On way to becoming unicorns, Korean startups script success stories in India
NEW DELHI: A number of Korean startups GOT TEA, True Balance, and more have come up as success stories and are setting up examples for other Korean micro-entrepreneurs to follow in their footsteps.
In a short span of time GOT TEA – a Bubble Brew Company offering the new-concept bubble tea in India has set up multiple stores in Delhi NCR. True Balance – a one-stop shop for all financial needs such as loans, wallet& checking, credit and investment services, is also a success story.
These Korean startups like many others have tasted success in India and are on their way to becoming next unicorns.
The good development is that various apex South Korean trade and industry organisations led by the economic section of the Republic of Korea embassy, have vowed not only to support the existing Korean startups, self-employed and micro entrepreneurs based in India but also try hard to attract more such entities from South Korea.
On Friday, Korea Trade-Investment Promotion Agency (KOTRA), National IT Industry Promotion Agency (NIPA) a Korea India SW Cooperation Center, Ministry of Science and ICT, Republic of Korea, India Korea Center for Research and Innovation (IKCRA), Korea Plus Invest India, Federation of Korean Associations, Korea Chamber of commerce and Industry (KOCHAM), Korea SME and Startup Promotion Agency (KOSME), and Korean Small and Medium Enterprises Association (KOSMA) got together to lend their support to the newly formed Korean Youth Commerce Association in India (KYC).
Chang Jae-bok, Ambassador, Republic of Korea assured the budding entrepreneurs that they would all possible support from the Embassy as well as all trade and industry bodies from Korea. The ambassador asked them to study the Indian working and business conditions and accordingly formulate their strategies to make their venture successful, and eventually evolve as unicorns.
As many as 25 startups, self-employed youths and micro-entrepreneurs which are the members of Korean Youth Commerce Association in India (KYC) were present on the occasion.
AfterShoot, a successful Indian startup offering online image editing solutions to amateur and professional photographers which made over 25000 customers worldwide in a short span of time was invited to share its success story and strong points.
“The representatives of the Korean start-ups like GOT TEA, and True Balance made presentation not only to share their success stories but also the challenges as well as tough learnings with other start-ups, self-employed youths, and micro-entrepreneurs. It was a kind of knowledge sharing session which benefited the participants with deep insight about the Indian business conditions as well as the startup ecosystem India offers,” said Euy Don Park, President, Federation of Korean Associations and Vice-President, Korea Chamber of commerce and Industry (KOCHAM).
On this occasion, Yu Sung Eo, Co-Founder and CEO of the Korean start-up GOT TEA, a Bubble Brew Company, Harshit Dwivedi, Co-founder AfterShoot, and Ji Hong-gyu, Marketing Head, True Balance shared their success stories.
Chul-Hee Lee, Consul, Embassy of the Republic of Korea coordinated the session.
Jongho Choi, , Minister, ROK Embassy; Joonhwa Bin, Managing Director, South Asia office, Korea Trade-Investment Promotion Agency (KOTRA); Sang Ho Woon, Executive Director, National IT Industry Promotion Agency (NIPA) a Korea India SW Cooperation Center, Ministry of Science and ICT, Republic of Korea; Y J Park, Director, India Korea Center for Research and Innovation (IKCRA); Jaeho Yoo, Director, Korea Plus Invest India; Seok Chan Park, Korea SME and Startup Promotion Agency (KOSME); and Seong Heum Park, President, Korean Small and Medium Enterprises Association (KOSMA) shared many useful technical, geographical, legal information as well as their experiences of doing business in India.
Other startup founders and micro entrepreneurs that participated in the event included Yohan, Founder, SPIGEN that sells mobile accessories on e-commerce platforms Amazon, Flipkart, Jio Mart, Tata Cliq and Croma. It is the top seller in India as well as other countries like US and most of European countries
Young Jin Ham, Director, Duru Corporation that offers HR, legal compliance, branding, CSR etc., Seung Jung Kang, Director & COO, I-KETS that offers India Korea Edu Tec Solutions, and MisoStudy that offers online coaching for JEE, NEET, AIMS, CBSE preparation also participated in the event.
Jin-bum KIM, President, Korean Youth Commerce Association who also runs a chain of Korean restaurants Gung the Palace in India said that twenty-five Korean young self-employed, micro-entrepreneurs, and startups based out of New Delhi and NCR towns, Mumbai, Chennai, Bangaluru, and other cities of India participated in this event.
