This interview with Devesh Chawla, CEO & Founder of Chatur Ideas provides insightful tips for Fintech startups.
The Indian startup ecosystem has seen countless startups growing and succeeding in recent years. Many of these startups have been in the ?ntech space and have disrupted traditional businesses. The 2015-2021 period has seen phenomenal growth in India’s digital payments, personal ?nance and lending and wealth segments. While these ?ntech startups have created countless solutions in the ?nancial world, we caught up with one of the thriving ?ntech investors and mentors, Mr. Devesh Chawla. His versatile expertise has ranged from being an entrepreneur of the dynamic startup economy to being a mentor to many budding startups. His experience unveiled some amazing tips for aspiring ?ntech entrepreneurs.
Be real with your audience and earn their respect.
The ?rst and most important thing that Mr. Chawla said was the importance of being genuine with your audience. In the ?nancial world, authenticity is key because people are trusting you with their hard-earned money. If you want to build a successful ?ntech startup, you need to be transparent and honest with your users from the very beginning.
He also emphasized on the need to have a strong product and team in place before starting to market your startup. A lot of times, startups make the mistake of starting their marketing efforts too early without having a solid product or team in place. This can back?re and damage your startup’s reputation in the long run.
Focus on pain points, that is your next big idea!
Mr. Chawla believes that the next big ?ntech idea will come from solving a real pain point that people face in their everyday lives. There are many areas in the ?nancial world where there is scope for innovation and creativity. To be successful, you need to identify a problem that people are facing and come up with a unique solution that solves that problem.
He also advised aspiring entrepreneurs to have a global vision for their startup from day one. With the advent of technology, it is now easier than ever to reach a global audience. Fintech startups should aim to provide solutions that can be used by people all over the world.
The Indian ?ntech space is growing at an unprecedented rate and is attracting attention from all over the world. If you are planning to set up a ?ntech startup, keep these tips in mind and you will be well on your way to success!
Figure out your niche
Fintech is a vast ?eld with numerous sub-niches. To be successful, you need to identify a speci?c area that you want to focus on and build a strong team that has expertise in that particular domain.
For example, if you are planning to start a payments company, you will need to have a team of experts who understand the payments landscape and can help you navigate the various regulations. Similarly, if you are planning to start a lending platform, you will need to have a team of ?nancial experts who can help you assess risk and develop algorithms for pricing loans.
The bottom line is that it is important to have a clear vision for your startup and build a team of experts who can help you execute that vision.
Consider testing and learning
The ?ntech space is constantly evolving and new technologies are being developed all the time. It is important to keep up with the latest trends and developments in the industry.
One way to do this is to consider testing and learning. This involves setting up a small team that can experiment with new ideas and technologies. This team can then provide feedback to the rest of the company on what works and what doesn’t.
This approach allows you to be nimble and quickly adapt to changes in the market. It also helps you gain a competitive edge by giving you a chance to try out new ideas before your competitors do.