India: 让微信"折戟",印度TMT行业该如何投资?

Last Updated: 28 August 2019
Article by TMF Group

"去印度投资"的热潮仍在持续

印度工业和内部贸易促进局(DPIIT )最新发布的报告显示,2018-19年度,印度FDI(外商直接投资)高达643.7亿美元,创历史新高。而根据瑞银2018年的一份报告称,未来5年印度的FDI流入预计将增至每年约750亿美元。

同时,这块"热土"正在吸引大量的中国资金。据金融研究公司Venture Intelligence的数据显示,今年前六个月,印度初创企业从全球各地筹集了39亿美元,其中来自中国的资金有近10亿美元。

这块南亚"热土"对中国投资者究竟有着什么样的吸引力?

电商、金融科技、APP等领域全面开花

经济是第一要素。

印度人口众多,经济增长的潜力巨大。世界货币基金组织(IMF)预测,印度在2019年将成为发展速度最快的主要经济体,经济增长率预计有7%。同时,庞大的年轻群体支持着印度消费的增长,他们对新兴事物的接受程度高,加上持续增长的购买能力和受教育程度的提升,这一群体已然成为印度互联网经济增长的引擎。

而引擎的终端,在手机。中国手机厂商早已占据印度智能手机市场的"半壁江山"。IDC发布的报告显示,2019年一季度,以小米为首的中国智能手机品牌在印度市场拿下超过50%的市场份额。印度拥有超过4.5亿名移动互联网用户,且有望在2022年增至6.67亿。众多新智能手机用户,转化成移动互联网用户,寻求娱乐、社交、电商、数字支付等服务是趋势。

印度智能手机市场前五名公司
出货量(单位:百万),市场占有率,同比增长一览
2019年一季度

公司 2019年一季度出货量 2019年一季度市场占有率 2018年一季度出货量 2018年一季度市场占有率 同比单位变动
(2019Q12018Q1)
1. 小米 9.8 30.6% 9.1 30.3% 8.1%
2. 三星 7.2 22.3% 7.5 25.1% -4.8%
3. Vivo 4.2 13.0% 2.0 6.7% 108.4%
4. Oppo 2.4 7.6% 2.2 7.4% 9.7%
5. Realme 1.9 6.0% 0.0 0.0% -
其他 6.6 20.5% 9.2 30.5% -28.3%
总计 32.1 100% 30.0 100% 7.1%

来源:IDC亚太区手机市场季度报告,2019年5月

备注:"公司"代表当前母公司(或控股公司)旗下子公司拥有和经营的所有品牌

互联网经济的发展绕不开数字支付。

数据显示,印度数字支付(包括移动支付、在线支付)市场有望在2023年突破1万亿美元,其中移动支付市场预计在2023年增长至1,900亿美元。2016年,印度政府宣布废除大面额钞票,间接促使数字支付使用率的增长。印度市场上的主要数字支付玩家不仅有阿里巴巴投资的Paytm、沃尔玛支持的PhonePe、Google Pay、Amazon Pay 等互联网科技公司,还有Airtel、Jio、Vodafone、Idea 等电信公司,以及银行自家平台,可谓竞争激烈、各路高手云集。

但是总的来说,印度的金融科技领域仍是一片富矿。目前印度仅有几十家网贷平台,财富管理市场还处于初步阶段。波士顿咨询集团(BCG)的一份报告显示,印度的数字贷款在未来五年内还有1万亿美元的机会。

电商方面,目前印度整个零售电商交易额约300多亿美元,相比之下,中国零售电商规模约9万亿元(约合1.28万亿美元),意味着印度电商市场还存在巨大潜能。根据摩根士丹利报告,到2026年,印度电子商务市场规模将达到2,000亿美元,年复合增长率高达30%。亚马逊和被沃尔玛收购的Flipkart是印度零售电商领域的主要玩家,其次是阿里巴巴支持的电商平台Paytm Mall和Snapdeal等。

连同Paytm Mall、Snapdeal等一道,中国的投资者正在逐渐渗透印度人民的生活。

来自中国的内容在这里越来越受欢迎。根据Sensor Tower统计,2018年,印度Google Play Store排行榜前十中,有5款来自中国;而前100强中,有44款来自中国。其中排名靠前的APP包括字节跳动旗下的TikTok和Helo、阿里巴巴的UC浏览器。TikTok于2016年推出,在印度年轻人中迅速流行;而UC浏览器已经是印度市场的老将,在当地深耕多年。

本地化是企业成功的关键

中国投资者之所以在印度取得成绩,主要在于了解当地市场后,在内容、技术和当地合作方面积极进行本土化。

以UC浏览器为例。UC浏览器是中国最早一批出海印度的互联网公司,早在2011年就在印度设立办公室。随着2014年被阿里巴巴收购,UC浏览器成为后者出海的排头兵。

UC刚进入印度市场的时候,当地网络环境糟糕,UC抓住这一痛点,主打压缩页面,用户访问快速还省流量,凭借浏览体验的畅快无阻,UC在印度大受欢迎。

随后,UC通过大规模的调研,根据当地的文化、语言、宗教习俗等不断优化产品内容。目前,UC在印度拥有1.3亿的庞大用户群,市场份额超过其最大竞争对手——谷歌的Chrome浏览器。

同样是出海,微信却在印度"折戟"。2012年,当腾讯旗下微信出征印度,在产品的营销和品牌推广上不遗余力。从商场的产品发布到邀请当红宝莱坞明星担当品牌大使,微信以令人称道的速度争取用户。看上去似乎微信在印度成功了,但微信没有用户粘性,之后的增长一路下跌。到2015年,腾讯不得不在印度解散了微信团队。时任微信印度市场与战略部副总监的海曼舒·古普塔(Himanshu Gupta)说:"其中大多与印度平台本地化失败有关,微信的产品设计拥有许多在中国非常受欢迎的功能,但这些功能并不太受印度用户的喜爱。"

微信的例子也为中国企业将印度打造成下一个大市场的雄心壮志提供了前车之鉴。

复杂的税收和亟待改善的行政效率

随着废钞令、商品与服务税(GST)等改革的推进,印度的营商环境也在不断改善。据世界银行发布的《2019年营商环境》报告,印度营商环境总体评价在190个经济体中位列第77位,跃升了23位。TMF Group 近期发布的2019年《 全球商业复杂性指数》报告也得出相似的结论。该报告从法律法规和惩罚制度,会计和税务合规,以及员工聘用解雇和薪酬管理等方面,对全球76个司法管辖区进行比较。印度已不再是全球营商最复杂的司法管辖区之一。

然而在实际操作过程中,在印度开展业务仍充满挑战。

以税制为例。GST的统一,对于外商投资者而言是长期利好政策。不过,与其他国家的增值税相比,印度GST仍然过于复杂,分中央征收(Central GST,CGST)和邦政府征收邦税(State GST,SGST);当商品跨邦销售时,还要由中央政府征收综合GST(IGST)。另外,此番推出的GST改革还充分利用了信息技术,要求纳税人网上申报,这对企业财务人员专业性有较高要求。如果缺乏专业建议,商家很容易面临混乱和错误风险。

土地使用有所限制。根据印度有关政策,在印度注册的外国子公司、分公司等可以购置不动产(包括土地、房产),但来自中国、巴基斯坦、孟加拉、尼泊尔等8国的公司,购买不动产时必须获得印度储备银行的预先许可。此外,在实际操作中,购买土地往往手续复杂,周期漫长。

印度行政效率也亟待改善。印度政府行政机构较为庞杂,同时政府办事效率不高,可能致使企业的经营活动受到影响。世界银行营商环境报告显示,印度开办企业、纳税、登记财产效率排名分别为137/190、121/190、166/190。

此外,尽管在知识产权保护方面,印度投资正积极与"国际通行规则"接轨,但在专利领域,印度通过采取"强制许可制度"以及对专利法条款的特殊解释,来规避西方跨国公司的专利要求,特别是医药领域。在这种情况下,投资者的专利权可能无法得到充分的保护。

专注核心业务,优化新商机

目前是投资印度最好的时机,但复杂的税制、法律及知识产权方面的棘手问题,或成为阻碍中国企业赴印度投资的绊脚石。企业在印度开展业务时,需要持续且全方位地深入了解并遵循当地的法律法规。TMF Group作为全球高价值商业服务提供商,在全球80多个司法管辖区有7,800多名本地专家组成的专业服务团队为中国企业海外拓展提供支持,帮助企业从 公司设立 会计管理和税务合规,再到 人力资源和薪酬管理等各职能全方面满足当地的合规要求。如此一来,投资者可以更专注核心业务,优化新商机。

欲了解印度营商环境?即刻 联系我们 下载《印度市场概况》。

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