India: A Global Leader in Financial Technology and Women Empowerment
India is at the forefront of the financial technology revolution, boasting an impressive adoption rate of 87%, significantly higher than the global average of 64%. This remarkable statistic reflects not only the country’s technological advancement but also its progressive approach to financial inclusion. In a sector traditionally dominated by men, women are making substantial strides, reshaping the financial landscape through innovation and leadership.
The Rise of Women Entrepreneurs
The evolving business environment in India is increasingly welcoming women across various industries, from fashion to technology. The Sixth Economic Census conducted by the Ministry of Statistics and Programme Implementation (MoSPI) reveals that women entrepreneurs now account for 13.76% of the total entrepreneurial landscape in India. While this statistic is a testament to progress, it also highlights the persistent biases that women face in the entrepreneurial realm.
Spotlight on Influential Women in Fintech
Her Circle has taken the initiative to spotlight influential women who are shaping the fintech sector in India. These trailblazers are not only driving innovation but also paving the way for future generations of female entrepreneurs.
Anisha Singh | SHE Capital
Anisha Singh is a prominent figure in the fintech space, known for founding SHE Capital, an investment fund dedicated to supporting women-led startups. Launched in June 2018, SHE Capital aims to empower female entrepreneurs by providing them with the necessary financial backing to thrive. Anisha’s journey into entrepreneurship was unconventional; she was encouraged by her professors at American University to pursue an MBA, which ultimately led her to discover her passion for business.
Her experience interning at a startup in Washington, D.C., under the mentorship of Julie Holdren, ignited her entrepreneurial spirit. Anisha is committed to fostering a new generation of female-led high-growth businesses, aspiring to cultivate female unicorns. Through SHE Capital, she not only provides funding but also mentorship and opportunities for women to develop their entrepreneurial skills.
Upasana Taku | MobiKwik
Upasana Taku co-founded MobiKwik in 2009, establishing herself as a pioneering female entrepreneur in India’s fintech industry. As CEO and board chair, she has played a crucial role in the company’s growth. With a background in engineering and management from prestigious institutions, Upasana’s journey began at PayPal, where she honed her skills before returning to India to address significant challenges in the financial landscape.
Under her leadership, MobiKwik achieved profitability in the fiscal year 2022-2023, generating ₹560 crore in revenue. The company’s innovative ‘Buy Now Pay Later’ program has significantly expanded its user base. Upasana’s resilience and determination exemplify the spirit of entrepreneurship, as she continues to tackle societal challenges through fintech solutions.
Hardika Shah | Kinara Capital
Hardika Shah is the visionary behind Kinara Capital, a fintech startup that is transforming the lending landscape for small entrepreneurs. With a mission to provide hassle-free business loans without collateral, Kinara Capital has empowered over 125,000 business owners since its inception. Hardika’s upbringing in a middle-class family instilled in her the values of education and social responsibility, motivating her to return to India after 23 years in the U.S. to make a difference.
Kinara Capital champions gender diversity, with nearly 60% of its top management comprising women. The ‘HerVikas’ program offers discounted loans specifically for women-owned MSMEs, further supporting female entrepreneurs in scaling their ventures. Hardika’s journey is a testament to the impact of determination and social responsibility in entrepreneurship.
Puja Srivastava | Spocto Solutions Pvt Limited
Puja Srivastava co-founded Spocto Solutions Pvt Limited in 2017, breaking social norms in a male-dominated field. Spocto is a fintech startup that assists financial institutions in evaluating customer risk levels and monitoring investment portfolios in real-time. With a workforce of 1,000 employees, 600 of whom are women, Spocto emphasizes the importance of diversity in the fintech sector.
Puja highlights the unique perspectives women bring to the industry, contributing to the success of companies like Zopa and Paytm. However, she also points out the concerning trend of fewer job applications from women in fintech, emphasizing the need for greater diversity to propel India towards becoming a trillion-dollar economy.
Swati Bhargava | CashKaro/EarnKaro
Swati Bhargava, co-founder of CashKaro and EarnKaro, has made significant strides in empowering homemakers through her innovative social commerce app. Launched in 2019, EarnKaro allows users to share shopping deals on social media platforms, enabling them to earn cashback. In less than two years, the app attracted nearly two million resellers, primarily women from smaller cities.
Swati’s entrepreneurial journey began after a successful career in investment banking at Goldman Sachs. Together with her husband, she identified the potential of cashback in India’s growing fintech sector, leading to the inception of CashKaro. Their vision has transformed into a thriving business, driven by a commitment to innovation and customer satisfaction.
Conclusion
The fintech landscape in India is undergoing a transformative shift, driven by the remarkable contributions of women entrepreneurs. As they continue to break barriers and redefine the industry, their stories serve as an inspiration for future generations, highlighting the importance of diversity and inclusion in driving innovation and economic growth.