NEW DELHI: The government has brought startups mainstream, ushering in a truly golden age for them, Paytm founder Vijay Shekhar Sharma said, adding that this is a dramatic change from the days when startups were at the bottom of the “food chain” as employers.
The myth of the “American Dream” in the business and technology world has been replaced by the “Indian Dream” and “Indian startups”, Sharma said, adding that it is “really a golden age” for founders and entrepreneurs here.
Speaking on the seventh JIIF foundation day, Sharma lauded the government for mainstreaming startups and providing visibility to founders.
Urging entrepreneurs to leverage technology and innovation to make the most of the opportunities before them, the Paytm boss said “this is truly a golden age” and “the best time ever for India.”
Sharma said India has come a long way from the days when job seekers opted to go abroad or seek employment in foreign IT companies or large domestic tech companies.
“We (startups) were more or less the last players in the food chain and had to make do with what was left. But now we are at the forefront. The queue starts with startups. This is a seismic change. This is a golden age. Of course, there is no perfect time, but this is simply the best time ever for India,” he said.
Sharma said college graduates and job seekers are choosing to stay in India instead of jumping ship for jobs abroad.
For companies thinking of going public, Sharma advised picking Indian bankers and not underestimating them.
He also argued that IPO-seeking companies need to gauge the sentiment and mood of domestic retail investors well in advance through roadshows and interactions.
He further said companies need to break down jargon and complex terminology and speak out and clarify what is important to investors.
“Everything we put into the DRHP or publish has to be something that future models can anticipate. If it’s confusing, we remove it. If it’s clear, we leave it in,” he said.
According to him, the distinction between fintech companies and financial services companies will become blurred in the future, with the two becoming more similar and homogenous.
He said that given India’s economic growth objectives and underlying credit growth potential, the Indian financial services market has a bright future.
“This is a market that is mandated to grow, and its potential is limited only by someone’s mistakes or temptations. The foundation and foundation of every business is financial services, and the market is always growing, and the future is bright,” he said.
“I think everyone knows that if India wants to grow 7 per cent, credit has to grow three times that amount, at 21 per cent. This is a rocket science business. The limitations are only limitations to your mistakes and temptations. It is not that there are limitations as per the needs of the market. Financial services is a very large market and it is mandated to grow. In business, the foundation and base is financial services, which will always grow and the future is bright,” he said.
Sharma described QR codes as like a beeping “heartbeat” in the financial system, and said a secondary benefit of the mobile payments revolution was the recognition it has given to small businesses.
Strengthening access to formal credit and capital for MSMEs will further India’s vision of achieving a USD 5 trillion economy and the goal of a ‘Viksit Bharat’.
“It may start with giving loans of Rs 1,000 to 10 million people,” Sharma said. Mobile credit is a “dividend” from the mobile payments revolution, Sharma said, adding, “Mobile credit is my ambition.”
Published July 6, 2024 15:16 IST
