Startups Built Atop India’s Digital Public Infra Pegged At $100 Bn: Nandan Nilekani

Startups Built Atop India’s Digital Public Infra Pegged At $100 Bn: Nandan Nilekani

SUMMARY

The idea behind building UPI was to lay the groundwork for rails that could be utilised by homegrown entrepreneurs for innovative offerings, said Nilekani

Pitching a concept called “Finternet”, he said that the user-centric and unified platform will host all types of assets and would have a universal infrastructure

As per an Inc42 report, the Indian fintech space is projected to become a $2.1 Tn market opportunity by 2030

Infosys cofounder and non-executive chairman Nandan Nilekani has said that startups built on top of India’s digital public infrastructure are valued north of $100 Bn. 

“The estimate is that the market value of startups on top of India’s DPI is about $100 Bn,” Nilekani said while speaking at the annual Global Fintech Festival 2024. 

He also reaffirmed that the idea behind building the unified payments interface (UPI) was to lay the groundwork for rails that could be utilised by homegrown entrepreneurs for innovative offerings. 

Speaking at the event, Nilekani also elaborated on a concept called “Finternet”, which he dubbed as the future of finance. He said that Finternet would be user-centric and unified, adding that the platform will host all types of assets and would have a universal infrastructure.

All the assets, including land, property, bonds, financial investment, art, paintings, among others will be brought under a single infrastructure and tokenised, he added. On what necessitated the need of such a new system, he noted that current financial systems are unable to handle the demand from users as customers want more choice and more control.

“It allows everybody to participate and controls all assets. We want to have something which allows everyone to participate and control all kinds of assets. User-controlled assets, user content, NFTs (non fungible tokens), adjusted assets which are certified by somebody, registered assets like land, or regulated assets like financial products,” Nilekani added. 

The comments came on the first day of the three-day long Global Fintech Festival 2024, which is being organised in Mumbai. The flagship event is expected to see the attendance of Prime Minister Narendra Modi, IT Minister Ashwini Vaishnaw, among others. 

On Day 1, RBI Governor Shaktikanta Das announced the launch of two new products from the National Payments Corporation of India’s (NPCI) stable namely UPI Circle and Bharat BillPay For Business. 

While UPI Circle allows users to delegate payments to trusted secondary customers, BBPS for Business enables companies to automate various invoice payment processes. Additionally, the day also saw ecommerce giant Flipkart’s fintech app super.money debuting its maiden product, a co-branded credit card in partnership with Utkarsh Small Finance Bank.  

At the heart of all this is the burgeoning Indian fintech space, which has seen startups raise more than $28 Bn in funding between 2014 and 2023. The sector counts more than 23 unicorns and 36 soonicorns under its belt. 

The growth of the fintech ecosystem has largely been attributed to the growing number of internet users in India, increasing penetration of smartphones and affordable internet tariffs.

Additionally, digital public infrastructure such as UPI, ONDC and account aggregator framework has created multiple use cases and spawned the rise of giants in the fintech ecosystem.

As per an Inc42 report, the Indian fintech space is projected to become a $2.1 Tn market opportunity by 2030. 

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

You have reached your limit of free stories
This Diwali, Get Up To 74% Off On Inc42 Plus

Become A Startup Insider With Inc42 Plus

Inc42 Plus Diwali Offer Ends In
countdownmail.com
2 YEAR PLAN
₹19999
₹6499
₹270/Month
UNLOCK 68% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹3499
₹291/Month
UNLOCK 65% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Startups Built Atop India’s Digital Public Infra Pegged At $100 Bn: Nandan Nilekani-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Startups Built Atop India’s Digital Public Infra Pegged At $100 Bn: Nandan Nilekani-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Startups Built Atop India’s Digital Public Infra Pegged At $100 Bn: Nandan Nilekani-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Startups Built Atop India’s Digital Public Infra Pegged At $100 Bn: Nandan Nilekani-Inc42 Media
Startups Built Atop India’s Digital Public Infra Pegged At $100 Bn: Nandan Nilekani-Inc42 Media
You’re in Good company