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

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.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM BLOOMBERG BUSINESSWEEKView All

The Fed's Mind Control

The idea that monetary policy shapes inflation expectations is about to get road-tested

5 mins read
Bloomberg Businessweek
January 24, 2022

Sheltered Paradise

With spectacular beaches, top-tier resorts, and a stellar Covid record, Anguilla is growing even more irresistible.

6 mins read
Bloomberg Businessweek
January 24, 2022

Same City - Different Games

What’s changed since Beijing last held the Olympics? Almost everything

4 mins read
Bloomberg Businessweek
January 24, 2022

Keeping Covid Out of The Cabin

As the pandemic enters Year 3, airlines are stepping up their hygiene routines

4 mins read
Bloomberg Businessweek
January 24, 2022

Boxed In on China

Biden’s inability to extract concessions from Beijing is a liability going into November’s midterms

5 mins read
Bloomberg Businessweek
January 24, 2022

Revisit Your Retirement Strategy

High valuations, rising interest rates, and spiking inflation make it time for a checkup

6 mins read
Bloomberg Businessweek
January 24, 2022

Ponzi schemer On the Pacific

Gina Champion-Cain was a beloved friend, mentor, and pillar of the San Diego business community. But her successful image and lavish lifestyle were fueled by a $400 million fraud

10+ mins read
Bloomberg Businessweek
January 24, 2022

How Did Blake Hall Get Between You And Your Identity?

During the pandemic his online-authentication company, ID.me, became the government’s digital gatekeeper. And its grip is only getting tighter

10+ mins read
Bloomberg Businessweek
January 24, 2022

Biden's Year 2 Test

As the pandemic wears on and prices rise, many Americans are disillusioned with the president. Can he win them back?

10+ mins read
Bloomberg Businessweek
January 24, 2022

A FIGHT OVER DISCRIMINATION IN THE AGE OF ALGORITHMS

Redfin has staked its reputation on making a racist industry more equitable. Critics say it’s been denying services to Black homebuyers and sellers

10+ mins read
Bloomberg Businessweek
January 24, 2022
RELATED STORIES

THE ANIMAL-HUMAN CONFLICT

RAJESH MENON is a wildlife photographer and environmental conservationist living in North India. Here he shares some ideas for solutions to the animalhuman conflicts that are apparent in all regions of the world today.

4 mins read
Heartfulness eMagazine
January 2022

Passion and Love for Community

Dr. Prakash Tyagi is the executive director of Gramin Vikas Vigyan Samiti (GRAVIS), an NGO dedicated to working in impoverished rural regions of India, including the Thar desert, Rajasthan, Uttarakhand, and Bundelkhand. In part 2 of this interview with Kashish Kalwani, he speaks about how things have changed due to the pandemic and the importance of passion and love for community.

3 mins read
Heartfulness eMagazine
January 2022

Modern Vinyasa FOR THE MASSES

Teacher Calvin Corzine brings a functional yet challenging approach to yoga with an emphasis on making everyday movement easier.

7 mins read
Yoga Journal
January - February 2022

India Is on a Tear

Massive modernization presents opportunities for investors.

5 mins read
Kiplinger's Personal Finance
February 2022

Love, Non-violence, and Truth

DR. PRAKASH TYAGI is the Executive Director of Gramin Vikas Vigyan Samiti (GRAVIS), an NGO dedicated to working in impoverished rural regions of India, including the Thar Desert, Rajasthan, Uttarakhand, and Bundelkhand. In part 1 of this interview with KASHISH KALWANI, he speaks about applying the Gandhian principles of love, non-violence, and truth to support communities in need.

6 mins read
Heartfulness eMagazine
December 2021

WISDOM FROM MY FATHER

The tempo 1 was ready to depart. It was a short 30-minute journey from Bhatkal to Uppunda, a sleepy village in coastal Karnataka, India. My father, sister, and I were traveling together.

4 mins read
Heartfulness eMagazine
December 2021

Pivot: Scott Galloway

Super-Apps Are Inevitable Get ready for the first $10 trillion tech company.

6 mins read
New York magazine
November 22 - December 5, 2021

Self- acceptance

ELIZABETH DENLEY has been a student of both science and spirituality all her life. Trained as a scientist, she turned her field of inquiry and research skills to the field of meditation and spirituality after starting the Heartfulness practices in the late 80s. Here she shares some thoughts on the importance of selfacceptance.

6 mins read
Heartfulness eMagazine
November 2021

The New Storytelling:We Are All Indigenous Global Citizens

WAKANYI HOFFMAN is a Global Education Specialist and founder of the African Folktales Project. In Part 2 of her interview with SARA BUBBER, Wakanyi shares the value of storytelling, passing down wisdom through generations, her Kikuyu culture, and how we are all indigenous global citizens.

7 mins read
Heartfulness eMagazine
November 2021

THE GAME CHANGER

INSIDE DHD’S RECORD-SETTING DURAMAX

2 mins read
Diesel World
November 2021