India’s growth story will be led by companies in the financial services, consumer goods, and pharmaceuticals sectors, according to Kedaara Capital Advisors LLP’s Manish Kejriwal.
The financial services market is massive in India right now, but it is still massively underpenetrated, Kejriwal told BQ Prime’s Niraj Shah on the sidelines of the World Economic Forum in Davos, Switzerland.
“Whether it’s lending, NBFCs, banks, or asset management, the market is still evolving, but the level of penetration is still lower,” said Kejriwal, founder and managing partner at Kedaara Capital. “Whether it’s insurance, both life and general insurance, the market is huge. We are coming up with ways to use fintech and technology to address the market from a credit evaluation perspective,” he said.
“Then I see consumer durables. Take consumer goods, and we have consumer tech companies like Lenskart, Purplle, and Nykaa addressing certain verticals so strongly that they are able to deal with the same product in a much cheaper way for the end customer,” he said. “India despite having the lowest per capita manufacturing, our products can be priced at a much more competitive level.”
Pharmaceuticals, like IT services, is another sector with enormous potential as India emerges as the world’s supply factory, Kejriwal said.