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E-commerce firm Pennyful eyes Canada by year-end

E-commerce company Pennyful is looking at expanding overseas businesses with plans of starting operations in Canada by the end of this year. Besides, the Bangalore-based firm will look for other destinations such as Brazil, Indonesia, Singapore and some Scandinavian countries.

'We are looking at new geographies to expand our businesses. We are already present in the US. So leveraging our base there, we are planning to start operations in Canada by the end of this year,' Pennyful Online Pvt Ltd Founder and CEO Ravitej Yadalam said. The company is finalising the plan and will take a call about the new market within the next two quarters, he added.

When asked if the company is looking at other locations as well, Yadalam said: 'There is huge potential of Internet marketing in many countries and we are looking at many nations. Some of the potential markets for our business include Brazil, Indonesia, Singapore and Scandinavian countries. We are considering them.'

He said, however, that nothing has been finalised yet and the company will take a decision only after launching its Canadian operations in this year. Pennyful, which clocked revenue of $1.75 million during 2012, launched its business in January 2011 in the US. The Indian operation started in November same year.
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