The government has brought startups on board, marking a truly golden period 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” in job selection.
The folklore of the “American dream” in business and tech parlance has given way to the “Indian dream” and the “Indian startup,” Sharma said, adding that this is “truly a golden period” for founders and entrepreneurs here.
Speaking on the seventh day of the JIIF Foundation, Sharma praised the government for mainstreaming startups and giving visibility to founders.
Urging entrepreneurs to make the most of the opportunities in front of them by leveraging technology and innovation, the Paytm CEO said that “this is truly a golden period” and “the best it has ever been in India.”
Sharma said India has come a long way from the time when job seekers opted to go abroad or sought jobs in foreign IT companies or domestic tech giants.
“We (startups) were more or less the last player in the food chain, we had to make do with whatever was left… Now we are at the front line… That line now starts with startups… This is a dramatic difference… It is truly a golden period… Obviously, no period is perfect… But this is simply the best India has ever been,” he said.
Sharma said that those who complete their college studies and are looking for jobs now choose to stay in India, rather than looking for work abroad.
For companies looking to go public, Sharma advised them to go for Indian bankers and not underestimate them.
He also argued that companies considering an IPO should gauge the sentiments and mood of domestic retail investors well in advance through presentations and interactions.
He also said that companies need to cut through jargon and complex terms and speak clearly on points that are relevant to investors.
“Anything you write in your DRHP, or announce, should be such that future models can be visualized in it… If it’s confusing, remove it… If it’s clarifying, then keep it,” he said.
According to him, in the future the distinction between fintech and financial services companies will blur and they will become similar and homogeneous.
Given India’s economic growth objectives and underlying credit growth potential, India’s financial services market has a bright future, he said.
“It is a market that is bound to grow and its potential is limited only by the mistakes or temptations of some. The basis and foundation of all business is financial services,” he said, adding that the market will always grow and “the future is bright.”
“I think everyone knows that… If India wants to grow at 7%, credit will have to grow at 21%… three times… It is a very complicated business. Constraints are just a limitation on mistakes or temptations… Not because there is any limitation based on the needs of the market. Financial services is a very big market, which is bound to grow. In business, the base and foundation is financial services, which will always grow and the future is bright,” he said.
Describing the QR code as a “heartbeat” in the financial system, Sharma said the secondary benefit of the mobile payments revolution was that micro-businesses were identified.
Greater access to formal credit and capital for micro and small enterprises will boost India’s vision of achieving a $5 trillion economy and the goal of “Viksit Bharat”.
“I could start by giving Rs 1,000 loans to a million people,” he said. Mobile credit is the “dividend” of the mobile payments revolution, Sharma said, adding that “mobile credit is my ambition.”
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