FOREWORD

Dear Readers,
Hope this finds you well. We are pleased to launch the ninth edition of The Bottomline – a joint initiative
of the finance and investment clubs of IIM Ahmedabad, IIM Bangalore, IIM Calcutta and IIM Lucknow.
The Indian Fintech Landscape is exploding and this fintech special edition couldn’t have come at a better
time. In terms of fundraising, 2021 is on track to be the biggest year yet with Indian fintech startups already
raising $2 Billion in investments in the first half of the year. Indian merchant commerce platform Pine Labs
has been the quickest off the blocks as it raised over $ 600 million at a $3 Billion valuation and looks to IPO
in the next 12-18 months. Digital payments giant PayTM is not far away as it looks to raise Rs 16,600 in
what could be one of the biggest Indian IPOs in a decade. Elsewhere, BharatPe, a fast growing Indian
fintech startup, was in the news for its compelling joining proposition - BMW Superbikes and all-expense
paid trip to the T20 World Cup in Dubai - for engineers restarting an online debate on how difficult it is
for Tech startups to land software talent amids this funding boom.
Neobanks such as FamPay, Niyo and Jupiter are making waves in the credit cards space as they look to
innovate with digital layers and features on top of the traditional credit card system. Buy Now Pay Later
(BNPL) is also emerging as a subsegment to watch out with the big players already announcing their intentions.
Stripe has acquired Australian BNPL player Afterpay for $29 Billion and Klarna raising $639 million at a
post-money valuation of $45.6 billion in June. This makes Indian competitors like LazyPay and Simpl
companies to watch out for in the next 12-18 months.
The Indian Government is not to be left behind in fintech innovation as it looks to launch e-RUPI next
month, an electronic voucher to simplify and secure the process of Direct Benefit Transfers (DBT) for welfare
schemes. E-RUPI will function via an SMS string or QR code which can be sent to the beneficiary’s phone
and which will be redeemable at designated centres. There will be no need for any physical interface like a
debit or credit card, mobile banking application, or anything else.
Our contributors to this edition have delved on some of these topics with great insights. As always, any
feedback from our readers is welcome and we strive to achieve new heights with each subsequent edition.

Happy reading!
The Editorial Team

i
TABLE OF CONTENTS
FOREWORD i
1 PRINCIPAL PROTECTED MARKET LINKED DEBENTURE – WINT WEALTH 1
2 EXCITING FUTURE TRENDS IN THE INDIAN FINTECH LANDSCAPE 3
3 HOW DOES BLOCKCHAIN GAMING WORK? 5
4 PAYTM - GETTING READY FOR THE LARGEST IPO IN INDIA 7
5 CASE FOR SUPPORTING THE NASCENT FINTECH SPACE 8
6 IS FINTECH THE ANSWER TO SME FINANCE PROBLEMS IN INDIA? 10
7 NEW UMBRELLA ENTITY 12
8 WHAT DOES THE FUTURE HOLD FOR FINTECH? 13
9 FINTECH INVESTMENT SERVICES AND WEALTHTECH – INDIA 15
10 GOING BIG ON SMALL: FINTECH FOR MSMES 17
11 LEMONADE – REDEFINING INSURANCE 19
12 REVIEWING COVID-19 IMPACT ON THE INDIAN IPO MARKET 21
 PRINCIPAL PROTECTED MARKET
LINKED DEBENTURE – WINT WEALTH
Wint Wealth is a young initiative by 4 IITians Let us look at how a PP MLD works for investors:
who aim to provide a platform for retail investors
to invest in a product that lies between Debt (low
• Principal Protected: The principal component of
these instruments is covered by underlying loan
risk & returns) and Equity (high risk & returns).
collaterals.
Wint Wealth boasts start-up honchos Nitin Kamath
(Zerodha), Kunal Shah (CRED) & many more as
• Market Linked Debentures: These securities
have a unique repayment covenant which links
its investors.
the repayment of the debenture to the vagaries of
These first-generation entrepreneurs struck gold equity indices. For example, the covenant will be
with Principal Protected Market Linked Debenture worded as given below:
(or PP MLD). PP MLD is not a new product per “The coupon rate on the PP MLD will be 10%.
se, but the real break-through was to make this In case the BSE Sensex 30 falls below 80% of its
product available to retail investors – in multiples of current market level as on the allotment date,
(as low as) Rs. 10,000 and that too in a transparent the coupon rate on the PP MLD will be nil.”
manner.
This clause makes the returns on PP MLDs linked
To understand the concept of PP MLD, we need to to equity markets, which enables them to enjoy tax-
have a basic understanding of two process called ation akin to that of equity shares & equity mutual
‘Asset Securitization’ or ‘Assignment of Receivables’. funds. This is the biggest selling point of the PP
There are few legal differences between the two, but MLDs to HNI Investors because:
we will look through them in this article.
• Debt instruments (corporate bonds, debt mutual
• An NBFC has given multiple loans to various funds) must be held for 36 months to attract
consumers and now wants raise capital to give lower taxation under the existing tax-rules on
more loans. long-term capital gains (LTCG).
• The NBFC will issue securities on the strength • It is almost certainly unlikely that BSE Sensex
of its loan receivables, i.e., it will pool together will fall below 80% of its current value in a span
multiple loans. of 18-24 months and so there is very little risk
• The payment terms of these securities will be effectively.
guaranteed by a special purpose vehicle (SPV). • Harshal is a Chartered Accountant with 4+ years
• The SPV collects payments of the pooled loans work experience in Corporate Treasury at Reliance
from individual borrowers, which are in turn Industries Limited. He is a proud Mumbaikar and
used to repay the investors. likes to hit the gym or play football.

Principal Protected
Debt Mutual Equity Mutual
Particulars Fixed Deposit Market Linked
Funds Fund
Debenture
Expected Return 4.5% to 5.5% 5% to 7% 9% to 11% 0% to 20%
(18-24 months)
Credit Risk Very low Low Very Low N.A.
Liquidity Risk Moderate Low High Low
Taxation Interest is taxed at LTCG Taxation after LTCG Taxation after LTCG Taxation after
individual slab rates. 36 months 36 months 36 months

1
Here are some of the past issuances of PP MLDs managed by Wint Wealth:

Principal Protected
Debt Mutual Equity Mutual
Particulars Wint Gold Market Linked
Funds Fund
Debenture
Issue Size 15 crores 20 crores 20 crores 10 crores
Tenor 15 months 18 months 24 months 18 months
Expected Return 11% p.a. 9.5% p.a. 10.25% p.a. 11% p.a.
Underlying Interest is taxed at LTCG Taxation after LTCG Taxation after LTCG Taxation after
individual slab rates. 36 months 36 months 36 months
Loans (UL) Gold loan Business Loans Vehicle Loans Gold loans
against Property
IRR of UL 23.01% 10%+ 20.07% 19.50%
NBFC Dhanvarsha Finvest Ugro Capital Kogta Financial Kanakadurga Finance
Asset cover 1.25 times 1.25 times 1.2 times 1.2 times

Source: Wint Wealth – Explore Assets (2021, July 26) - https://www.wintwealth.com/

Harshal Gupta is a Chartered Accountant with 4+ years work experience

in Corporate Treasury at Reliance Industries Limited. He is a proud
Mumbaikar and likes to hit the gym or play football.

2
 EXCITING FUTURE TRENDS IN THE INDIAN
FINTECH LANDSCAPE
Oxford Learner’s Dictionary explains Fintech as Now, Pay Later” scheme allows travellers to pay the
”computer programs and other technology used to cost of the tour after the holiday. Roughly 3% of the
provide banking and financial services”. This defini- transactions in the domestic e-commerce payments
tion has now expanded for practical purposes and in India pertain to BNPL in 2020 (Source: Statista).
includes all the technologies trying to disrupt the
Major Players in BNPL:
traditional modes of banking. The use of technol-
ogy in finance creates new markets and/or cost- Simpl.
effectively provides access to existing markets. E.g.
Paytm has changed how Indians do banking – from
• Outstanding balance needs to be cleared every
15 days and firm doesn’t charge any interest but
time-bound banking with NEFT/RTGS to instant
levies penalties on payment default. Saw an
money transfers between individuals.
increase of 1.5x in average ticket size in 2020.
Imagine this - You went to buy groceries at your • Claims to have partnered with 4,500+ merchants
neighbourhood convenience store and forgot your across India with 7 Mn+ users.
wallet. Knowing you for ages, the shopkeeper • Raised over $26Mn to date from investors
permits you to pay him next time you come to the including IA Ventures and Green Visor Capital.
store. This is the “Buy Now Pay Later” (BNPL) Zest Money.
concept, an alternative to a credit card or a loan
(products where not everyone is eligible). Fintech • Offers interest free EMI options with select
firms tie-up with companies and provide a free lenders unlike Simpl. Claims to have 6Mn+ users
credit period of 15-30 days to customers to pay off on the platform and saw 50% growth in avg
the purchase price fully (to meet funds mismatch ticket size of ed-tech transactions.
like delayed salary credit) or convert it into EMIs. • Raised over $68Mn to date from investors
They generally charge interest between 20-36% per including Goldman Sachs, Naspers.
annum, making it an attractive financial product Lazy Pay.
with broad customer appeal. Amazon has launched
this scheme across specific product categories, and • Combines product offering of Simpl and Zest
Apple is in talks with Goldman Sachs to launch the Money i.e. customer can clear their dues every
scheme. Travel companies (SOTC, Thomas Cook) 15 days or convert them into EMIs.
are also offering a variety of this scheme to its cus- • Operated by PayU Finance, which belongs to
tomers by offering to finance the holiday. “Holiday PayU, a digital platform firm owned by Naspers.

3
P2P (Peer to Peer) lending is another emerging Sources
trend in the fintech domain that is helping investors • MEDICI India Fintech Report 2020, 2nd Edition.
buck the trend of falling interest rates on FD. P2P • FinTech Industry in India, February 2021 – RBSA
companies are generally tech companies which con- Advisors`.
nects lenders and borrowers through a digital plat-
form. The borrowers usually pertain to marginal-
ized sections of society that banks are unwilling to
cater to due to inadequate credit history or other
reasons. The ticket size of the loan is small (max. Rs.
50,000 per borrower). Interest rate normally ranges
between 15-25% per annum. Fintech firms charges
commissions from lenders and processing fees from
customers.
Major Players include LenDenClub, Faircent,
Lendbox, Lendingkart and Finzy.
Both BNPL and P2P lending are disrupting the tra-
ditional banking sector. BNPL is helping companies
increase their sales by giving flexibility to customers
to pay in part for the purchase. P2P lending, on the Piyush Modi is a CA and has cleared 2 levels of
other hand, allows investors to lend their surplus CFA. He has 3+ years of experience in the finance
liquidity and earn higher returns than a savings domain. His interests lie in understanding business
account. It will be interesting to see how these prod- models, solving problems faced by organizations,
ucts develop over time to meet the customers’ needs. and playing football.

4
 HOW DOES BLOCKCHAIN GAMING WORK?
I hope you remember the Mario game we played a cryptocurrency like Bitcoin. They can be pur-
when we were kids. We’ve had several tasks during chased/sold online and has the similar coding
the game to complete and collect coins. However, system as crypto. Out of the entire cryptocurrency
the coins in real life had no buying power. However, market, market capitalization of AXS is 0.15%,
what if somebody says that there is a game that while the Bitcoin’s share is 46% and Ethereum’s
gives you real-life money that has value? is 18%.
SLP was first launched in 2020. In July 2020, its
price was USD 0.016, while within one year, the
price increased to USD 0.26 (increased 16 times).
Also, AXS has reached USD 0.13 to USD 38 in July
2021 within a year (increased 292 times). The Axie
Infinity has more than 2.5 lakhs daily active users,
and the most expensive Axie sold till now is 300
ETH which comes to USD 6,75,000 as per
exchange rate in July 2021. There is no cap on the
number of SLPs; it grows as players increase, while
Let me tell you about the game that’s going to get
AXS’s are limited up to 270 million. These tokens
you real money. You can convert the currency you
can be exchanged on platforms like Uniswap,
earn in this game into real money through the
Binance, Digifinex, and other platforms for real
exchange platform. Many people from the
money.
Philippines have left their job for this game - the
Axie Infinity. Axie Infinity is a blockchain-based From
Logarithmic Linear
Jul 27, 2020 To Jul 27, 2021

game. You can earn credits, which can be traded on $0.400000

exchange platform for cash. Axie platform awards

players with the use of blockchain technology for
$0.300000

contributing to the ecosystem. $0.200000

To begin with the game, you have to link your digital $0.100000

wallet with the game’s website and buy three token $0.00
CoinGecko

Axies, starting at around USD 200 which may go

Source: SLP Price Chart - Coingecko.com
beyond that also. Axies are tiny creatures in the
game, you can battle, collect and develop them,
which can be sold later in the market. Each Axie has $50.00
From Nov 4, 2020 To Jul 27, 2021

a different value based on the powers it possesses. $40.00

To breed and produce abilities in Axies you require $30.00

Smooth Love Potions (SLP). This SLP can be $20.00

acquired by accomplishing/completing different $10.00

tasks and also can be farmed by players on the farm- $0.00

CoinGecko

land. When a player breeds an Axie it has to give

Source: AXS Price Chart - Coingecko.com
away SLP and AXS (Axie Infinity Shards).
SLP and AXS is nothing but non-fungible token The platform earns revenue by collecting charges of
(NFT) which represents objects in the real world. 4.25% on the sale of Axie in SLP and AXS. In the
These tokens derive value from art, picture, GIF, beginning, Axie network will be dependent on new
downloaded file, etc. With the help of NFT, you can entrants. After some time, even new capital will be
own the original item based on which it is formed, introduced into the ecosystem using revenue streams
and also it serves as a certificate of ownership. NFTs such as advertising, sponsorships, etc. as mentioned
are supported by the Ethereum blockchain, which is in the whitepaper issued by the company. Around
5
20% of the total issue of AXS is for players’ commu- Sources
nity to be given through missions, breeding Axies, • https://whitepaper.axieinfinity.com/
winning tournaments, etc. In case a player holds • Coindesk.com and Coingecko.com
tokens for the stipulated period, they will also be • Economics times -Article on Axie Infinity.
allotted rewards. It is also considering undertaking • Nasdaq.com-what-is-axie-infinity-axs-and-should-
the public and private sale of tokens. you-buy-it-2021-07-20.
• Coingecko.com – AXS and SLP price chart.
This is a whole structure in which Axie Infinity
functions. Even though it is undertaken using block-
chain technology, it can be concluded from the past
that the price effect of Bitcoin does not have a sig-
nificant impact on SLP and AXS. Axie Infinity has
helped players from the Philippines, Venezuela,
other economies earn more income than the average
income. It has developed peer-to-peer pricing of
commodities and made the game’s purchase of assets
safer for players due to blockchain technology. The
whitepaper issued by Axie Infinity has given a
roadmap for providing value to users, but server
issues recently encountered by the company may
wipe out all user data. Even though returns from
blockchain gaming are lucrative, before diving into
it, getting a proper idea of the same is essential.
Aparna Nighot
IIM Ahmedabad

6
 PAYTM - GETTING READY FOR THE
LARGEST IPO IN INDIA
Fintech, as the name suggests is a fusion of two reliance on payment services and expanding into
words- ‘Finance’ and ‘Technology’. It refers to auto- credit tech, insurance tech and wealth tech. These
mation of financial services through use of technol- three product categories will make Paytm the ‘super-
ogy. The Indian economy has seen emergence of app’ of financial services.
1,500+ fintech start-ups between 2015 and 2020.
The credit technology vertical has already made a
India’s fintech market is expected from $31 Bn in
strong start on disbursals, which have grown month
2020 to grow to $84 Bn by 2025, at a CAGR of
on month. The mutual fund distribution business
22%. The shift in trend towards digital payments
under Paytm Money has also made a solid start.
and new product offerings shall pave the way for
Paytm is also looking to acquire a general insurance
higher growth and M&A activity in this sector.
company to get a foothold in health and vehicle
A household name among fintech companies is insurance. The non-payment segment services are
Paytm, which started as a digital wallet provider in expected to grow at a CAGR of 380% (overall
2009 and since, has diversified into UPI, post-paid company growth at 87%) and take Paytm’s revenue to
services, insurance offerings, investment offerings USD 1 billion by 2023 and break-even in that year.
and others. Paytm posted revenue of USD 0.4 billion
However, all these numbers are shrouded with
and has more than 58 million account holders.
uncertainty. It cannot be ruled out that Paytm faces
Paytm has already filed draft prospectus with SEBI risk from online portals, other payment gateways.
for India’s largest IPO till date at a valuation of For instance, increase of popularity of PhonePe and
USD 25 billion. The previous largest IPO was Coal GooglePay UPIs led to decline in Paytm usage in
India at valuation of USD 22.6 billion. Total size of the past and forced them to enter into UPI segment.
fund raise will be USD 2 billion will be raised, of Further, Paytm has been known for lack of customer
which half will be secondary sale existing investors’ support and satisfaction. Only time will tell whether
shares such as Ant Financials, Softbank, SAIF the stock market will accept the valuation that
Partners and while balance is primary fund raise. Paytm desires and whether the company will be able
to deliver on expectations.
Of the primary fund raise, USD 0.6 billion will be
used for acquisitions of consumers and merchants,
USD 0.2 billion for acquisitions and strategic part-
nerships and the balance for general corporate
purposes.
Let’s add one interesting tale to this story. Paytm
incurred a loss of USD 0.2 billion in FY21, although
the losses reduced by 42% from USD 0.4 billion in
FY20. The question now lies how Paytm commands
such a high value although it is yet to become break-
even. As per analysts, the rising heft of Paytm’s non-
payment services could hold the key to when the
company will break even.
According to Bernstein Private Wealth Management,
Paytm’s non-payment services hold the key to Adarsh Chamaria
company occupying superior value. It is decreasing PGP 2021-23, IIM Bangalore

7
 CASE FOR SUPPORTING THE NASCENT
FINTECH SPACE

In recent times, banks in India have been facing These rigidities faced by the traditional banks reduce
tumultuous events in the past five to six years. The their functional efficiency and make a strong case for
ratio of non-performing assets to advances exceeded fintech to evolve in India in trying to fit our financial
11% in 2019, according to the Database on Indian transactions onto a small mobile screen. Emerging
Economy published by the Reserve Bank of India. companies are leveraging new technologies like the
Since the traditional banks are the significant con- internet of things (IoT), blockchain, artificial intelli-
tributors of credit in our country and also lend to gence, etc., to take finance to the next level.
the non-banking financial sector, any damage to its
functioning is bound to impact our economy pro- A look at China’s Ant Group provides a case study
foundly. The public sector banks are more severely approach to see how a company, in its own words,
hit accounting for 90% of total NPAs in India. At a moved from being a ‘fintech’ to ‘techfin’. It pivoted
cumulative level, the PSBs collectively owed almost from challenging the traditional incumbent banks to
INR 6.8 trillion in NPAs in the fiscal year 2020. making them customers and used its low-cost funds
This value had registered a decline from FY 2018, in the payment business. Its signature loan products,
indicating a slight relief; however, the reason can be Huabei and Liebei provide unsecured consumer
either better lending procedures or a reduction in loans with tenors of upto one year, enabling last mile
overall lending. connectivity by partnering with policy banks, large
national state-owned banks, rural commercial banks,
8
and trust companies in China. Its value proposition regulatory authorities to ensure a framework for ease
to its partner banks is its efficient management of of scaling and last-mile customer connectivity.
risk. The bank revealed that it has more than 100,000
risk indicators for small and microfinance institu- References
tions. Before commencing on the partnership model, • https://www.longriverinv.com/blog/ant-group-part-
the bank itself underwrote the loans and packaged ii-blue-or-red-ocean
them into asset back securities (ABS) sold to risk- • https://www.proquest.com/docview/2552767668?
loving parties. However, the China Banking fromopenview=true&pq-origsite=gscholar
Regulatory Commission soon intervened and tight- • https://www.business-standard.com/article/
ened the rules and banned banks and individuals economy-policy/india-s-fintech-industry-seen-at-
from investing in these unsecured consumer-backed 1 5 0 - 1 6 0 - bn - by - 2 0 2 5 - fi c c i - b c g - re p o r t -
ABS. Ant soon adjusted to this and ventured into 121031300519_1.html#:~:text=Home-,India’s%
partnering with traditional banking institutions and 20fintech%20industr y%20seen%20at%20
modified its lending process. %24150%2D160,by%202025%3A%20
This provides a learning case for India, which at FICCI%2DBCG%20report&text=The%20
present has more than 2000 fintech companies. A total%20valuation%20of%20the,500Mn%
BCG report recently stated that there is a USD 100 2B%20valuation)%20since%20January%202020.
billion value creation opportunity, and the fintech • http://www.proquest.com.iimb.remotexs.in/
sector in India is targeted to reach a valuation of docview/2267285727?pq-origsite=summon
USD 150-160 billion by 2025. To enable the prolif- • http://www.proquest.com.iimb.remotexs.in/
eration of this sector, RBI and SEBI will have to docview/1828954724?pq-origsite=summon
provide a comprehensive set of guidelines that • https://www.altfi.com/article/5581_what-
shouldn’t hamper innovation, especially in the early went-wrong-at-atom-bank
stage, and don’t drive up operational costs. These
guidelines should help consumers trust and make
the Indian fintech space an attractive place to invest
capital.
Unrestricted data flow is another possible caveat that
can impose threats on the viability of the sector.
Personal Data Protection Bill 2019 was a step in the
right direction to protect citizens’ data and rights.
RBI also announced a detailed framework for a
Regulatory Sandbox (RS) in 2019 for fintech prod-
ucts via which the companies can benefit from
accommodative regulatory conditions. A joint survey
conducted by BCG and FICCI revealed that 73% of
Indian FinTech are considering international expan- Deepti Kansal
sion. To reap the benefits of the much-needed tech- PGP 2020-22
nological innovation domestically, it is imperative for IIM Bangalore

9
 IS FINTECH THE ANSWER TO SME FINANCE
PROBLEMS IN INDIA?
The small and medium enterprise (SME) market in making lending decisions. New-age lenders have
plays a crucial role in India as well as in the global started using data from smartphones, utility pay-
economy, proving to be the most desirable and an ments, bank statements etc, triangulating it with
immensely innovative structure. The critical contri- social media activity to make credit decisions. This
bution of SMEs to economic development is a fact has enabled businesses with low asset base and inad-
that is unanimously accepted. SMEs contribute a equate credit history to avail credit from these
large share to the GDP of the country, generate jobs, lenders, who in turn have gained share from banks
help in poverty alleviation, and promote indigenous in the SME Lending space.
culture and traditions. The demonstration of their Many companies with innovative ways of procuring
economically and socially advantageous effects has and processing data have emerged. They draw data
contributed to the recognition of the SME sector as points into the lending platform’s automated loan
a strategically relevant region for the economy. underwriting mechanism where algorithms assess
In India, there are about 6 crore micro, small, and credit risk. Moreover, the process of applying is sim-
medium enterprises, which collectively employ 11.1 plified and disbursement and payment experiences
crore people and contribute 30% to the total GDP as are improved. Digital marketplaces are created for
of 2019. However, these enterprises continue to suffer lenders and borrowers to interact with each other,
the access to finance problem that is typical of SMEs with all lender and borrower data being third-party
around the developing world, especially from tradi- verified, thus eliminating traditional middlemen
tional formal sources such as banks. Around 40% of such as bank agents. Alternate lenders are drawing
the total MSME credit demand is served by informal more and more data from social media networks
sources of credit, and as per the IFC Report 2018, the and interactions to supplement IT returns and bank
financing gap stands at INR 45 trillion. 40% of this statements, thus improving risk assessment. The
will be served by informal credit, 25% through per- lending experience has also improved by leaps and
sonal loans, and only about 20% by formal credit bounds, with faster turnaround times, real-time
(Entrepreneur India, 2019, November 26). tracking and updates, online documentation pro-
The culprits to blame for the SME Finance problem cesses, and better customer support.
in India are also the usual suspects. MSMEs do not As always, strong institutional infrastructure has
have property or collateral to offer and most of them played a key role in the emergence of lending
have insufficient credit history, bringing in the through FinTech. ‘JAM’ – Jan Dhan accounts,
information asymmetry problem that makes it dif- Aadhar, and Mobile phones have been a huge
ficult for lenders to screen borrowers ex-ante. The success. The emergence of digital KYC, data from
MSMEs lack proper documentation and usually Ministry of Corporate Affairs portal, EPFO data,
have weak balance sheets, making them credit risky. utility payments, and GST returns data is facilitat-
Long approval and loan disbursal periods of tradi- ing loan processing time reduction and enhancing
tional finance providers, and the high-cost struc- customer experience. New-age NBFCs are bringing
tures getting reflected in the high interest rates in high-end algorithms to sift through borrowers
further amplify the problem. and disburse funds quickly. The turnaround time
India, as has the rest of the World, has seen a has been reduced to 3 days in most cases.
remarkable technology disruption in the form of The greatest positive impact of the new-age lending
the rise of alternate finance companies that are system has been the inclusivity. Digital lenders are
armed with technology and venture capital funding lending to first-generation entrepreneurs and are
money. Most MSMEs in India have started taking increasing lending to small and medium businesses
to digital methods for business processes, payments, in tier II and tier III cities. With increased threat
and online sales, which has increased comfort levels from digital lenders, banks are expected to come
10
forward to retain their market share by partnering way forward to bridge the lending gap that glaringly
with FinTech companies to provide better custom- stares at us.
ized lending solutions. As a result, cost of acquisi-
tion is likely to go down further.
The rise of alternate lenders truly marks an important
landmark in SME Lending history, because never
had there been a plethora of lenders competing for
market share in the SME Lending space. The
reduced physical touch points, simple documenta-
tion, and online processes have all played a role in
increasing turnaround times, so much so that the
loan disbursement times in most companies spans
less than a week from application day. There have
been hundreds of lending start-ups founded every
year, with multiple funding rounds ensuring that
they are flushed with cash to lend to SMEs. In
future, further incentives and push towards such Mridul Sureka
FinTech start-ups and conducive information and PGP 21-23
data environments in developing countries is the IIM Bangalore

11
 NEW UMBRELLA ENTITY
The digital landscape’s growth has been on an upward SOUNDS PERFECT?
trajectory for a decade now. Where demonetization
It actually isn’t. Every beautiful change comes with
paved way for moving from traditional cash system to
its own cons.
digital payments, convenience came as an added
benefit; COVID brought forth the necessity for the Data is the biggest asset for any organization nowa-
shift. With tough challenges come great opportuni- days. It holds infinite potential for the companies to
ties. Currently markets are laying emphasis on fintech assess their market and measure consumer senti-
industry to keep up with the pace of development ments. Analyzing customer demand correctly, helps
demanded and become more competitive globally. In companies aptly measure the lifetime value of a
Indian context, government is laying special empha- product, making it more suitable to the needs of the
sis on attracting new players to be a part of the foun- buyers. On one hand NUE opens doors for seamless
dation stage of our future ecosystem. opportunities in the digital payments landscape,
aims towards efficiency, and build a better network.
WHY NUE? On the other hand, it poses concerns regarding
privacy and breach of using data related to users for
Expanding its reach, Indian fintech sector is looking
personal gains and other purposes.
forward to setup a New Umbrella Entity (NUE)
replacing the National Payments Corporation of India has a long way to go to reach the culmination
India’s (NPCI) sole authority and ownership of of financial inclusion, stop corruption, and become
United Payments Interface (UPI). Considering the efficient in the fintech space. The measure is a great
drawbacks of instilling such a huge responsibility step in that direction and will also play a substantial
and dependency on a single platform, setting up an role in contributing towards development. Data
NUE came into picture which would assuage the management is a major concern that needs to be
risk concentration and provide more options to con- addressed to carry forward the plan of stepping into
sumers. It seeks to expand beyond ATMs, Aadhar new arenas in the payments space
based payment systems, clearing and settlement
systems. Not only on the expansion front, NUE is
accepted to bring in the quality and better service
often associated with private enterprises.
Attracting bids from private investors and providing
them a lucrative opportunity with a choice to venture
into a for- profit venture, RBI has set the guidelines
for different groups to foray into this coveted junc-
ture. Many teams have come forward to take part in
this virtual battle of establishing a new niche in the
industry which includes the likes of PayTM,
Amazon, ICICI Bank, HDFC, Kotak, Reliance
Industries, Tata Group, and various others.
It further paves way for financial inclusion with these Prakshi Goyal
large conglomerates coming up with offers one PGP 2021-23
cannot refuse to accept. Organizations aim at expand-
IIM Bangalore
ing their reach, in turn benefitting the Indian fintech
landscape at large. Customers will be able enjoy the
added benefits as the companies competing vie to
increase customer base and market footprint.

12
 WHAT DOES THE FUTURE HOLD
FOR FINTECH?

It is hard to take no notice of Fintech in these times, applications. Particularly in India, these Neo-banks
especially with all that has happened in the past year in do not have their own licenses; instead, they operate
the industry. Undeniably, there must be something by forming strategic partnerships with the existing
exceptional about the potential of this industry, that licensed banks. Needless to say, they are going to
the new fintech start-ups are getting extensive invest- revolutionize the banking system of the country,
ments in Seed/Series-A funding, and the already and this process might have already started with the
established ones are achieving astronomical valuations. existing neo banks such as Niyo, Open, Instantpay
Fintech, the focal point in the economy today, will and RazorpayX - the neobanking platform of
comprise an even greater part of our day-to-day activi- fintech unicorn Razorpay.
ties in the future. Fintech will penetrate into various Financial assistance services on the rise: Khatabook,
new sectors in an arguably short course of time, and world’s fastest-growing SaaS company, is one of the
the foundation stones have already been laid down in pioneers in the financial assistance services. It helps
India. What lies ahead for FinTech, only time will tell MSME’s in business management, tracking business
but here are a few of my top expectations. transactions and lending while adding $200 million
Embedded Fintech/Omnipresent Fintech: Embedded worth of transactions every day. Along with
Fintech is exactly how it sounds; that is, the fintech Khatabook, the emergence of various new start-ups
industry being embedded into or integrated with and companies, including Melio, Quickbooks,
various non-financial sectors. In simple words, it is Chargebee and many more, has made the Indian
just providing financial services via technology to a financial assistance services sector seem very promis-
service that is traditionally non-financial. For ing. In the future, these applications will get increas-
example, when we purchase a product on Flipkart, it ingly accessible and hopefully, with AI by their side;
gives us an option of Flipkart pay later through they will experience tremendous growth.
which we can avail direct credit from the Flipkart Financial inclusion for (almost) all: The combination
app itself. The example cited above comes under of e-KYC, UPI, IMPS and other such facilities in
embedded lending, a subcategory of Embedded India has already opened up the doors to affordable
Fintech. There are other subcategories as well, and useful financial services for a broad section of
namely embedded banking, insurance, investments. society. Indisputably, the quality of such services will
Neo Banks - Game changer for the banking indus- only increase in due course and ultimately lead to
try?:  Probably the most talked about topic in the financial inclusion for nearly everyone in the country.
industry currently; Neo banks are virtual banks with The argument for Fintech expanding expeditiously
no physical presence and provide all the functions of a is firm and compelling. It is premised on the assump-
traditional bank in digital forms through mobile/web tion that one way or the other, every economic
13
transaction happening requires some sort of mone-
tary payment being paid to the provider/seller, and
since the whole country is shifting online, these
financial payments should also be facilitated through
a digital medium that is, in essence - Fintech.
To summarise, the FinTech industry of today, as I
view it, is like a Banyan tree with sturdy roots, solid
body and wide broads, and the spring is right by the
door. It is ready to bloom, wherein its wide branches
will start growing innumerable green leaves on them
soon, that too spread out in every possible direction.
References
• https://startuptalky.com/fintech-startups-
in-india/.
• https://en.wikipedia.org/wiki/Financial_
technology. Garvit Ratadiya
• https://ibsintelligence.com/ibsi-news/
4-top-neobanks-in-india-innovating-in-the- MBA Batch of 2023 - IIM Calcutta
banking-space/. B. Com (Hons.), IIPS - DAVV, Indore

14
 FINTECH INVESTMENT SERVICES AND
WEALTHTECH – INDIA
2021 seems to be the year of startups with 15+ Indian experience. As of 31st June 2021, Zerodha together
startups becoming unicorns and Zomato going with Upstox, 5Paisa, and Groww has more than
public. One of those unicorns is Groww, an online 40% market share of brokerage industry in India.
investment platform. Founded in 2016, Groww is Zerodha becoming the market leader with 20%
one of the fastest startups to reach the unicorn status. market share[1].
Rapid growth of Groww is indicative of the capa-
bilities that lies within FinTech Investment services Disruption in FinTech investment services is attrib-
and WealthTech in India. Zerodha, another FinTech uted to growing interests of retail investors in India,
investment services provider, which is equally lauded especially the young generation investors and
by both valuation lovers and growth enthusiast, traders. Retail growth is consistent since past few
is becoming the household name in India. FinTech years and has been a national phenomenon spread-
brokerages have disrupted the traditional brokerage ing in all regions of India and city tiers[2].
industry in India with their low costs of transactions
& account management fess while making invest- Out of 7 crore users of BSE, 38% belong to 30-40
ment/ trading very simple, fluid, and a personal age bracket, followed by 24% in 20-30 age bracket,

S. No Name of Stockbroker # Active Clients % Market Share

1 ZERODHA BROKING LIMITED 36,02,074 19.6%
2 RKSV SECURITIES INDIA PRIVATE LIMITED (UPSTOX) 21,41,095 11.7%
3 ICICI SECURITIES LIMITED 15,80,233 8.6%
4 ANGEL BROKING LIMITED 15,64,667 8.5%
5 HDFC SECURITIES LTD. 9,57,085 5.2%
6 5PAISA CAPITAL LIMITED 8,70,405 4.7%
7 NEXTBILLION TECHNOLOGY PRIVATE LIMITED (GROWW) 7,80,570 4.3%
8 KOTAK SECURITIES LTD. 7,43,206 4.0%
9 SHAREKHAN LTD. 6,79,333 3.7%
10 MOTILAL OSWAL FINANCIAL SERVICES LIMITED 5,64,034 3.1%

15
as of 7 June 2021[3]. COVID-19 and increasing tech- Major issue with WealthTech is lack of trust. They
nology penetration has only boosted these numbers. don’t have past performance records and are new
To cater these growing interests of retailers, especially thus making it hard to build trust with clients, our
Millennials and GenZ, we need customized services savvy Millennials and GenZ who are generally less
in mass supply. These FinTech services will not be risk averse could be a good target segment. With
restricted to investment facilitation but will take more leaders like Sachin Bansal, who has proven track
mature forms of investment advisory and full-blown record, joining the WealthTech wagon this trust
wealth management. Currently, only 4% Indian pop- could be built-up.
ulation has Demat accounts while 11% China and
Both FinTech investment services and WealthTech
more than 32% USA population has Demat accounts,
seems to have a great opportunity of growth in India
thus the potential for growth is massive[4].
and are exciting future companies to keep an
eye on.
What’s Next in India – The WealthTech!
WealthTech is combination of Wealth Management References:
and Technology. WealthTechs take help of Machine • https://www1.nseindia.com/invest/content/
Learning (ML)/Deep Learning (DL) models, quan- arbitration_reports/report_1c_2020_21.htm.
titative strategies, coded core finance knowledge, • Market Pulse – NSE, July 2021 edition.
and data analysis to provide custom advisory services • https://www.the week.in/ne ws/biz-tech/
and to manage wealth. WealthTechs are growing all 2021/06/22/stock-trading-in-india-sees-massive-
around the world but they are still in early stages. In growth-courtesy-younger-investors.html.
India, WealthTech is in very nascent stage with few • https://www.moneycontrol.com/news/business/
startups offering basic services [5]. Growth in markets/retail-trading-growing-in-india-has-
WealthTech is slow due to low financial literacy and massive-potential-for-growth-6927161.html.
partially due to strict compliance/regulatory issues • https://www.bloombergquint.com/opinion/
and early stage WealthTech technology. WealthTechs the-evolving-robo-advisory-landscape-in-india.
could provide more innovative products with better • https://inc42.com/buzz/sebi-opens-doors-
transparency/customer experience, all while charg- for-fintech-startups-to-launch-mutual-funds/.
ing lower fees/charges and servicing the masses.
In Dec 2020, SEBI has opened the path of FinTech
in Mutual funds by relaxing MF entrance eligibility
criteria. SEBI waived the norms pertaining to MF
entrants requiring five years of experience in the
BFSI business, three years of profitability, and a net
worth of INR 50 crore [6]. Now, the entity would
need to only have net worth of INR 100 crore. Since
then, Groww has acquired IndiaBulls AMC, Sachin
Bansal’s Navi has offered its first mutual fund offer-
ing, PhonePe has registered their PhonePe Wealth
services, and PayTm is also looking to register its
wealth management arm. Earlier Nikhil Kamath,
one of Zerodha founder, have also founded True
Beacon, an AMC in late 2019.
Another dimension to WealthTech is hybrid models
at traditional AMCs. Combining portfolio manag- By Shubham Agrawal
ers insights with AI/ML models could create Shubham Agrawal is a 1st year MBA student at
wonders. Advantages of these hybrid models are IIM Calcutta. He is a B.Tech graduate from IIT
removal of human biases/emotions and the rapid Delhi. He holds 30 months of work experience in
processing of huge volumes of data available. Management Consulting.

16
 GOING BIG ON SMALL: FINTECH FOR MSMES
India’s MSME sector, though one of the most potent through the use of NLP (natural language process-
tools for inclusive growth, still remains substantially ing) and machine learning algorithms on their
credit-starved, with an estimated gap of $240 income and cash flow statements, tax filings, psy-
billion[1]. This, despite the fact that smaller busi- chometric evaluations, social media activity, etc.
nesses tend to default much less than larger ones.
Invoice Discounting
NPA Rates Borrowing Rates for MSMEs

18.8 18%
16.9

10.3
9%
8.0

Micro Small Medium Large

Market Rate TReDS Rate
Why then, are banks wary of lending to them? Why
do they face a credit crunch? There are two main The issue of lack of asset for collateral is being tackled
reasons: through invoice discounting, enabled by TReDS
• They lack assets for collateral (trade receivables discounting service) introduced by
• They do not have proper, formal credit history the RBI. Essentially, it allows MSMEs to borrow
and scores against their trade receivables. Currently, there are
three RBI-authorised digital exchanges (RXIL,
In the past few years, a number of fintech firms have M1Xchange, KredX) which allow MSMEs to act as
emerged to provide efficient and sustainable solu- sellers of the invoices in the discounting process.
tions to these issues.
The process seems to resemble that of securitisation
FinTech Lending and one wonders whether there is a prospect for the
creation of an ABS with trade receivables as the
underlying asset. In fact, in early 2020, India’s first
trade receivables securitization did go through, but
the process took 20 months[2], while the average “days
receivable” for MSMEs are only 3 to 6 months[3].
Formal Credit
39%
Thus, it would seem that despite its ability to connect
Informal Credit/
Unmet Need MSME borrowers to a wider market, securitisation
61%
of trade receivables is not viable in India.
But by itself too, invoice discounting has the poten-
tial to lower MSMEs’ costs of borrowing.
When it comes to lending to MSMEs, banks’ Apart from this, as intermediaries, fintech also helps
biggest misgivings arise due to the asymmetry of MSMEs in electronic verification of documents,
information created by lack of formal credit history. which reduces the processing time for loan approv-
Fintech startups are attempting to bridge this gap als. As lenders, they can also provide loans at lower
by moving beyond the conventional credit scoring rates due to their own low costs owing to the lack of
metrics and gauging a borrower’s repayment ability much physical infrastructure.
17
Following are some of the main business models of of a digital small-finance-loans-aggregator platform
fintech companies in the small finance domain: which gives a quick, comparative analysis of the
existing fintech lenders or intermediaries. It would
be even better if it were a government-maintained
database, since registration could be made binding on
firms – provided their nimbleness is not encumbered
by the addition of bureaucracy and paperwork.
Another issue for fintech firms is that of their impact –
although they have great potential to bridge the
massive credit gap for MSMEs, they have still not
been able to make a significant impact. One major
reason is their low market penetration. Should they
Additionally, some fintech firms are also helping manage to forge partnerships with banks – especially
MSMEs optimise their operating cycles by mini- public sector banks, since they are already mandated
mising days receivable and maximizing days payable, to lend to MSMEs under priority sector lending.
thus reducing the need for short term credit in the With their extensive outreach, they can help dissem-
first place. inate the fintech firms’ efficient solutions.

Challenges and Possible Solutions

With the existence of myriad opportunities, several
fintech firms have come up to serve MSMEs. This
would have fostered healthy competition, but for the
lack of information among the borrowers. MSME
borrowers, having been rejected by conventional
banks, are often desperate for loans and do not
analyse the different fintech offerings available to
them. As a result, they end up compromising per-
sonal data – some loan apps have been known to Pradnyee Kantak is an Economics graduate (2021)
capture location, personal messages, contacts, etc. A with an interest in finance. She is currently enrolled
possible solution to this would be the establishment in PGP ‘23 at IIM Lucknow.

18
 LEMONADE – REDEFINING INSURANCE

Urban Dictionary defines Insurance as “A business close to your heart? The model has worked wonders
that involves selling people promises to pay later that and false claims have dropped to single digits. Dan
are never fulfilled.” At the very heart of the insurance Ariely, a professor of Behavioural Economics (also
business, there is a conflict of interest between the the Chief Behavioural Officer at Lemonade) once
customer and the firm. This is the reason for the said “If you tried to create a system to bring out the
high false claims that are filed with firms making worst in humans, it would look a lot like insurance
them reluctant to pay claims thus, creating a flawed today.” Well not anymore Dan, you changed it.
business model.
So where does technology come in?
Can technology be leveraged to change things and
Insurance policies are generally priced based on
improve the customer experience? The Answer is
expected loss. Underwriters look at past data and try
Yes. Let us look at Lemonade, a new age Insurance-
to guess how much a person like you owning a
tech firm redefining the insurance industry.
similar house is likely to claim. On top of this claim
Lemonade is an insurance company founded by amount, a normal insurance firm would charge addi-
Daniel Schreiber and Shai Wininger. Lemonade has tional expenses to cover their acquisition costs, trans-
two core engines that run the Business: Behavioural action costs, employee costs etc. Lemonade has been
Economics and Artificial Intelligence. To better able to eliminate these costs by employing technol-
understand these engines, let us look at Lemonade’s ogy at its core and providing tremendous value to its
business model. Lemonade charges a flat fee and customers. Founder of Lemonade, Daniel Schreiber
links every customer’s insurance policy to a charity said that 25% to 33% of claims made today are paid
of their choice (this could be your college’s dog instantaneously with the help of Artificial
shelter fund or your sister’s green planet fund). When Intelligence. The AI bots handle everything right
the insurance term ends, the unclaimed amount is from onboarding customers to crediting claims.
directly donated to the charity. Interesting right? Lemonade charges significantly lower than the
Lemonade essentially eliminates itself from the con- industry average. Its rent insurance expenses are 68%
flict while creating a game between you and a charity below the industry average. Lemonade has been able
of your choice. Who are you more likely to cheat: A to scale at rapid pace which is evident from its pres-
large corporate Insurance company or a local charity ence in 7 American states within a year of its launch.
19
Schreiber claims to have almost zero average employ- • h t t p s : / / w w w. y o u t u b e . c o m / w a t c h ? v =
ees in these states. Everything is managed virtually U Tq 8 9 q u M 3 n o & t = 3 2 5 s & a b _ c h a n n e l =
like a digital technology company. With the launch TEDxTalks
of Application Programming Interfaces (APIs), • https://theken.com/story/how-digit-married-
Lemonade has enabled businesses to integrate its tech-with-tradition-to-build-an-insurance-
insurance with their offerings, thereby entering into unicorn
bot-to-bot conversations. Schreiber claims that this
would reduce the transaction time to milliseconds.
Use of bots has reduced the customer waiting time
and claim processing time leading to an overall
exceptional customer experience. Schreiber believes
that they have successfully reduced the price point to
a level where it is lower than a Spotify subscription
thus changing insurance into an impulse purchase.
Will we see a similar shift in Indian Insurance space,
or has the change already started? We have Digit, a
leading general insurance company which has entered
the digital insurance space but with more than 80% of
its sales through the traditional offline routes, it still has
a long way to go. Toffee Insurance is another digital
insurance firm that targets millennials with customised
insurance products. With around 400 million people
in 35+ age groups and only 3% insured, the opportuni-
ties are huge. Leveraging technology can be a driver
for fast growth at a huge scale. Things will only get
interesting for the Insurance industry from here.
Avin Sadamate is a Postgraduate student at IIM
Sources Lucknow who is interested in technology and its
• https://www.urbandictionar y.com/define. implications in transforming businesses. He is also
php?term=insurance a passionate football player and a part time cover
• h t t p s : / / w w w. y o u t u b e . c o m / w a t c h ? v = artist. You can get in touch with him here: https://
LDOhFHJqKqI&t=818s&ab_channel=Lemonade www.linkedin.com/in/avinsadamate/

20
 REVIEWING COVID-19 IMPACT ON THE
INDIAN IPO MARKET
The COVID-19 pandemic not only brought a rates, numerous bank failures, and a struggling auto
public health crisis but also disrupted global eco- sector, the Indian economy was undergoing a slow-
nomic activities. Local lockdowns, factory shut- down in the pre-pandemic year too. Issuers lacked
downs, job losses, fall in income levels, and volatile the confidence to approach the new issues markets to
demand levels have adversely impacted almost all raise capital. From the issuers’ perspective, going
the market sectors. Amidst stock market crashes, public during a cold IPO period is always a tough
high uncertainty, fears of global recession, and nega- decision. We notice that most of the firms that came
tive economic growth indicators, the Indian primary up with new issues in 2020 were older firms, with an
markets witnessed what is termed as the ‘Cold IPO average age of 25 years (and median = 21 years).
period’ (cold IPO markets are characterized by low Mature firms having passed the test of time, under-
IPO volume as issuers restrain from going public stand the industry better and are better recognized by
during a period of low investor confidence). Firms the investing community. The average asset base of
planning an IPO usually tend to wait for a reversal the IPO firm was Rs. 5640 crores (and median =
(i.e., hot IPO period). Understandably, going public 1000 crores), and the average issue size was Rs 1750
during a hot IPO market allows firms to capitalize crores (and median = 600 crores). Thereby, we can say
on the positive market sentiment and raise higher that mature firms with a large asset base, strong fun-
capital. Conceptually, we expect the firms with poor damentals, and significant growth plans, which are
fundamentals to hold back their IPO plans during recognized by the investors, usually approach the
the COVID-19 induced cold IPO period. Arguably, markets during such testing times. Further, such
only the firms with a proven track record and strong firms are welcomed by the QIBs, and they continue
confidence (about fundamentals) dare to float the to perform well in the secondary markets as well.
IPOs during the cold period (i.e., F.Y. 2020-2021).
Despite a low number of new issues, companies that
In this article, we investigate the IPO activity during
went public in 2020 have fared impressively in the
the pandemic year and evaluate its short-term per-
secondary market. We find average listing day
formance for up to five months from listing.
returns (underpricing) as high as 43.34%. Although
Indian IPO market witnessed a significant drop in it is too early to comment on the long-run after-
volume, i.e., just 15 IPOs were issued in 2020. Figure 1 market performance of these firms, our analysis
presents the IPO volume and the capital raised in the clearly shows that these IPOs have displayed a
last five years for comparison. With declining growth strong performance in the short-run period post

Figure 1. IPO Activity in India ( Jan 2016 - March 2021)

Source: www.chittorgarh.com
*till March 2021
21
listing. Table 1 below presents the average returns IPOs (with better fundamentals) and having prom-
earned on the investments made in IPOs for an ising growth story dare to float in the new issues
average holding period of up to five months. One of market during the cold IPO period.
the reasons for this high performance can be attrib-
With geopolitical issues, US-China trade tensions,
uted to the sharp recovery of the market indices. The
BREXIT formalities, followed by the COVID-19
investments made at offer price have provided abnor-
shock and U.S. Presidential election uncertainty,
mally high returns over and above the market bench-
global IPO markets had been struggling since 2019.
mark (NIFTY). More precisely, if an investor is
As the aforementioned issues have lost heat and the
allotted the shares of an IPO issued during the year
vaccination drives have stoked up investor confi-
2020, he can earn as high as 74.40% (average) abnor-
dence, global trends in Q4 for F Y. 2020-2021 show
mal returns (i.e., over and above market benchmark)
up steep recovery curves. We expect the Indian
for the holding period of just five months. These
primary market also to follow this momentum of
figures are impressive as the academic literature has
recovery. Early signs of exuberance can be seen as
consistently emphasized the underperformance of
the number of IPOs in the last quarter of F.Y 2020-
IPOs in the post-listing period.
2021 has surpassed the total IPOs issued last year.
Additionally, these 15 IPOs were oversubscribed by We expect a large number of issues in the coming
71 times (on average). The Qualified Institutional year as many private firms who had shelved their
Buyers (QIBs) portion got oversubscribed by 60 plans to go public last year would like to exploit
times, while the retail investors bid the IPOs at an early revival sentiment. Additionally, more technol-
average rate of 21 times from the allotted quota. ogy-based, healthcare and life sciences companies
This provides further evidence that only quality are expected to go public in the near future.
Table 1. Aftermarket Performance of Indian IPOs issued in 2020.
Average Raw Returns Market Adjusted Returns
Holding Period No. of IPOs
(Relative to Offer Price) (relative to Offer Price)
1 week 15 44.48 43.59
1 Month 15 38.45 32.67
2 Months 15 46.85 34.19
3 Months 14 59.52 40.91
4 Months 12 70.19 44.47
5 Months 10 103.03 74.40
Source: calculated by authors
Authors

Abhishek Kumar- Doctoral Research Scholar, Dr. Seshadev Sahoo, Chairman, Post Graduate
Finance &Accounting Area, IIM Lucknow. Program, IIM Lucknow.
22
23