Why couldn't Stripe become the Stripe of India? (Highlights Only) | Two by Two | The Ken
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- เผยแพร่เมื่อ 17 ก.ย. 2024
- It seems like ‘invite only’ is a rite of passage for Stripe. If Stripe entered India with an invite-only step, then it seems reasonable to assume that it’s leaving India on the basis that it’s doing invite-only again.
Over seven years, Stripe, the world’s mightiest fintech, currently valued at $70 billion (and at $95 billion at its peak), could not make a dent in India. It had a great product, a massive untapped opportunity in India, and didn’t have much competition. And yet, it failed. Why?
There’s an internet quip that was quite popular until recently. The Amazon of China is Alibaba, the Uber of China is Didi, and the Google of China is Baidu, the Apple of China is Xiaomi. In India, the thinking was : Amazon of India is Amazon, the Uber of India is Uber, the Google of India is Google, and the Apple of India is Apple. In today’s episode of Two by Two, we discussed why Stripe couldn’t become the Stripe of India.
And to discuss this, hosts Rohin Dharmakumar and Praveen Gopal Krishnan were joined by two guests.
Arundhati Ramanathan, Deputy Editor at The Ken. Arundhati is India’s preeminent Fintech reporter, and she’s demonstrated it over a career of 8 years at The Ken.
Our second guest is Vikram Bhat. Vikram is one of India’s most accomplished Product leaders, he was in product leadership roles at Myntra, Abof, Ekstep Foundation, LendingKart, Capillary Technologies, Goodworker, and most recently CPO at Setu, which is a fintech company that enables API-based infrastructure for financial services.
Welcome to episode nine of Two by Two, The Ken’s weekly podcast that asks the most interesting and often uncomfortable questions on topics we all want to know more about. And we do that through the lens of a 2×2 matrix!
You can listen to the full conversation on The Ken App or Apple Podcasts
This episode of Two by Two was produced by Anushka Mukherjee. Hari Krishna is the lead writer and researcher for this episode. Rajiv C N, our resident sound engineer is the audio producer.
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Two by Two
Episode 9
September 12, 2024
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0:03 - Introduction: Stripe's Failure in India
3:52 - Stripe's Early Days in India and Its Potential
9:14 - The Stripe Product and Its Strengths
17:32 - Product Differentiation and Context
20:08 - Examples of Global Companies Adapting to the Indian Context
23:56 - Stripe's Localization Efforts and UPI Integration
26:20 - Decision-Making Processes in Large Companies
29:45 - The Rise of Payment Aggregators in India
32:14 - Razorpay: The Stripe of India
Starts at 9:00 minute.
One thing that could have been added to the conversation is Stripe's recent acquisition of LemonSqueezy. This might/should help them navigate tough regulatory markets like India and Indonesia - which is why they may have decided to outsource their problem by acquiring a Merchant of Record. Great episode!
7 minutes in and you haven’t started with the story :/
Average Podcast 🤡🤡
Indian govt should put local companies first before American ones like China.
All European govs fined top American tech companies but not India. That tells how inefficient our system is.
India doesn't have the large lobbying by VISA and MasterCard and UPI is a low cost behemoth to disrupt any payment product offerings.