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AI (artificial intelligence) financial company Upinnet is supporting Korean startups' expansion into the Indian market. The plan involves leveraging its local network and market experience gained through over a decade of business operations in India to assist domestic startups in conducting initial market validation.
Upinnet announced on the 10th that it has launched the 'Pre-Unicorn India' project to support Korean startups' entry into India, with the first program being the 'Korean Startup India Market Research Program'.
This program will be operated by social enterprise U-D Impact. It will select four domestic startups interested in expanding into India and conduct a five-night, seven-day trip to Delhi, India, from the 22nd to the 27th of next month.
Startups wishing to participate must submit an 'India Business Proposal' outlining their intended business themes in India, connections with existing businesses, and hypotheses to be validated locally. Final selection of four companies will follow video interviews.
Selected companies will receive support for accommodation costs in India and field exploration expenses. The program includes visits to companies already established in India, tailored to each participating company's business sector, along with individual market research based on the submitted business proposals.
On the final day of the program, a-sharing session will be held where each company presents its India expansion business model refined through local research. Local startup representatives are expected to provide feedback on the business models and suggest implementation strategies.
Upinnet developed this project noting that while interest in the Indian market among domestic startups is growing, actual cases of market entry remain limited. This decision was driven by insufficient information on local consumer behavior and distribution structures, as well as the difficulty of establishing connections with local companies and institutional investors through short-term business trips alone. Additionally, accommodation costs for market validation pose a significant burden for early-stage startups.
Founded in 2014, Upinnet entered the Indian market early and has been conducting financial operations there. The company plans to share its network, market intelligence, and operational experience gained from over a decade of business in India with domestic startups. Last month on the 26th, Upinnet submitted an application for preliminary review of KOSDAQ listing to the Korea Exchange, formally initiating its IPO (initial public offering) process.
Lee Cheol-won, CEO of Upinnet, stated, "India is a massive consumer market with 1.4 billion people, and digital payment and e-commerce transitions are rapidly advancing, yet few Korean startups have had opportunities to directly validate business hypotheses on the ground." He added, "We will share our network, lessons learned from trial and error, and understanding of the market built over more than a decade to help younger companies verify markets faster and more safely."
[MoneyToday Startup Media Platform Unicorn Factory]
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