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CollegeDekho Launches SaarthiGPT: India’s First Ever AI

14th Sept 2024 Gurgaon, Haryana, India CollegeDekho.com, India’s largest higher education ecosystem, announced the launch of SaarthiGPT, India’s first ever avant-garde AI-powered conversation engine to provide the most accurate, reliable and fast personalized guidance for higher education in India. SaarthiGPT by CollegeDekho is trained on more than half a billion proprietary data points and will save time and effort for millions of students on research and become a one-source, always-on, advanced personalized guide to provide the latest information on courses, colleges, admission process, exam timelines!

Using the latest advancements in AI, SaarthiGPT has been created bearing in mind the changing college discovery and selection behavior of Indian students as well as their need for natural language search queries through conversations – something that CollegeDekho has developed deep expertise over the last 10 years. SaarthiGPT will be a boon for Indian students to get the most personalized guidance using natural language processing without the issue of hallucination that other large language models have for specialized queries around Higher Education.

This invaluable resource shall first be available in 6 Indian languages and their various combinations and can be accessed on www.collegedekho.com/saarthigpt. It will soon be expanded to cover 22 Indian languages. With SaarthiGPT, students will be able to get the right guidance in minutes through a simple natural language conversation and choose the right college and course – something that currently takes them days as they seek information across multiple sources without guidance. SaarthiGPT has been built with inputs from an interdisciplinary team of data scientists, college counsellors, engineers, designers, researchers and marketers to transform higher education guidance.

Talking about the latest launch, Ruchir Arora, Co-founder & CEO of CollegeDekho, said, “Our journey to the small towns of India as part of CollegeDekho Saarthi College Admissions fair revealed a shared challenge among students across social strata—they lacked trustworthy expert guidance around colleges and courses. It reinforced our purpose of being the most trusted guide for higher education in India. With SaarthiGPT, our personalised AI tool available in various Indian languages, we shall bring accurate information to the fingertips of every student of India, democratising access to college guidance for millions across India – something that could fuel India’s Gross Enrolment Ratios and improve student outcomes thereby building a better future for India and Indians alike.”

While there are various websites with data and information about colleges and exams, they are often inaccurate or outdated and fail to help anxious students get factually accurate personalised guidance and support they need in their own languages. SaarthiGPT overcomes this barrier and will help students across the length and breadth of India reach the right colleges to build their own future as well as India’s future.

What makes SaarthiGPT the most advanced tool for students is its unique capability to provide relevant, accurate and trustworthy guidance to a student depending on her/his query. SaarthiGPT scouts CollegeDekho’s cohort of 350+ exams & 35K+ colleges and universities in India with the latest information on their application processes, exams accepted, cut-off data etc. to provide information to students with the most recent & relevant information. In other words, using its advanced AI capabilities and natural language processing, SaarthiGPT can provide detailed student-centric information and guidance in a manner of minutes and help them get to the right destination for their higher education.

Some of the key areas that CollegeDekho SaarthiGPT covers include:
Entrance Exams: Latest information on top entrance exams in India like JEE, NEET, CAT, GATE and others, along with exam-specific preparation strategies and reference materials.
Admission Quota Framework: Get inputs on category-specific admission processes in colleges in India.
Course Options & Insights: Detailed information on UG and PG programmes and interdisciplinary options with focus on syllabus, fees, job scope etc.
Institute Rankings: Best institutes basis NIRF rankings and other relevant ranking systems, to enable students to make informed decisions.
Financial Support & Scholarships: Information on government & institution-specific scholarships, as well as options for financial assistance.
Job Scope: Career options with different degrees, placement records of institutions.
Admission Framework: Step-by-step information on admission processes, required documents, application fees, and cutoff analysis.
Facilities on Campus: Information on hostel facilities, mess arrangements, campus amenities, cultural activities etc.

Speaking on the launch, Vipin Jain, CTO CollegeDekho said, “I’m thrilled to launch SaarthiGPT which will help millions of anxious students research and shortlist the right colleges and courses. The AI assistant provides students with personalized guidance and college counseling which has so far been the privilege only of a select few. SaarthiGPT is an extension of our brand purpose and will aid students and parents alike in making the right choices in their higher education journey.”

Mansi Praharaj

September 14, 2024
eShram Portal: A Beacon for India’s Unorganised Workforce

Number of unorganised workers registered on eShram portal rises to 29.79 croreIANS

eShram portal, a government initiative, has registered a staggering 30 crore workers within just three years of its inception. This milestone underscores the portal’s rapid adoption and its potential to effectively connect a vast number of unorganised workers with social security benefits in India. Launched on August 26, 2021, the eShram portal was conceived as a comprehensive platform to facilitate access to various social security schemes for unorganised workers.

The portal’s primary objective is to serve as a ‘One-Stop-Solution’ for these workers, enabling them to avail benefits from different schemes implemented by various ministries and departments. The Ministry of Labour and Employment, the driving force behind this initiative, has been actively collaborating with other ministries such as the Ministry of Panchayati Raj (MoPR), Ministry of Health and Family Welfare (MoHFW), and Ministry of Rural Development (MoRD) to expedite the registration of unorganised workers under their respective domains on the eShram portal.

The Ministry of Labour and Employment has stated, “The eShram-One Stop Solution will serve as a facilitator to ensure seamless access of various Government schemes to the unorganised workers. This will help in creating awareness of the schemes meant for unorganised workers while ensuring saturation of the schemes through identification of left-out potential beneficiaries.”

The government’s vision is to ensure that the benefits of welfare schemes reach all workers at the grassroots level. To achieve this, it is crucial to onboard all unorganised workers, including health workers like ASHA workers, Anganwadi workers, and those working in villages, gram panchayats, sabhas, parishads, building and construction projects, including MGNREGA workers and other similar workers.

The Ministry of Labour & Employment’s latest update revealed that the eShram portal has registered more than 30 crore unorganised workers in the short span of three years since its launch. This rapid and widespread adoption among the unorganised workers showcases the portal’s effectiveness and the government’s commitment to establishing the eShram portal as a One-Stop-Solution for the country’s unorganised workers.

Government to integrate eShram portal with other websites for seamless accessReuters

The government’s plan for the future includes a comprehensive integration of the eShram portal with other government websites. This integration, announced during the Union Budget 2024-25, will facilitate a ‘One-Stop-Solution’ and ensure seamless access to various government schemes for the unorganised workers.

The Ministry of Labour and Employment has been holding regular inter-ministerial meetings with senior officers from various ministries and departments, including the Department of Financial Services (DFS), Ministry of Housing and Urban Affairs (MoHUA), Ministry of Rural Development (MoRD), Ministry of Road Transport and Highways (MoRTH), Department of Fisheries (DoF), National Health Authority (NHA), and State BOCW boards, to discuss the integration process and ensure its smooth implementation.

eShram portal’s success story is a testament to the government’s commitment to the welfare of the unorganised sector. The portal’s rapid adoption and the government’s proactive approach in integrating various schemes under one roof have played a crucial role in its success. As the portal continues to evolve and expand, it is expected to bring about a significant change in the lives of India’s unorganised workers, ensuring their access to social security benefits and empowering them in the process.

September 9, 2024
Economic Resurgence India’s Path to Becoming the World’s Third Largest Economy

India’s economy, the world’s sixth-largest, saw a GDP growth fall to a five-quarter low of 6.7% in the first quarter of FY25IANS

India’s economy, currently the world’s sixth-largest, has been under the global spotlight due to its fluctuating Gross Domestic Product (GDP) growth rate. This key economic health indicator has seen a series of highs and lows, keeping economists, investors, and policymakers on their toes. In the first quarter of FY25, India’s GDP growth fell to a five-quarter low of 6.7%, according to government data. This slowdown was significant, especially considering that the country had been on a growth trajectory in previous quarters.

The decline in the farm sector, which recorded a 0.8% contraction, and a moderation in the services sector, particularly in trade, hotels, transport, and communication services, were key contributors to this slowdown. However, despite the slowdown, there are signs of resilience in the Indian economy. The manufacturing and construction sectors have shown promising growth, and there is potential for a rebound in the farm sector. The government’s focus on digitalisation and public investments, particularly in infrastructure, has been a key driver of growth. However, private consumption remains a concern, with a widening gap between GDP growth and consumption growth. This has raised questions about the sustainability of growth without broader distribution of wealth. The need for a revival in private and Micro, Small and Medium Enterprises (MSME) investments is also a pressing issue.

International institutions like the International Monetary Fund (IMF) and Moody’s have raised India’s GDP growth forecast for FY25 to 7%, indicating optimism about the country’s economic prospects. They have highlighted the role of public capital expenditure in driving growth and the importance of MSME investments. The World Bank expects India’s growth to be 7.6% in 2023-24, acknowledging improvements in tax revenues and a focus on infrastructure. However, they also point to challenges like the widening gap between GDP and consumption growth. Government policies, including the Union Budget, have played a significant role in shaping India’s economic outlook. The Budget has aimed at broadening the tax base and increasing indirect tax collections, while also introducing measures to boost manufacturing and digital transformation. The focus on infrastructure, such as construction and manufacturing, has helped maintain growth momentum.

GDP Growth Slows but Manufacturing and Construction Show PromiseIANS

Expectations include a continued push for public capital expenditure to stimulate growth, with hopes for a recovery in the farm sector and a pickup in private investments, particularly in MSMEs. The government’s efforts to maintain a growth-friendly environment and address the challenges in consumption and export sectors are crucial for future prospects. India faces challenges in attracting Foreign Direct Investment (FDI), with concerns raised about the concentration of wealth and the need for more equitable distribution. FDI inflows have been lower, partly due to a perception of constraints in the business environment and the need for a more level playing field. The wealth distribution issue, as highlighted by political figures, suggests that economic growth is not translating uniformly into wider prosperity.

While India’s economy has shown signs of resilience and potential for growth, it faces significant challenges. The government’s policies and initiatives, along with the country’s inherent strengths, will play a crucial role in shaping the future trajectory of the Indian economy. The journey towards becoming the world’s third-largest economy by 2027, as forecasted, will require concerted efforts to address the existing challenges and capitalize on the opportunities. The country’s economic trajectory will be shaped by its ability to navigate these challenges and leverage its strengths in the face of global economic headwinds.

September 9, 2024
India’s defence export projected to grow at 18 pc by 2030: Report

India’s defence export projected to grow at 18 pc by 2030: ReportIANS

India’s defence export is estimated to grow at 18 per cent CAGR (compound annual growth rate) from FY24-FY30, driven by the ‘Make in India’ initiative and thrust on local manufacturing.

According to global investment firm Jefferies, which cited factors such as geopolitical tensions and the government’s push to indigenisation the defence sector, opportunities are growing for Indian defence companies.

The report further said that the government is also building bilateral relations to promote exports in the global market.

Between FY24 to FY30 (estimated), the potential market opportunity for Indian defence companies is expected to rise at 14 per cent CAGR, the report stated.

“On one hand, the Indian government is emphasising indigenisation of defence. On the other hand, export of defence equipment is also being encouraged. This will increase the order inflow in the defence sector,” the report mentioned.

India’s defence spending will double between FY24 and FY30. This will further push share prices of defence companies in the coming future.

Defence companies will get opportunities worth $90 billion to $100 billion in the Indian market in the next 5 to 6 years. In 2022, India’s defence expenditure was 10 percent of the US expenditure and 27 percent of China’s expenditure.

India is the second largest importer of defence equipment in the world. Country’s share in the total arms imports in the world is 9 per cent.

India is the second largest importer of defence equipment in the world.IANS

India’s defence exports have increased 14 times to $2.6 billion between FY 2017 and FY 2024.

India’s export basket of defence products includes missiles, radars, naval systems, helicopters, and surveillance equipment.

Last week, in a huge boost to local defence manufacturing, the Centre approved 10 capital acquisition proposals amounting to Rs 1,44,716 crore, including for the modernisation of the Indian Army’s tank fleet with a futuristic Main Battle Tank.

The Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, accorded Acceptance of Necessity (AoN) for 10 capital acquisition proposals amounting to Rs 1,44,716 crore.

Of the total cost, 99 per cent is from indigenous sources under the ‘Buy (Indian)’ and ‘Buy (Indian-indigenously designed, developed and manufactured)’ categories, the ministry said in a statement.

The move clears the path for the procurement of future-ready combat vehicles (FRCVs), air defence fire control radars, Dornier-228 aircraft, next-generation fast patrol and offshore patrol vessels.

(With inputs from IANS)

September 9, 2024
Roadblocks in India’s Electric Vehicle Production: What’s Slowing Progress?

Ever since smart devices were introduced, it has become much easier to embrace complex and expensive technology. This introduction has not only made our personal lives easier, but it has also made professional lives in a variety of other fields less complicated than ever before. Among various industries, the automobile industry is no exception. The fundamental shifts have transformed the automobile industry into a hotbed of innovation, with electric vehicles leading the charge.

According to IBEF, India is poised to become the largest EV market by 2030, with a massive investment opportunity of over $200 billion in the next 8–10 years. This growth is being driven by evolving consumer preferences, government incentives and advances in automotive production, among others, for an eco-friendly future of the auto industry.

In this context, as the world shifts towards a more sustainable future, the electric vehicle (EV) sector will gain more momentum, presenting new opportunities for job creation and economic growth in the sector. But, despite the government’s efforts to promote EV adoption, challenges, such as infrastructure development and costs, continue to pose significant obstacles.

Here let’s delve into a few obstacles hindering the growth and future of vehicle production:

i) Limited Consumer Awareness

One of the significant obstacles hindering the growth of the EV sector is the consumer itself. A few early adopters and forward-thinking are eager to get behind the wheel of an EV, but others aren’t so sure. Many potential buyers are still unaware of the benefits of electric vehicles, such as lower operating costs and reduced environmental impact. This lack of awareness can slow down adoption rates and hinder market growth in the long run.

ii) Charging Infrastructure Limitations

Infrastructural issues inhibit India’s goal of full EV adoption. In fact, because of differences in engines and other operational components, EVs necessitate a separate charging and maintenance infrastructure than traditional ICE vehicles. However, India’s current charging infrastructure is insufficient to fulfill the increasing demand for EVs. The Ministry of Power reports that there are only 12,146 public EV charging points in India as of February 2, 2024, limiting the use of electric vehicles.

iii) High Production Costs

There is no denying the fact that electric vehicles and car production do not come cheap. By and large, EVs cost significantly more to produce than traditional gas-engine cars. For example, the average cost to produce a midsize electric vehicle is around $12,000, which is more than a comparable gas-powered vehicle. These high production costs can deter manufacturers from investing in EV production, limiting the variety and availability of electric vehicles for consumers.

iv) Difficulty Finding a Technician

Most auto owners discover that having their vehicle serviced by a dealer is much more expensive than using a reputable independent maintenance and repair company. With the EV sector being very tiny, there are only a few skilled EV repair technicians and even fewer certified individual shops. But, fortunately, EVs require less maintenance than gas-powered vehicles. For example, if an expensive component such as the battery pack, which can cost Rs. 15,000 per kWh or more depending on the EV model, needs to be replaced, there is little competition to help keep costs down.

Despite advancements in the electric vehicle (EV) sector, there are still challenges related to production capacity and technology. To address this, AI in automotive manufacturing emerged as an advanced technology, streamlining production processes and elevating product quality. In fact, overcoming these hurdles will be vital for the industry’s expansion, achieving the government’s target of 30% EV adoption by 2030, as per NITI Aayog.

Car Manufacturing Technology Trends

Paving the way for a cleaner and more sustainable future for transportation, the good news is that innovations in car manufacturing are certainly helping to address challenges. For example, advancements in battery technology are extending the range of EVs and reducing charging times, making them more convenient for consumers. Additionally, improvements in manufacturing processes are driving down costs, making EVs more accessible to a wider range of consumers.

Furthermore, the impact of automation on car manufacturing is certainly promising. These technologies can enhance production efficiency, improve product quality, and reduce costs. Thus, in the EV sector, automation is helping streamline battery production, while AI is optimizing charging systems and improving vehicle performance.

Future of Vehicle Production in India: Promising

Despite the obstacles faced by the EV sector in India, the future of vehicle production looks promising. In fact, with the government’s support, advances in automotive production technology and innovations in car manufacturing, the industry is poised for significant growth. According to IBEF, the Indian EV market is expected to expand to $113.99 billion by 2029, with a CAGR of 66.52%.

In a nutshell, by adopting future trends in car manufacturing, advances in automotive production and innovations in car manufacturing, the industry can achieve sustainable growth and a bright future.

September 7, 2024
India’s forex reserves up $2.3 billion to touch new high of $683.9 billion

India’s forex reserves rise to 4-month highIANS

India’s forex reserves increased by $2.299 billion to a new high of $683.98 billion for the week ended August 30, the Reserve Bank of India (RBI) data showed on Friday.

For the week, foreign currency assets, a major component of the reserves, increased by $1.485 billion to $599.037 billion.

In the week ended August 23, the country’s forex reserves had surged $7.023 billion to touch a new high of $681.68 billion.

According to the Central Bank, gold reserves increased by $862 million to $61.859 billion during the week. The Special Drawing Rights (SDRs) were up by $9 million to $18.468 billion.

The record all-time high level of India’s forex reserves will create external sector resilience and boost economy across sectors, said industry experts. Moving ahead, the country’s substantial foreign exchange reserves will provide the RBI greater flexibility in monetary policy and currency management.

India is also the fourth largest foreign exchange reserve holder in the worldINDRANIL MUKHERJEE/AFP/Getty Images

Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry (PHDCCI) appreciated India’s forex at a new all-time high, saying that this milestone will further strengthen the country’s external sector resilience.

“With the support of prudent policy initiatives and a vigilant monetary policy stance, the forex has reached the new all-time high record of over $683 billion (as of August 30, 2024), amidst growing geopolitical uncertainties,” Agrawal said.

Going ahead, coupled with RBI’s the robust policies and continued handholding by the government, India’s strong forex will boost economic growth trajectory by strengthening its position internationally, drawing in foreign investments, and promoting domestic trade and industry, he mentioned.

India is also the fourth largest foreign exchange reserve holder in the world, along with one of the largest FDI recipients in the world. The country has become the favourite destination for investment globally which is creating this rebounding effect for the country, according to experts.

(With inputs from IANS)

September 7, 2024
The New Hyundai CRETA: A Design Marvel That Dominated India’s Best Design Awards 2024

GURUGRAM: Hyundai Motor India Limited (HMIL) and Hyundai Motor India Engineering (HMIE) were presented with ‘India’s Best Design Projects Award’ at ‘India’s Best Design Awards 2024’ by Design India, for the new Hyundai CRETA. This accolade is a testament to Hyundai’s global design language of ‘Sensuous Sportiness’, personifying itself in the new Hyundai CRETA’s captivating, modern, bold stance.

Speaking on this coveted recognition, Chohee Park, Head of Department, HMIE Hyundai Advanced Design India said, “Through Hyundai Motor Company’s ‘Sensuous Sportiness’ design language, Hyundai is recognized the world over for its breathtaking designs. Winning ‘India’s Best Design Projects Award’ is a key recognition of this design philosophy. The new Hyundai CRETA showcases a seamless fusion of contemporary aesthetic and modern technology, ensuring it is not just an SUV, but a visual masterpiece. With its rugged design lines and authoritative presence on the roads, the new Hyundai CRETA continues to captivate the senses and enthrall new-age customers.”

The new Hyundai CRETA is an all-rounder SUV that ticks all the right boxes. Its audacious design goes beyond mere style, combining bold aesthetics with functional practicality and a rich heritage. The refreshed design appeals to the growing popularity of SUVs, offering a distinctive and modern look. Inside, the Hyundai CRETA seamlessly blends practicality with a premium feel, using high-quality materials and a design focused on the Indian user experience. This facelift builds on the success of the Hyundai CRETA nameplate.

The new Hyundai CRETA continues to fulfill the dreams of those seeking a contemporary and adventurous SUV, thus making India ‘Live the SUV Life.’

Since 2015, ‘India’s Best Design Awards’ has established itself as a standard of excellence across diverse design categories including product design, communication design, digital design, spatial design, and more. These awards are a recognized symbol of accomplishment, shining the spotlight on exceptional design and showcasing brilliance in a highly competitive design landscape.

September 7, 2024
India’s Beauty Market Set to Outpace Global Giants

IANS

India is on track to become a global powerhouse in the beauty and personal care market, surpassing other major markets such as China, the US, Japan, and South Korea. A report by online beauty and fashion marketplace Nykaa predicts a growth rate of 10-11% by 2028, taking the market value to $34 billion, a significant leap from the current $20 billion. This growth rate is considerably higher than other countries, with China expected to grow at 4-5%, the US at 2-4%, Japan at 2-3%, and South Korea at 2-3%.

The report attributes this rapid growth to several factors, including the rise of e-commerce. E-commerce is expected to be the biggest driver of this growth and the fastest-growing segment, with a projected Compound Annual Growth Rate (CAGR) of around 25%. This reflects a shift in consumer shopping preferences and the expansion of online platforms like Nykaa, which have made beauty products accessible to consumers across the country, including those in remote areas.

IANS

Another significant factor contributing to the growth of the Indian beauty and personal care market is the increasing aspirations and higher incomes among Indian consumers. This is driving demand for premium beauty products, which are expected to reach $3-3.2 billion by 2028. This trend is fueled by a growing middle class and higher disposable incomes, which allow for more investment in personal grooming and self-expression through premium brands.

The report also highlights the role of social media in influencing consumer choices and democratizing beauty expertise. With 520-560 million users expected by 2023, social media platforms are playing a crucial role in shaping consumer preferences and trends in the beauty and personal care market.

However, the growth of the online market is not without its impact on the offline trade sphere. The report indicates that the share of unorganised offline trade channels, which held an estimated 55% in 2023, is expected to reduce to 35% by 2028. This shift suggests a consolidation and formalisation of the market, likely due to the growth of e-commerce and the expansion of organised retail, which is outpacing the traditional, unorganised sector.

September 6, 2024
GCF Backs Avaana Capital Major Investment Boost for India’s Sustainable Future

5th Sept 2024 Mumbai, Maharashtra, India Avaana Capital, known for its thematic strategy and focus on sustainable investments, announces the approval of investment in the “Avaana Climate and Sustainability Fund” by the Green Climate Fund (GCF). With a total value of USD 120 million, including a substantial USD 24.5 million investment from GCF, this initiative marks a significant stride towards fostering climate innovation and sustainability in India. The approval was granted during the 38th Board Meeting of the GCF, held in Kigali, Rwanda, on March 5th, 2024.

Anjali Bansal is the Founding Partner of Avaana Capital

“We are delighted to share the news of the Green Climate Fund Board’s approval of Avaana Capital’s Climate and Sustainability Fund,” expressed Anjali Bansal is the Founding Partner of Avaana Capital. “This milestone represents the culmination of dedicated efforts, with gratitude extended to the Green Climate Fund team, including Rajeev Mahajan, Ayaka Fujiwara and Donggun Kim, for their unwavering support and guidance throughout this journey. We also acknowledge the leadership of Kavita Sinha and Soji Omisore in making this partnership a reality. This collaboration underscores GCF additionality and our shared commitment to advancing climate action.”

Avaana’s collaboration with the GCF highlights the transformative impact of technology and innovation in shaping low-emission and climate-resilient development pathways. “The Green Climate Fund’s investment in India’s first tech-led climate VC underscores the transformative impact that technology and innovation have in carving low-emission and climate-resilient development pathways,” stated Bansal. “It also further highlights the potential that India presents in developing solutions for mitigation and adaptation that are affordable and inclusive, enabling a just transition.”

The GCF, recognized as the world’s largest climate fund, is dedicated to supporting developing countries in developing and implementing climate action projects. It commits financial resources for the adaptation and mitigation of climate change effects, targeting key areas such as Energy Transition, Mobility, Supply Chains, Sustainable Agriculture, and Food Systems.

Avaana extends its gratitude to mission-aligned institutions, including SIDBI’s Green Finance Vertical team, for their invaluable role as the GCF Accredited Entity. The approval of the Avaana Sustainability Fund marks a significant push towards advancing India’s commitment to driving climate innovation and taking action.

“We are grateful for all the support from our partners SIDBI as the Accredited Entity, FCDO, and others,” concluded Bansal.

Kavita Sinha, Director of GCF Private Sector Facility, remarked, “The Green Climate Fund is proud to partner with Avaana Capital, and SIDBI, a GCF Direct Access Entity, to support the Avaana Sustainability Fund that aims to support commercialization of local, early-stage climate technology ventures. These climate technology ventures will enable India’s transition to a low emissions, climate resilient future. This partnership exemplifies our shared commitment to fostering climate resilience and sustainable development in India, especially for those most vulnerable to the impacts of climate change.”

Avaana’s philosophy revolves around the belief that substantial outcome creation along India’s path towards net zero emissions necessitates an ecosystem approach, integrating critical elements of technology, policy, industry, and academia. Avaana uniquely integrates and works across four ecosystems: Digital innovation, Industry Linkages, Policy, and Academia, and Catalytic Capital. This approach results in the creation of insights and thought leadership, positioning Avaana at the forefront of emerging technologies and investment areas. The fund follows a proactive thesis-led sourcing approach for tracking high-quality entrepreneurs and follow-on investments in portfolio companies, facilitating their journey to scale.

Mansi Praharaj

September 5, 2024
India’s fintech startups grow fivefold in last three years

India’s fintech startups grow fivefold in last three yearsIANS

India’s financial sector is growing at a rapid pace as fintech startups have grown by about five times in the past three years, according to a report. The growth has been from 2,100 in 2021 to 10,500 in 2024.

JM Financial said in a report: “At present time, India has 26 fintech unicorns with an estimated combined market value of $90 billion.”

India has one decacorn fintech (valuation of over $10 billion) and 25 unicorns, whose valuation ranges between $1 billion to $10 billion and 37 minicorns, with valuations ranging from $100 million to $1 billion.

There are 87 soonircorn fintech startups in the country, with valuations ranging between $60 million to $100 million.

The report said that the estimated combined value of all fintech companies in India is around $125 billion. The estimated income of all these companies in FY23 was around $20 billion. This was 5 per cent of the total revenue of all banks, financial services and insurance (BFSI) companies in the country.

Payment and Lending Firms Lead Funding Surge in India’s Fintech SectorIANS

In India’s fintech industry, payment and lending companies are getting a large chunk of funding. 85 per cent of the total funding raised by the fintech industry has been raised by these companies. Between 2014 and 2023, Indian fintech startups have raised about $28 billion in 1,486 deals.

JM Financial said in a report: “Rising consumption, penetration and AI will lead to 150 fintech unicorns and $200 billion in fintech revenue by 2030.”

Fintech startups in India include merchant payments, wallets, consumer payments, loans, insurance and wealth management companies.

According to the latest report by Boston Consulting Group (BCG) and Z47 (fka Matrix Partners India), the Indian fintech ecosystem is in its “middle journey.” “The ecosystem is poised for further exponential growth, as seen with incumbents that have created over $600 billion in value over the past 3-5 decades,” it added.

(With inputs from IANS)

September 4, 2024