India's Fintech Boom
Bloomberg Businessweek|November 08, 2021
A government-backed system of digital payments has set offa wave of innovation
Saritha Rai, Suvashree Ghosh, and Baiju Kalesh, with Jun Luo
India's Fintech Boom

Investors in India’s booming financial technology sector are poised for a windfall in November when digital- payments company Paytm begins trading publicly. Backed by Warren Buffett’s Berkshire Hathaway, China’s Alibaba Group, and Masayoshi Son’s SoftBank Group, the company has been expanding past its core business of phone-based payments into a broad range of financial services such as banking, credit cards, and wealth management. It’s seeking to raise $2.4 billion at a valuation of about $20 billion in a dual listing on India’s Bombay and National stock exchanges in what would be India’s largest-ever initial public offering.

The cash-out could create more optimism about an industry that’s already booming. Venture capital and private equity firms have invested $6.4 billion so far this year in Indian fintech companies, according to researcher Tracxn. Investors are attracted by the migration of India’s huge population to apps or mobile QR codes for many purchases, a drastic change in an economy that’s traditionally been dominated by cash.

Nitu Gore, a 35-year-old maid, is typical of the shift. “I prefer getting my money in Google Pay and Paytm, as I can also buy my groceries, vegetables using the QR codes at shops,” says Gore, who receives her salary through smartphone apps.

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