Corporate advisory firm Mayfair 101 is increasing its stake in Accloud PLC by providing US$30 million over a 12-month period to enable the company to expand into the Indian SME marketplace.
Accloud provides cloud-based business tools to empower micro-SMEs to grow their businesses, with a focus on high growth markets. Originally established in Melbourne by its Australian founder Ross James, in 2016 the company relocated to London to take advantage of the global opportunities available from the international financial hub.
The UK move has proved highly successful with Accloud, which is now poised to become one of the most significant cloud-based business tools in the booming Indian market over the next five years.
Accloud plans to utilise the funds invested by Mayfair 101 to substantially expand the platforms’ user base in India over the next five years by leveraging existing channel partner relationships with leading telecommunications and software companies.
A recent study by Analysys Mason indicates that internet connectivity will reach 600 million Indian users by 2022, and public WiFi will contribute US$20 billion to the country’s GDP in 2019 alone, providing a substantial opportunity for cloud-based companies to capitalise on user growth.
Key to Accloud’s appeal in India over developed nations-focused competitors like Xero and Quickbooks Online, is that from the outset it has built itself on a multi-language platform. This means that the software can be rapidly and cost effectively deployed into non-English speaking markets.
“Accloud has significant contracts with recognised channel partners to deploy their platform to 10.5 million micro-SME and SME businesses in India over the next 5 years. With a base platform that allows it to be used in English, Hindi, Bengali, and Gujarati, Accloud is easily able to exploit the massive opportunities available in the Indian market,” Mayfair 101 founder and CEO James Mawhinney said.
“Furthermore, Accloud’s strong structural connections into India mean that this significant investment by Mayfair 101 makes absolute sense for facilitating this growth and is in line with our focus on impactful investments”, Mr Mawhinney said.
“We are particularly pleased that our investment monies will be put to good use both commercially and socially to bring real value to millions of people, which is important to us and our investors”, he said.