Alok Mittal, the co-founder and CEO of Indifi Technologies, has expressed confidence in the company's ability to achieve a twofold increase in growth during the current fiscal year, FY24.

During an interview with CNBC-TV18 at the Global Fintech Fest (GFF) in Mumbai, Mittal highlighted that Indifi has sustained a 100 percent year-over-year (YoY) growth for the past two years and anticipates this growth trajectory to persist.

"We have grown 100 percent year on year for the last two years and we are seeing the growth momentum continue. I think the fintech industry is at a confluence of two or three trends - one, the economic growth has been great, second, the credit quality has stabilised after the COVID disruption. Also inspite of the rate increases, the supply of capital is still abundant. So that is a great trifecta to be sitting in," he said.

"We are seeing strong growth but equally our peers in the industry are seeing strong growth and strong credit quality. We still operate like a startup, we don't limit our ambitions by a target. However, I do think there is an opportunity to double our growth again," he added.

The Global Fintech Fest event in Mumbai was inaugurated by Finance Minister Nirmala Sitharaman, who praised the pivotal role of fintech in advancing financial inclusion in India.

Despite these positive developments, Mittal stressed that the company is not in a hurry to go public. He emphasised their primary objective is to establish a resilient and thriving business.

Watch the accompanying video for the entire discussion.

First Published:Sept 5, 2023 11:01 PM IST