The government has significantly elevated the status of startups, creating a “golden period” for them, according to Paytm founder Vijay Shekhar Sharma. He noted a dramatic shift from the past when startups were at the bottom of the job market hierarchy. Sharma highlighted that the “American dream” in business and technology has been replaced by the “Indian dream” and “Indian startup.”
Speaking at the 7th JIIF Foundation day, Sharma praised the government for bringing startups into the mainstream and giving visibility to founders. He urged entrepreneurs to seize the opportunities available by leveraging technology and innovation, stating, “this is truly a golden period” and “the best ever that India has been.” He emphasized that India has progressed significantly from the days when job seekers aimed for positions abroad or in foreign IT companies or large domestic tech firms.
“We (startups) were more or less the last player of the food chain, we had to make do with whatever was left… now we are right in the front… that line now starts from startups… This is a dramatic difference. It is truly a golden period… obviously, no period is perfect… but this is simply the best ever India has ever been,” Sharma remarked.
Sharma observed that college graduates and job seekers now prefer to stay in India rather than seeking opportunities abroad. He advised companies looking to go public to choose Indian bankers and not underestimate them. Additionally, he suggested that companies planning an IPO should engage with domestic retail investors well in advance through roadshows and interactions.
He emphasized the importance of clear communication, stating, “Everything you write in your DRHP, or announce, should be such that future models can be envisioned on it… if it is confusing, remove it… if it is clarifying, then keep it.”
Sharma predicted that the distinction between fintech and traditional financial services companies would blur, making them more homogeneous. He expressed optimism about the future of India’s financial services market, given the country’s economic growth targets and credit growth potential.
“I think everyone knows… If India wants to grow at 7 percent, then credit will have to grow at 21 percent… three times… This is rocket science business. The restriction is only the limitation of your mistake or your temptation… not because there is any limitation on account of the market need. Financial services is a very big market, obligated to grow. In businesses, the base and foundation is financial services, it will always grow and the future is bright,” Sharma said.
He described QR codes as the “heartbeat” of the financial system and noted that the mobile payment revolution has helped identify micro businesses. Enhanced access to formal credit and capital for micro and small businesses is crucial for achieving India’s vision of a USD 5-trillion economy and the goal of ‘Viksit Bharat’.
“It could begin from giving Rs 1,000 loans to one crore people,” Sharma stated, adding that mobile credit is the “dividend” of the mobile payment revolution and his ambition.
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