At Shiprocket Shivir 2025, an interesting fireside chat unfolded between technology entrepreneurs Saahil Goel, MD and CEO of Shiprocket, and Vijay Shekhar Sharma, Founder and CEO of Paytm. The conversation, brimming with insight, nostalgia, and a generous dose of humor, provided various insights into the evolution of India’s technology ecosystem, the transformative power of AI, and the boundless potential of India’s small businesses.
The Evolution of Startups from Chips to AI
Tracing the journey of technological revolutions, Sharma offered a historical lens: “It is a very linear story if you look at it, from chips in 1978, to operating systems in the ’80s, to the browser era, then to search, social, and now AI. One technology becomes the platform for the next.”
He emphasized how each wave builds upon the previous, and how entrepreneurs must stay ahead of this stack. “It is about stacking cloud over OS, AI over cloud, use cases over AI. We must know where we fit in.”
Also read: Shiprocket Unveils India’s Own LLM ‘Shunya.ai’ at Shiprocket Shivir 2025
Sharma expressed his desire for India to play a larger role in the foundational AI ecosystem: “I always wanted India to have its own AI. But the entry ticket is $100 million, and global talent is accessible from anywhere. We must accept that we may not build foundational models but we can become the ‘use-case capital’ of the world.”
Rap-Powered Passbooks and Agentic Futures
In a moment appreciated by the audience, Sharma unveiled a glimpse into Paytm’s innovation lab, which is an AI-generated rap version of a user’s passbook. “If you are a Gen Z user, you have probably never seen a passbook. So we reimagined it. Now your monthly spend comes as a personalized rap track.” The live demo of the passbook-turned-song got the crowd buzzing. Speaking about the future of apps, Sharma predicted, “Apps will end. We are moving to an agentic world where AI agents drive decisions. Content, commerce, and financial services will be redesigned for this new paradigm.”
Small Businesses, Big Mindsets
Goel, whose Shiprocket platform empowers millions of SMEs, emphasized the unique advantage AI offers to smaller enterprises. “AI can act as a co-pilot for small businesses thus helping with capital access, sourcing, insights, and marketing. In a diverse country like India, AI becomes a personalized technology, not just general tech.”
Sharma echoed the sentiment with conviction: “Small businesses are small only because they think they are small. Every small business is a large business waiting to happen.”
Goel added, “We’ve seen that when businesses are not performing, it is usually because they do not know something. AI can bridge that gap. It can be their analyst, their CFO, even their strategy partner.”
Indian Ambition Needs to Move From Fear to Global Domination
The conversation turned aspirational as Sharma challenged India’s traditional mindset. “Why are we afraid that Walmart will come and break us? Why don’t we think we will break Walmart in their own market? It is our time. We were the back office of the world 20 years ago. Now we are building for ourselves, and soon we will build for the world,” he said.
Key Takeaways from the Fireside Chat:
- Tech is a Stack: Understand where the product fits whether its AI, cloud, app layer, or use case.
- India as a Use-Case Capital: Foundational models may be global, but India will shine in applied AI.
- Reimagine Everything: From passbooks to customer service, AI can humanize and personalize.
- SMEs Are Future Giants: With the right tools and mindset, small businesses can scale like never before.
- Global Confidence: Indian startups must think beyond borders and build for global impact.
As Sharma aptly put it, “Later you start, better you are because you leapfrog with fewer legacies.”
