Indian entrepreneurs have once-in-a-lifetime opportunity to shape future of technology globally: Paytm CEO Vijay Shekhar Sharma

Paytm founder and CEO Vijay Shekhar Sharma (Image: WikiMedia Commons)

Paytm founder and Chief Executive Officer (CEO) Vijay Shekhar Sharma has said Indian entrepreneurs have a unique once-in-a-lifetime opportunity to shape the future of technology across the globe.

"It is a once-in-a-lifetime opportunity for entrepreneurs to build this in this side of the region," CNBC quoted Vijay Shekhar Sharma saying at Singapore FinTech Festival.

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The CEO of the financial technology company said accelerating internet adoption has increased the need for tech-enabled tools in developing countries, which Indian market is well-placed to serve.

He also said technology was primarily designed for sophisticated users in wealthy countries unlike today.

However, Sharma said with internet use becoming more prevalent, 4.6 billion internet users will require new, tailor-made solutions, and entrepreneurs in Asia can leverage their physical and social proximity to developing markets.

"The next 5 billion customers in the world will be served using the technologies and the methodologies that are built in Asia. Those, I believe, significant (numbers) of them will be built in India," said Sharma. He even said Indian startups have an opportunity of a world-class impact.

With global tech firms mulling to open their set ups in India, considering it world’s second-largest internet market after China, Paytm chief said one cannot expect a company living far away to understand the needs of our (Indian) people.

"Already India and Southeast Asia are home to a number of homegrown tech start-ups, four or five of which have the potential to hit a valuation of $100 billion," he said.

He mentioned Grab, Gojek, Paytm, Ola, and Flipkart.

"Remember that you are not up against a large company, you’re up against opportunity, against mindset of this country, against a customer base which is yet to convert into a technology champion, and you have a full chance. You have as much of a chance as somebody else," he added.