Hiring may shoot up as Fintech startups gain galore from demonetisation

Fintech startups are proving to be the biggest beneficiaries of the government's demonetisation move and with the rise in business, recruitment plans of these companies are likely to see a significant uptrend in the coming months, experts say. E-wallet companies like Paytm, PayU India, MobiKwik, and Freecharge have been seeing significant rise in GMV and the number of transactions since November 8 when Prime Minister Mr. Narendra Modi announced the demonetisation of Rs 1,000 and Rs 500 notes, making these notes invalid. Experts believe that this move is going to positively impact the workforce and hiring needs of these companies. Besides, technology roles will now open up as these companies rush to meet the surge in transactions and there is likely to be a huge opportunity in other functions such as sales and marketing as well. “We have observed unprecedented growth. Our user base has grown to 40 million and we have added 1, 50,000 merchants, which makes us directly available at 2, 50,000 retailers now," Mr. Mrinal Sinha, Chief Operating Officer at MobiKwik, said. "Paytm and MobiKwik have already been in the overdrive to reach out to small traders to commence transactions on their platform and we do see a large number of roles opening up in this space," Mr. Naresh Sharma, Managing Partner, Antal International, Jaipur, said adding that "a number of other e-wallet companies do see this as an opportunity to expand and surely, the requirement of hiring would increase". Deals marketplace Little, funded by Paytm, Tiger Global, SAIF partners and GIC, Singapore, is witnessing significant surge in transactions, post demonetisation. "Definitely, there will be increase in demand for talent, primarily for on-boarding and digitising the payment solutions for offline businesses," Little CEO and co-founder Mr. Manish Chopra said, adding that "we are looking forward to ramp up the team size aggressively in coming months".