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Elevating India Summit 2024: India's Fintech's technology not only for India but also for the world
Indian entrepreneurs have experienced a fantastic journey over the past 5-6 years. However, Ritesh Agarwal from Oyo Rooms, Harsh Jain from Dream 11, Virendra Gupta from Daily Hunt, and Upasana Taku from Mobikwik believe that with a renewed emphasis on India's startup environment, we are prepared to expand globally.
Leaders from significant Indian startups appeared at News18's 'Rising Bharat Summit' 2024, discussing the immense influence of innovation and entrepreneurship on India's economy. They also emphasized how Indian startups are now prepared to compete globally and offer their services worldwide.
The individuals who spoke included Ritesh Agarwal, who started Oyo Rooms, Harsh Jain, who helped establish Dream 11, Virendra Gupta, the creator of Daily Hunt, and Upasana Taku, the chief executive officer of Mobikwik.
Harsh Jain discussed the current state of the startup culture and its growth over the past ten years. He said that people's attitudes have drastically changed. A decade or so ago, he recalls having conversations with prospective employees and their parents, assuring them that it's acceptable to leave a multinational corporation job to work at a startup. Nowadays, parents are comfortable with their children launching their own startups.
A decade to a decade and a half ago, investors were apprehensive about investing in Indian firms. However, now, both investors and businesspersons are asserting that India is the place to do business. This significant shift in perspective can be attributed to the Indian government's initiatives such as Digital India and Startup India, said Jain, underlining the growing confidence in India's entrepreneurial landscape among investors and founders.
Worldwide, India shines as a beacon in the global economy. In my opinion, India is the most luminous point in the worldwide startup economy. Not only do we rank third in the world's startup ecosystem, but we are also its quickest expanding segment," stated Ritesh Agarwal of Oyo Rooms.
"This implies that we are closing in on the much-desired second spot, and swiftly after, the ultimate position. Before India ranks among the top three global economies, it will first establish itself as one of the two leading startup hubs worldwide," he further stated.
India is frequently viewed as a promising prospect due to its vast user base. However, companies that haven't succeeded in India argue that it's incredibly challenging to generate revenue and make a profit in the country.
"Startups aren't about turning a profit in a single year. Harsh and Ritesh's journey of building their businesses has spanned decades. There's a widespread fallacy that launching a startup will instantly yield a billion-dollar enterprise," stated Virendra Gupta, the creator of Daily Hunt.
The firms you often hear about in media, those that have made billions, typically have been working relentlessly for about ten years or more. When I initiated DailyHunt, many questioned the need for the internet in Bharat, particularly among speakers of Hindi or Kannada. Venture capitalists were generally reluctant to invest in any business catering to Bharat. There were plenty of skeptics at the time, and ironically, the same skeptics now argue that despite the large user base in India, it isn't profitable.
Gupta elaborated on India's potential for monetisation, stating, "Consider the broader view of the Indian economy. Our per capita GDP is expanding at a significant rate. Soon, we will have a $5-7 trillion economy. Companies that take initiative at this time will greatly benefit when the economy improves."
Gupta asserted that India could be considered as the global hub for startups. He observed a unique level of excitement in India that surpasses what is seen in San Francisco or European cities. He noted that conversations about startups are happening across smaller cities in India, not just the big ones. Today, every engineering and MBA institution has a dedicated section for entrepreneurship. Furthermore, there are about 60 to 70 startup incubators throughout the country, fostering the growth of new businesses. The ambition to make a mark on the world is truly catching on in India, he added.
Mobikwik's CEO, Upasana Taku, expressed her views on the Indian government's and RBI's ongoing support for fintech advancements in the country, which has effectively set the groundwork for a budding industry via multiple elements of Digital Public Infrastructure (DPI). She pointed out that not only UPI but also Aadhar has revolutionized India. She elaborated that we are now purchasing properties, getting loans approved and disbursed, and making investments entirely through digital platforms using Aadhar. Additionally, we are transferring substantial amounts of money in mere milliseconds, a feat not even achieved in the most advanced markets, she further stated.
Taku stated that they began their journey in what we now call 'fintech' around 14 years ago, before the term was even invented. He pointed out that although India has approximately 800 million users, only half, around 400 million, use it for transactions. Therefore, he believes there is still considerable room for expansion.
Taku predicted that the number will surge to approximately 800 million transactional users within the next five to six years. This, along with the direction of India's economy, implies that India's financial technology industry is always thriving.
The advancements have been made feasible due to the government's funding in DPI, aiding in the creation of an ecosystem. "India has seen significant fintech innovation over the past 5-6 years. Our technological infrastructure is so robust that it can not only cater to Indian businesses but also expand globally, becoming the leading technology in other markets," Taku commented.
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