Intuit is testing a new product in India as preparation to its entry into the market.
The vendor of business and personal finance management software has developed its Money Manager personal finance tool from the ground up, targeting India's growing number of affluent consumers, said Umang Bedi, managing director of Intuit India, in an interview on Wednesday.
The move is part of Intuit's strategy to develop products to meet the specific requirements of emerging markets, starting with India, Bedi said. The Money Manager is the first product developed by the company as part of this strategy, he added.
Intuit launched its Global Business Division last year to target emerging markets. The company wants to get rid of its image as a company focused on the U.S., and push into global markets, Bedi said.
The company plans to launch by the first quarter of next year products that will address India's small and medium business (SMB) and consumer segments, Bedi said. The focus will be on hosted versions of the software, with access primarily from mobile phones, he added. Many small businesses in India lack PCs and most business owners are more comfortable using mobile phones, Bedi said.
Besides addressing the accounting needs of the SMB segment, the company also plans to offer business productivity software. "Some of the applications will be in areas for which we currently don't have products anywhere in the world," Bedi said.
The plan is to also sell these products in other markets besides India. The country was selected as the first market for the new products because Indian's SMBs are quicker to accept new technologies, Bedi said.
Money Manager went on trial this week in partnership with a local financial portal called Moneycontrol.com. The beta version will initially be available for customers of Moneycontrol.com that have opted in for this early trial program.
The software will be offered as a co-branded hosted application that can be accessed from PC desktops, Bedi said. Intuit plans to have other partners to offer the product down the line, he added.