The much-anticipated Startup Mahakumbh kicked off today with an special focus on fintech, highlighting its transformative impact on how India perceives and manages money. Fintech has not only revolutionized digital transactions and financial access but has also positioned India as a leader in economic innovation, accelerating financial inclusion and economic growth at an unprecedented scale.
The event’s first panel discussion, ‘FinTech for Bharat: Unlocking Opportunities in India's Next Billion Market,’ brought together industry leaders to explore how fintech envisions Bharat and what Bharat truly means to them. Speaking about catering to a nation of 1.4 billion, Dr. Sanjiv Bajaj, Jt. Chairman & MD, Bajaj Capital, said, “Bharat is India. It is inclusive. It is everyone—everyone who can afford a service. Today India is a huge opportunity and you need to choose your niche.”
Aman Dalal, Business Head, CMS & Corporate Liability Group, IDFC FIRST Bank, added, “The experience we are giving and what products we are giving to the customer is what really matters. It doesn't really matter that whether you are a tier 2, 3,4,5 city customer.”
This was a sentiment that Abhishek Dwivedi, CEO, Navi Finserv Limited, whole-heartedly agreed with, as he said, “So the point is, it’s not about which tier city you are from. Products are everyone—we want to show you something that is customized and personalized.”
“Today financial inclusion is important for any fintech or even the government of India. But ten years back taking a loan from an app was unimaginable. Yet today there are lakhs of customers who are buying financial products from the apps. How to extend it to the next level is the challenge we are now facing,” Ripunjai Gaur, Chief Business Officer, Paytm pointed out.
Delving into strategies to reach the next billion users, Rahul Handa, Chief Business Officer, NBSL (NPCI BHIM Services Limited), pointed out that BHIM has the potential to impact a larger population of the country in unique ways. “I, as Bhim, am the only entity in the country that works for everyone, and towards making the ecosystem grow. I want to postulate: Why are we looking at only credit? Yes, we have to personalize. But that does not mean we should only look at hyper-personalization, looking to service just one. Look at more people.”
Following this, the ‘DPI FinTech Showcase: Powering Innovation & Financial Inclusion’ session, led by Hrushikesh Mehta, Senior VP at ONDC, provided a deep dive into how digital public infrastructure (DPI) is fostering financial innovation and promoting inclusion nationwide. By digitizing transactions, standardizing data, and leveraging UPI, ONDC aims to offer low-cost loans, insurance, and investment options—creating a financial ecosystem without becoming a bank, he pointed out. The session highlighted the role of DPI in democratizing access to credit, insurance, and digital transactions, paving the way for a more financially empowered India.
The day concluded with an insightful fireside chat on ‘Internationalization of Indian Payments – How Indian Payment Players and Infrastructure Can and Will Go Global,’ where Akash Arun, Founder & CEO of Glomo, joined Supriyo Bhattacharjee, Chief General Manager of IFSCA, in discussing India’s International Financial Services Centre (IFSC) as a game-changer for globalizing Indian payments. With India’s cross-border trade projected to reach $2 trillion by 2030, IFSC is positioned as a key enabler, attracting global fintech players. Supriyo emphasized that India receives more remittances than the next five countries combined, making cost reduction in cross-border payments a priority.
As Startup Mahakumbh continues, fintech remains at the forefront of discussions, showcasing its pivotal role in shaping India's economic future. The conversations and insights shared on Day 1 have set the tone for an exciting journey ahead, unlocking new opportunities for financial innovation and inclusion.
