India is the world’s 3rd largest fintech market, behind only the US and China. Around 1000 FinTechs have been funded, and c.$28 B has been invested in the sector since 2014. The sector also boasts of over 17 unicorns as of Mar’22. That said, there still exists a massive opportunity in credit, as India continues to be a largely underpenetrated market. Our household credit, which as a percentage of Nominal GDP stands at 34 per cent, is relatively low compared to over 65 per cent for developed markets. Today 1 Bn+ individuals require access to formal credit. The SME financing gap stands at $300 billion, with 150mn+ MSMEs requiring access to capital. Through this webinar, I have touched upon why these gaps exist, what measures FinTechs today are taking to bridge them, and what more tech entrepreneurs can do in the coming years.
Panel:
Ram Iyer - Founder & CEO, Vayana Network
Akshay Mehrotra - Co-founder and CEO, Fibe
Vasant Sridhar - Co-founder & Chief Sales Officer, OfBusiness
Moderator:
Mandeep Julka -VP-Investments, Chiratae Ventures