Coupang doesn’t plan to enter the Indian market, the company said, refuting a local media report that claimed that the South Korean e-commerce firm had expressed interest in entering the South Asian nation.

“Coupang has no plans to enter the Indian market,” a company spokesperson told TechCrunch in a statement.

India is one of the fastest growing e-commerce markets and is estimated to be worth $150 billion in three to four years, according to wealth management and research firm Bernstein.

The Indian conglomerate Reliance is poised to outpace incumbents Amazon and Walmart-backed Flipkart in the race for the country’s e-commerce market, Bernstein projected in a scathing report to clients this month.

Coupang, the largest online marketplace in South Korea, has expanded to Japan and Taiwan in recent years.

Coupang says no plans to enter India by Manish Singh originally published on TechCrunch