This marks the entry of Lytus Technologies into the Indian fintech market through the introduction of its payments gateway offerings to businesses in the Indian cable and broadband sector.
Updated On – 03:27 PM, Mon – 14 August 23
Hyderabad: Nasdaq-listed Lytus Technologies Holdings, a global technology-driven services company, recently announced the launch of its payments gateway for Indian consumers. This marks the entry of Lytus Technologies into the Indian fintech market through the introduction of its payments gateway offerings to businesses in the Indian cable and broadband sector.
The Indian fintech market is currently the second largest market in the world by deal volume. It is expected to grow to USD 2.1 trillion by 2030 at a CAGR of more than 18%. With a fintech adoption rate of 87% against the global average of 64%, India is one of the fastest growing fintech markets in the world, according to a press release.
Shreyas Shah, CFO of Lytus Technologies said Lytus’s unique business model was particularly suited to expand its fintech services offering to its nationwide base of nearly four million users.
“The company intends to invest 50 million dollars to expand its fintech business in India over the next five years. While the initial rollout is focused on a B2B model, it plans to extend services to its individual subscribers within the next 12 months,” he said.
Lytus had recently acquired Sri Sai Cable and Broadband Private Limited, one of the leading regional Multi Service Operators (MSO) based in Telangana.
According to Lytus Technologies CEO Dharmesh Pandya, Telangana was a very progressive market, and the consumers were open for tech enabled solutions.
“This presents a tremendous opportunity for us at Lytus to leverage the existing customer base of our recently acquired company, Sri Sai Cable, and introduce value-added services to further expand our reach. Reports also showcase that there are 83 subscribers for every 100 residents and Telangana boasts a high internet penetration rate, yet there remains untapped potential in rural areas where the subscription rate is lower at 57 subscribers for every 100 residents. This presents an ideal opportunity for Lytus and Sri Sai Cable to extend our services into these underserved regions,” he added.
