Government mainstreams startups; Dramatic change from the days when startups were at the bottom of the food chain: Paytm founder

Paytm founder Vijay Shekhar Sharma said the government has indeed ushered in a golden age for startups by bringing them into the mainstream, a dramatic change from the days when startups were at the bottom of the “food chain” in job choices. But there were.

Sharma said the folklore of the ‘American dream’ in the language of business and technology has given way to the ‘Indian dream’ and ‘Indian startups’, adding that this is “truly a golden age” for founders and entrepreneurs here. .

Speaking at the 7th JIIF Foundation Day, Sharma credited the government for bringing startups into the mainstream and giving visibility to founders.

Urging entrepreneurs to make the most of the opportunities in front of them by leveraging technology and innovation, the Paytm top boss said, “This is truly a golden period” and “India is the best it has ever been”.

Sharma said India has come a long way from the times when job aspirants preferred to go abroad or take jobs in foreign IT companies or large domestic tech companies.

“We (startups) were more or less the last player in the food chain, we had to make do with whatever was left… Now we are at the forefront… That line now starts with the startups… That’s a dramatic difference. ..This is truly a golden period…Obviously no period is perfect…but this is the best period India has ever had,” he said.

Sharma said college passouts and job aspirants now prefer to stay in India rather than looking for jobs abroad.

Sharma advised companies thinking of going public to choose Indian bankers and not underestimate them.

He also advocated that companies eyeing an IPO need to gauge the sentiments and mood of domestic, retail investors in advance through road shows and interactions.

He further said that companies need to break down the jargon and complex terms, and speak clearly on the points relevant to investors.

He said, “Whatever you write, or declare, in your DRHP should be such that future models can be imagined on it… If it is confusing, remove it… .If it’s supposed to clarify, keep it.”

According to him, going forward the difference between fintech and financial services companies will disappear and they will become similar and homogeneous.

Given India’s economic growth goals and underlying credit growth potential, the future of India’s financial services market is bright, he said.

This is a market bound to grow, and its potential is limited only by one’s mistakes or temptation. He said that the foundation and foundation of all businesses is financial services, the market will always grow and “the future is bright”.

“I think everyone knows… if India has to grow at 7 per cent then credit has to grow at 21 per cent… three times… this is rocket science business. Restrictions are only your There is a limit to the mistake or your temptation… Not because there is a limit because of the market need, financial services is a huge market, which is inevitable to grow, the foundation and foundation is financial services, it will always grow and the future is bright. ” He said.

Describing QR codes as the “heartbeat” of the financial system, Sharma said a secondary benefit of the mobile payments revolution was the recognition of micro businesses.

Increasing access to formal credit and capital for micro and small businesses will boost India’s vision of achieving a US$5 trillion economy and the goal of ‘Developed India’.

“It could start with giving a loan of Rs 1,000 to one crore people,” he said. Mobile credit is a “dividend” of the mobile payments revolution, Sharma said, adding, “Mobile credit is my ambition”.