Vidyabharati International Interdisciplinary Research Journal 13(1) 11-20 ISSN 2319-4979

FINTECH ENVIRONMENT AND FUNDING ACTIVITY IN INDIA

N. Sachdev1 and K.N. Singh2
1
Business Management, CT University Sidhwan Khurd, Ludhiana, Punjab
2
School of Management Studies, CT University Sidhwan Khurd, Ludhiana, Punjab
1
[email protected], [email protected]
_____________________________________________________________________________________
ABSTRACT
India was one of the few countries that escaped the effects of the 2008 financial crisis. Even if we had some problems in
the years after that, we were still far better than many European countries. However, such episode had an impact on
the Indian youth's mindset. They realised that the MNCs where they worked had been severely impacted. This tragedy
made them wonder how much longer they can rely on multinational corporations for their jobs, goals, and dreams. The
startup bug had bitten the youth at this point. They began to come up with other business ideas, which has continued to
grow since then. As a result, the 2008 financial crisis provided an opportunity for our country's youth to reflect on what
they are doing and what they can accomplish. Nowadays, students are starting their own businesses as soon as they
finish their studies. Many of the students are so certain of their opinions that they drop out of college before completing
their studies. In India, there are over 50,000 active startups. With 53 unicorns (businesses valued at over $1 billion),
India currently has the world's third-largest startup ecosystem. Despite the economic impact of the Covid-19 pandemic,
the country generated approximately 12 unicorns in 2020. India is on its way to become one of the world's fastest-
growing startup hubs, with its startup culture thriving and receiving international praise. However, India's startup
scene has a long way to go when compared to the world's other three startup heavyweights, the United States, the
United Kingdom, and China. Fintech (Financial Technology) enterprises must overcome the major challenge of India's
non-corporate sectors - a lack of technical capability. Due to this disadvantage, the value added by technology
adoption is hidden. The most successful and understandable technique would be increased awareness and education
campaigns within Fintech adoption by entrepreneurs and the government.
______________________________________________________________________________
Keywords: FINTECH, MSME, OECD, P2P, GVA, NASSCOM

Introduction growth engine for fostering equitable

development. MSME's also play a critical part
India's startup scene lags behind the world's
in the dispersion of industries, enterprises, and
other three startup titans, the US, UK, and
the creation of job opportunities. Over and
China. As for commercial and economic
above sixty million individuals are employed
considerations, India continues to lag behind.
by MSME's. The MSME sector accounts for
Even in today's fast-paced world, forming a
8% of GDP, 44% of manufacturing, and 36%
legal corporation entity in India is a lengthy
of exports. The MSME sector has grown faster
process that necessitates a significant amount
than the industrial sector as a whole. There is
of legal labour and expense. Furthermore,
inequity in MSME appropriation across India
although the OECD average for fulfilling these
because to a lack of equal resources and
preliminary needs is 12 days, India takes nearly
financial and technical support from district,
a month.
state, and central authorities. The MSME's key
However, we will overcome these challenges
challenges are lack of adequate and timely
and establish entrepreneurship as the most
finance, excessive credit costs, outdated
direct road to meaningful progress and
technology, lack of research and innovation,
innovation in India. As a result, our country's
lack of training and skill development, and
issue is more related to the larger infrastructure
difficult and convoluted labour rules. Although
and business environment, which may be the
there are numerous prospects for MSME
answer to most of the issues in this field. The
development, there are also limitations.
solution is simple: vigorous government
Currently, the MSME sector is capable of
participation.
attracting foreign investment, innovation, and
MSME: India's Fintech Ecosystem's Next technology. MSME expansion and growth
Massive Factor provide extra opportunities for employment.
MSME's are acknowledged in the Following consideration of the consumers'
contemporary business environment as a demands, MSME's will be able to meet the
buyers' needs to an incredible degree. Allowing
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Vidyabharati International Interdisciplinary Research Journal 13(1) ISSN 2319-4979

rustic and rural youths to work in their own In FY 2019, India's thriving Micro, Small, and
communities will prevent them from being Medium Enterprise sector employed over 123
relocated. Mutual technological advancement, million people. In 2016, the MSME sector's
innovation among MSME's numerous areas, total GVA (gross value added) was $568
financial and technicall assistance, liberal billion, accounting for 28.77 percent of India's
labour laws, training, development, and skills total GDP. According to Data Labs by Inc42,
building will all help MSME's grow the overall GVA of the Indian MSME sector
significantly. would be $866 billion by FY'20, rising at a
CAGR of 11.12%.

Figure: 1 India’s Ranking on Key Factors

Source: Inc42

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Vidyabharati International Interdisciplinary Research Journal 13(1) ISSN 2319-4979

Figure 2: YoY Trend: Estimated Growth of MSME GVA in India

Source: CSO, Data labs by Inc42

MSMEs are typically praised for their manufacturing and service firms, and intends to
contributions to employment, the economy, bring together the three levels of these
and balanced regional development, but it's businesses, namely micro, small, and medium.
vital that these enterprises be long-term and The Act also establishes explicit funds for the
scale-able, even if they don't contribute promotion, development, and enhancement of
considerably to exports. Indian SMEs are still these enterprises' competitiveness and
not seen as a force to be reckoned with in aggressiveness, as well as dynamic credit
international markets. The challenges in the strategies and practises, a preference for micro,
future will be building the next generation of tiny enterprise products and services in
MSMEs that can function and act as the engine government procurements, and confirmation of
of the economy. With tough global competition a scheme to keep these businesses open.
increasing globalisation demands, it is more It is vital for India's entrepreneurial potential to
necessary than ever for Indian MSMEs to have a global mentality, embrace innovation,
demonstrate greater aggression and develop superior world-class technology, and
competitiveness, position themselves learn new skills on a regular basis. Domestic
strategically, and capitalise on their imperatives, as well as the evolution of the
participation in international value chains economy's key business sectors and
(GVCs). international MSME policies in both
MSMEs in India, on the other hand, vary in developing and developed economies, must all
size, product and service range, manufacturing be taken into account. By rewarding
scale, and technical application. Many of them development, innovation, productivity, and
work in the unorganised sector. The MSMED global market participation, it must also take
Act of 2006 defines MSMEs in terms of capital into account the global context and standards,
investment in manufacturing and service as well as rising potential in major industry
enterprises. But since 2006, the Indian sectors and India's socio-economic imperatives.
economy has changed dramatically. Increasing Based on extensive discussions with key
local and global competition, technical decline, stakeholders, the CII suggests using a turnover-
shifting industrial strategies, lack of access to based criterion to identify an MSME. The
infrastructure and logistics, lack of financing, company's size may be determined by the
and weak connectivity to domestic and global previous year's turnover as of March 31. Using
markets are all important issues for MSMEs. a turnover-based classification system has a
Small enterprises must be reinvented to create number of advantages. This is an objective,
global hostility and competition. non-discretionary, transparent, and clear
The MSMED Act creates the first legal criterion. It will not impose restrictions on
framework for recognising the concept of technical investments, allowing MSMEs to
"enterprise," which includes both
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Vidyabharati International Interdisciplinary Research Journal 13(1) ISSN 2319-4979

invest and position themselves to strengthen Fintech products, as well as higher internet
their competitiveness. penetration and Smartphone usage in India.
Every business, especially small enterprises,
Indian Fintech Startups: Emerging Business
needs finance. As a result, Fintech companies
Opportunities
may have a huge opportunity to capitalise on
this industry. According to a Yes Bank poll on Access to credit is crucial for every MSME or
the impact of digitalization on the MSME startup. These institutions have dominated
sector, more than half of respondents cited lending in this industry. This could be because
operational benefits such as greater informal finance accounts for around 40% of
profitability, operational efficiency, and MSMEs in India. The market potential for
improved client engagement. With the rise of digital financing is projected at $80-$100
the informal sector in India, the Fintech billion by 2023. Getting into the Indian MSME
landscape has shifted from payment-centric to sector can be difficult due to long loan
other verticals such as lending and insurance processing times, lack of transparency, small
tech. One of the main reasons for increasing credit sizes, and rigid loan tenures. The loan
demand for lending technology in India is tech firms were funded between 2014 and Q1
increased venture capital investment. Fintech 2019. A total of $2 billion was invested in over
startup funding increased from $76 million to 170 deals. MSME lenders including Capital
$550 million between 2015 and 2018. This Float, Aye Finance, and Of Business have
resulted in a greater understanding of various attracted significant venture capital interest,
raising $304 million over 31 agreements.
Figure 3: Sub-Sectors Split: Funding in Indian Fintech Startups in Q1-2019

Source: Data labs Inc42

Lending tech companies also garnered 49.98 payments platforms, their utilisation in the
percent of the $646 million invested in Indian MSME sector is low. Following the adoption
Fintech firms in the first quarter of 2019, of GST, an estimated 9.2 million SMEs
accounting for about $323 million in total registered with the government, representing a
funding. These qualities indicate that India's 50% increase over the prior tax regime.
lending technology sector has reached its According to a BCG survey, 47 percent of
zenith, with rising investor confidence and Indian MSMEs have modern equipment for
demand. business procedures, instalments, online
Payments and Business Analytics: Despite the transactions, payments, and online sales,
fact that India's Fintech environment contains a indicating that the MSME sector is more
variety of financial analytics, SaaS, and inclined to employ business analytics tools.

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Vidyabharati International Interdisciplinary Research Journal 13(1) ISSN 2319-4979

Given India's MSME sector's aversion to strengthen the Indian startup ecosystem by
technology, business analytics, payments, and constructing such incubators. Also, startup/tech
finance constitute a big and significant hubs can help Indian startups do business more
opportunity for Fintech companies. As easily. Entrepreneur India spoke to
knowledge rises, the Indian MSME sector may entrepreneurs about their hopes for the new
become more tech-savvy and ready for more government startup strategy.
complicated Fintech solutions. Fintech
2. Regulatory Compliance Made Simple
solutions for businesses are increasingly being Startups are hesitant to work with the
coupled with analytical software. PayU, Paytm, government because they anticipate more red
and other comparable services are just a few tape than assistance. "With the launch of the
examples. The adoption of such solutions in Startup India policy, we expect positive steps
India's MSME sector shows that the demand from the government to inscribe bound certain
for more sophisticated analytical tools would impediments like taxes, regulatory framework,
grow in the near future. and capital problems, which in turn can carve
In order to exploit the MSME sector's natural out a variety of most important & a number of
potential, fintech firms must address the core important biggest success stories within the
challenge of India's non-corporate sectors, Indian startup ecosystem," said Swati
which is a lack of technical readiness. As a Bhargava, co-founder of CashKaro.com.
result of this issue, the value added via Startups should not be penalised for the same
technological adoption is disguised. According compliance concerns and issues as large
to the BCG report, 68 percent of MSME corporations. This could help small and
respondents felt that digital lending is of no use medium-sized businesses with finance and
to them. This is mostly due to a deep-seated funding issues.
distrust of technology in various Indian However, if the Startup India initiative's three-
cultures. Increased awareness and education year, seven-year tax rebate on earnings is
campaigns on Fintech adoption by startups in expanded to five years or so, businesses may
partnership with the government would be the be able to fulfil their working capital needs
most successful technique for digitalizing the throughout the early years of their operations.
Indian MSME sector. In the case of statutory compliance law (TGS,
What Do Businesses Require From The GST, etc.) issues relating to a lack of finances,
Government the government could provide a helping hand
to startups by indirectly financing them or
Here's what entrepreneurs around the country
allowing them to pay late without incurring
expect the government to accomplish in the
interest.
coming years:
3. Access to startup funding initiatives
1. Creating tech schools and hubs for startups
India already has a lot of entrepreneurial zeal,
If Indian startups have one request of the
but it lacks funding options. "We expect the
government, it is to build startup/tech clusters
government of India to assist future companies
around the country. "We anticipate the
by providing seed money and building
government developing a startup or technology
incubation centres for brand new ideas,"
cluster where cash and talent can easily flow
Bhargava added.
with simple visas and no taxes," said Keshav
R. Murugesh, CEO of WNS Global Services 4. Infrastructure Accessibility
and Chairman of the NASSCOM BPM The most commonly requested elements by
Council. Working in these centres in India is startups while establishing their work in any
easy, and earnings are tax-free. "This should be state are framework and infrastructure. When
known to international high-tech and marketing Murugesh was asked about it, he replied,
experts." "Concerned authorities should supply well-
Startup culture inspires and motivates talent to equipped warehouses as well as accumulation
innovate. T-Hub and other startup clusters categorised workplace environment comfort
ensure a continual flow of global finance and within SEZs to energise startups and new
expertise. The government can considerably firms. They will charge rentals eventually, and

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Vidyabharati International Interdisciplinary Research Journal 13(1) ISSN 2319-4979

they should prioritise quality projects before that are business-cluster-minded. The country
rental pay." State governments should build may see a surge of general industrial
and make available world-class state-of-the-art development as local business-centric startups
residential accommodation, schools, and flourish in the country's key industrial areas.
medical facilities within SEZs, and encourage
8. Establishing Validation and Facilitation
the best ability to relocate to these places and
Centers
work with these companies. A flood of new enterprises is cropping up
5. Make changes to attract major VC funding around every corner in India. With such a large
Startups anticipate large VCs entering the number of firms on the rise and no effective
Indian entrepreneurial environment and validation centers /authorities to monitor and
altering it to attract VC funding. "Fundraising check their proof of concepts, many startups
assistance is a critical aspect that I believe this risk replicating similar concepts, wasting time,
crusade addresses, making it easier for startups effort, and money. By establishing approved
to sell their ideas to huge VCs," says Samar validation facilities across the country, the
Singla, Jugnoo's Chief Operating Officer and government may be able to assist curb this.
Founder. This could also be accomplished in a less
expensive method:
6. The flashy approach of startups to
government Crowdfunding
Except for new businesses, the government is Crowdfunding has yet to be offered to Indian
the best buyer of goods and services and the enterprises, but NGOs can use it to raise funds.
top recruiter. They're targeting the government To raise financing for their ideas, the
because it's a risky market. "My ambitions government may build an internet
would be exceeded if Prime Minister Modi crowdfunding portal for startups.
could make the government a viable target Crowdfunding as a whole would give
market for companies. Almost no company I entrepreneurs with a sense of legitimacy
know targets the government, despite the fact among the broader population. Simply said, it
that the government already dominates the may encourage future investors to invest in
market "Swati Gupta founder and Chief firms via the crowdfunding platform, thus
Operating Officer of Industry Buying. She boosting the startup ecosystem. Crowdfunding
believes that the government's approach will is a method of raising funds from a large
help entrepreneurs develop future global number of people for a certain goal, economic
giants. endeavour, or humanitarian cause. It is a newer
kind of funding for SMEs and is raised in small
7. Developing specialised business clusters
quantities from various investors.
In just eighteen years, Morbi has gone from
Crowdfunding comes in four flavours: gift,
being the world's second-largest tile
reward, loan, and equity. Let's examine some
manufacturer to become the world's second-
of the ways and strategies that crowd-funding
largest tile manufacturer. With the support of
can aid SMEs:
the Gujarat government, local tile makers
banded together to form the well-known Morbi Crowdfunding for donations
ceramic cluster. This is an incredible success Funding is provided through recommendations
story that may surely serve as an inspiration to and gifts, and patrons do not expect a
other Indian states. significant benefit from interest as a return. It's
The government will not only encourage the for social, charitable, and philanthropic
construction and expansion of native and objectives in the vast majority of situations.
specialised business clusters, but it will also
Crowdfunding for Rewards
help to build native industry and companies. It Crowdfunding comes with a set of mutually
does, however, clear the door for regionally beneficial expectations that must be met. These
targeted firms to emerge. benefits could be immediate or long-term, such
In addition, coaching centres should be a must as in the form of a client, a lifetime
in every industrial cluster. In such a setting, membership, or some freebies.
entrepreneurs would create unique businesses

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Vidyabharati International Interdisciplinary Research Journal 13(1) ISSN 2319-4979

Peer-to-Peer Lending is a type of lending • Quick access to financial advice and

where people lend to each other marketing
The financing and money are arranged between • Construct justification
two people through an online portal. In this • There is no cost
case, online platforms act as a middleman Ketto, Catapult, BitGiving, ImpactGuru, and
between lenders and investors, setting credit more top-notch Crowdfunding enterprises in
limits and lending rates. However, in addition India have supported the ambitions of
to being a test for controllers, the entrepreneur countless aspiring entrepreneurs and startups.
is a test for investors and capitalists. With the government putting so much
emphasis on Digital India, crowdfunding is
Equity-based Crowdfunding is a type of
certainly a significant aspect that is acting as a
crowdfunding that allows you to invest in
catalyst for new digital financing.
Financing is provided in exchange for the
issuance of value parts of the association's What Is Peer-to-Peer Lending (P2P)
equity shares. Investors can purchase equity "Crowdlending" or "social disposition lending"
shares in initiatives that are conducted online. are other terms for peer-to-peer lending. It has
This type of Crowd funding may be most only been in existence since 2005. Just a few of
effective for development and growth-oriented the competitors are Prosper, Lending Club,
companies in high-return zones. Peerform, Upstart, and StreetShares. Peer-to-
Crowdfunding not only assists companies with peer lending refers to websites that connect
financial aid, but it also allows people to borrowers with financial investors. The
customise their business's traditional model. platform sets the rates and terms, as well as
Entrepreneurs typically spend months filtering facilitating the trade. Private investors that
their business operations through a variety of want a higher return on their money than a
sieves. However, through Crowdfunding bank savings account or CD can offer are P2P
efforts, these aspirants are able to explore their lenders. P2P borrowers are looking for an
business in a variety of ways, as well as invest alternative to traditional banks or a rate that is
in a large number of people who have stormily significantly higher than that offered by banks.
aided in the development of their firm. By 2023, India's peer-to-peer lending market,
which is now valued at $3.2 million (INR 200
million), is predicted to rise to $4-$5 billion.

Figure 4: Peer to Peer Lending

Source: www.relakhs.com
Another important factor to consider when firms, as well as working places for
creating effective facilitation centres, prospective startups.
particularly for export companies, is the
9. Designating Model Agencies for Research
availability of funding. These facilities provide
and Development
as effective support systems for new Regardless of industry, R&D is vital to any
businesses. They can be great and magnificent startup. And it's usually simply another hurdle
incubation hubs for both new and established for the country's emerging entrepreneurs.

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Vidyabharati International Interdisciplinary Research Journal 13(1) ISSN 2319-4979

These frequently lack the infrastructure, have a huge influence on the Indian startup
knowledge, and funding required to support scene. Over half of "digitally-enabled"
R&D projects. The government may help by businesses cited business operational
creating more affordable R&D centres and improvements. A total of $646 million was
academic institutions like IITs and IIMs. invested in Fintech businesses in the first
quarter of 2019. Silver coins were first used as
10. Providing raw material assistance
monetary notes in ancient China and Europe
Obtaining low-cost raw materials may be a
about the sixth century before Christ. Money is
challenge for many small enterprises.
now virtual, and the only way to view it is to
Government agencies like NSIC and KVIC
look at a bank account balance. This is due to
already have programmes to help small
the emergence of financial technology in India,
enterprises. However, monetary, food, and
which has been fueled by technological
programme aid is accessible. Some
improvements disseminated by the country's
programmes are:
fintech businesses. Nonetheless, the Indian
RMA (Raw Material Assistance Scheme), government boosted Fintech with the
Bank Credit Facilitation, and demonetization act in November 2016, which
Marketing Intelligence Cell services by NSIC, banned INR 500 and INR 1,000 bank notes.
SFURTI (Scheme of Fund for Regeneration Soon after, the Unified Payment Interface
of Traditional Industries) (UPI) arrived on the scene, and Indian Fintech
RISC (Rural Industry Service Centre), and businesses haven't looked back since.
Export Incentive Schemes & Program by Demonetization provided a short-term boost to
KVIC India's financial digitization, as individuals
Conclusion realised they could utilise private and public
Regrettably, the support, help, and approval digital payment standards instead of cash. The
processes are time-consuming. As a result, number of UPI transactions surged 51 times
startups' operations come to a halt as they wait from 17.9 million in FY17 to 915.2 million in
for permission. This situation could be FY18. During this time span, debit and credit
remedied by implementing a Fintech-based card transactions climbed by 50.6 percent,
platform that would speed up the approval from 5.45 billion to 8.2 billion. Despite these
procedure and the aid cycle. Entrepreneurs can tremendous advancements, the digital
speed up their work processes and produce payments juggernaut looks to be slowing.
better products and services if they have less ATM withdrawals totaled INR 33 trillion in
time to wait for raw materials, support, or FY19, up from INR 23.6 trillion in FY17, a
credit. The government's small efforts could 40% increase.

Figure 5: Transaction Value of ATM Usage in India

Source: RBI

Reliance Arrival of Jio in 2016 helped increase 604 million in 2018. Because of India's broad
internet customers from 391 million in 2016 to internet use, financial technology has been able

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Vidyabharati International Interdisciplinary Research Journal 13(1) ISSN 2319-4979

to penetrate the country's booming MSME and the primary mode of payment. However, a new
agriculture sectors. generation of tech-savvy MSME enterprises
According to government estimates, the Indian has emerged. Demonetization made them
MSME sector generated 30% of the country's aware to Fintech innovations like mobile POS,
GDP in 2018. The ban on the circulation of digital wallets, accounting software, and
500 INR and 1000 INR currency caused havoc Fintech SaaS.
in the Indian MSME sector, where cash was

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