Going Global is Easier for Companies Successful in India: Sameer Nigam


the IT industry attracted significant FDI to India, creating jobs: Founder & CEO, PhonePe


FinTech BizNews Service   

Mumbai, February 26, 2024: “If you can succeed in the Indian market where the consumer wants everything and wants everything for free, it's much easier to go abroad because the scale's already proven out. The quality of service that's demanded is very high in India,” said Sameer Nigam, Founder & CEO, PhonePe, at a fireside chat at the India Digital Summit (IDS), in Mumbai. 

In conversation with Vivan Sharan, Partner, Koan Advisory Group, Nigam spoke about the internet economy in India and the edge that FDI or global markets brought in for the sector.

He pointed out that the IT industry attracted significant FDI to India, creating jobs. He said that initially India lacked internet infrastructure, affordable smartphones, and widespread access, but the scenario changed around 2010 with increased FDI. Young entrepreneurs capitalized on this, leading to a market expansion. The advent of affordable internet and smartphones marked a pivotal moment. Leveraging FDI for growth India was now aspiring to establish global enterprises, Nigam remarked.

Nigam further shed light on distribution-aided businesses in India and how they got the dynamics right in India. However, on being asked about why they haven’t been able to travel far yet, he noted that it was essential to establish significant brand equity at a large scale to receive a warm reception from people.

According to Nigam, India is currently gaining attention and being perceived differently, especially by regions like South-East Asia and Western Europe, and there is a growing belief in the strength of the Indian brand. As this perception solidifies, Indian companies will confidently venture forth, as exemplified by initiatives like PhonePe, aiming to provide a range of services.

IDS 2024 is being organised by IAMAI in partnership with the Ministry of Electronics and Information Technology (MeitY), the Ministry of Information and Broadcasting (MIB), the Union Ministry of Tourism, UIDAI, Indian Cybercrime Coordination Centre (I4C), Government eMarketplace, In-Space and Skill India Digital. The Summit is Co-powered by Peak XV and WhistleFEED, and Brought to You by META.

 

 

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