Industry Leader Sessions:
Scaling Up a Startup From Scratch
Introduction
At Bharat FinTech Summit (BFS) session, one of the leading fintech founder shared an unfiltered look into the journey of building one of India’s most iconic financial technology companies from writing the first lines of code personally to steering the firm through a successful IPO. The story is not just about scaling a company but about perseverance, conviction, and belief in one’s purpose.
The Early Days: Building Without Funding
Unlike today’s startups that often begin with seed rounds and VC guidance, this fintech began with zero external capital. The founder, an engineer by training, developed the initial product from scratch—at a time when India was yet to experience its smartphone revolution.
He candidly recalled: “There was no business model. There was only belief that if people used what I built, we’d find our way.”
The early challenges were immense:
- Building and launching a full digital product with limited resources.
- Ignoring investor skepticism—some even dismissed the product as being for the “lower class.”
- Focusing purely on customer validation, not opinions.
"If you have customers and they love your product, everything else you can ignore."
Scaling Smart: Focus on Strengths, Not Weaknesses
When the company began scaling, the team tried to fix their shortcomings in marketing and sales—only to realize that progress came from doubling down on strengths.
Their focus on product excellence allowed the business to evolve beyond its origins as a wallet platform into a full-stack fintech offering payments, credit, investments, and now AI-driven services.
"Scale what you're great at. Don't dilute your strengths chasing skills you don't have."
Raising Capital: Conviction Through Rejection
The transition from bootstrapping to fundraising wasn’t easy. The founder faced multiple rejections, skeptical investors, and shifting market perceptions. Yet, the company’s progress—rooted in real customer traction—eventually spoke for itself.
He shared one powerful anecdote: an investor who repeatedly declined meetings later became the lead anchor investor in the IPO. A testament to persistence and long-term relationship-building.
"Don't chase validation. Chase conviction."
The IPO Decision: A Founder's Perspective
Going public wasn’t just a financial milestone, it was a strategic choice. As the founder put it:
"If you've taken investor money, they expect a return."
The IPO path aligned with the company’s long-term vision, building a generational institution that could inspire India’s startup ecosystem. He praised India’s maturing capital markets, which now offer genuine exit opportunities for founders without having to sell out.
Lessons from a 15-Year Journey
Over 15 years, leadership evolved from hands-on coding to strategic foresight. The biggest learnings:
1. Resilience is everything. Every meaningful pursuit will have moments of doubt. The key is staying the course.
2. Team defines destiny. The company’s earliest breakthroughs came from young, passionate talent—fresh graduates and interns. Building a leadership team that scales the founder’s vision is essential for longevity.
3. Self-belief is the differentiator. Founders must hold unwavering conviction, especially when faced with skepticism.
Key Takeaways for Entrepreneurs
- Believe first—funding follows conviction.
- Let customers validate your vision, not investors.
- Focus on your strengths and build deep, not wide.
- Persevere through rejection; capital comes to resilience.
- Build a culture of passion and accountability.
- Choose your legacy path—IPO or M&A—based on your long-term purpose.
This fintech’s journey is a masterclass in persistence and purpose. It proves that building with limited resources is not a handicap—it’s a crucible for clarity.
"You don't build a startup for hype. You build it for impact—and if your product makes people's lives better, everything else will eventually fall into place."
