Disrupting The Conventional And Core Industries

The word disruption has truly come to the forefront during the pandemic and after it. However, before the pandemic there were some disruptions in fintech companies like Paytm and Phonepe that truly changed the meaning of transactions from a small vendor to any big firm, everyone was accepting payments through UPI i.e Unified payment interface.

As a result of this, we can see the platforms like Vedantu, Unacademy, Purple tutor etc. There were 658.0 million internet users in India in January 2022. India’s internet penetration rate stood at 47.0 per cent of the total population at the start of 2022, according to a report.

Another example of disruption could be taken from Netflix though it started out as a DVD company but now has transformed into an OTT platform. Netflix not only disrupted the market but also disrupted its way of functioning also from being a DVD company to an online streaming website. During the covid, education came to halt and then another disruption came in the education sector known as edtech. The whole education system gradually shifted from offline to online mode.

As education comes as one of the prominent sectors that got disrupted, Gaurav Perti, Founder and CEO, Purple Tutor said, ”Most platforms are AI-led live classes platform, we are doing typically adaptive learning that exists but it is in self-learning platform, our attempt is to make every teacher a great teacher, we do it by taking real-time input pump it back to teachers in real time to take a decision that will be personalized.”

Sanjeev Chandak, Co-founder and CEO at FTcash mentions "It is easy to lend difficult to get back, we have developed the algorithm and processes. Now, company’s DNA is suited for the target, we understand how the segment behaves and we have gone through a few credit cycles which were stressful."

While commenting on frequent digital lending guidelines coming from the government, Sanjeev Chandak, Co-founder and CEO, FTcash states,” At some point, we have to change, it will be good for the ecosystem. RBI and the finance ministry trying to clean up malpractices will gain the trust of the audience and we will abide by all the rules. All fintech players have to modify for the long term and we have to do it."

“In my view, they are doing good, they are curbing bad practices, they actually added catalyst like encouraging the UPI,” adds Pratyush Halen Founder and CEO at Fingpay.

The Panelist in this session were Gaurav Perti Founder and CEO at Purple Tutor; Sanjeev Chandak Co-founder and CEO at FTcash; Bhuvan Rastogi Co-founder and CEO Lendbox; Pratyush Halen Founder and CEO at Fingpay; The session was moderated by Tej Kapoor Managing Partner at Ivy cap Ventures.