Indian shared economy to be US$ 2bn industry
The shared economy in India is poised to become a US$ 2 billion industry by the end of the year, according to a recent report by Maple Capital Advisors titled ‘Shared Economy – India Story’. The firm also said that such services attracted about US$ 3.5 billion worth of private equity, and USD 262 million in mergers and acquisitions (M&A) between 2015-19.
The sector, predominantly driven by segments like co-working (Awfis, WeWork India), co-living (Stanza Living, OYO Life, Oxford Caps), shared mobility (Uber, Ola, Shuttl) and furniture rental (Furlenco, Rentomojo.)
“High mobile penetration, high millennial concentration, and an aspirational population, Asia has highest willingness to use shared assets. India mirrors Asia trends in these aspects and is thus, poised for high growth and adoption of shared services,” the report stated. Maple Capital Advisors Managing Director Pankaj Karna also commented that India is at the cusp of a shared economy revolution.