeholders in both the public and private sectors in these markets gives them a supreme ability to help clients navigate regional business structures in order to expand their business and unlock growth.

For more information, please contact:

Joachim Samuelsson, chairman at Crunchfish AB and CEO Crunchfish Proximity AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com

Joakim Nydemark, CEO Crunchfish AB
+46 706 35 16 09
ir@crunchfish.com

Västra Hamnen Corporate Finance AB is Certified Adviser. E-mail: ca@vhcorp.se. Tel: +46 40 200 250.

Link to original press release in Swedish: https://www.crunchfish.com/investors/pressmeddelanden/crunchfish-okar-takten-pa-den-indiska-marknaden-genom-ett-avtal-med-business-sweden/