In the dynamic world of Indian fintech, few leaders command the depth of experience and clarity of thought that Nirav Shah brings. As Managing Director at Equirus Capital, Shah has not only witnessed the evolution of India’s financial services sector over the last two decades but has actively shaped parts of it. In this candid interview with The Indian Startup Times, he shares insights on fintech’s next phase, IPO preparedness, investor expectations, and the growing role of investment bankers.
From Traditional Finance to Fintech Advisor: Shah’s Journey
Reflecting on his nearly two-decade-long journey, Shah traced his career from HDFC Bank to entering capital markets during the 2007–08 boom, and eventually finding his home at Equirus Capital. His current focus? Helping fintech startups navigate the complex world of IPOs and sustainable scale.
“The ecosystem has matured drastically,” Shah noted, contrasting the earlier era of traditional finance with today’s tech-driven, data-heavy platforms. His experience positions him uniquely at the intersection of legacy finance and the future of fintech.
Fintech in Transition: Beyond Hype to Profitability
When asked about trends shaping fintech, Shah pointed to the rapid rise of payments, insurtech, and niche financial platforms. But the rules of the game have changed.
“The days of growth at any cost are behind us,” Shah stated bluntly. “Today, investors are seeking operational discipline and profitability.”
This pivot has brought Equirus Capital into a strategic role—guiding firms like Zaggle and Protean
The New Fundraising Reality: Slower, Selective, and Strategic
In a funding climate that’s more cautious than ever, Shah advises fintech founders to start early and think broadly.
“What used to take 3–6 months now takes 12–18,” he said, emphasizing the need to tap into family offices, public market investors, and alternative capital pools.
Shah also highlighted the rising importance of governance, regulatory clarity, and crisp data storytelling—particularly as companies gear up for IPOs.
“Your pitch to investors isn’t just about vision anymore. It has to be sharp, measurable, and credible.”
Investor Sentiment: Tech-Fueled, But Cautious
While investor enthusiasm remains strong, especially around AI and deep tech, early-stage fintechs are facing more scrutiny. According to Shah, mature investors are looking beyond flashy growth stories.
He warns founders to not underestimate regulatory compliance, cybersecurity risks, and the temptation to over-invest in tech without clear returns.
“Innovation is crucial, but it needs to be balanced with prudence,” he added.
The Changing Face of Investment Banking
Investment bankers are no longer just deal-closers. Their role has become more strategic and long-term.
“We now enter the picture 1–2 years before an IPO,” Shah explained, “advising on everything from cap table hygiene to structuring the right investor mix.”
At Equirus, the emphasis is on building enduring relationships, not just transactions. “Today, it’s about being a strategic partner throughout the company’s growth journey.”
Looking Forward: Why Shah Remains Optimistic
Despite headwinds, Shah’s outlook is optimistic. As more profitable fintech startups emerge and mid- and large-cap IPOs become viable, he sees a healthy market ahead.
With private equity exits gaining momentum and founders showing greater maturity, Shah believes India’s investment banking landscape is poised for its next leap.
