Finland-based Zyfra, which provides IoT and AI-based solution for industrial sector, is betting on India as a market with the “most potential” given the country’s target to increase the contribution of manufacturing sector to GDP to 25% by 2025.
“We have a lot of interest in India because first of all this is the fastest-growing economy… also manufacturing contributes huge chunk of the GDP and our solutions are focused on the industrial sector,” said Igor Bogachev, CEO, Zyfra.
In India, the company is already doing pilot projects with a couple of enterprises, including Railway Coach factory in Lucknow.
Zyfra, which has its R&D operations in Russia, would soon be unveiling its AI-based solutions in the country as well. “We have started discussions with some steel makers here… We have done more than 20 projects in Russia with steel plants. We can take this knowledge from one market to other. We are also looking at China market.”
‘Most potential’ The company, which also has operations in China, Bulgaria, Romania and Singapore, is looking to expand to Malaysia and Thailand in Asia and France and Italy in Europe “but we can definitely say that India is the market with most potential.” While Mr. Bogachev did not share numbers, he said the company plans to open an office here early next year and the investment will be “at least several million dollar” over the next couple of years.
Asked about cooperation between Russia and India in the space of AI, he said cooperation is not about investment but about sharing best practices, knowledge sharing and co-innovation.
“That is why we believe, we will build products here with our Indian partners, and probably make joint ventures to sell our joint products to the other markets.”
Mr. Bogachev said that he met officials from Aviation Ministry during his visit to India wherein the need for a traffic management system for drones was discussed. “Instaead of restriction and rules for rules, there is a need traffic managemnet system. We are creating a system for Finland and are ready to share experience with India too.”