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Ascending India Conference 2024: Indian Financial Technology's tech base designed to cater not just to India, but globally
Indian startup entrepreneurs have experienced a remarkable journey in the past 5-6 years. Nonetheless, with a fresh emphasis on India's startup environment, Ritesh Agarwal from Oyo Rooms, Harsh Jain from Dream 11, Virendra Gupta from Daily Hunt, and Upasana Taku from Mobikwik, are of the opinion that we are primed to expand our reach worldwide.
Entrepreneurs from several prominent Indian startups participated in News18's 'Rising Bharat Summit' 2024. They discussed the significant effect of innovation and entrepreneurship on India's economy. They also highlighted how Indian startups, that are nurtured within the country, are prepared to compete globally and offer their services worldwide.
The individuals who gave speeches included Ritesh Agarwal, who established Oyo Rooms, Harsh Jain, who co-founded Dream 11, Virendra Gupta, who originated Daily Hunt, and Upasana Taku, the chief executive officer of Mobikwik.
Harsh Jain commented on the current state of the startup culture and its evolution over the past ten years. He recalls a time, a decade or so ago, when he had to reassure potential employees and their parents about the viability of working for a startup, assuring them that leaving a job at a multinational corporation for a startup was a valid choice. Today, Jain observes that parents are comfortable with their children founding their own startups.
About a decade or so ago, investors were hesitant to invest in Indian companies. However, presently, both investors and entrepreneurs can only see potential in India. This shift in perspective can be attributed to the Indian government's initiatives such as Digital India and Startup India. Jain highlights this growing confidence in India's startup environment among investors and founders.
Worldwide, India is seen as a beacon in the world economy. Yet, I am of the opinion that India shines the most in the worldwide startup economy. Not only do we rank third in the global startup ecosystem, but we're also the most rapidly expanding," stated Ritesh Agarwal of Oyo Rooms.
"This indicates that we're not too distant from securing the sought-after second spot, and then promptly aiming for the top. Prior to India's rise as one of the global top three economies, it will establish itself as one of the top two startup hubs worldwide," he further stated.
India is frequently viewed as a promising market due to its large user base. Nevertheless, companies that haven't succeeded in India assert that it's incredibly challenging to generate revenue and earn profits there.
"Startups aren't just about turning a profit within a year. For Harsh and Ritesh, they've been developing their businesses for years. There's a common misconception that launching a startup will instantly lead to a billion-dollar enterprise," stated Virendra Gupta, the creator of Daily Hunt.
The corporations which make headlines due to their billion-dollar earnings are typically those that have been operational for 8-10 years or more, having worked tirelessly for about a decade. I recall when I launched DailyHunt, I was frequently questioned, 'Is there demand for the internet in Bharat? Do Hindi or Kannada-speaking individuals require the internet?' Venture capitalists were generally reluctant to fund any enterprise catering to Bharat. There was a considerable amount of skepticism back then, and the same doubters now claim that despite India's high user base, these users can't be monetized effectively.
Gupta elaborated on India's potential for monetisation, saying, "Consider the broader view of the Indian economy. Our per capita GDP is surging dramatically. We're on track to becoming a $5-7 trillion economy in the near future. Companies that take action now will reap significant rewards as the economy strengthens."
Gupta asserted that India could be considered as the world's hub for startup companies. He observed that the level of excitement seen in India is unmatched by any in San Francisco or any European city. He noted that the startup conversation permeates even the second and third-tier cities in India. He pointed out that currently, every engineering and MBA institution has a sector devoted to entrepreneurship. Moreover, there are around 60 to 70 startup accelerators nationwide. According to Gupta, the fervor to excel globally is contagiously spreading throughout India.
Mobikwik's CEO, Upasana Taku, discussed the supportive role of the Indian government and the Reserve Bank of India (RBI) in fostering fintech innovations in the country by establishing the groundwork through various elements of Digital Public Infrastructure (DPI). Taku highlighted the significant impact of not only the Unified Payments Interface (UPI) but also Aadhaar, referring to it as a game-changer for India. She pointed out that Aadhaar is being used for digital property purchases, loan approvals and disbursements, as well as investments. She also noted the speed at which large sums of money can be transferred digitally in India, a feat that she claims is unmatched even in the most advanced markets.
"Prior to the introduction of the term 'fintech', we initiated our operations roughly 14 years ago. Although India boasts around 800 million users, just half of them, about 400 million, utilize it for transactions. Therefore, from this viewpoint, there's still significant room for expansion," Taku stated.
Taku predicts that over the next half-decade, approximately 800 million users are expected to engage in transactions. Given India’s economic trajectory, this suggests that India's fintech industry will remain perpetually robust.
This has all been made achievable thanks to the government's financial support in DPI, contributing to the creation of a thriving environment. "India has seen substantial fintech advancement over the past five to six years. Our technology infrastructure is robust enough to not only cater to the local merchant community but also expand internationally, surpassing prevailing technologies in other markets," Taku stated.
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