Sachin Bansal Highlights India’s Potential in AI Development and UPI’s Future
New Delhi (The Uttam Hindu): Tech billionaire Sachin Bansal, co-founder of Flipkart and founder of Navi Technologies, recently emphasized the significant opportunity for Indian companies to develop cutting-edge artificial intelligence (AI) models, including large language models (LLMs). Speaking at an event organized by consultancy firm Redseer in Bengaluru, Bansal noted that while AI offers vast potential, building LLMs is a complex and resource-intensive endeavor.
Bansal highlighted the need for substantial capital investment, skilled talent, and unwavering commitment to pursue AI projects successfully. "Building LLMs is a full-time job and requires a lot of money," Bansal said, adding that India has the talent to succeed in this space if the right resources are available. He also acknowledged the rapid advancements in AI, pointing to the success of DeepSeek, a Chinese startup that created a low-cost LLM. However, he cautioned that the benchmarks in AI development are continuously evolving, making it a challenging space to keep up with.
Another significant concern Bansal raised was India's 'brain drain,' with many top Indian graduates, especially those with computer science degrees, moving abroad, particularly to the US. He explained that a significant portion of his IIT batchmates are now working in AI or academia outside India. In contrast, countries like China and Taiwan have seen their talent pool return, contributing to the growth of tech giants like DeepSeek and TSMC.
India’s Growing Role in AI
Bansal’s comments come in the context of India’s push to develop its own sovereign AI foundation models. Union Minister for Information Technology Ashwini Vaishnaw announced that India aims to launch its own foundation model within 8-10 months, as part of the government's ₹10,372 crore INDIAai Mission. This initiative reflects the government's efforts to build a robust AI ecosystem, with support from the Ministry of Electronics and Information Technology (MeitY) and collaborations with AI experts.
Bansal’s Vision for Navi and the Future of UPI
After leaving Flipkart, Bansal founded Navi Technologies, a fintech startup aimed at addressing financial challenges for India’s underserved population. Navi has quickly become the fourth largest UPI (Unified Payments Interface) app in India, trailing behind PhonePe, Google Pay, and Paytm. Bansal credited the National Payments Corporation of India (NPCI) and the government for helping smaller players like Navi gain access to the UPI market, which has transformed digital payments in India.
Bansal forecasted that in the near future, a significant portion of UPI transactions will shift to being credit-driven, rather than relying on funds from bank accounts. He added, “It is not money from a bank account but from a credit product that you use to make payments,” predicting this shift will be a major change within the next five years.
In contrast to other UPI players, Bansal noted that Navi has put UPI at the forefront of its business strategy. He explained that while competitors like Amazon and WhatsApp have treated UPI as a secondary feature, Navi has made it central to their product offerings, positioning the platform as a primary payment method.
Looking Ahead
Bansal concluded by suggesting that the full potential of UPI has yet to be realized and will continue to evolve over the coming years, providing significant opportunities for new players to emerge. His insights underscore the transformative role that AI and digital payments will play in India’s future, highlighting both the challenges and the exciting prospects ahead for the country’s tech and financial ecosystems.
