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2024 Rising Bharat Summit: Indian financial technology's tech foundation aims to cater not just to India, but globally
The past half-decade has been great for Indian startup founders. However, with renewed attention 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 now prepared to make a global impact.
Entrepreneurs from several significant Indian startups appeared at News18's 'Rising Bharat Summit' 2024. They discussed the significant influence of creativity and entrepreneurship on India's economy. They also emphasized that Indian startups are now prepared to compete globally and offer their services worldwide.
The individuals who spoke included Oyo Rooms' founder Ritesh Agarwal, Dream 11's co-founder Harsh Jain, Daily Hunt's creator Virendra Gupta, and Mobikwik's CEO Upasana Taku.
Harsh Jain discussed the current state of startup culture and its evolution over the past ten years. He recalled how, 10 to 15 years ago, he had to persuade potential employees and their parents that it was acceptable to leave a job in a multinational corporation and join a startup. Nowadays, however, parents are more comfortable with the idea of their children founding their own startups.
A decade to a decade and a half ago, financiers were apprehensive about placing their money in Indian firms. Now, both investors and business founders are advocating for investing specifically in India. This highlights the significant results of programs initiated by the Indian government such as Digital India and Startup India, noted Jain. He further explained how these programs have increased the confidence of investors and company founders in India's startup environment.
Worldwide, India shines as a beacon in the global economy. Nonetheless, I am of the view that India outshines all others in the international startup scene. Not only do we rank third in the world for our startup ecosystem, but we also boast the quickest growth," stated Ritesh Agarwal from Oyo Rooms.
"This implies that we are close to seizing the desired second place, and subsequently aim for the top spot. Prior to joining the ranks of the world's three leading economies, India will establish itself among the world's top two startup hubs," he further stated.
India is frequently viewed as a promising market due to its large user base. Yet, companies that haven't succeeded there often argue that it's incredibly challenging to generate revenue and profit in India.
"Startups aren't about generating profits within a single year. It's a process that Harsh and Ritesh have been dedicating themselves to for many years. There's a common misunderstanding that launching a startup will immediately lead to a billion-dollar business," stated Virendra Gupta, the creator of Daily Hunt.
Those businesses that you often read about in the news that have amassed billions of dollars are the ones that have been tirelessly working for about 10 years or so. When I first launched DailyHunt, I was frequently questioned, 'Is there a need for internet in Bharat? Do people who speak Hindi or Kannada require internet?' Venture capitalists were quite skeptical about investing in any business that catered to Bharat. There were many critics during those times, and those same critics are now claiming that despite having a large user base in India, it is not profitable.
Discussing India's ability to monetize, Gupta further elaborated, "Consider the broader view of India's economic landscape. Our per capita GDP is rapidly increasing. We are on the verge of becoming a $5-7 trillion economy. Companies that take initiative at this time will reap significant benefits as the economy strengthens."
Gupta made the assertion that India could be considered the global hub for startups. He emphasized that the level of excitement seen in India surpasses that observed in San Francisco or any European city. He pointed out that discussions about startups are prevalent in second and third tier cities in India, and that every engineering and MBA institution now boasts an entrepreneurial department. He mentioned that there are around 60 to 70 startup accelerators nationwide. Gupta concluded by stating that the ambition to excel globally is highly contagious in India.
Mobikwik's CEO, Upasana Taku, discussed the significant support the Indian government and RBI have provided to the fintech sector in India, establishing the groundwork for a budding industry via various components of Digital Public Infrastructure (DPI). She emphasized the transformative impact of not just UPI, but also Aadhar. "Aadhar has revolutionized the way we purchase properties, sanction and distribute loans, and make investments, all digitally. Furthermore, we are able to transfer an enormous amount of money in a fraction of a second, a feat not even achieved in the most advanced markets," she added.
"Prior to the term 'fintech' being established, our operations began roughly 14 years ago. Although India boasts about 800 million users, only about half of them, around 400 million, utilize it for transactions. Therefore, from this viewpoint, there's still significant room for expansion," Taku stated.
Taku predicted that the figure will rise to approximately 800 million transactional users over the next half-decade. Considering the direction of India's economy, he asserted that the country's fintech industry is always thriving.
This has all been achievable due to the government's financial contributions towards DPI, which has facilitated the creation of a supportive environment. "India's fintech innovation has been exceptionally robust over the past half-decade or so. Our technological infrastructure is so solid that it's poised not only to cater to Indian businesses but also to expand internationally, potentially becoming the leading technology in other markets," Taku commented.
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