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Views of Siddharth Mehta, former director of IL&FS, concerning Series B funding

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Views of Siddharth Mehta, former director of IL&FS, concerning Series B funding

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Siddharth Mehta, IL&FS former director says Series B funding is a crucial stage of financing for startups that have successfully progressed beyond the early stages and are seeking to scale their operations.

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Series B adjustments are tied in with moving organizations past the advancement stage and into the following stage. New businesses are helped by financial backers by their expanded market reach. According to Siddharth Mehta IL&FS former director, organizations that have gone through Series An and Seed raising support adjusts have laid out sizable client bases and shown financial backers that they are prepared for progress on a more extensive scale. The firm will require Series B cash flow to extend to deal with this degree of interest.

The improvement of a group and the formation of an extraordinary item include first-rate ability obtaining. An organization puts in a couple of pennies to develop its client base, deals, promoting, innovation, backing, and staff.

The way that numerous organizations, including those that have effectively collected seed cash, in some cases battle to evoke financial backer premium as a feature of a Series A funding effort is one component adding to this. With the reference of Siddharth Mehta, Bay Capital, CIO, under 10% of seed-financed organizations will, at last, get Series A funding too.
Work of Series B funding
Organizations finishing a Series B venture round are many times deep-rooted, and this is reflected in their qualities, which normally range from $30 million to $60 million.

As far as the methods and significant members, Series B is by all accounts similar to Series A. The Series B round is habitually headed by a larger number of people of similar players as the previous one, says Siddharth Mehta IL&FS former director, including a critical anchor financial backer who fills in as a magnet for additional financial backers. The incorporation of a new round of extra funding organizations that emphasize later-stage support makes Series B unique.
Offered cash in Series B Funding
Regularly, a Series B round costs $7 million to $10 million. An organization's valuation ought to be in the $30 million to $60 million territory.

Funding firms frequently give Series B ventures, habitually from the very financial backers that drove the earlier round. Since the startup's valuation changes with each round, Siddharth Mehta of Bay Capital brought up that past financial backers habitually choose to reinvest to guarantee that their portion of the pie is as yet sizeable.

Investment firms that put resources into late-stage organizations might be keen on organizations at the Series B Funding stage.
Conclusion!
Raising money begins with having a dream for your business, a total stock check to comprehend what's absent for you to accomplish it, and what amount of time you figure it would require to arrive. Exploring your strategy for getting around can get troublesome and rushed. Ideally, this blog with the perspective of Mr. Mehta, will help you and give you the correct way to lead your business.

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How much cash is engaged with Series B funding and its usefulness?

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Series B adjustments are tied in with moving organizations past the advancement stage and into the following stage. New businesses are helpe...

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CEO of Salesforce India on the Country’s ‘Once-in-a-Generation Growth Opportunity’

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CEO of Salesforce India on the Country’s ‘Once-in-a-Generation Growth Opportunity’

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Salesforce Strengthens Investment in India, Expands Centre of Excellence in Hyderabad.

This week, on the World Economic Forum blog, Arundhati Bhattacharya, Chairperson & CEO of Salesforce India, shared why India represents a platform for business growth and opportunity.

Why it matters: India is an important talent and innovation hub for Salesforce's global business. The company recently expanded its Centre of Excellence in Hyderabad to grow Salesforce's research and development and customer support programs in the region.

Salesforce perspective: Bhattacharya shared that:

Digital transformation is a key pillar for future economic growth: "CEOs across the country tell me, daily, that digital transformation is fundamental to the future success of their companies ... Operating in an economy where change is happening so quickly, and where a predominantly younger population wants everything digitally and now, they've recognised the choice they must make - stay agile or become irrelevant."

Technology will transform business and help navigate societal changes: "We're at a watershed moment for technology ... If we choose to use AI for the good of humanity, it could transform so many things - like agriculture, education, and health. Thinking about the societal challenges that face a country the size of India's, that's a significant opportunity."

We're at a watershed moment for technology ... If we choose to use AI for the good of humanity, it could transform so many things - like agriculture, education, and health.
Arundhati Bhattacharya, Chairperson & CEO of Salesforce India

India's talent sets it apart: "Combining a significant talent pool and digitally-motivated population with supportive government policies, strong academic institutions, lower costs of living and doing business, and world-class research and innovation facilities, India has all the ingredients for success."

Go deeper: Bhattacharya also discussed how Salesforce is helping some of India's biggest brands with digital transformation solutions to deliver on their long-term growth objectives. For instance, Air India, India's leading airline, is elevating its customer experience through a combination of AI, data, and CRM.
Learn more:

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CEO of Salesforce India on the Country's 'Once-in-a-Generation Growth Opportunity'

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This week, on the World Economic Forum blog, Arundhati Bhattacharya, Chairperson & CEO of Salesforce India, shared why India represents a platform for business growth and opportunity. Why it matters: India is an important talent and innovation hub for Salesforce's global business. The company recently expanded its Centre of Excellence in Hyderabad to grow Salesforce's [...]

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Does Your Company Have an India Strategy?

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Does Your Company Have an India Strategy?

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At the end of financial year 2022, the price-to-book (P/B) ratio for the European consumer products giant Unilever PLC stood at six. The same number for its subsidiary in India, Hindustan Unilever, was twice that, at twelve. This difference is not because the Indian subsidiary is a young or small company - on the contrary, the Indian subsidiary is a 90-year-old company with a market cap of $76 billion. Nor is this an isolated instance.

Nestle SA, the world's largest food and beverage company giant based out of Switzerland, has a P/B ratio of six, while its subsidiary in India has a whopping 82; 3M USA has a P/B of 4.2, its Indian subsidiary has a P/B of 12.7; the German parent of BASF, a global leader in speciality chemicals, has a P/B ratio of just one, its Indian subsidiary has four; the German parent of Siemens, a heavy industry leader, has a P/B ratio of two, its Indian subsidiary has ten. These differences are so vast that in some cases the Indian subsidiary may be valued more than the parent on a standalone basis.

Why is there such a chasm in P/Bs of parent companies and their Indian subsidiaries? Because Indian firms have better growth prospects, higher profitability, and more efficient asset utilization, all the while when the parent languishes in its home market. That's why every multinational must have an India strategy, or else it will miss out on one of the most promising market opportunities in the world today.

P/B ratio represents how a company's assets are priced by the markets. It is higher for companies with better growth prospects (measured by revenue growth), more profitable operations (measured by profits to sales ratio), more efficient utilization of assets (measured by sales to assets ratio), and lower cost of capital. Lower cost of capital could not be the reason for higher P/B ratios for Indian subsidiaries. A company's cost of capital is limited by its country's sovereign rating. India's credit rating at BBB- is much inferior to the AAA rating of USA, Germany, and Switzerland. So, it is unlikely that all else held equal, an Indian subsidiary has a lower cost of capital than its parent located in a G7 country. Therefore, its higher P/B ratio must be related to better profitability and/or growth prospects.

Over the last five years, the Compounded Annual Growth Rate (CAGR) in revenues for Unilever India was 9.6%, which is four times faster than that of 2.2% of Unilever parent. Note that parent's growth rate includes that of the Indian subsidiary, without which, its growth rate would be even lower. Turning to profitability, return on assets for the Indian subsidiary is 11% against 8% of the parent. What is surprising is that the higher profit margin for the Indian subsidiary, of 17%, against 13% of the parent. It is surprising because Unilever's products are priced cheaper in the India market, because of lower purchasing power of its target segment. Higher profits could be due to higher market concentration and pricing power, but that seems unlikely because of fierce competition from several sources including other multinationals such as Colgate, innovative local competitors like Patanjali Ayurved , and the availability of numerous cheaper alternatives addressing the same market, including from the informal sector. The higher margin is therefore most likely because the cost of production and distribution is lower in India, which is indeed the case.

The same story plays out for other multinationals. Nestle India earned a profit margin of 14.2% as against that of its parent of 9.8% and did so while generating sales-to-assets ratio of 196% as against just 69% for its parent. Siemens India had a profit margin of 10.6% against 4.8% for its parent, and a sales-to-assets ratio of 91% as against 51% for its parent.

These numbers show that almost on all fronts - that is, market growth, asset utilization, and profitability - the Indian market offers more attractive prospects than the home market for the multinational.

The Growing Indian Market

India enjoys a fast-growing segment of urban middle class for consumer products. The World Economic Forum summarizes it well: "In terms of sheer numbers, the largest urban transformation of the 21st century is ... happening in India." The share of middle class in India increased from 14% in 2005 to 31% in 2021, and is expected to further increase to 63% by 2047. Similar estimates come from Frost & Sullivan , which estimates that the share of people in India who are poor will continue to dwindle, and while the middle class grows, doubling its percentage from 28.5% in 2019 to 53.8% in 2030.  Middle class is defined as Indian households earning between $6,700 to $40,000, measured in 2020 US Dollars, which adjusted for purchasing power parity, equates to $22,700 to $136,000 in the US. Even a small change in the percentage change of middle class means a lot because of the India's large population base. At 1.43 billion , it is now the most populous country in the world and is about twice the size of US and EU populations put together. (The populations of and are 334 million and 447 million, respectively.) Roughly 25 percentage point change, from 28.5% to 53.8%, even at the current population base, means 350 million people, which is more than the EU's population.

The increase in urban middle class in India is a combination of three factors: rapid urbanization of smaller towns, the movement of people from rural to urban areas in search of better employment opportunities, and a progression of people from subsistence income levels to those with substantial disposable income and aspirational lifestyle. Small cities with population between 1.0 and 2.5 million are growing at astronomical rates, touching 10% per year. Sixteen towns have been labelled as boomtowns given their rapid increase of the young population. Within those cities, the share of middle class is expanding, turbo charging the growth rates of the urban middle class. Super metros such as Mumbai, Delhi, and Bangalore, with populations exceeding 10 million each, are contributing to growth in another way. They are showing almost 10% annual increase in the population of super rich, those who can afford fancy cars, luxury homes, and vacations in international hotspots. No multinational can afford to overlook this urban growth.

It would be good to compare India's numbers with other countries. A report by projected that 1.06 billion people around the world entered middle class from 2015 to 2022. India's contribution was estimated at 380 million, or about one third of the total, surpassing even China's contribution of 350 million people. No other country reaches even half of these numbers. Interesting, in 2030, the total consumption of US middle class is expected to be $4.7 trillion in purchasing power parity terms (in 2011 dollars), about the same as in 2015. The most astounding and consequential global growth in consumption of middle class will come from India, from $2.1 trillion in 2015 (less than half of US) to $10.7 trillion in 2030 (more than twice that of US), both in 2011 dollars. China is expected to become the world's largest middle class, with a consumption of $14.3 trillion. Another growth center will be Indonesia, which is expected to become the fourth largest middle-class consumption center after China, India, and US. But at $2.4 trillion, it would be about one-fourth the size of India's.

These data are also consistent with data on national aggregate growth rates. Goldman Sachs calculated India's real GDP growth rate during 2010-2019 at 6.9%, second fastest among all major economies in the world, and more than three times as fast as that of developed countries. During the decade of 2020-2029, India's growth rate is expected to be the highest in the world, followed by China, Philippines, Turkey, and Egypt. No developed country would come even half as close as India in terms of growth rate. By 2050, India's real GDP will cross the consolidated GDP of the EU in raw numbers. Adjusted for purchasing power parity , India's GDP would easily be three times that of EU. By 2075, China, India, and USA are expected to be the largest economies in the world, in that order. No other countries would be close to that number, though Indonesia, Nigeria, Pakistan, and Egypt could join the top 10, with each of them being less than a third of each of the top three.

Lessons for Multinationals

In light of the data on India's overall growth and growing middle class, it's not a surprise that multinationals' subsidiaries are highly valued for their own growth opportunities. Every multinational now needs an India strategy to benefit from its fast-growing urban middle class. They will succeed provided they follow three recommendations:

Make significant resource commitments to India. This requires localizing product design, manufacturing, and marketing capabilities.

Customize products and services by understanding the culture, values, norms, usage habits, extreme heat and paucity of air conditioning, plethora of languages, and multiplicity of local laws. Notably, despite being a single country, India means a multitude of cultures and languages. There are more than 780 languages written in 66 different scripts , of which 22 languages are considered "official," each with its own script.

Leverage the " India Stack ," the world's largest unified software and digital infrastructure platform, that aims to bring India's population into the digital age of presence-less, paperless, and cashless service delivery . Its scale can be judged from the fact that from 2010, when almost no person had a unique identity like social security number in the US, now, over 1.2 billion people in India have unique digital identities, linked to their bank accounts, through biometrics. A custom-developed unified payment interface now widely used in India, implies that almost everyone now uses a smart phone, to pay from, and receive money to, a digitally connected bank account. This growing e-commerce infrastructure and capabilities are facilitated by almost every middle-class person carrying a smart phone, connected on internet with world's cheapest bandwidth. The logistics, payment, and distribution systems created using digital technology in India, is now miles ahead of that in the West, and is now the envy of the world.

In summary, the high P/B ratios of multinationals' subsidiaries in India demonstrate the value of what will soon be the world's largest consumer market. Every B2C company must take notice and must have an India strategy. The strategy must entail a suitable plan to enter the market, while doing so with high profitability and efficient utilization of capital. Importantly, it means going back to the drawing board, creating products made for Indian markets, producing them in India, using India-sourced raw materials, and distributing them using local channels and digitally enabled infrastructure. A wholesale copying of what worked in a developed country and applying it to India is unlikely to work.

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Does Your Company Have an India Strategy?

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The price-to-book ratios of Indian subsidiaries of multinationals far exceeds those of their parent companies. That suggests the subsidiaries have better growth prospects, which makes sense given India's rapidly growing middle class. At this point, any multinational without an India strategy is missing out on a major opportunity for growth and profitability.

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Former director of IL&FS, Siddharth Mehta, calls fintech startups the next unicorns

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Former director of IL&FS, Siddharth Mehta, calls fintech startups the next unicorns

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The new unicorn in the market is the fintech startup says Siddharth Mehta, IL&FS former director. Fintech startups are revolutionizing the financial industry by leveraging technology to create innovative products and services that improve the customer experience.

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New Delhi [India], April 4 (ANI/PNN): Modern customers' perceptions of finance have changed because of fintech. Fintech startups created new goods and services or altered existing ones by using technology says Siddharth Mehta, founder & CIO of Bay Capital, all with the primary objective of improving the customer experience. The creation of value for consumers through distinctive offers, with consumer comfort and safety at the forefront, is a common goal.

The sector offers services in a variety of fields, including Neobanking, payment gateways, wallets, insurance technology, investment technology, and personal finance technology, among others. To expand the reach of organized finance in India, fintech startups have filled the gaps between consumer demand and existing products.
Also Read | PM Narendra Modi Makes India Shine at World Stage, Tops List of Most Popular Leaders Beating US Prez Joe Biden and UK Prime Minister Rishi Sunak!.
To provide a hassle-free experience according to Siddharth Mehta, IL&FS former director says several financial businesses are also offering their clients extensive services. Take any fintech app as an example; the creators claim it is a super software that motivates users to save, spend, lend, and increase their wealth within their bank accounts. The Fintech App's centralized dashboard shows users' assets, obligations, and balance sheets without requiring them to hop between several apps.

By integrating a wide range of financial products, FinTech startups offer a new age neobanking experience, according to Bay Capital's CIO. Due to time constraints and the size of one's personal and professional commitments, one has little to no time to comprehend or buy various financial products from various service providers. "The next-generation solutions cover all of our customers' financial needs under one roof, including banking, payments, investments, insurance, and lending" he added.
Also Read | Kylie Jenner's Street Style Looks That Are So Easy to Carry!.
Fintech businesses in India have also brought about financial inclusion through digitally enabled outreach of financial goods added Siddharth Mehta, Bay Capital Founder On the other hand, other entrepreneurs have their sights set on the gig economy market, which is frequently ignored by traditional financial service providers since its members do not have a consistent stream of revenue.

Finance for startups is easily accessible from FinTech companies. Traditional banks used to need a variety of documentation, and their procedures were complicated and time-consuming. Startups clearly couldn't afford this, but the emergence of FinTech firms has undoubtedly lessened this issue asserts Mehta.

These businesses offer online payment solutions that let customers send invoices, take payments, and pay creditors without the need for a merchant account or an expensive card payment acceptance machine. It enables the merchant to accept many payments at once and ensure that all duties are completed in accordance with banking, anti-terrorism, and other payment requirements.

"By giving customers the opportunity to create checks online, FinTech businesses are helping to simplify the processes", claims Siddharth Mehta IL&FS former Director.

These businesses have developed a technology-based solution called "Check" that gives company owners the opportunity to handle all of their invoices in one location. Additionally, these systems guarantee on-time payment of the invoices.

"Fintech start-ups are assisting in the introduction of services that are nominally priced and hence competitively priced". Additionally, they are fighting for the redesign and transformation of the current services, which is advantageous for the customers. "These firms have the ability to advance the economy by utilizing blockchain, big data, machine learning, AI, and other technologies" he added.

This story is provided by PNN. ANI will not be responsible in any way for the content of this article. (ANI/PNN)
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)

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Business News | Fintech Startups Are the New Unicorn of the Market, Says Siddharth Mehta | LatestLY

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Get latest articles and stories on Business at LatestLY. Modern customers' perceptions of finance have changed because of fintech. Fintech startups created new goods and services or altered existing ones by using technology says Siddharth Mehta, founder & CIO of Bay Capital, all with the primary objective of improving the customer experience.

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India to introduce new Digital India Act to regulate Big Tech

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India to introduce new Digital India Act to regulate Big Tech

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India to introduce new Digital India Act to regulate Big Tech

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India is all set to pass its first-ever tech law, Digital India Act, by the end of July or early August. The new Act aims to put forward market practice guidelines to regulate Big Tech's market practices, replacing the Information Technology Act, 2000.

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Growth Of Data Annotation Services, Companies Like Cogito Tech Driving India's Growth & Talent Availability

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Growth Of Data Annotation Services, Companies Like Cogito Tech Driving India's Growth & Talent Availability

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India has emerged as a leading global player in data annotation services. With the rapidly growing digital economy, the demand for high-quality data to train machine learning models and artificial intelligence (AI) systems has increased substantially. As a result, the market for data annotation services has seen significant growth, with India capturing a substantial share of this global market.

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According to some estimates, India is poised on the precipice of a tech explosion many are comparing to their own Industrial Revolution.

The Indian tech sector

The Indian tech sector, in some ways, is a microcosm of those in the West with a few critical advantages. Marked by a consistent 8% year-over-year growth rate, 2023 revenues for the Indian tech industry will likely break past $245B.

Right now, India boasts:

* 25,000 tech-based startups with more than $24B in annual funding. The country ranks as the third-largest startup hub globally.
* A mature software market of over 2,000 companies - half of which are SaaS firms and best-suited for a borderless digital marketplace. Analysts project the SaaS market breaking past a $1T gross valuation by 2030.
* More than 150,000 tech patents filed since 2015, and an ever-growing national R&D spend.

But these stats, impressive as they are, are just a tiny slice of the overall opportunity. The second largest country by gross population globally, behind China, India is on track to become the largest by a wide margin in less than three years.

Source: Barron's

Despite the startup and tech explosion, the market remains largely untapped, with as much as 65% of that massive population designated as youths, or under 35, and 50% of the total population is under 25. Representing both a labor pool and consumer base, the unrivaled growth of India's tech sector will only increase as urbanization means more of that youth pool is moving from rural areas to burgeoning cities - alongside all the tech trappings as we see in Silicon Valley and other developed hubs.

And that's only internalized growth. Learning from the pandemic, many developed and Western countries are fleeing China and moving their tech manufacturing base for computers, smartphones, and similar hardware products to India. Indian tech manufacturing spaces are growing a reputation as more reliable and less subject to the whims of eager government initiatives.

What have big tech firms done in India so far?

Many of the largest tech companies see the writing on the wall.

Underwriting a massive investment directly in Indian startups and in efforts to capture market share, companies like Amazon, Meta, Alphabet, and more are pouring money into the country as fast as possible while cutting costs at home - underlining executive emphasis on the Indian market.

A driver of that expansionary push is based on a peripheral population factor. While the country's growth is critical in driving consumer capture, these firms combine that with the lack of Chinese reliability on novel fronts beyond manufacturing.

Security laws within China make tech firms subject to Party whims, and they're constantly in a position of shaky standing no matter their approach. Many also object on a moral basis based on apparent Party overreach in data collection demanded of them or free speech issues.

India, likewise, fundamentally mistrusts Chinese tech and banned TikTok and other Chinese apps in 2020 amid political disputes. This ban created a vacuum that existing Western tech firms were too happy to rush to fill. For instance, India is where Google's YouTube, first experimented with its YouTube Shorts, which is similar to TikTok's short-video format.

Advantages in India

Demographic boom aside, the rising youthful human capital is well-positioned for a tech revolution. An entire generation, particularly those in urban cores, are increasingly monolingual and sticking to English as the lingua franca for school, work, and socialization.

English proficiency gets the labor market participants' foot in the door with tech firms or venture capital, but the real hook is the digital skill the population displays. With 1.6M deemed "digitally skilled," meaning a quantifiable STEM-style hard technical skill beyond basic computer proficiency, tech firms are snatching up Indian graduates as fast as universities can produce them.

What are the next opportunities for big tech in India?

The burgeoning labor pool is doubtless the most significant opportunity for big tech in India, both as labor arbitrage and in sourcing talent to drive innovation.

Not because it's cheaper to outsource, as the old paradigm dictated. The underlying cause is that Indian youth's digital skill surpasses that of Westerners, providing much-needed glue to hold Western tech together. Debjani Ghosh, President of the National Association of Software and Services Companies, says that the "United States excels in cutting-edge R&D while India has the talent available to plug the gap between supply and demand in digital skills."

Taken as a whole, this means that, in an increasingly globalized and digitized world, more tech firms face India as both prime labor and consumer market they expect will surpass those at home - quickly.

Hurdles to overcome

As big tech moves into India, the primary drivers of instability seem to be cultural. Apple, moving to pivot manufacturing away from China to India, reported in February 2023 that "there is no sense of urgency in Indian operations," slowing the planned transition.

Facing a breakneck pace expected in the West, this cultural clash may be the first of many hurdles tech must overcome to pivot into India successfully.

Other hurdles are much the same as in past years - sanitation, regional dispersal, and lack of laborer education reign high on the list of tech struggles in a move to Indian markets. But these firms are banking on their investment in the country and economy, numbering in the tens of billions, to pay off.

Conclusion

Ultimately, the confluence of factors - a vast untapped market, a digitally skilled workforce, and a supportive ecosystem - make India one of the most compelling opportunities for big tech growth in the coming years.

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Is India the biggest growth opportunity for tech giants?

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A report on big tech moving into India and the resulting investment opportunities as the country becomes the world's most populous.

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According to Siddharth Mehta, former director of IL&FS, fintech startups are the new unicorns of the market

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According to Siddharth Mehta, former director of IL&FS, fintech startups are the new unicorns of the market

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Siddharth Mehta IL&FS former director says fintech startups have indeed been making significant waves in the market and have been attracting considerable attention from investors.

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New Delhi [India], April 4 (ANI/PNN): Modern customers' perceptions of finance have changed because of fintech. Fintech startups created new goods and services or altered existing ones by using technology says Siddharth Mehta, founder & CIO of Bay Capital, all with the primary objective of improving the customer experience. The creation of value for consumers through distinctive offers, with consumer comfort and safety at the forefront, is a common goal.
The sector offers services in a variety of fields, including Neobanking, payment gateways, wallets, insurance technology, investment technology, and personal finance technology, among others. To expand the reach of organized finance in India, fintech startups have filled the gaps between consumer demand and existing products.
To provide a hassle-free experience according to Siddharth Mehta, IL&FS former director says several financial businesses are also offering their clients extensive services. Take any fintech app as an example; the creators claim it is a super software that motivates users to save, spend, lend, and increase their wealth within their bank accounts. The Fintech App's centralized dashboard shows users' assets, obligations, and balance sheets without requiring them to hop between several apps.
By integrating a wide range of financial products, FinTech startups offer a new age neobanking experience, according to Bay Capital's CIO. Due to time constraints and the size of one's personal and professional commitments, one has little to no time to comprehend or buy various financial products from various service providers. "The next-generation solutions cover all of our customers' financial needs under one roof, including banking, payments, investments, insurance, and lending" he added.
Fintech businesses in India have also brought about financial inclusion through digitally enabled outreach of financial goods added Siddharth Mehta, Bay Capital Founder On the other hand, other entrepreneurs have their sights set on the gig economy market, which is frequently ignored by traditional financial service providers since its members do not have a consistent stream of revenue.

Finance for startups is easily accessible from FinTech companies. Traditional banks used to need a variety of documentation, and their procedures were complicated and time-consuming. Startups clearly couldn't afford this, but the emergence of FinTech firms has undoubtedly lessened this issue asserts Mehta.
These businesses offer online payment solutions that let customers send invoices, take payments, and pay creditors without the need for a merchant account or an expensive card payment acceptance machine. It enables the merchant to accept many payments at once and ensure that all duties are completed in accordance with banking, anti-terrorism, and other payment requirements.
"By giving customers the opportunity to create checks online, FinTech businesses are helping to simplify the processes", claims Siddharth Mehta IL&FS former Director.
These businesses have developed a technology-based solution called "Check" that gives company owners the opportunity to handle all of their invoices in one location. Additionally, these systems guarantee on-time payment of the invoices.
"Fintech start-ups are assisting in the introduction of services that are nominally priced and hence competitively priced". Additionally, they are fighting for the redesign and transformation of the current services, which is advantageous for the customers. "These firms have the ability to advance the economy by utilizing blockchain, big data, machine learning, AI, and other technologies" he added.
This story is provided by PNN. ANI will not be responsible in any way for the content of this article. (ANI/PNN)

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Fintech Startups are the new unicorn of the market, says Siddharth Mehta

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New Delhi [India], April 4 (ANI/PNN): Modern customers' perceptions of finance have changed because of fintech. Fintech startups created new goods and services or altered existing ones by using technology says Siddharth Mehta, founder & CIO of Bay Capital, all with the primary objective of improving the customer experience.

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How India is emerging as the world’s technology and services hub

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How India is emerging as the world’s technology and services hub

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India must look at services beyond IT and BPO to increase services exports from the country. One area is to cater to growing demand in more skill-based and increasingly digitized services such as healthcare, education, and medical tourism. As of 2022, about 68% of India's population was in the working age group and about 24.3% of the incremental global workforce over the next decade will come from India.
Growing India's service exports faster
While India pushes ahead with growing its manufacturing sector, the services sector would continue to be an important pillar of growth for the Indian economy. It employs close to 31% of the workforce, contributes to over 50% of India's GDP and is one of the largest recipients of FDI inflows in India. It has been recognized as one of the primary drivers of domestic growth and exports.

With the increasing share of services in world trade there is a large opportunity for expansion of services trade to grow from current US$254.5b (2021-22).

To accrue benefits from a higher share of services in the global economy, it would be imperative to focus on diversification of our services exports by increasing our competency in other emerging services. For this, focus could be placed on those services that complement India's competitive ability and have potential for export growth. Sectors that can provide this opportunity include tourism, tele-medicine, medical value tourism, audio visual services with focus on mobile gaming and construction and engineering with focus on digital engineering services.

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How India is emerging as the world's technology and services hub

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India must look at services beyond IT and BPO to increase services exports from the country. One area is to cater to growing demand in more skill-based and increasingly digitized services such as healthcare, education, and medical tourism.

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India Has the Potential to Become the Fintech Capital of the Globe: Investors

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India Has the Potential to Become the Fintech Capital of the Globe: Investors

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India Has the Potential to Become the Fintech Capital of the Globe: Investors | Entrepreneur

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India ranked in the top five regions in terms of total funding activity in Q1 2023 and was the second-highest funded territory globally for fintech funding.

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Siddharth Mehta of IL&FS says pandemic has speeden up the growth of digital spaces

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Siddharth Mehta of IL&FS says pandemic has speeden up the growth of digital spaces

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Siddharth Mehta IL&FS former director says digital technologies and strategies has become essential for businesses to remain competitive and foster growth in today's rapidly evolving landscape. The digital transformation wave has already been in motion for several years, but its significance has only increased with time.

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Mehta is bullish about investing in the Indian market rather than any other emerging and developed one. Because India has seen a tremendous increase in the overall penetration of the internet owing to strong growth in low-cost smartphones, a significant reduction in data prices, the creation of an ecosystem of products and services driven by the government's digital initiatives, and the development of low cost, robust payment systems.

Today, there are over 758 million internet users in India with ~700 million smartphones. In fact, the average data consumption per user per month in India is the highest in the world at ~13.5 GB and Indians spend almost 6.5 hours per day online.

Talking about its initiation towards being digital and its impact on the market is tremendous. Over the course of the last decade, India has laid down the digital infrastructure pipelines - so much so, that today Digital activity has become part of daily lives of over half the country and has enabled India to circumvent the challenges posed by its poor physical infrastructure.

Be it bank accounts, KYCs, daily transactions, accessing government services, education services, and even Covid vaccinations, all of this is now digitally led in India. Just to put things in perspective, India has the highest volume of real time payment transactions with over 25 billion transactions in 2020.

China was next at about 16 billion transactions in 2020! In such a scenario, it can be said that India is now on the path to becoming the largest digitize business hub in less than twenty years. Covid-19 also plays an essential role to help India in rolling out the digitalization aspects. It has acted as an accelerator for the adoption of the digital economy.

In every sector and in every business aspect, digital activity has become extremely important and relevant as this was the only way for consumers to access products and services and for businesses to operate. Pandemic has accelerated growth in the digital space! Siddharth Mehta founder and CIO of Bay Capital said that

"The digital transformation of India is only just accelerating, and we believe the internet economy could grow 10x in 10 years from here on (to get to more than $800 billion), resulting in many large businesses accreting significant shareholder wealth. The nature and shape of the Indian economy and financial markets will be very different in 2030 than they are today."

Today, the digital ecosystem has evolved, and many segments have consolidated with clear leaders emerging. Across the globe, the nature of digital economy dictates that the consumer would tend to gravitate towards fewer platforms.

Within this, leadership businesses will end up having far larger share of traffic, revenue as well as profit pool! Many large digital, consumer tech companies are already profitable on EBITDA level and PAT profits look imminent.

Quite a few of these franchises plan to list in the next 12-24 months and will be very well sought after by public market investors due to the growth and profitability profile. In the last 20 years, technology has leapfrogged significantly and digital has become a part of our daily lives.

With each passing moment, consumer awareness and dependence on internet is only increasing and this has led to rapid decline in customer acquisition costs and increased the overall Life Time Value of the customer for digital businesses.

The impact of this has not been lost on the overall investment community as well.

Focusing on investment opportunities in India's internet/digital ecosystem as a result of digital transformation, Siddharth Mehta has stated that "Yes, indeed, there are many outstanding businesses that have created tremendous scale and are seeing their paths to profitability getting accelerated. We are particularly interested in those businesses that are solving uniquely Indian problems in uniquely Indian ways and those that are targeting the next billion internet users in India."

The initiative towards digital activities of several investors such as Siddharth Mehta will change the overall scenario of digital transformation in business very dramatically in 3-5 years.

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Pandemic has accelerated growth in the digital space: Former IL&FS director

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Mehta is bullish about investing in the Indian market rather than any other emerging and developed one

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With 5G rolling out rapidly, there is massive euphoria about the pace of digitalisation in India and the fact that we have the highest data usage per subscriber. We have grown over fifteen-fold in data usage per subscriber per month from 2016 to 2022. However, one is also hearing persistent voices of doubt that make us pause and reflect.

Per Oxfam India's Report in December, there is an increasing divide visible in the digital space in the country. While 61% of men owned mobile phones in 2021, in the case of women, it was just 31%. It is also disturbing to note that digital technologies appear to remain the preserve of the urban, upper-caste, and upper-class individuals. While 3% of the rural population owned a computer before the pandemic, the number has dropped to just 1% after it. The digital divide is reflected more sharply in the areas of education and healthcare-82% of parents face difficulties in ensuring their children access to digital education, with signal and internet speed becoming the biggest issues in school. Meanwhile, 84% of government school teachers also face challenges for delivery through digital medium due to lack of devices and internet.

Per World Economic Forum, digital inequality is one of the largest risks for India in the short and medium term. Further, in the present environment of higher smartphone prices and sharply rising data charges, internet penetration has flattened, and this poses significant challenges for achieving digital inclusivity. It is great that 5G is being rolled out aggressively; however, it must be realised, as pointed out by International Telecommunications Union, that an inescapable fall-out of this would be a worsening digital divide in the first few years.

Both Nokia and Ericsson have reported a steep increase in mobile data traffic in India in the last five years-they report data usage of over 19 GB per subscriber per month in 2022. However, TRAI's industry value remains around 16 GB per user per month. This is understandable because BSNL doesn't have 4G and Vi has been having major challenges in the marketplace. Airtel and Jio have nearly 70% of the market (in fact, probably 80% of the mobile broadband). This means that the high data value of 19 GB in a major portion of the market is being sharply pulled down to 16 GB by a minor segment of possibly by around 20-30% users, who are possibly using 10 GB or less data per month. Meanwhile, mobile data tariffs have risen 60% in just three years, and are set to rise further . Additionally, the 5G capex investments have to be also recovered. All this implies further worsening of the data-economy unevenness.

The speed divide is also a matter of concern. There is a big quality gap between the better-connected urban affluent subscribers and the aam janata, highlighted by the large difference between the median and the mean internet speeds recorded by credible test agencies. With 5G having been launched in several cities and towns, speed tests are picking up some of these values, and hence, the mean speed test results are tending to be deceptively higher. We need to assess realistically since 4G would continue to be the mainstay for a bit longer.

As of December 2022, there were 832 million broadband connections in India. Due to factors like multiple SIM ownership and difference between VLR and HLR, the number of unique broadband subscribers is estimated to be only around 500 million (a unique subscriber density of less than 40%). As cautioned by ITU, with 5G, in the near term, the 'haves' are likely to get more and more, while the 'have nots' will languish with inadequate connectivity. The NDCP 2018 targets of 55% unique mobile subscriber density by 2020 and 65% by 2022 are far away.

Several other hurdles are to be crossed to bridge the digital divide. These include inadequate digital literacy (only 38% households are digitally literate with urban at 61% and rural at only 25%), ICT devices for persons with disabilities, and internet affordability (India ranks 47 on internet affordability among 110 countries). Truly, we have miles to go on the highway of digital inclusion.

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With 5G rolling out rapidly, there is massive euphoria about the pace of digitalisation in India and the fact that we have the highest data usage per subscriber. We have grown over fifteen-fold in data usage per subscriber per month from 2016 to 2022.

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NPCI’s 1.1% interchange fee on UPI payments via wallet – The watershed moment for Fintech in India

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NPCI’s 1.1% interchange fee on UPI payments via wallet – The watershed moment for Fintech in India

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The new guidelines state that wallets have become interoperable on the UPI rail, which means that a wallet is treated like a bank account. Now, when a MobiKwik user scans a QR code from any other company app, they can pay via UPI from their bank account or from their MobiKwik wallet by scanning the same UPI QR code, which they couldn't do before. For these transactions where payment is made from the wallet balance and not from the bank account, there will be no merchant fee or MDR that will be paid by the merchant for transactions below Rs. 2000. This ensures that nothing changes for majority of the users and merchants. There is a nominal fee of 1.1% that will be charged to the merchant as MDR for transactions above Rs 2,000 for PPI transactions over UPI. Most merchants even today pay an MDR for accepting wallet transactions from users, so overall there isn't any new impact of NPCI's announcement for merchants or users.
Understanding Interchange Fee and its Impact on Merchants Accepting Payments via PPI
In conclusion, NPCI's 1.1% interchange fee is a positive move that benefits all parties involved, including users, small merchants, banks, payment players, and fintech companies. This move will propel the growth of digital payments and fintech in India and pave the way for a brighter future for the industry by giving the choice of making payments from any app and any mode to the end user.

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NPCI's 1.1% interchange fee on UPI payments via wallet - The watershed moment for Fintech in India

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The new guidelines state that wallets have become interoperable on the UPI rail, which means that a wallet is treated like a bank account. Now, when a MobiKwik user scans a QR code from any other company app, they can pay via UPI from their bank account or from their MobiKwik wallet by scanning the same UPI QR code, which they couldn't do before.

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tech: Tech spending in India poised to grow by 9.6% this year - The Economic Times

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tech: Tech spending in India poised to grow by 9.6% this year - The Economic Times

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IANS

Tech spending in India is poised to grow by 9.6 per cent this year and the IT spending growth is set to regain pre-pandemic levels, with 2024 expected to be even better, a report has shown.

The Indian economy is poised for a 0.8 per cent growth in the 2023 fiscal year, according to Forrester's ' India Tech Market Outlook for 2023 and 2024'.

Nevertheless, it still faces challenges from a falling rupee and increasing current account deficit due to geopolitical events such as the Ukraine war.

According to the report, tech outsourcing and hardware maintenance will see sharp growth.

"Indian companies are moving from a 100 percent-owned IT model to a project-based outsourced model as new technologies capture the imagination of consumers and businesses," the findings showed.

Indian tech leaders no longer want to own, build, maintain, and run products on new technologies completely by themselves.

Telecom will see major investments. In the past year, 5G announcements and investments in technologies like IoT, Web3, the metaverse, AI, and augmented/virtual reality (AR/VR) have had a major impact on telecommunications.

However, software and tech consulting and systems integration will slow down.

"Software spending growth will dip slightly, from 15 per cent in 2022 to 14.5 per cent in 2023," said the report.

Spending growth in tech consulting and systems integration will remain high although it will slip a bit, from 11 per cent in 2022 to 10.2 per cent in 2023, primarily due to increases in the adoption of software as a service (SaaS) and outsourcing of major IT operations or implementations, it added.

"Indian companies find themselves in a situation where they must undertake initiatives such as the adoption of new technologies in a cost-effective way to support revenue growth and new customer acquisition," the report noted.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.

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Tech spending in India poised to grow by 9.6% this year

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Tech spending in India is poised to grow by 9.6% this year and the IT spending growth is set to regain pre-pandemic levels, with 2024 expected to be even better, a report has shown.

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World MSME Day| Technology enabling MSMEs to thrust Indian economy’s rising curve

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World MSME Day| Technology enabling MSMEs to thrust Indian economy’s rising curve

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The world economic order has been witnessing a shift where the so-called developed economies are sluggishly moving while the developing economies are recording staggering growth benchmarks. India, the fastest-growing economy in the world at present, is an example of the new world economic order. With the rapid adoption of cutting-edge technologies, cost-effective while efficient human resources, and its micro, small, and medium enterprises (MSMEs) at the driver's seat, India continues to trail the path to growth.

In the past decade, India has witnessed a surge in the number of MSMEs despite the infamous Covid pandemic. One of the major contributing factors to it is a healthy entrepreneurial culture that's on the rise in the country. The rapid digital adoption, cheap internet costs, policy reforms, and government-run programs like Make in India, Made in India, Startup India, and more, have pushed the ease of doing business while developing a healthy startup culture. Additionally, with campaigns like 'Vocal for the Local' and 'Make in India for the World' the government has proactively helped boost micro small and medium businesses.

Well, India is set to remain the fastest-growing economy for the next three years, as the latest report by S&P Global Rankings stated. The report highlighted that the country's growth forecast remains unchanged for the present fiscal at 6 percent while it's expected to see an upshift to 6.9 percent in the 2025-26 fiscal. On August 2nd, 2022, Union Finance Minister Nirmala Sitharaman distinctly laid out how the Indian economy is in a much better position than many developed ones. And, it's no new knowledge that MSMEs in India hold the lion's share in the country's gross domestic product (GDP). Apart from being the largest contributors to the nation's GDP, MSMEs also open up a huge number of employment opportunities. Meanwhile, these enterprises have also played a key role in the industrialisation of the country's rural areas that too in a cost-effective manner. Moreover, MSMEs have accounted for nearly 40 percent of India's total exports.

Technology has played a key role in empowering businesses to survive the Covid crisis and bounce back with a new digital avatar. The digital transformation not only enabled businesses to enhance their capacities and efficiencies but also opened opportunities to newer untapped markets. Be it MSMEs or global giants, all took the digital route that rejuvenated their businesses. However, low internet and manufacturing costs, agility, innovative approach, and rapid adoption of digital, gave India an edge.
MSME's take
As we observe World MSME Day today, , CEO and Co-founder of Shiprocket says, "At the core of Shiprocket lies a profound conviction in the immense potential of MSMEs and our unwavering commitment is to empower enterprises through technology-driven solutions, serving as their growth partners. On World MSME Day, we seize the opportunity to celebrate the tremendous force of over 63 million MSMEs, which serves as the powerhouse of India. We firmly believe that in the coming years, MSMEs will be a pivotal driver of the Indian economy, playing a major role in realising the dream of Saahil Goel[email protected]."

"We firmly believe in the vast potential of MSMEs to be a key driver of the Indian economy in the coming years. We are dedicated to empowering MSMEs across India with fintech solutions and enabling them to thrive in the dynamic landscape. We admire the unstoppable spirit of entrepreneurs and small business owners and believe that their contribution will be pivotal in making India a global leader," says Raman Khanduja, Co-Founder and CEO, Mintoak.

While addressing the role of technology in helping MSMEs to grow, Biju Velayudhan, CIO, G Kuppuswamy Memorial Hospital, Coimbatore shares his view saying, "Once technology was a supporter for MSME and today it is in the driving seat. The clear differentiator of any future business just depends on the speed of adoption of technology."

"We are seeing new entrepreneurs and startups in the Indian and global ecosystem, all thanks to technology. Areas like e-commerce, artifical intelligence, automation, fintech, cybersecurity, gaming, logistics, communications, and more have accelerated the MSME sector to leapfrog to Industry 5.0," adds Tarun Kumar, CEO, Glocal Technology Solutions.

Further, on the technology row, Girish Rowjee, Co-founder & CEO, GreytHR highlights, "The adoption of HR tech has brought significant benefits to MSMEs, empowering them to thrive in the post Covid era. As being a leading provider of HR tech solutions we can say that by embracing technology-driven solutions, these enterprises have revolutionised their work processes and created a positive and efficient workplace for their employees."
The journey ahead
The development of MSMEs is crucial for the nation's economic development and technology holds the key to boosting the sector in a big way. Looking at the evolution of businesses and the changing market demands, it is impossible to avoid digital processes. Hence, MSMEs need to pace up technology adoption while inducing solutions like automation and generative AI-based tools to match the global pace of growth.

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World MSME Day| Technology enabling MSMEs to thrust Indian economy's rising curve - Express Computer

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The world economic order has been witnessing a shift where the so-called developed economies are sluggishly moving while the developing economies are recording staggering growth benchmarks. India, the fastest-growing economy in the world at present, is an example of the new world economic order.

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Rural India Drives Internet Growth in India, Digital Divide Remains

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Rural India Drives Internet Growth in India, Digital Divide Remains

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Rural India Drives Internet Growth in India, Digital Divide Remains

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52% of India’s population or 759 million people, accessed the Internet at least once a month in 2022.

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Bay Capital was established by Siddharth Mehta and Puneet Saraogi and runs a confidential value and long-just open business sectors speculation work, as per its site. Its present and past portfolio organizations incorporate Authentic Occasion Resorts, Vini Beauty care products, IL&FS Energy, Intellivate Capital Endeavors, and the South and West India franchisee for McDonald's Westlife Relaxation Resorts, as per VCCEdge, the information research foundation of VCCircle.

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Religare Enterprise Ltd said on Monday its board has approved a plan to raise Rs 916.42 crore ($142 million) by issuing preferential warrants to investors including Bay Capital Investments Ltd.

The financial services company will issue up to 17.56 crore warrants at Rs 52.20 apiece, it said in a stock-exchange filing. These warrants can be converted into an equal number of equity shares within 18 months, it added.

Shares of Religare jumped 4.9% on Monday to Rs 63.15 apiece on the BSE where the benchmark Sensex fell 0.7%.

The announcement comes after the company said last week it would raise as much as Rs 1,200 crore via equity and debt to bolster its capital and invest in subsidiaries.

On Monday, Religare said the allotment of these warrants will be subject to approvals from the company's shareholders. The company will issue the warrants to 41 investors, including private investment firm Bay Capital. However, it didn't give a break-up of the amount it will raise from each investor.

Bay Capital is the single-largest non-promoter shareholder in Religare. Last month, VCCircle reported that the investment firm had increased its stake in the financial services firm controlled by brothers Malvinder and Shivinder Singh to nearly 10%.

Bay Capital was founded by Siddharth Mehta and Puneet Saraogi and runs a private equity and long-only public markets investment practice, according to its website. Its present and past portfolio companies include Sterling Holiday Resorts, Vini Cosmetics, IL&FS Energy, Intellivate Capital Ventures and the South and West India franchisee for McDonald's Westlife Leisure Resorts, according to VCCEdge, the data research platform of VCCircle. It recently exited Vini Cosmetics with multi-bagger returns.

Religare's fundraising comes at a time when the company is going through tough times. The company has sold several businesses over the past couple of years, including its entire alternative investment and wealth management practice as well as its stake in life insurance and asset management joint ventures and shut down its investment banking unit. It has also struck a deal to sell its health insurance arm to a consortium of PE investors.

Late last year, a hedge fund managed by Bay Capital had moved the National Company Law Tribunal seeking ouster of Religare's board on grounds of mismanagement and oppression of minority shareholders.

Just last week, the Singh brothers resigned from Religare as well as hospital chain Fortis Healthcare Ltd after the Delhi High Court upheld a plea by Japan's Daiichi Sankyo Co. Ltd against the brothers. The court last month dismissed the brothers' objections to a Singapore arbitration panel's ruling that had asked them to pay Rs 3,513 crore ($550 million) to the Japanese drugmaker.

Also last week, Religare appointed Bay Capital's Mehta to its board. It also named former Reserve Bank of India executive director P Vijaya Bhaskar and former Bank of America executive Vikram Talwar to its board. Besides, it named independent director Ashok Mehta as its interim CEO.

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Religare Enterprises to raise $142 mn from Bay Capital, others

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Religare Enterprise Ltd said on Monday its board has approved a plan to raise Rs 916.42 crore ($142 million) by issuing preferential warrants to investors including Bay Capital Investments Ltd. The financial services company will issue up to 17.56 crore warrants at Rs 52.20 apiece, it said in a stock-exchange filing.

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Economic Survey 2022-23: India’s digital growth story unique – PM Gati Shakti, digital push key for future

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Economic Survey 2022-23: India’s digital growth story unique – PM Gati Shakti, digital push key for future

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The Economic Survey that was tabled on January 31 st noted that the synergy between physical and digital infrastructure will be one of the defining features of India's future growth story.

The Modi government has made India's digital infrastructure a key focus area and it will remain a significant thrust area in the upcoming budget too.

The Economic Survey noted that the Centre will keep pace with the digital landscape developments including those related to legislations and frameworks. India's digital journey started with Aadhaar as a medium for service delivery at the doorstep, UPI strengthened the digital payment infrastructure, the survey said. CoWIN, e-RUPI, TReDS, Account Aggregators, ONDC are other government initiatives that are at different stages of development that will strenghthen India's digital landscape.

The survey expressed confidence in India's digital growth story. The journey is ongoing and there is much untapped potential in India's digital public infrastructure space, said the Survey.

The document also said that India's physical and digital synergy is a defining feature to future growth. The budget is expected to continue the thrust on infrastructure development. PM GatiShakti - the national multi modal connectivity plan - has helped accelerate infrastructure development by integrating the seven engines (roads, railways, airports, ports, mass transport, waterways, and logistic infrastructure) of growth, the survey noted.

The survey said that the government has adequately pushed development even of waterways and civil aviation, apart from traditional sectors such as roads and railways.

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Economic Survey 2022-23: India's digital growth story unique - PM Gati Shakti, digital push key for future

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The Economic Survey that was tabled on January 31 st noted that the synergy between physical and digital infrastructure will be one of the defining features of India's future growth story. The Modi government has made India's digital infrastructure a key focus area and it will remain a significant thrust area in the upcoming budget too.

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Siddharth Mehta of IL&FS Interview at Moneycontrol.com

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Siddharth Mehta of IL&FS Interview at Moneycontrol.com

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Siddharth Mehta, founder and CIO of Bay Capital, an India-focused investment manager, says the key drivers over the next decade and beyond in the country will be democratisation of information and consumer preferences for greater online adoption.

India's internet economy could grow 10-fold in the next decade to $800 billion and significantly improve shareholder wealth, Mehta told Moneycontrol's Sunil Shankar Matkar in an interview. Edited excerpts:
Q: Why are you excited by the India story? Is it the right time to invest in India than other emerging markets and developed markets?
We have been enthused by the India story for more than two decades now and in this time we have seen some phenomenal businesses being created and have seen them getting larger and more dominant. Apart from the usual factors such as the demographics and the under-penetration, one of the key drivers for the next decade and more is going to be the digital transformation that is happening in India. The democratisation of information and shifting consumer preference for greater online adoption are going to very, very powerful drivers. The creation of so many scaled, successful direct-to-consumer brands is a testimony to this. Businesses will need to think 'digital' if they are to compete and grow over the next decade.

We are extremely excited by the digital opportunities and believe that there are some incredible businesses that have been created, which will go on to become much larger in the next decade and more.

We are not market timers and believe that this is indeed the right time to invest in India. Near-term factors aside, over a 10-year period, the returns from India (relative to emerging markets as well) are likely to be very good.

Q: Why are you so enthused by the digital transformation that is under way in India?
India finds itself at a very important inflection point. An intersection of factors from the Jio effect to the creation of the India stack to the pandemic have seen very strong digital adoption across products and categories. The democratisation of information has provided many businesses with reach that was previously not possible. The digital ecosystem has provided businesses with many opportunities for unique customer engagements, customer acquisition and for developing highly personalised customer experiences.

It's safe to say that the next set of 500 million internet users in India will be from Bharat, i.e., the tier-1, tier-2 towns and small towns and cities and that provides a very long and wide runway for growth.

The digital transformation is only just accelerating and we believe the internet economy could grow 10x in 10 years from here on (to get to $800 billion), resulting in many large business accreting significant shareholder wealth.

The nature and shape of the Indian economy and financial markets will be very different in 2030 than they are today.
Q: Have you spotted any investment opportunities in India's internet/digital ecosystem as a result of digital transformation?
Yes, indeed, there are many outstanding businesses that have created tremendous scale and are seeing their paths to profitability getting accelerated. We are particularly interested in those businesses that are solving uniquely Indian problems in uniquely Indian ways and those that are targeting the next billion internet users in India.
Q: Zomato turned successful in IPO fundraising as did quick service restaurant chain operators Devyani International and Burger King India. Paytm and Nykaa filed IPO papers recently. Do you expect more such startups to launch IPOs and can you suggest which ones investors should be worried about because they are lossmaking?
It's a bit of a misnomer to call some of these businesses startups! In many cases, they are valued at several billion dollars with significant growth prospects ahead of them. While the landscape is exciting, we also believe that it's important for us as investors to be discerning as there may be many businesses that might not be able to scale and succeed from here on for a combination of reasons. We are wary generally of cash-burn businesses which use discounting as a tool for customer acquisition.

As long-term investors, we should not really worry about near-term losses as some of these businesses with very large total addressable market opportunities can scale very rapidly once the scale barrier is breached and get to profitability very quickly. Typical public market investors who are used to looking at businesses from a linear perspective may not be factoring in the power of powerful network effects in some of these businesses that can help them scale exponentially.
Q: Do you think the Reserve Bank of India will maintain status quo in the rest of FY22? Also, should one ignore inflation concerns now?
Monetary policy is in line with expectations. While we are seeing signs of pulling back on some of the emergency measures, we think that the focus on growth is welcome. While inflationary pressures are indeed there, by the RBI's own assessments, these are thought to be transitory. For us investors, more importantly, our portfolio businesses have an exceptional track record of managing volatile input cost conditions and many businesses, notably in the consumer staples space, have been able to pass on these input cost increases without affecting margins or volumes. Therefore, we are not unduly perturbed by macro conditions beyond a point.
Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries (which owns Jio) is the sole beneficiary.

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Interview | India at important inflection point of digital transformation: Siddharth Mehta of Bay Capital

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Siddharth Mehta, founder and CIO of Bay Capital, an India-focused investment manager, says the key drivers over the next decade and beyond in the country will be democratisation of information and consumer preferences for greater online adoption.

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Meta’s new India chief has a four-pronged strategy to ride digital growth

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Meta’s new India chief has a four-pronged strategy to ride digital growth

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Sandhya Devanathan, the newly appointed leader of Meta's India operations, has outlined four key focus areas including enabling small businesses to leverage the digital opportunity, connecting content creators on Reels to large brands, growing the WhatsApp business messaging platform to enable e-commerce, and innovating products and features in India for the global market.

" I am lucky to be here at a time when India's digital story is growing fast. With 900 million Internet users, India is set to become the third largest nation by GDP globally, and by 2030 reports suggest that the digital economy will be hitting a trillion dollars. We want to ensure that we have a seat at that table of that transformation that's happening and be a catalyst for India's economic growth," Devanathan told businessline in her first media interview.
Also read: New AI chatbot malware targets Facebook accounts, reports Meta
Devanathan takes charge of Meta India at a time when the social media companies are facing regulatory headwinds including issues around fact checking, privacy and data protection. There is also the macro economic headwinds that could impact the digital advertising spends by companies.

Unperturbed

But Devanathan remains unfazed. "It has been reported that India is the eighth largest market but what's more interesting to me is that ad spends as a percentage of GDP is low at 0.6 per cent compared to 1.9 per cent in the US. So I think there is one that is a lot of room to grow. The second thing is digital is almost half of all of the ad spends today and growing at 20 per cent. We are very focussed on making sure that the dollars that are spent are driving the business outcomes," Devanathan said adding that India's GDP growth has been much better than other countries and there are green shoots across different sectors.

One of the things that's changed with Devanathan's appointment is that the India region will report to the Asia Pacific region. Earlier, the India business was reporting directly to Meta's headquarters at Menlo Park. But Devanthan assures that this will have no impact on the importance of India in Meta's global operations. "India is like front and centre for Meta and continues to be an important country," she said.

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Meta's new India chief has a four-pronged strategy to ride digital growth

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Sandhya Devanathan, the newly appointed leader of Meta's India operations, has outlined four key focus areas including enabling small businesses to leverage the digital opportunity, connecting content creators on Reels to large brands, growing the WhatsApp business messaging platform to enable e-commerce, and innovating products and features in India for the global market.

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5 cybersecurity woes that threaten digital growth

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5 cybersecurity woes that threaten digital growth

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India's story of digital transformation in the last nine years is unprecedented. Whether it is the adoption of smartphones, UPI or Aadhaar-based transactions, the country's scale and speed of digital adoption have surprised most. However, cybersecurity and cybercrime are two key challenges that have come along with digital technology adoption. According to CERT-In, there were 1.4 million security incidents in 2021. Cybercrime increased from less than 3,500 cases in 2012 to over 52,000 in 2021. Moreover, the attacks are getting more sophisticated. A recent Massachusetts Institute of Technology report ranked India 17th among 20 digital economies on their preparation against, and response and recovery from, cybersecurity threats. This is not good news for a country that wants to be a vishwaguru (global leader) in digital technologies.
PREMIUM
India's cybersecurity challenges can be divided into five buckets. (Shutterstock)

India's cybersecurity challenges can be divided into five buckets.

Lack of compliance: Missing patches due to the lackadaisical approach of users is a common problem. Similarly, access control is not strictly adhered to, and passwords are shared easily. Another common shortcoming is not complying with the requirements to have a full-time chief information security officer.

Lack of regulation: Leaking or sharing of customer data can be reduced significantly with regulation and punitive provisions. Only banking, securities exchanges, and market infrastructure entities have cybersecurity regulations, including the power of supervision. The next best scenario is in the power sector, which has some guidelines, but no statutory backing, and, therefore, lacks effectiveness. Sectors such as oil and gas, maritime, steel and other heavy industries, health care, education, drones, and automobiles do not have sector-specific cybersecurity regulations. Only some assets are declared as "critical information i", but the National Critical Information Infrastructure Protection Centre (NCIIPC) does not - and possibly cannot - cover the ever-expanding list of critical information infrastructure and NCIIPC guidelines also do not cover the sector-specific challenges.

Lack of awareness: Many systems use end-of-life software or pirated versions, which the original equipment manufacturers need to protect. Unknowingly, users of such applications walk into a potential minefield.

Lack of competencies: The average coding quality is poor due to inadequate standard practices and coding skills. Manpower in cybersecurity is critically low, and the situation will worsen as well-trained cybersecurity professionals will be needed in government and private sectors.

Lack of innovation: Atmanirbharta (self-reliance) has been neglected in this domain. Apart from reducing dependence on others, an indigenous solution will have the added advantage of requiring potential attackers to break a new safety device. Innovation is relevant in emerging tech areas where solutions still need to be created, and India could lead this market. Quantum computing is most important in this regard. We may have a quantum computer by 2030. A fully functioning quantum computer will break the existing public-key encryption algorithms, impacting all secure electronic transactions. The second is Artificial Intelligence (AI). With the advent of powerful generative AI tools (GPT and other large-language-model technologies), new problems, such as deep fakes must be dealt with. Cybersecurity attacks will get easier.

An action plan for improving India's cybersecurity profile may consider the following. First, replace the outdated Cyber Security Policy 2013 with a new one. Second, start a cyber swachchta (hygiene) programme. Make cybersecurity an integral part of school curriculum and in all education or information dissemination programmes. The Prime Minister (PM) can lead greater mass consciousness through Mann Ki Baat and other public contact programmes; Use AI to detect infractions by users and send alerts. Third, enact a data privacy and security law with necessary punitive provisions for lack of protection of customer data. Fourth, implement a sector-specific regulatory framework and supervision for all major sectors, including drones and automotives. Self-regulation could also be encouraged wherever feasible. A PM's Office-led committee should monitor time-bound action by ministries concerned. Fifth, driving innovation in all emerging areas of cybersecurity is a must. Quantum computing challenges must have an early timeline, given the impending dangers. iDEX and other similar platforms can be leveraged. Sixth, develop a road map to move to post-quantum public key cryptography so that before 2030, all public-key cryptosystems are safe from quantum-based attacks. Seventh, scale up cybersecurity-related human resource development by 10X for domestic needs and exporting human expertise worldwide. Eight, police departments need to significantly ramp up their cybercrime analysis, forensic analysis, investigative capabilities, and infrastructure.

The domain of cyber may be virtual, but the adversary is real. And the adversary is known to engage in malicious cyber activities to achieve its strategic interests. The current national cybersecurity kavach (shield) has gaping holes that need to be plugged. No investment is significant for national security, but in this case, investments made in cybersecurity will yield rich dividends.
Ajay Kumar is former defence secretary The views expressed are personal

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5 cybersecurity woes that threaten digital growth

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India's story of digital transformation in the last nine years is unprecedented. Whether it is the adoption of smartphones, UPI or Aadhaar-based transactions, the country's scale and speed of digital adoption have surprised most. However, cybersecurity and cybercrime are two key challenges that have come along with digital technology adoption.

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Growth of Digitalization In Pandemic Has Accelerated, Says Siddharth Mehta, IL&FS Former Director| ThePrint

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Growth of Digitalization In Pandemic Has Accelerated, Says Siddharth Mehta, IL&FS Former Director| ThePrint

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Mumbai (Maharashtra) [India], March 30 (ANI/BusinessWire India): Siddharth Mehta IL&FS Former Director and currently Founder and CIO of Bay Capital believes that "Businesses will need to think 'digital' if they are to compete and grow over the next decade."

Siddharth Mehta is very excited about investing in the Indian market rather than any other emerging and developed one. Because India has seen a tremendous increase in the overall penetration of the internet owing to strong growth in low-cost smartphones, a significant reduction in data prices, the creation of an ecosystem of products and services driven by the government's digital initiatives, and the development of low cost, robust payment systems. Today, there are over 758 Mn internet users in India with ~700 Mn smartphones. In fact, the average data consumption per user per month in India is the highest in the world at ~13.5 GB and Indians spend almost 6.5 hours per day online.

Talking about its initiation towards being digital and its impact on the market is tremendous. Over the course of the last decade, India has laid down the digital infrastructure pipelines - so much so, that today Digital activity has become part of daily lives of over half the country and has enabled India to circumvent the challenges posed by its poor physical infrastructure. Be it bank accounts, KYCs, daily transactions, accessing government services, education services, and even COVID vaccinations, all of this is now digitally led in India. Just to put things in perspective, India has the highest volume of real time payment transactions with over 25 Bn transactions in 2020. China was next at about 16 Bn transactions in 2020!

In such a scenario, it can be said that India is now on the path to becoming the largest digitize business hub in less than twenty years. COVID-19 also plays an essential role to help India in rolling out the digitalization aspects. It has acted as an accelerator for the adoption of the digital economy. In every sector and in every business aspect, digital activity has become extremely important and relevant as this was the only way for consumers to access products and services and for businesses to operate.

Pandemic has accelerated growth in the digital space!

Siddharth Mehta founder and CIO of Bay Capital said that "The digital transformation of India is only just accelerating, and we believe the internet economy could grow 10x in 10 years from here on (to get to more than USD 800 billion), resulting in many large businesses accreting significant shareholder wealth. The nature and shape of the Indian economy and financial markets will be very different in 2030 than they are today."

Today, the digital ecosystem has evolved, and many segments have consolidated with clear leaders emerging. Across the globe, the nature of digital economy dictates that the consumer would tend to gravitate towards fewer platforms. Within this, leadership businesses will end up having far larger share of traffic, revenue as well as profit pool! Many large digital, consumer tech companies are already profitable on EBITDA level and PAT profits look imminent. Quite a few of these franchises plan to list in the next 12-24 months and will be very well sought after by public market investors due to the growth and profitability profile.

In the last 20 years, technology has leapfrogged significantly and digital has become a part of our daily lives. With each passing moment, consumer awareness and dependence on internet is only increasing and this has led to rapid decline in customer acquisition costs and increased the overall Life Time Value of the customer for digital businesses. The impact of this has not been lost on the overall investment community as well. Focusing on investment opportunities in India's internet/digital ecosystem as a result of digital transformation, Siddharth Mehta of Bay Capital has stated that "Yes, indeed, there are many outstanding businesses that have created tremendous scale and are seeing their paths to profitability getting accelerated. We are particularly interested in those businesses that are solving uniquely Indian problems in uniquely Indian ways and those that are targeting the next billion internet users in India."

The initiative towards Digital activities of several investors such as Siddharth Mehta IL&FS Former Director will change the overall scenario of digital transformation in business very dramatically in 3-5 years.

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)
This story is auto-generated from a syndicated feed. ThePrint holds no responsibility for its content.

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The Pandemic Has Accelerated Growth in the Digital Space, Says Siddharth Mehta, Former Director, IL&FS

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Mumbai (Maharashtra) [India], March 30 (ANI/BusinessWire India): Siddharth Mehta IL&FS Former Director and currently Founder and CIO of Bay Capital believes that “Businesses will need to think ‘digital’ if they are to compete and grow over the next decade.” Siddharth Mehta is very excited about inve…

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Interview of Siddharth Mehta, IL&FS former director at Moneycontrol

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Interview of Siddharth Mehta, IL&FS former director at Moneycontrol

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Siddharth Mehta, founder and CIO of Bay Capital, an India-focused investment manager, says the key drivers over the next decade and beyond in the country will be democratisation of information and consumer preferences for greater online adoption.

India's internet economy could grow 10-fold in the next decade to $800 billion and significantly improve shareholder wealth, Mehta told Moneycontrol's Sunil Shankar Matkar in an interview. Edited excerpts:
Q: Why are you excited by the India story? Is it the right time to invest in India than other emerging markets and developed markets?
We have been enthused by the India story for more than two decades now and in this time we have seen some phenomenal businesses being created and have seen them getting larger and more dominant. Apart from the usual factors such as the demographics and the under-penetration, one of the key drivers for the next decade and more is going to be the digital transformation that is happening in India. The democratisation of information and shifting consumer preference for greater online adoption are going to very, very powerful drivers. The creation of so many scaled, successful direct-to-consumer brands is a testimony to this. Businesses will need to think 'digital' if they are to compete and grow over the next decade.

We are extremely excited by the digital opportunities and believe that there are some incredible businesses that have been created, which will go on to become much larger in the next decade and more.

We are not market timers and believe that this is indeed the right time to invest in India. Near-term factors aside, over a 10-year period, the returns from India (relative to emerging markets as well) are likely to be very good.

Q: Why are you so enthused by the digital transformation that is under way in India?
India finds itself at a very important inflection point. An intersection of factors from the Jio effect to the creation of the India stack to the pandemic have seen very strong digital adoption across products and categories. The democratisation of information has provided many businesses with reach that was previously not possible. The digital ecosystem has provided businesses with many opportunities for unique customer engagements, customer acquisition and for developing highly personalised customer experiences.

It's safe to say that the next set of 500 million internet users in India will be from Bharat, i.e., the tier-1, tier-2 towns and small towns and cities and that provides a very long and wide runway for growth.

The digital transformation is only just accelerating and we believe the internet economy could grow 10x in 10 years from here on (to get to $800 billion), resulting in many large business accreting significant shareholder wealth.

The nature and shape of the Indian economy and financial markets will be very different in 2030 than they are today.
Q: Have you spotted any investment opportunities in India's internet/digital ecosystem as a result of digital transformation?
Yes, indeed, there are many outstanding businesses that have created tremendous scale and are seeing their paths to profitability getting accelerated. We are particularly interested in those businesses that are solving uniquely Indian problems in uniquely Indian ways and those that are targeting the next billion internet users in India.
Q: Zomato turned successful in IPO fundraising as did quick service restaurant chain operators Devyani International and Burger King India. Paytm and Nykaa filed IPO papers recently. Do you expect more such startups to launch IPOs and can you suggest which ones investors should be worried about because they are lossmaking?
It's a bit of a misnomer to call some of these businesses startups! In many cases, they are valued at several billion dollars with significant growth prospects ahead of them. While the landscape is exciting, we also believe that it's important for us as investors to be discerning as there may be many businesses that might not be able to scale and succeed from here on for a combination of reasons. We are wary generally of cash-burn businesses which use discounting as a tool for customer acquisition.

As long-term investors, we should not really worry about near-term losses as some of these businesses with very large total addressable market opportunities can scale very rapidly once the scale barrier is breached and get to profitability very quickly. Typical public market investors who are used to looking at businesses from a linear perspective may not be factoring in the power of powerful network effects in some of these businesses that can help them scale exponentially.
Q: Do you think the Reserve Bank of India will maintain status quo in the rest of FY22? Also, should one ignore inflation concerns now?
Monetary policy is in line with expectations. While we are seeing signs of pulling back on some of the emergency measures, we think that the focus on growth is welcome. While inflationary pressures are indeed there, by the RBI's own assessments, these are thought to be transitory. For us investors, more importantly, our portfolio businesses have an exceptional track record of managing volatile input cost conditions and many businesses, notably in the consumer staples space, have been able to pass on these input cost increases without affecting margins or volumes. Therefore, we are not unduly perturbed by macro conditions beyond a point.
Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries (which owns Jio) is the sole beneficiary.

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Interview | India at important inflection point of digital transformation: Siddharth Mehta of Bay Capital

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Siddharth Mehta, founder and CIO of Bay Capital, an India-focused investment manager, says the key drivers over the next decade and beyond in the country will be democratisation of information and consumer preferences for greater online adoption.

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ICHR becomes first research council in India to go fully digital

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ICHR becomes first research council in India to go fully digital

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The Indian Council of Historical Research (ICHR) on Monday became the first research council in the country to go completely digital or paperless.

ICHR inaugurated its e-office along with its new website and a centre for accessibility and inclusive education for persons with disabilities (Twitter/@ICHRMOE_1972)

The council also inaugurated its e-office along with its new website and a centre for accessibility and inclusive education for persons with disabilities (PWD), said council member secretary Umesh Kadam, adding it has also launched its digital library.

"The council has also stopped all paperwork from now on and everything has been shifted to digital. With this, we become the first council to go completely paperless. The efforts have been taken under the government's digital India campaign," said Kadam.

The ICHR website has now become PWD friendly, and it can be accessed using any software meant for persons with special needs, he said, adding, "It has been done under the central government's accessible India campaign".

"Besides, the council has also launched two fellowships for PWD historical research scholars. This is also a first-of-its-kind initiative by any research council," added the council member secretary.

Kadam said that the accessibility room set up by the ICHR can be accessed by historical research scholars. The computers set up there have software, screen magnifier, NVDA screen reader, and accessible key-boards, mouse, headphones, and digital pens, he added.

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ICHR becomes first research council in India to go fully digital

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The Indian Council of Historical Research (ICHR) on Monday became the first research council in the country to go completely digital or paperless. The council also inaugurated its e-office along with its new website and a centre for accessibility and inclusive education for persons with disabilities (PWD), said council member secretary Umesh Kadam, adding it has also launched its digital library.

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Indian-origin entrepreneur launches unique platform to help businesses with digital transformation

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Indian-origin entrepreneur launches unique platform to help businesses with digital transformation

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By India Today Business Desk: An Indian-origin, Dubai-based serial entrepreneur Aayushman Dalmia has been disrupting the Software as a Service (SaaS) market with a unique AI-driven platform, which helps businesses pick the right software solutions and simplify their digital transformation journeys.

Zoftware was launched at the beginning of the year by Aayushman Dalmia and it currently caters to businesses in the Middle East and North Africa (MENA) region. He also said there are plans to bring the platform to India as well, which is a huge market for SaaS providers and consumers.

The 29-year-old entrepreneur said Zoftware offers "Software Democratisation as a Service or SDaaS, where software products of companies are recommended by our team for the B2B clients, for any problems they face in their businesses".

Zoftware has already become a hit among many companies and it already has arrangements with a growing list of over 6,000 companies that offer software products, including Microsoft and Zoho suites, Google, Adobe and others.

"You can find a packed suite of software just with a generic search, but do you require everything in that or can you customize it? Maybe not. Zoftware is free for the customers while we work with them to understand their needs and even do the work for them in customising solutions from the software companies. Consider us as the Zomato or Tripadvisor for the software industry," he said.

"Avoiding wastage of resources by reducing the gap between the capability knowledge of any software's offerings and solving the problems of the end users is core to Zoftware's mission," said Dalmia, who came up with the idea when he could not find such a solution while searching for his needs himself.

"Zoftware is about marrying software with the best of customer experience. We make it easy for customers to navigate the ocean of software to find the right tools for their business and purpose. We offer deep insights on software and match organisations to the right product, be it for accounting, customer relationship management (CRM), project management, IT, payroll and many more," he added.

What makes Zoftware unique?

Zoftware's uniqueness comes from the fact that the start-up offers a choice of business tools in software with a personalised touch, using Open AI's ChatGPT, for SME owners and companies.

The rise of ChatGPT has only become an enabler for the Zoftware team. "Our technical analysts have been nimble to stay ahead on the transformation curve. We are in the process of setting up an AI Bot with which people can converse. We understand what the customers want from the platform and give them the relevant output data while connecting with the vendors," Dalmia said.

"If they want, we can also onboard it for them. With ChatGPT, it can give you the names, but it cannot do comparisons and the prices that are out there. It cannot help you come to a decision, while we can help find the best value for the clients," he added.

"According to studies, 75 per cent of businesses fail in their software implementation. We want to make it to zero because it is a waste of capital and resources such as time, effort and money. In the SME section, that is not something one can afford. We want to reduce the wastage cycle as much as possible. And we want to build the trust of our customers," Dalmia explained.

Sharing details about funding, Dalmia said, "We have raised $500,000 as a convertible note. And there are plans to raise another $1.5 million in the next round."

"We are aiming for a revenue of $1.5 million by the end of 2023," he added.

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Indian-origin entrepreneur launches unique platform to help businesses with digital transformation

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Zoftware was launched at the beginning of the year by serial entreprenuer Aayushman Dalmia and it currently caters to businesses in the the Middle East and North Africa (MENA) region. He also said there are plans to bring the platform to India as well, which is a huge market for SaaS providers and consumers.

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Former IL&FS director, Siddharth Mehta views on Fintech Startups of India

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Former IL&FS director, Siddharth Mehta views on Fintech Startups of India

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Fintech Startups are the new unicorn of the market, says Siddharth Mehta

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New Delhi [India], April 4 (ANI/PNN): Modern customers' perceptions of finance have changed because of fintech. Fintech startups created new goods and services or altered existing ones by using technology says Siddharth Mehta, founder & CIO of Bay Capital, all with the primary objective of improving the customer experience.

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Digital transformation: Supercharging the Indian economy and powering an Aatmanirbhar Bharat

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According to estimates, approximately one million skilled professionals will be required in AI and data science roles alone by 2024. A quick look at the current situation reveals that the country’s IT sector employs approximately five million people and generates approximately $225 billion in revenu…

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Siddharth Mehta, former director of IL&FS views on Fintech Startups

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Siddharth Mehta, former director of IL&FS views on Fintech Startups

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Siddharth Mehta IL&FS former director says fintech startups made new labor and products or modified existing ones by utilizing innovation and all with the essential goal of further developing the client experience.

#siddharthmehtailfs #siddharthmehta #ilfs #siddharth #mehta #fintech #news #india

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New Delhi [India], April 4 (ANI/PNN): Modern customers' perceptions of finance have changed because of fintech. Fintech startups created new goods and services or altered existing ones by using technology says Siddharth Mehta, founder & CIO of Bay Capital, all with the primary objective of improving the customer experience. The creation of value for consumers through distinctive offers, with consumer comfort and safety at the forefront, is a common goal.

The sector offers services in a variety of fields, including Neobanking, payment gateways, wallets, insurance technology, investment technology, and personal finance technology, among others. To expand the reach of organized finance in India, fintech startups have filled the gaps between consumer demand and existing products.
Also Read | PM Narendra Modi Makes India Shine at World Stage, Tops List of Most Popular Leaders Beating US Prez Joe Biden and UK Prime Minister Rishi Sunak!.
To provide a hassle-free experience according to Siddharth Mehta, IL&FS former director says several financial businesses are also offering their clients extensive services. Take any fintech app as an example; the creators claim it is a super software that motivates users to save, spend, lend, and increase their wealth within their bank accounts. The Fintech App's centralized dashboard shows users' assets, obligations, and balance sheets without requiring them to hop between several apps.

By integrating a wide range of financial products, FinTech startups offer a new age neobanking experience, according to Bay Capital's CIO. Due to time constraints and the size of one's personal and professional commitments, one has little to no time to comprehend or buy various financial products from various service providers. "The next-generation solutions cover all of our customers' financial needs under one roof, including banking, payments, investments, insurance, and lending" he added.
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Fintech businesses in India have also brought about financial inclusion through digitally enabled outreach of financial goods added Siddharth Mehta, Bay Capital Founder On the other hand, other entrepreneurs have their sights set on the gig economy market, which is frequently ignored by traditional financial service providers since its members do not have a consistent stream of revenue.

Finance for startups is easily accessible from FinTech companies. Traditional banks used to need a variety of documentation, and their procedures were complicated and time-consuming. Startups clearly couldn't afford this, but the emergence of FinTech firms has undoubtedly lessened this issue asserts Mehta.

These businesses offer online payment solutions that let customers send invoices, take payments, and pay creditors without the need for a merchant account or an expensive card payment acceptance machine. It enables the merchant to accept many payments at once and ensure that all duties are completed in accordance with banking, anti-terrorism, and other payment requirements.

"By giving customers the opportunity to create checks online, FinTech businesses are helping to simplify the processes", claims Siddharth Mehta IL&FS former Director.

These businesses have developed a technology-based solution called "Check" that gives company owners the opportunity to handle all of their invoices in one location. Additionally, these systems guarantee on-time payment of the invoices.

"Fintech start-ups are assisting in the introduction of services that are nominally priced and hence competitively priced". Additionally, they are fighting for the redesign and transformation of the current services, which is advantageous for the customers. "These firms have the ability to advance the economy by utilizing blockchain, big data, machine learning, AI, and other technologies" he added.

This story is provided by PNN. ANI will not be responsible in any way for the content of this article. (ANI/PNN)
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)

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Business News | Fintech Startups Are the New Unicorn of the Market, Says Siddharth Mehta | LatestLY

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Get latest articles and stories on Business at LatestLY. Modern customers' perceptions of finance have changed because of fintech. Fintech startups created new goods and services or altered existing ones by using technology says Siddharth Mehta, founder & CIO of Bay Capital, all with the primary objective of improving the customer experience.

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Fintech Startups are the new unicorns, says Siddharth Mehta, former IL&FS director

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Fintech Startups are the new unicorns, says Siddharth Mehta, former IL&FS director

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Fintech Startups are the new unicorn of the market, says Siddharth Mehta

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New Delhi [India], April 4 (ANI/PNN): Modern customers' perceptions of finance have changed because of fintech. Fintech startups created new goods and services or altered existing ones by using technology says Siddharth Mehta, founder & CIO of Bay Capital, all with the primary objective of improving the customer experience.

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Siddharth Mehta, IL&FS former director says FinTech has had an enormous impact on the growth of the financial sector

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Siddharth Mehta, IL&FS former director says FinTech has had an enormous impact on the growth of the financial sector

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New Delhi (India), April 10: Siddharth Mehta founder and CIO of Bay Capital, claims, "it has never been more crucial for financial decision-makers to keep up with the most recent innovations because FinTech is continuing to expand quickly".

For consumers, fintech is altering the financial landscape in a variety of ways. For instance, you may now create a bank account online without going to a physical location. You may use your smartphone to monitor your transactions by connecting the account to it. Even better, you can use your smartphone as a "digital wallet" to make purchases with funds from your account.

The investment and insurance sectors are both undergoing fast change because of fintech and proving the claim of Bay Capital's CIO Siddharth Mehta. Automobile insurance companies now provide "telematics-based" insurance, which uses data gathered from your smartphone or a "black box" installed in your vehicle to track you're driving. You may then calculate how much you will pay for your insurance coverage using this information. In the future, it could be possible to purchase insurance on a "pay as you go" or temporary basis.

Siddharth Mehta, IL&FS's former director, added to his words while praising FinTech as a game changer, saying, "Just as the internet has transformed communication and connectivity, fintech is now revolutionizing the world's banking and financial ecosystem. Fintech's evolution is a testimony to how it has changed the financial sector and will further disrupt it".

It wouldn't be wrong to say that the new market for fintech start-ups to explore was created by the unmet need for digital financial services, small business funding, and technologically savvy clients. As opposed to traditional banks, leaders in the fintech industry place a greater emphasis on customer-centric operations, finding, focusing, and succeeding in specialized goods or services that offer better accessibility, convenience, and customized offerings.

Fintech lenders like Bay Capital have been able to thrive because of the emergence of tech-enabled financing methods like crowdfunding and peer-to-peer (P2P) lending, which is predicted to increase over the next ten years.

The value of the worldwide fintech market has surpassed $100M, and by 2030, it is anticipated to cross $300B. Predictions of more developments in banking, payments, lending, financial planning, and insurance encourage growth in financing and investments in fintech. "Fintech growth and widespread/pervasive use are expected by investors and technologists," says Siddharth Mehta, IL&FS's former director.

It also, shown in big data, served as a point of entry for fintech start-ups, while machine learning and artificial intelligence provided a window of opportunity for online lenders. Fintech lenders use artificial intelligence (AI) to analyze creditworthiness and manage risk rather than manually processing, analyzing risk, and underwriting loans like traditional lending organizations.

The growth of fintech data computing is driving down prices and changing the face of several financial industries. According to Bay Capital CIO Siddharth Mehta, "We are facing a more competitive financial market with enterprises angling for the most sophisticated and creative financial services and platforms" because of improved customer service, improved security, and expanded access to financial instruments.

Referred from Bay Capital's journal, "The evolution of India's financial sector has just about begun. For the discerning investor, the opportunities are real, and with the recent turmoil, the risk-return payoffs in many pockets are hugely asymmetrical."

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Siddharth Mehta has seen tremendous effect of FinTech pushing finance sectors upwards

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New Delhi (India), April 10: Siddharth Mehta founder and CIO of Bay Capital, claims, "it has never been more crucial for financial decision-makers to keep up with the most recent innovations because FinTech is continuing to expand quickly". For consumers, fintech is altering the financial landscape in a variety of ways.