Digital lending to reach 5% of retail loans by FY28
Digital lending is projected to constitute 5% of total retail loans by FY28, a recent report by Redseer Strategy Consultants highlighted.
This growth is largely driven by Gen Z (18-25) and millennials (26-38), who are embracing digital lending for its convenience and speed. Digital lending rose from 1.8% in FY22 to 2.5% in FY24, with Gen Z borrowing Rs 3.5-4 lakh crore and millennials Rs 25-28 lakh crore.
Affluent and well-off households use traditional banks, while middle and low-income groups increasingly turn to digital lenders. Gen Z prefers personal loans for experiential expenses, while millennials favor credit card spending.
The report suggests substantial growth potential for digital lending in India, with Gen Z and millennials shaping the market and driving innovation and competition.
upGrad enhances AI-focused Bootcamps, enrolments up 8x in FY24
Integrated learning and workforce development startup, upGrad’s Bootcamps which focus on applied learning and AI have seen an an 8x increase in enrolments for FY24.
These revamped Bootcamps in disciplines such as Digital Marketing, Full Stack Development, Data Science, and UI/UX now emphasise practical applications over theoretical study, with 80% of the curriculum dedicated to hands-on learning through Agile projects, coding practice on CloudLabs, daily doubt resolution, and graded projects.
The shift aims to equip learners with real-time skill application capabilities, ensuring faster career returns. upGrad delivered over 200,000 hours of immersive learning in the past year, with the majority of participants being freshers and early professionals.
The company plans to double enrolments in FY25 by continuing to enhance both tech and non-tech Bootcamps. upGrad’s approach includes workshops, simulations, industry-aligned projects, and masterclasses, backed by triple certification from government, global tech giants, and university partners.
(The copy will be updated throughout the day with the latest news)
Edited by Affirunisa Kankudti
