Moneycontrol Fintech Conclave: 'My favourite app is Swiggy,' KV Kamath tells CRED's Kunal Shah

Drawing comparisons with global economies, Kamath noted that technology contributes 35% of GDP growth in China, while in India, it is less than 5%.

"My favourite app is Swiggy," said KV Kamath, Chairman of Jio Financial Services, speaking at the Moneycontrol Fintech Conclave with Kunal Shah, Founder of CRED. Kamath's comment came as he discussed the rapid pace of technological advancements and the challenges fintech companies face in balancing growth with sustainability. He pointed out that many fintechs are "burning money without understanding when to stop" and warned that there is no clear endgame in sight for these companies. "They could have actually stopped the burn despite growing well," he explained, highlighting the importance of financial prudence.

Kamath also addressed the issue of excessive hiring in the tech space, particularly pointing out that fintechs have overemployed engineers without a sufficient understanding of business fundamentals. "They need to understand business too," he added.

Also Read | Convenience is king, disruption in broking and AMCs inevitable, says KV Kamath

Drawing comparisons with global economies, Kamath noted that technology contributes 35% of GDP growth in China, while in India, it is less than 5%. He explained that although India’s older software services companies have been key players, the future lies with new-age companies. "Some of these are old software services companies. New age companies are just starting," he remarked, adding that India's share of technology in its GDP is expected to grow significantly in the next 5-7 years. "We need new discovery companies in technology, not just consumer internet companies," Kamath concluded, stressing the need for innovation beyond the consumer tech space.