New Delhi: The government has onboarded startups, ushering in a truly golden period for them, Paytm founder Vijay Shekhar Sharma said, adding that this is a dramatic change from the days in which new companies were located at the bottom of the "food chain" in recruiting jobs.
The folklore of the "American dream" in business and technology 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 at the seventh day of JIIF Foundation, Sharma credited the government for mainstreaming startups and giving visibility to founders.
Urging entrepreneurs to make the most of the opportunities before them by leveraging technology and innovation, Paytm's top boss said "this is truly a golden period" and "the best ever in India."
Sharma said India has come a long way from the time when job aspirants opted to go abroad or sought employment in foreign IT companies or domestic big tech companies.
"We (the startups) were more or less the last player in the food chain, we had to make do with what was left... now we are right at the front... that line now starts with the startups... This is "It's a dramatic difference... it is truly a golden period... obviously no period is perfect... but this is simply the best India has ever had," he said.
Sharma said college dropouts and job aspirants are now opting to stay in India, rather than look for jobs abroad.
For companies that want to go public, Sharma advised them to opt for Indian bankers and not underestimate them.
He also advocated that companies considering an initial public offering (IPO) should gauge the sentiments and mood of domestic retail investors well in advance through roadshows and interactions.
He further said that companies should break away from jargon and complex terms, and speak out and express clear terms on points that are relevant to investors.
"Everything you write in your DRHP, or announce, should be such that future models can be imagined...if it is confusing, delete it...if it is 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 targets and underlying credit growth potential, India's financial services market has a bright future, he said.
It is a market bound to grow, and its potential is only restricted by someone's mistakes or temptation. The foundation and foundation of all businesses is financial services, he said, adding that the market will always grow and "the future is bright."
"I think everyone knows... If India wants to grow at 7 percent, then credit will have to grow at 21 percent... three times... This is rocket science. Restrictions are just a limitation of your mistake or your temptation... not because there is any limitation due to the needs of the market. Financial services are a very large market, forced to grow, in companies, the base and foundation are financial services, they will always grow and grow. The future is bright," he said.
Describing the QR code as a “heartbeat” ringing 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 businesses will spur India's vision of achieving a $5 trillion economy and the goal of 'Viksit Bharat'.
"You could start by giving a loan of Rs 1,000 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."
The folklore of the "American dream" in business and technology 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 at the seventh day of JIIF Foundation, Sharma credited the government for mainstreaming startups and giving visibility to founders.
Urging entrepreneurs to make the most of the opportunities before them by leveraging technology and innovation, Paytm's top boss said "this is truly a golden period" and "the best ever in India."
Sharma said India has come a long way from the time when job aspirants opted to go abroad or sought employment in foreign IT companies or domestic big tech companies.
"We (the startups) were more or less the last player in the food chain, we had to make do with what was left... now we are right at the front... that line now starts with the startups... This is "It's a dramatic difference... it is truly a golden period... obviously no period is perfect... but this is simply the best India has ever had," he said.
Sharma said college dropouts and job aspirants are now opting to stay in India, rather than look for jobs abroad.
For companies that want to go public, Sharma advised them to opt for Indian bankers and not underestimate them.
He also advocated that companies considering an initial public offering (IPO) should gauge the sentiments and mood of domestic retail investors well in advance through roadshows and interactions.
He further said that companies should break away from jargon and complex terms, and speak out and express clear terms on points that are relevant to investors.
"Everything you write in your DRHP, or announce, should be such that future models can be imagined...if it is confusing, delete it...if it is 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 targets and underlying credit growth potential, India's financial services market has a bright future, he said.
It is a market bound to grow, and its potential is only restricted by someone's mistakes or temptation. The foundation and foundation of all businesses is financial services, he said, adding that the market will always grow and "the future is bright."
"I think everyone knows... If India wants to grow at 7 percent, then credit will have to grow at 21 percent... three times... This is rocket science. Restrictions are just a limitation of your mistake or your temptation... not because there is any limitation due to the needs of the market. Financial services are a very large market, forced to grow, in companies, the base and foundation are financial services, they will always grow and grow. The future is bright," he said.
Describing the QR code as a “heartbeat” ringing 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 businesses will spur India's vision of achieving a $5 trillion economy and the goal of 'Viksit Bharat'.
"You could start by giving a loan of Rs 1,000 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."
