“Big global corporations like Google, Microsoft, and Apple have all developed great solutions in their countries and are serving other countries with these solutions; the billions of dollars generated in revenue goes back home to them. There is tremendous scope for our startups to do the same, giving India the opportunity to ride the wave of the startup boom and become a trillion-dollar economy,” Vaidyanathan said.
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The time is ripe to create more unicorns and to master technologies like the metaverse and Web 3.0, and it will be crucial in coming years for India’s startups to focus on corporate governance while also creating products and solutions for the end consumer, he said.
“We are financing close to 500,000 loans every month, and are investing heavily in technology, the customer interface, stack and code, and will be in a good position to give good-quality solutions to startups for their banking needs,” Vaidyanathan said.
IDFC First Bank is a bank founded by the merger of Capital First and IDFC Bank in December 2018.
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