Agenda
Divisions
Performances
Agenda
Divisions
Performances
Bharat Summit 2024: Indian Fintech's technology to cater not just India but globally
Indian entrepreneurs have had a successful streak for the past 5-6 years. However, with a fresh emphasis on India's entrepreneurial landscape, Ritesh Agarwal from Oyo Rooms, Harsh Jain from Dream 11, Virendra Gupta from Daily Hunt, and Upasana Taku from Mobikwik believe we are prepared to expand worldwide.
Entrepreneurs from several significant Indian startups participated in News18's 'Rising Bharat Summit' 2024 and discussed the substantial influence of innovation and entrepreneurship on India's economy. They also highlighted that Indian startups are now prepared to compete globally and offer their services worldwide.
The list of presenters included Ritesh Agarwal, who started Oyo Rooms, Harsh Jain, the co-starter of Dream 11, Virendra Gupta, the originator of Daily Hunt, and Upasana Taku, the chief executive officer of Mobikwik.
Harsh Jain commented on the evolution and current state of the startup culture over the past ten years. He said that people's perception of startups has drastically changed. A decade or a decade and a half ago, he used to have to persuade potential employees and their parents that leaving a job at a multinational corporation for a startup was a viable option. Now, parents are comfortable with their children starting their own businesses.
A decade or so back, investors were apprehensive about putting their money into Indian businesses. However, nowadays, both investors and business owners are keen on investing solely in India. This change of attitude can be attributed to the efforts made by the Indian government through programs like Digital India and Startup India. Jain further explained how this has boosted the confidence of investors and business founders in the Indian startup scene.
People worldwide perceive India as a shining beacon in the global economy. Still, I am convinced that India outshines all in the international startup scene. We not only rank third in the world's startup ecosystems but also have the quickest growth rate, according to Ritesh Agarwal of Oyo Rooms.
"This implies we're close to securing the sought-after second place, and soon after, we'll aim for the pinnacle. Prior to India's ascent into the top three global economies, it will first rise to be among the world's two leading startup hubs," he further stated.
India is frequently viewed as a promising market due to its vast user base. Yet, companies that haven't succeeded there argue that generating revenue and making profit in India is a challenging task.
"Startups aren't about generating profits in a single year. Harsh and Ritesh have spent decades developing their businesses. There's a common misunderstanding that launching a startup will instantly lead to a billion-dollar corporation," stated Virendra Gupta, the creator of Daily Hunt.
The firms you often hear about in the media, those that have earned more than a billion dollars, are the ones that have been persistent for around 8 to 10 years or even longer. Moreover, when I initiated DailyHunt, I frequently encountered questions like 'Does Bharat require the internet? Do Hindi or Kannada-speaking users need the internet?' Venture capitalists were highly skeptical about investing in any business dedicated to serving Bharat. There were plenty of skeptics back then, and these same individuals now argue that while India has many users, they cannot be monetized," he further commented.
Discussing India's potential for monetisation, Gupta proceeded to elaborate, "Consider the broader outlook of the Indian economy. Our GDP per capita is experiencing significant growth. We're on the path to becoming a $5-7 trillion economy in the near future. Companies that take initiative now will reap substantial rewards as the economy improves."
Gupta asserts that India could be considered the global hub for startups. He contends that the level of excitement observed in India is unparalleled in places like San Francisco or anywhere in Europe. He notes that discussions about startups are happening even in secondary and tertiary cities in India. Engineering and MBA institutions now all include entrepreneurship units. He also mentions that there are roughly 60-70 startup incubators throughout the country. Gupta believes that there is a contagious ambition in India to improve their standing in the world.
Mobikwik's CEO, Upasana Taku, highlighted the encouragement and support received from the Indian government and the Reserve Bank of India (RBI) towards fintech advancements in the country. This assistance has paved the way for a burgeoning industry through numerous facets of Digital Public Infrastructure (DPI). Taku pointed out that not only UPI but also Aadhar has significantly impacted India. She elaborated that Aadhar is being employed for property purchases, loan approvals and disbursements, and digital investments. Additionally, she noted that large sums of money are being transferred digitally in mere milliseconds, something that isn't possible even in the most advanced markets.
"Prior to the term 'fintech' coming into existence, we began our journey roughly 14 years back. Even though India boasts around 800 million users, only about 400 million of them use it for transactions. This indicates that there is still significant room for expansion," Taku stated.
Taku predicts that in the forthcoming 5-6 years, the figure will surge to approximately 800 million active users. This projection, coupled with the direction of India's economy, signifies that India's fintech industry will remain consistently thriving.
This has all been achievable due to the government's funding in DPI, which has facilitated the creation of a conducive environment. "India has been witnessing robust fintech innovation for the past five to six years. Our technology infrastructure is so advanced that it will not only cater to the Indian business community, but it also has the potential to expand internationally and become the leading technology in other markets," Taku commented.
Look for us on YouTube
Best Programs
Search for us on YouTube
Top Programs are available on YouTube
Firstpost owns all rights and protections, as stated by copyright, as of
+ There are no comments
Add yours