Our distinguishing feature Is our digital infrastructure offered to merchants and banks
to enable them to do business online, accept payments on-the-go, process payments and use
AI/ML- based analytics for lending.
Dear Shareholders,
I am glad to present to you the Annual Report for Gllfl for the financial year ending
2023.
As I am addressing you today, the world has started living in a new reality, wherein
the effects of the pandemic are gradually dying. The Indian economy has shown resilience,
driven by a combination of strong underlying fundamentals and prudent policy measures.
Despite the commodity price shocks, supply disruptions, and higher inflationary trends,
RBI has been able to preserve the macro financial stability and the environment is dynamic
and fast changing to sustain growth.
Digitisation and Digitalisation will be key to India's future growth and to become the
top economic force globally.
Fintech Revolution India today stands witness to the Fintech Revolution - the grand
entry and the rise of the Fintech businesses. This is one industry which will take India
to a higher pedestal on the world stage.
Digital financial services are instrumental in achieving the Flon'ble Prime Minister
Shri Narendra Modi's vision of Atmanirbhar Bharat and a $5 Trillion economy by FY2027. In
the light of this vision, for the past few years, propelling financial inclusiveness has
been a top priority for India. This is possible only through a strong, healthy and
professionally managed banking and financial lending system and fintech companies will
make this possible to reach to the bottom of the pyramid.
The digitisation of the economy, with the COVID-19 pandemic as an icing on the cake,
has boosted the governments' agenda to create a robust ecosystem across supply chains,
agriculture, education, micro, small and medium enterprises (MSMEs), and other sectors.
Embedded finance, neobanks, digital lending and digital payments are seen as sunrise
businesses which will boost fintech models to provide equitable access to finance.
Fintechs in collaboration with banks and NBFCs are all set to deepen market penetration
and create efficiencies and have been at the spearhead of designing and implementing
innovative products that will leverage latest technologies and platforms such as
artificial intelligence (AI), machine learning (ML), application programming interfaces
(APIs), cloud and automation. The economy has catapulted several decades ahead because of
this fintech revolution. India could be the world's next economic motor, driven by the
fintech engine.
The naissance of Gllfl
Digitalization is not a luxury anymore; it has become a necessity and our vision was to
be the trailblazer in this space.
The seeds for this were sown in 2019, when we began our journey as a platform provider
and gradually moved into payments in later years. Today, we are the harbinger of
technologically compatible innovative financial products and services.
On a macro scale, in the current scenario, digitization is only 21% of our economy.
There is a huge chasm that needs to be crossed over, to reach the full potential of 100%.
Our endeavour is to continue to innovate, to grow and to ensure our substantial presence
for merchants and banks and continue to create value across the entire chain.
How Gllfl has charted its way
"Everyone wants to live on the top of a mountain, but all the happiness and growth
happens while climbing it!"
We, at Gllfl, have well absorbed this phrase and have grown and learnt from each stride
that we have taken.
Any fintech earns from three players - the merchant, the bank and the consumers. Our
focus is on the merchants and the banks.
For banks, FIs and ecommerce players, once the digital infrastructure gets embedded
into their systems, it becomes an indispensable part. We have invested into this strategy
and developed our digital infrastructure which has now started delivering continuous
growth.
What makes Gllfl different?
Our distinguishing feature is our digital infrastructure. Gllfl has embedded its
digital infrastructure through white labelling its digital product and have rendered it to
many Merchants.
Another feather in our cap is that we provide our merchants services with a fully
compliant regulated and secured channels of services, services includes flexible payments,
low latency transactions, social networking activated payments, payment buttons, invoice
based payment services, pay-in pay-out services, extensions to third party CMS and CRM
systems.
How do we see ahead?
The decision policies of Gllfl hinge on 'building' and not 'buying', but this does not
rule out the opportunities that are evaluated from time-to-time.
If any opportunity is found accretive and additive, no stone will be unturned in the
quest to harness it.
RBI has flagged concerns over the systemic risks brought about by the involvement of
some bigtechs in the financial world. The delicate balance between innovation and
regulation has to be maintained through careful utilisation of technology and frameworks.
Concluding Remarks
Growth is the result of the forces working together and Gllfl has thrived in no
different way and it is no different going ahead.
With a multi-merchant, multitech, multi country portfolio, it is expected that payments
business growth will accelerate. The payments business is the cart and the platform
businesses, is the horse before the cart, which will elevate the company's growth.
I wish to extend my deepest gratitude to all the stakeholders, for standing shoulder to
shoulder with us and supporting us in reaching milestones, year on year.
| Warm Regards, |
| Divya Singh Kushwaha |
| Chairman |