OakNorth co-founder Rishi Khosla on Indian unicorns, launching lending operations here and why the startup ecosystem in Britain is less buoyant than in India
What would give a startup founder the biggest kick? Would it be when the venture gets billed as the fastest unicorn (with a billion dollar valuation) in European history? Or would it be when it becomes just the third company in the United Kingdom (UK) to get a new banking licence in 150 years? For Rishi Khosla, co-founder of OakNorth, it is none of these. “What excites me the most is that we have a profitable unicorn,” he says. OakNorth, a UKbased digital banking upstart focussed on lending to small and medium enterprises (SMEs), was valued at $2.3 billion when it raised $100 million in September 2018. The digital lender had reached a cash flow break-even just 11 months after starting operations in September 2015, and had made over $13 million in profits in only the second full year of operations.
“Being profitable is important, but being profitable and having high growth is an interesting mix,” says Khosla, who was in India recently. India happens to be the biggest market for OakNorth in terms of headcount. Though the startup does not lend in India, it has offices in Gurugram and Bengaluru, which form the core of its global operations.
In an exclusive interview with Forbes India, Khosla talks about his India connect, Indian unicorns and the startup ecosystem in Britain. Edited excerpts:
Q You happen to be the quickest unicorn in European history, within two years of launching operations…
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Home-Cooked Meal Is Now Greatly Valued
The pandemic has also brought with it an improved focus on hygiene, use of technology in dining, rise of cloud kitchens and resurgence in popularity of Indian ingredients
Paytm 3.0 - Reaching Near Breakeven In Two Years
As of 2020, Vijay Shekhar Sharma’s super app for financial services had run up losses in thousands of crores. Now, as digital payments gets yet another boost courtesy Covid-19, he’s hopeful of reaching near breakeven in two years
THE PANDEMIC HAS CAUSED WOMEN GREATER LABOUR PAIN
Covid-19 has shown that women are more likely to face the brunt of job losses than men, and find fewer opportunities when they want to resume. That apart, several have to deal with increased hours of unpaid work at home and even domestic abuse
LEADERSHIP WILL BE ABOUT SEEING THE BIGGER PICTURE
Leaders must not only guard their teams first during a crisis, but also deal with stakeholders with respect and dignity. And apart from pursuing business goals, they should remain committed to our planet and the environment
PHILANTHROPY SHOULD BE HUMBLE, BUT NOT MODEST
Apart from building a flexible and resilient framework for the future, philanthropists, civil society and the government must work in tandem so that every rupee is absorbed on the ground
INTEGRATED HEALTH CARE, TECH WILL DISRUPT SECTOR
While clinical research will get a boost, having a skilled workforce and public spending on health care will be challenges in the near term
DIGITALISATION WILL HELP IN VALUE CREATION
As the pandemic brings technology and innovation to the core of business and daily life, the next decade will see about 150 million digital-first families in India
Industry 4.0: Climate Revolution?
Augmenting sustainability alongside digital capabilities is an economic, competitive and global opportunity for India’s businesses, but regulations need to reflect intent
EV Dream Still Miles Away
Electric vehicles have remained a buzzword in India for years. But not much has moved on ground due to high upfront costs, range anxiety and charging infrastructure
Living Waters
A virus has caused us to scramble for oxygen but our chokehold on the environment is slowly strangling the very waters that breathe life into us. The virus is a timely reminder: We are merely consumers, not producers of life’s breath on this planet
