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2024 Rising Bharat Summit: The technology of India's Fintech is set to cater not only to India but the whole world.
Indian startup pioneers have experienced an incredible journey over the past five to six years. However, with a renewed concentration 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 confident that we are prepared to expand globally.
Entrepreneurs from numerous leading startups in India's thriving startup landscape participated in News18's 'Rising Bharat Summit' 2024, discussing the significant effects of innovation and entrepreneurship on India's economy. They also highlighted how Indian startups are prepared to compete globally and offer their services worldwide.
The individuals who spoke included Ritesh Agarwal, who established Oyo Rooms, Harsh Jain, the co-creator of Dream 11, Virendra Gupta, the person who started Daily Hunt, and Upasana Taku, the Chief Executive Officer of Mobikwik.
Discussing the current status and growth of startup culture over the past ten years, Harsh Jain observed that the perception of startups has drastically evolved. He recalls, about 10 to 15 years ago, having to persuade potential employees and their parents that working for a startup was a viable option, and that leaving a job at a multinational corporation to commit to a startup was acceptable. Today, however, parents are comfortable with their children launching their own startup ventures.
A decade or so back, investors were apprehensive about investing in Indian businesses. Now, the narrative has shifted to focus solely on India. This significant change is largely due to initiatives by the Indian government such as Digital India and Startup India. Jain mentioned this to highlight the increased confidence that investors and business founders now have in India's startup environment.
Worldwide, India is seen as a beacon in the global economy. However, in my view, India outshines all others in the international startup scene. We are not just the third largest startup hub globally, but also the most rapidly expanding one," stated Ritesh Agarwal from Oyo Rooms.
"This implies we're not too distant from securing the sought-after second spot, and then rapidly aiming for the top. Prior to India being among the three leading economies globally, it will establish itself as one of the two primary startup hubs worldwide," he further stated.
India is frequently viewed as a lucrative market due to its vast user base. Nevertheless, companies that have not succeeded in India argue that it's challenging to generate revenue and tough to earn profits in the country.
"Startups aren't about generating profits within a single year. Harsh and Ritesh's experience demonstrates that developing these businesses is a long-term commitment, often spanning several decades. There's a common misconception that establishing a startup will automatically lead to a billion-dollar enterprise," stated Virendra Gupta, the creator of Daily Hunt.
The firms you frequently hear about in the media, those that have amassed over a billion dollars, have usually been persistently working for a period of 8 to 10 years or longer. I recall when I established DailyHunt, I was often questioned, ‘Is there a need for the internet in Bharat? Do Hindi or Kannada-speaking individuals require the internet?’ Venture capitalists were quite skeptical about investing in any business aimed at serving Bharat. There were plenty of skeptics at the time, and these same individuals are now stating that despite the large number of users in India, they are not profitable,” he noted.
Discussing India's ability to monetize, Gupta went on to say, "Consider the broader view of the Indian economy. Our per capita GDP is experiencing significant growth. We're on track to become a $5-7 trillion economy in the near future. Companies that seize this opportunity and take initiative now will reap substantial benefits when the economy improves."
Gupta asserted that India could be considered the global hub for startups. He noted that the level of excitement observed in India is unmatched in places like San Francisco or anywhere in Europe. He highlighted that discussions about startups are prevalent not only in major cities, but also in second and third-tier cities. Today, every engineering and MBA school has a dedicated entrepreneurship department. With around 60-70 startup accelerators nationwide, India is nurturing a new generation of businesses. Gupta concluded by stating that the country's ambition to excel globally is truly contagious.
The CEO of Mobikwik, Upasana Taku, discussed the positive role that the Indian government and the RBI have played in fostering fintech innovations in the country. She noted how they've built up a nascent industry via various elements of Digital Public Infrastructure (DPI). Taku emphasized that not only has the Unified Payments Interface (UPI) been instrumental, but also the Aadhar system has revolutionized India. She explained how we're now purchasing properties, obtaining and distributing loans, and making investments digitally with Aadhar. She further added that we're able to transfer significant amounts of money in mere milliseconds, a feat not even achievable in the most advanced markets.
"Before 'fintech' became a recognized term, our journey began, roughly 14 years ago. India has approximately 800 million users, yet only about 50% of them, or 400 million, use it for transactions. Thus, there's still significant potential for expansion," Taku stated.
Taku asserts that the count is expected to rise to roughly 800 million active users within the next five to six years. Considering the direction of India's economy, he believes that the country's fintech industry is perpetually thriving.
The achievements thus far have been due to the government's contributions to DPI, which have facilitated the creation of a sustainable system. "Over the past five or six years, India has seen significant advancements in fintech innovation. Our technology framework is robust enough to not only cater to Indian businesses but also expand globally, potentially becoming the leading technology in other markets," Taku commented.
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