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IMDR’s Journal of Management Development & Research 2023-24

Figure 4:

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2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Source: Statista
As per Statista data and Pwc executive summary June 2022, FinTech are increasingly

capitalising on the digital lending opportunity, with some focused-on experimenting across

the lending value chain, while others are focusing on specific value chain points such as
customer sourcing, underwriting, collections and product innovation. The disruption caused

by start-ups in the lending area is apparent from venture capital (VC) investor confidence –
India has nearly 1,263 digital lending start-ups, of which over 194 were funded by VC

funding as of 2021. The above data illustrate how digital lending markets has grown
significantly from 2014 to 2023.

6. Development of India Stack

Figure 5:

Source: D’silva et al. 2019
According to D'Silva et al. (2019), the "India Stack" is based on two fundamental ideas:

creating digital platforms as public goods and integrating data security and privacy into the
design of digital public goods. Figure 5 is an illustration of the India Stack for payment

systems. The Aadhaar enabler, which FinTechs employ to obtain a distinct, verified identity

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