Global provider of cloud-based e-commerce marketplaces cloudBuy has signed an agreement with the Confederation of Indian Industry (CII) for an online e-commerce gateway.
The new platform is projected to facilitate transactions worth GBP 3.5 billion (roughly Rs. 35,266.5 crores) over the next five years.
"We have signed an agreement with CII for an online e-commerce gateway that will connect Indian business with new trading opportunities within the country and around the world," the UK-based company said in a statement.
"Over the next five years the platform is projected to facilitate transactions worth GBP 3.5 billion and increase trade further between traditional business partners India and the UK", it added.
"Developing the CII project and being recognised by the UK Government as a great collaboration between the two countries, has been a fantastic endorsement of what cloudBuy has to offer. Understanding both economies, I believe that the new CII gateway will accelerate the increase in trade between the two nations", said Nilesh Gopali, cloudBuy, country head - India.
Earlier, cloudBuy and CII had inked an MoU which has now taken a step further in the form of a contractual agreement.
"Our platform will enable secure e-commerce for organisations of all sizes and will speed the growth in online business-to-business transactions. It has the potential to substantially increase trade between our members and around the globe", Chandrajit Banerjee, Director General, CII said.
As part of the online e-commerce project, the portal will provide a gateway to global supply chains for CII members and other businesses in India, helping to increase trade further between the two nations.
"The portal supports the range of payment methods now needed by Indian businesses. It is an e-commerce platform for the future, which will enable secure business over the Web and a transition to online payments," cloudBuy CEO Lyn Duncan said.
"We have made sure that the marketplace has a low transaction cost and can deliver fast payments direct to sellers' bank accounts," Duncan added.
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