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2024 Ascending India Summit: Indian Fintech's technology infrastructure aimed not just for India, but globally
In the past half-decade, Indian startup entrepreneurs have seen incredible success. But now, with a revitalized 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, believe it's time to expand our horizons and aim for a truly worldwide presence.
Entrepreneurs from several significant Indian startups took part in News18's 'Rising Bharat Summit' 2024, discussing the significant effect of innovation and entrepreneurship on India's economy. They also expressed how India's domestic startups are now prepared to compete globally and offer their services worldwide.
The individuals who gave speeches encompassed 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.
When discussing the current state and growth of the startup culture over the past ten years, Harsh Jain commented, "The perception has totally transformed. A decade or so ago, I recall having conversations with prospective employees and their parents, reassuring them that choosing a startup over a multinational corporation was a viable option. Nowadays, parents are comfortable with their children launching their own startups."
A decade or so ago, investors were apprehensive about putting their money into Indian businesses. However, nowadays, investors and business owners are focusing exclusively on India. This significant shift is largely due to initiatives by the Indian government such as Digital India and Startup India, stated Jain, highlighting the growing confidence in India's startup landscape.
Around the world, India is considered a beacon of light in the global economy. Yet, in my opinion, India shines the most in the international startup scene. We have not only secured the position of the third-largest startup ecosystem globally, but we are also expanding at the fastest rate," stated Ritesh Agarwal from Oyo Rooms.
This implies we are closely approaching the esteemed second spot and thereafter swiftly aiming for the top position. Prior to India emerging as one of the global top three economies, it will establish itself as one of the two leading startup hubs worldwide," he further commented.
India is frequently viewed as a lucrative market due to its vast user base. However, companies that have struggled to succeed in India argue that it's incredibly challenging to generate revenue and earn profits in this country.
"Startups aren't about generating profits within a single year. Harsh and Ritesh have been developing their businesses for years. There's a misunderstanding where people think that if you launch a startup, it will instantly become a billion-dollar enterprise," stated Virendra Gupta, the creator of Daily Hunt.
Those firms that have been making headlines and earning billions are usually the ones that have been working tirelessly for about 10 years or more. When I founded DailyHunt, I was frequently questioned about the necessity of the internet for Bharat or for those who speak Hindi or Kannada. Venture capitalists were extremely reluctant to invest in any business that catered to Bharat. There was a considerable amount of skepticism, and ironically, the same skeptics are currently arguing that even though India has numerous users, they cannot be monetized.
Gupta further discussed India's potential for monetisation, stating, "Consider the overall landscape of India's economy. Our per capita GDP is expanding rapidly. Soon, we will become a $5-7 trillion economy. Businesses that seize this opportunity will reap substantial benefits as the economy improves."
Gupta asserted that India could be considered as the global hub for startups. He noted that the level of excitement observed in India is unparalleled, even in places like San Francisco or anywhere in Europe. He emphasized that discussions about startups are common in second and third tier cities. Nowadays, every engineering and MBA institution has an entrepreneurship department. With 60-70 startup incubators scattered throughout the country, he believes that the desire to excel globally is highly contagious in India.
Mobikwik's CEO, Upasana Taku, discussed the support that the Indian government and the Reserve Bank of India (RBI) have shown towards financial technology advancements in the country, paving the way for a budding industry through various elements of the Digital Public Infrastructure (DPI). She highlighted that not only the Unified Payments Interface (UPI), but also Aadhar has significantly transformed India. Taku further explained how Aadhar is being used to facilitate property purchases, loan approvals and disbursements, as well as digital investments. She also emphasized the high-speed money transfers enabled by this system, which she claims outpaces even the most advanced markets.
Taku stated that their venture into the financial technology sector started around 14 years ago, before the term 'fintech' was even introduced. He mentioned that out of approximately 800 million users in India, only around 400 million use it for transactions. Thus, he believes there is still significant room for expansion.
Taku stated that the count is projected to reach approximately 800 million active users in the next five to six years. This, coupled with the direction of India's economy, ensures that India's fintech industry remains perpetually thriving.
The government's financial contributions to DPI have paved the way for the creation of a supportive ecosystem. Taku stated that India's fintech innovation has seen impressive growth over the past five to six years. The robustness of our technology infrastructure is such that it can cater to not only Indian businesses but also expand internationally, potentially becoming the leading technology in other markets.
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