India had the third largest (243.2mn) number of internet users in the world in 2014. The pace accelerated over 2015 with 375mn user base in October 2015, according to a joint report by internet and Mobile Association of India (IAMAI), an industry body and IMRB, a market research agency. It is projected to reach 402mn, ahead of the US though behind China, by December 2015.
While the base and growth in internet users has been impressive, the penetration rate performance has been tepid relative to that in the US and China. We believe India