South Africa's Blue Label positive about India operations

The Dollar Business Bureau 

South Africa-based Blue Label is confident of a bright future in India even though it incurred a loss of over 26 million rand during the last fiscal.

Despite registering a substantial loss in the previous financial year, the mobile wallet organisation added 5.4 million last fiscal, thereby taking its customer base to 22.6 million. The company is betting big on people without bank account in the domestic market.

Blue Label Joint CEO Mark Levy said the company would manage to achieve its intended target through forging partnerships with companies such as the National Payments Corporation of India.

Levy also informed that the company was planning to undertake further investment in India.

"We're diversifying our product range. In order to do that, we have to put a lot of money into marketing and developing the market. We want a bigger share of that mobile wallet space and we have to spend on it to achieve that scale," Levy said.