Post the announcement of the lockdown, the sentiment across the BFSI sector was negative but gradually people’s expectations have come down and they are no longer in despair. They now want to come out of the negativity and do something fruitful in the current situation by making optimum utilization of the available resources, said Viram Shah, CEO & Co-founder, Vested Finance during a Live Webinar hosted by Elets Technomedia.
Excerpts of his address:
The biggest challenge for us, from a start-up point of view, is in terms of operational perspective. We had to stop whatever we were doing and re-prioritize our areas of functioning. And, being able to do that as fast as possible was one of our key challenges.
We faced three major challenges firstly in terms of employees in terms of their safety and well-being, Secondly the business challenges-whether we will be able to grow and what priorities do we need to set. We were earlier concerned about privatization but we shifted our aim to cash conservation and sustenance and thirdly, fundraising during this pandemic is a challenge for Fintech start-ups. Funds have not dried up but it is definitely a tough task to raise one. Decision making has become challenging. Not being able to meet physically is a hindrance as far as fundraising is concerned because it is not all digital yet in the world of funds.
Post the announcement of the lockdown, the sentiment across the BFSI sector was negative but gradually people’s expectations have come down and they are no longer in despair. They now want to come out of the negativity and do something fruitful in the current situation by making optimum utilization of the available resources.
Businesses post the pandemic period will depend on what target segment are they following. People are not investing a lot of money now so, it is believed that after the crisis is over they will have more money to invest and that might lead to a strong rebound in the next few months.
However, if you are targeting at the underseved section then there will be a challenge as their priorities will change after the pandemic.
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