QUOTES: Year-End 2023

Madhusudan Ekambaram, Co-founder and CEO, KreditBee 
“We have seen a robust demand for credit in the Indian market, suggesting our evolving fintech landscape. This surge not only signifies the economic prowess of our nation but also speaks volumes about the aspirations of our people. NBFCs have played a pivotal role in extending financial services to previously underserved areas. The confluence of factors such as increased internet penetration, a burgeoning middle class, a tech-savvy customer base, and government initiatives has fueled this demand. Fintech lending companies, including KreditBee, have actively contributed to this shift, offering tailored products that resonate with the diverse needs of our expanding customer base.
 
In fintech lending, rising cyber threats necessitate ongoing investment in cybersecurity. The spotlight in 2024 is on Regtech, integrating AI, blockchain, and cloud computing for compliance in the face of growing regulatory complexity.  These emerging trends in fintech lending not only herald a transformative journey but also underscore the delicate balance between innovation and responsibility. They lay the groundwork for a future where finance is not only more efficient and customer-centric but also upholds ethical standards and champions inclusivity."

Amit Lakhotia, Founder & CEO, Park+  
“The India startup story is still being written and has immense latent potential. Business which are frugal and are building robust business anchored by realistic valuation will continue to thrive even in the current dynamic environment. 2023 was a year of introspection for a lot of startups, chasing vanity matrixes and unrealistic valuations were two major dampeners, a reality check was much needed in the Indian context. Having said that, 2023 was more of recalibration and realignment for a lot of startups across verticals.  2024 will see the emergence of sustainable and profitable business, backed by a robust revenue generating model.  The Indian startup story still has a lot of gas left in its tank.”  
 

Nimish Trivedi, CEO & Co-Founder, Evera  
"The growth in funding with respect to the Indian EV ecosystem makes waves as we navigate the startup terrain. Despite the funding winter, startups have embraced 32 deals this year, showcasing the sector's robust growth. Significantly, the Indian EV space has attracted more than $780 Mn this year as per the recent industry reports, exceeding the 2022 amount of $758 Mn, showing a strong financial trend. The influx of funds validates our entrepreneurial spirit and drives us into the age of innovation towards sustainability. The flourishing environment indicates strongly the promise startups hold in transforming the way we power our future of electric vehicles, steering towards a greener, and more impactful tomorrow.” 
  

Saahil Goel, CEO and Co-founder of Shiprocket
"As we reflect on the transformative year of 2023 in Indian eCommerce, the numbers speak volumes—a soaring $105 billion market and a robust 16.8% year-on-year growth. However, the real dynamism lies in the heart of Tier-2 and Tier-3 cities as they emerge as growth engines, striving toward the vision of becoming a superpower by 2047.
In 2023, The Open Network for Digital Commerce (ONDC) emerged as a game-changing force, breaking down barriers and ensuring that the eCommerce boom isn't confined to metropolitan areas. Just like our mission of enabling the ease of doing business for India’s grassroots, ONDC is fostering a thriving ecosystem for entrepreneurs across every corner of BHARAT.
As we venture into 2024, at Shiprocket, we envision a landscape where the Indian eCommerce ecosystem becomes a cornerstone for innovation, sustainable practices, and inclusive growth. The eCommerce landscape is evolving, and every click and every transaction resonates with the pulse of progress. The industry's trajectory will be shaped by the interplay of technological advancements, shifts in consumer behaviour, and proactive government interventions. Here’s to breaking barriers, empowering merchants, and redefining the e-commerce narrative together.”

Jayakumar Krishnaswamy, Managing Director, Nuvoco Vistas Corp. Ltd.
“The cement industry showed resilience and highlighted its role in economic progress. For Nuvoco Vistas, the year was a mixed bag as we successfully navigated the complex business landscape with a sharp focus on value-driven growth. India's cement demand is rising steadily, driven by the infrastructure and affordable housing sectors. It was a year of strategic shifts in the cement industry, as the sector embraced environmental consciousness and adopted sustainable practices.
According to a report from Knight Frank, the construction sector in India is estimated to employ 100 million people by 2030, up from 70.6 million, with the output reaching $1 trillion from the current $650 billion. Cement volumes witnessed a rise of 9-10% in 2023-24, driven by demand from infrastructure and urban housing, as noted by ICRA in October, with a notable 11-12% year-on-year increase in the first half of the year.
As we approach Year 2024, the Indian cement industry holds immense promise for sustainable growth. At Nuvoco Vistas, we are primed to seize the opportunities this year presents through our capacity building initiatives, emphasis on quality and innovation, and our ambition to secure a larger market share in the North while upholding our leadership position in the East.”

Akash Sinha, CEO & Co-Founder, Cashfree Payments: 
“Even with global economic uncertainty, the fintech sector in India has continued to show its resilience through innovation and customer-first approach. This surge and growth shows the dynamic nature of this industry and how over the years, it’s become an integral part of the growth story of millions of internet-first, MSME and large scale businesses in India.
 
The recent PA licenses released by RBI will be a big game changer for the Indian fintech sector - ushering in more innovation as well as opportunities for businesses to access the best digital payment solutions. Introduction of multiple industry first efforts like - credit on UPI, Conversation Payments in UPI, UPI Lite in 2023 are also a strong indicator of how fintech players are making this ecosystem inclusive, adaptable and robust for both consumers and businesses.
 
Looking ahead, 2024 will be a year where we will see an increased focus on building products that continue to be relevant for customers and the financial ecosystem. One of the key focuses undoubtedly will be cybersecurity - enhancing security measures along with user awareness. We will see the introduction of regulatory frameworks that will help curb risk to build a safer and more secure digital payment environment, reinforcing the trust of users in digital transactions.
 
Success and mass adoption of UPI - especially credit lines on UPI will truly democratise credit access to millions. In 2024, the industry will focus on enhancing UPI’s accessibility, especially in rural areas and among diverse age groups. Innovations like UPI 123PAY and UPI Lite are just the beginning. The industry will work collectively to introduce more user-friendly features and increase UPI’s adoption beyond the current 30% of the population.
 
The next year will also witness the emergence of more governance frameworks and regulatory standards, the promotion of ethical AI, and increased acceptance within the financial services sector. This will drive advancements in regulatory technology (RegTech), which is already at a pivotal point. Solution providers and regulated entities stand to benefit significantly within the RegTech ecosystem. As regulatory requirements become more stringent and data privacy concerns grow, the demand for RegTech solutions will inevitably increase. RegTech will not only redefine compliance but also empower businesses to focus on innovation and growth, that’s crucial for India's economic progress.
 
Overall, Fintech players in 2024 will continue to grow in confidence while transitioning towards stronger value creation leading to building of sustainable and profitable businesses. Innovation, increased cyber security, and positive government reforms will catapult the Indian Fintech Ecosystem towards the projected growth of USD 2.1Tn by 2030.”

Ankit Mehta, CEO, ideaForge
"2023 signifies a transformative period for India's innovation landscape, driven by the widespread adoption of UAV Technology. This year has been exceptionally prosperous for our growing drone industry, with investments reaching nearly $50 million. Beyond the surge in drone usage across sectors, drone technology has played a pivotal role in bolstering the nation’s security and infrastructure, particularly in surveillance and mapping. No longer confined to military realms, drones emerge as versatile allies across diverse fields.
The government’s visionary move to allocate/disburse around ₹30 crore during fiscal year (FY) 2022-23 under the Production Linked Incentive (PLI) Scheme to incentivize indigenous drone manufacturing has been the catalyst in propelling  this transformative journey. 
In 2023, ideaForge hasn't merely been a part of an industry; we've been architects of change, contributing to the narrative of self-reliance and indigenization in drone technology. As we gear up for 2024, drones are set to transform baseline governance and security infrastructure by addressing civic issues/pain points such as traffic violations,crowd management, land encroachment etc. As drones continue to foray into various sectors, it is also crucial to prioritize Intellectual Property development in the drone industry. A robust IP portfolio not only fosters  collaboration but positions  the Indian drone sector as a global leader.
As we stand on the cusp of a new year, our unwavering commitment remains anchored in the pursuit of excellence across our three pillars: Performance, Reliability, and Autonomy. In the coming months, we are poised to release our class leading products and services such as Drone-as-a-Service (DaaS).”

Ashish Dobhal, CEO, UPL SAS
“The year 2023 has presented several challenges for the global agricultural industry. Input price fluctuations, pest attacks and extreme weather events have compounded difficulties. However, despite these challenges, the industry has demonstrated remarkable resilience, underscoring the importance of sustainable farming practices. Even in adversity, these practices have proven pivotal in ensuring stability and sustainability in agriculture. Moreover, 2023 has emphasized the increasing significance of technology in farming, showcasing how innovation can revolutionize agricultural practices, making them more efficient and sustainable for the future.
 
Looking ahead to FY24, there is optimism regarding the positive changes that can be implemented in the agriculture sector, with a keen focus on sustainable practices, climate solutions and the integration of technology. At UPL, in line with our vision of ‘Reimagining Sustainability’ for farmers and food systems, we are taking bold steps to reduce our environmental impact, strengthen our social responsibility initiatives, and improve our governance practices – and we are proud that Dow Jones Sustainability Index has recognized this. We remain focused on breaking new ground for our industry and look forward to progressing our sustainability initiatives as we approach our 2040 carbon-neutral commitment.
 
Additionally, in the year ahead, under UPL’s Shashwat Mithaas – Sustainable Sugar Program, which exemplifies the company’s steadfast dedication to sustainability, aiming to provide sustainable solutions for sugarcane farmers, we are planning to sign Memorandums of Understanding with 15 sugar mills across Karnataka, Telangana, Madhya Pradesh, Uttar Pradesh, Maharashtra, and Gujarat. Furthermore, in collaboration with other global leaders, we have entered into an agreement to bolster food production, storage, and supply chains in the developing world through the 'food security' program.
 
Given the unpredictability and potential impact of weather adversities every year, it is imperative for us to remain vigilant. Hence, it is essential to commit to leveraging cutting-edge technologies and promoting practices like precision agriculture to empower our farmers and ensure global food security. The integration of technology not only augments productivity but also fosters sustainability, thereby playing a pivotal role in propelling growth within the agricultural sector on a global scale. Moving forward, we anticipate a potentially significant stride forward for sustainable agriculture globally.”