At the Global Fintech Fest, Nandan Nilekani, co-founder and chairman of Infosys, made a bold statement that has captured headlines: he declared that startups powered by India’s digital public infrastructure (DPI) are valued at $100 billion.
“The estimate is that the market value of startups on top of India’s DPI is about $100 billion. The future of finance will be a concept he and some people call “Finternet”,”, said Nilekani.
Nilekani On Aadhar & UPI Tools
Adding further, Nandan Nilekani said that he believes introducing Aadhar and UPI was completely strategic to the functioning of India’s digital infrastructure, aimed particularly at empowering the private sector and entrepreneurs. By providing these digital rails, India aimed to create opportunities for startups to develop and offer innovative solutions that drive the fintech ecosystem forward.
Nilekani believes that these digital systems have not only proven to be beneficial for entrepreneurial success but also, with their combined valuation reaching $100 billion, the platforms clearly reflect the potential of India’s DPI in aiding a flourishing digital economy.
Do Financial Systems Struggle With Rising User Demand?
As per Nandan Nilekani, Financial systems do struggle to keep up with the rising user demands as they want more choices and better control. He mentioned that all types of assets—such as land, property, bonds, financial investments, art, and paintings—will be unified under one infrastructure and tokenized.
“It allows everybody to participate and controls all assets. We want to have something which allows everyone to participate and control all kinds of assets. User-controlled assets, user content, NFTs (non-fungible tokens), adjusted assets which are certified by somebody, registered assets like land, or regulated assets like financial products,” he said.
About Nandan Nilekani
Mr. Nandan Nilekani is the official chairman and co-founder of Infosys, a multinational consulting and IT services firm that assists customers through digital transformation. Operational in more than 55 countries as of now, the company is definitely a huge success under Nilekani. Not only this, Nandan Nilekani has also played a major role in creating Aadhar and the Unified Payments Interface (UPI), with his major focus on using technology to promote innovation and make financial services more accessible. Nilekani remains a prominent advocate for progress in technology and public policy, with his aim to drive growth and improve access in the digital era.
Nilekani also revealed that he, along with Pramod Varma, Siddharth Shetty, and Agustin Carstens, authored a paper on “FINTERNET” with the BIS (Bank for International Settlements) team in April 2024.
