Alok Mittal, the CEO and co-founder of Indifi Technologies, has expressed strong confidence in the company’s potential to achieve a twofold increase in growth during the current fiscal year, FY24. Speaking at the Global Fintech Fest (GFF) in Mumbai, Mittal highlighted Indifi’s remarkable track record of sustaining a 100 percent year-over-year (YoY) growth rate for the past two years and indicated that this impressive growth trajectory is expected to continue.
Mittal explained that several key factors are contributing to Indifi’s optimism about its growth prospects. Firstly, the fintech industry is benefiting from India’s robust economic growth. Secondly, credit quality has stabilized following the disruptions caused by the COVID-19 pandemic. Lastly, despite increases in interest rates, there is still an ample supply of capital in the market, creating a favorable environment for fintech companies like Indifi.
While acknowledging the strong growth trends in the fintech sector, Mittal emphasized that Indifi continues to operate with a startup mindset and does not set strict growth targets. However, he believes there is a significant opportunity to double their growth once again.
Notably, Finance Minister Nirmala Sitharaman inaugurated the Global Fintech Fest event and commended the pivotal role of fintech in advancing financial inclusion in India, underscoring the broader positive outlook for the industry.
Despite these positive developments, Mittal clarified that Indifi is not rushing to go public. He emphasized that their primary focus is on building a resilient and thriving business, indicating a commitment to sustainable growth and long-term success.
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