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The Advancing India Summit 2024: Indian financial technology's infrastructure set to cater to not just India, but also globally
Indian entrepreneurial initiators have experienced great success over the past 5-6 years. However, with a revived 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 think we are prepared to expand our reach worldwide.
Leaders of several major Indian startups participated in News18's 'Rising Bharat Summit' 2024. They discussed the significant influence of innovation and entrepreneurship on India's economy. They also highlighted how Indian startups are now prepared to compete globally and offer their services to the world.
The individuals who gave speeches included Ritesh Agarwal, the person who started Oyo Rooms, Harsh Jain who co-started Dream 11, Virendra Gupta, the originator of Daily Hunt, and Upasana Taku, the chief executive officer of Mobikwik.
Harsh Jain discussed the current state of the startup culture and its evolution over the past ten years. He said that people's perspective towards startups has completely transformed. He recalled instances from 10 to 15 years ago when he had to persuade potential employees and their parents that it was safe to leave a multinational corporation job for a startup. Today, parents are comfortable with their children launching their own startups.
A decade to a decade and a half ago, investors were apprehensive about putting their money into Indian businesses. Nowadays, however, both investors and business owners are exclusively focusing on India. This shift in attitude can be largely attributed to the efforts of the Indian government with programs like Digital India and Startup India, noted Jain, commenting on the increased trust in India's startup landscape from investors and entrepreneurs.
Worldwide, India shines as a beacon in the global economy. Still, I'm of the opinion that India outshines all others in the international startup scene. Not only do we rank third in terms of global startup ecosystems, but our growth rate is also the fastest," commented Ritesh Agarwal from Oyo Rooms.
"This implies that we're not too distant from securing the desired second rank, and then swiftly aiming for the top spot. Prior to becoming one of the globe's three leading economies, India will emerge as one of the world's top two startup hubs," he further stated.
India is frequently viewed as a significant prospect due to its large user base. Nevertheless, companies that haven't been successful in India argue that it's incredibly challenging to generate revenue and tough to earn profit there.
"Startups are not designed to generate profits within a single year. This is a process that Harsh and Ritesh have spent decades perfecting through their own companies. There's a common misunderstanding that creating a startup will immediately result in a billion-dollar business," Virendra Gupta, the founder of Daily Hunt, explained.
The corporations that frequently make headlines for earning over a billion dollars are typically those that have been persistently working for roughly a decade. When I first launched DailyHunt, I was frequently queried if Bharat required the internet, or if users speaking Hindi or Kannada needed it. Venture capitalists were generally reluctant to finance any venture that catered to Bharat. There was a significant amount of skepticism at the time, with the same critics now asserting that although India possesses a substantial user base, it's not profitable.
Gupta elaborated on the potential for monetization in India, saying, "Consider the overall state of India's economy. Our GDP per capita is expanding at an impressive rate. We are on the brink of becoming a $5-7 trillion economy. Companies that make strategic moves now will reap significant rewards as the economy strengthens."
Gupta asserts that India could be considered the global hub for new businesses. The level of excitement observed in India is unparalleled, even in places like San Francisco or anywhere in Europe. Discussions about startups are common in smaller cities, and every technical and business school now possesses an entrepreneurship department. There are approximately 60-70 startup incubators across the country. The desire to make a mark in the world is a contagious feeling in India, according to Gupta.
Mobikwik's CEO, Upasana Taku, commented on the supportive role the Indian government and the Reserve Bank of India (RBI) have played in encouraging fintech innovations in the country, helping to establish a burgeoning industry through different elements of Digital Public Infrastructure (DPI). She emphasized that not only the Unified Payments Interface (UPI), but also Aadhar, has significantly transformed India's digital landscape. Taku elaborated, "Aadhar has enabled us to purchase properties, secure and distribute loans, and make investments entirely online. Furthermore, we can now transfer a considerable amount of money in just a blink of an eye, a feat not yet achievable even in the most advanced markets."
Taku stated that they began their journey in the financial technology sector 14 years ago, long before the term 'fintech' was even created. According to him, India has nearly 800 million users, but only about half of them, approximately 400 million, use it for transactions. Thus, he believes there is still significant potential for expansion in this area.
Taku claims that the number will grow to approximately 800 million active users in the next half-decade or so. Coupled with the direction of India's economy, this ensures that India's financial technology industry remains perpetually thriving.
This has all been achievable due to the government's financial contributions to DPI, aiding in the creation of a supportive environment. "The surge of fintech innovation in India has been impressive for the past half-decade or so. Our technological infrastructure is robust enough that it can not only cater to the needs of Indian traders, but also expand internationally, potentially outpacing the prevalent technology in other markets," Taku mentioned.
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