Karnataka partners with RazorPay for fintech growth

BENGALURU: Merging private players in policy and planning for a better economic ecosystem is the roadmap for success. 

Karnataka Digital Economy Mission (KDEM) partnered with Harshil Mathur, CEO, and Founder, RazorPay to launch a fintech task group. This step will help in fostering an environment leading towards growth of the industry, identifying the opportunities and challenges faced by the fintech ecosystem, and encouraging partnership for collective growth.

BV Naidu, Chairman, KDEM said that he believes in India as the “world’s fastest-growing tech innovations hub”. Through the growth of fintech, the industry has raised close to $10 billion in investment.

Fintechs have thrived in India because of rapid digitalization and inclusion made possible by the combined efforts at the policy level. This has encouraged the growth of tech innovations and disrupted the operations of financial services and how masses access them.

According to a report by FICCI and Boston Consulting Group, the Indian fintech sector will attain a valuation of $150-$160 billion by 2025. India’s fintech pioneers such as Razorpay, Zerodha, Khatabook, and Cred are based out of Karnataka. These companies are actively pursuing the dream to increase the efficiency of digital payment, providing new-banking solutions, investment avenues and enhancing the ease of access to easy credit.