Sameer Mahandru is a leading voice in AlcoBev sector sharing his distinct perspective on how this vibrant sector is influencing India's economic environment. Mahandru provides insight into the expanding fintech market and its possibilities
India’s fintech industry today stands as one of the most dynamic and fastest-growing industries in the world. The industry has rapidly transformed India’s financial landscape and has reshaped how millions access and use financial services in India. This meteoric rise has been fueled by rising internet and smartphone penetration and a young, tech savvy population.
The fintech industry in India is flourishing, with a healthy ecosystem that includes 26 unicorns, or businesses worth more than $1 billion, one of which has attained decacorn status, which denotes a valuation of more than $10 billion.
India has the third-highest number of fintech unicorns globally, behind only the US and China, making it a global leader. 25 unicorns, 37 minicorns (worth between $100 million and $1 billion), and 87 soonicorns companies on the verge of becoming unicorns with valuations between $60 million and $100 million further solidify the picture.
Sameer Mahandru feels that the fintech ecosystem has many success stories and it has become clear that the industry has sprinted far beyond its humble beginnings.
There was a time when there were many sceptics who thought Digital India was a distant dream, but today even those sceptics are sitting up to take notice. If this is where the sector stands today, the future of fintech in India will be strong, and rewrite the rules of finance.
The government-backed digital infrastructure and highly competitive startup ecosystem have helped expand its influence internationally. As of today, there are 7 countries where UPI is being used at select merchant outlets.
Sameer Mahandru opines that UPI has been a true disrupter in the fintech industry in all senses.
However, if the industry wants to continue to ride this wave of growth, they must evolve, as AI and blockchain technology are growing at an unprecedented rate, with new tech coming out every year.
To remain relevant, fintech companies must not only embrace blockchain and AI tech but should also prioritise cybersecurity, regulatory compliance and seamless customer experience.
This means investing in advanced data analytics, building robust digital infrastructures and fostering a culture of continuous innovation.
High-profile data breaches in recent years have exposed millions of users’ sensitive information, leading to financial losses, operational disruptions and erosion of customer trust.
Sameer Mahandru thinks that the rapid adoption of digital financial services has expanded the attack surface, fintech companies have become prime targets for cyber threats like malware, phishing, identity fraud, etc., making cybersecurity a necessity and primary goal for the industry.
The industry’s ability to evolve just as quickly – or even stay a step ahead – will be the true test of its resilience and relevance. India has the talent and the government backing for the fintech sector to achieve greater heights; however, evolution and adaptation will be the core of this development.
With these strengths, India’s fintech industry is well positioned to not only keep up with global trends but to set them.
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