The fintech sector in India has attracted 9 Bn USD investment in India alone. This is partly due to the fact that India has an accelerated pace of Fintech investment, and will become a 125 Bn industry by 2025. It is not just limited to startups but has permeated all walks of life. Another key phrase that permeates all walks of life is ESG or environment, social, and governance. The two fields now merge together and one cannot be excluded while talking about the other.
Recognising the importance of this discussion, BW Businessworld, in collaboration with leading fintech player C2FO organised ‘Innovate 2023’. A closed-door event, it saw the participation of leading CFOs and leading fintech players from all over India. The event saw panel discussions on lively and relevant topics like role of technology in addressing liquidity problems across supply chains, and sustainability across the supply chain. One of the leading companies globally in this field is C2FO, an organisation that is striving to make capital accessible to every company around the globe. With a customer base of over 2 Million businesses worldwide, they have done wonders when it comes to making working capital accessible. Talking about the ‘Innovate 2023' event, Neha Tyagi, VP and Regional Head, West, C2FO says, “We thought of getting industry leaders and audience like yourselves to have a good, lively, and engaging discussion.”
Talking about liquidity issues, supply chain, and how technology can be used to deal with these issues Dr. Sriram Swaminathan, Group CFO of Punjab Chemicals says, “Unless you convert value and services into cash, you are not in the business. That is why it is necessary to have cash flow on a day-in and day-out basis.” If you don't have cash in the business that is the end of it, for which one needs all kinds of innovative solutions, it will ultimately shut down. “Businesses don't die because they are not profitable, but if you don't have cash at the end, it is the end of your business.” Adds Nikhil Bhagchandani, deputy director of marketing, Vendanta Limited. Money is king when it comes to running a business, but today ESG has assumed center stage and is as important as financial aspects of business.
Another issue that plagues the supply chain industry is ensuring sustainability and resilience. Addressing this issue, Manas Datta, MD, Strategy and Investments, Allana Group says, “For us, sustainability in the supply chain is about efficiency, be it cost or logistics, and synergy across various channels of business.” Adding to the discussion, Ramit Mahajan, Head of Supply Chain Enablement, India, Middle East and Africa, Henkel says, “The traditional view of the supply chain has been around efficiency. There has however been a marked shift in the ESG discussion which is something our customers are asking to bring to the table.”
The event saw the participation of many senior leaders who gave insight into the field of fintech, supply chain, and ESG. Companies are now recognising the importance of ESG and fintech coming together to deliver better solutions while adhering to investor and customer demands. It is only the beginning of a long road ahead.