In a recent episode of The Simple Hai! show with Vivek Law, Movin Jain, the founder of Skydo, shared his journey from a corporate professional to an entrepreneur and the vision behind his fintech startup, which aims to revolutionise cross-border payments for freelancers and small businesses in India. The conversation traced challenges faced by service providers receiving payments in foreign currencies, the inefficiencies of the current banking system, and how Skydo is addressing these issues with technology-driven solutions.
The Entrepreneurial Journey: From Corporate to Startup Founder
When asked why he chose entrepreneurship, Jain told Law, "I chose entrepreneurship twice. My first startup, Gallery5, was profitable but didn't scale as I hoped. After a few years, I returned to a corporate job but always felt a pull towards building something impactful."
Jain's background includes stints at prestigious organisations such as IIT Delhi, IIM Ahmedabad, a global investment bank, and top Indian startups like PhonePe, Meesho, and Ola. Despite the security and promising career trajectory. "Once you cross the financial survival stage, you start asking, 'How is my work making the world a better place?' That's when I knew I had to return to entrepreneurship," he said.
He emphasised the importance of persistence and self-belief, especially for young Indians aspiring to start their own ventures. "Don't chase someone else's dream. Chase your own," he advised. His journey took years of emotional and financial recalibration before launching Skydo in 2022.
Challenges in India's Cross-Border Payment Ecosystem
Jain painted a vivid picture of the current state of cross-border payments, especially for freelancers and small and medium enterprises (SMEs):
• Manual and Fragmented Processes: "When your money comes from a global customer, the backend process is largely manual, emails, phone calls, WhatsApp messages, with very little automation."
• High Costs and Lack of Transparency: Payment fees are unpredictably high, with hidden charges deducted at multiple stages, from sending charges in the foreign bank to correspondent bank fees and currency conversion margins.
• Delays and Inefficiencies: Payments can take days to clear, and sometimes funds get returned due to operational errors, forcing businesses to chase payments with their clients again.
• Lack of Suitable Banking Support: Traditional banks prioritise large corporates and have relationship managers dedicated to them, leaving freelancers and SMEs underserved with slower, opaque, and costly processes.
• Regulatory and Financial Infrastructure Hurdles: Regulatory compliance, credit availability, and skilled labour shortages compound the challenges.
Jain said, "Ten years ago, I didn't know any freelancers. Today, I know thousands. The banking tech and processes haven't caught up with this new reality."
Skydo's Solution: Simplifying and Digitising Cross-Border Payments
Skydo aims to replace the cumbersome wire transfer (SWIFT) system with a digital platform that offers speed, transparency, and cost efficiency:
Jain shared what Skydo offers:
A seamless cross-border payment experience through Euro or USD-denominated virtual accounts, enabling clients to pay locally without wire transfer hassles. Funds are converted to INR and settled in the user's Indian bank account within one business day, with full RBI-compliant automation. The digital onboarding process takes just five minutes, and users benefit from real-time tracking, transparent cost breakdowns, and predictable, lower fees, eliminating the delays, paperwork, and hidden charges typical of traditional banking systems.
Jain further explained, "It's like having local payments but on a global scale. We want to make the financial lives of exporters, freelancers, and SMEs easier so they can focus on growing their business instead of chasing payments."
Distinguishing Business Payments from Personal Remittances
When Law asked whether Skydo also facilitates personal fund transfers, Jain clarified that Skydo focuses on trade-related payments, the export of services and goods, rather than family remittances, which have different dynamics. Jain noted, "Remittances are driven by NRIs abroad sending money home, which is a P2P process. Our focus is on businesses in India receiving foreign payments from global customers."
The Vision: Starting in India, Expanding Globally
Jain shared Skydo's roadmap:
India as a Launchpad: Leveraging a deep understanding of Indian regulations and market dynamics, the startup is well-positioned to serve the fast-growing export ecosystem in India.
Emerging Markets Next: "Countries like Indonesia, the Philippines, and Mexico have similar challenges. Once we stabilise in India, we plan to expand to these markets."
Global Expansion: Ultimately, Skydo aims to scale to developed markets, transforming cross-border payments worldwide.
He emphasised the role of Indian innovation in global fintech, responding to scepticism about India's tech capabilities. "India has caught up significantly in fintech. Many global firms prioritise India now because of its revenue potential and talent pool."
Reflections on Money, Success, and Impact
Vivek Law sought Jain's views on money and success, personal philosophy and the role financial independence plays in finding purpose.
Jain shared that money is important; it improves life. But earning money without creating an impact doesn't bring satisfaction.
Jain also shared, "Social media often shows 'overnight successes,' but real success comes from years of hard work unseen by the public." "If someone achieves quick success by chasing others' dreams, that success is often short-lived."
Jain's message to young entrepreneurs is to stay grounded, believe in their skills, and not get distracted by social media illusions.
Managing the Entrepreneurial Grind: Balancing Work and Well-being
When Law asked how he unwinds amid the pressures of managing a global fintech venture, Jain shared his routines candidly:
"Regular fitness is key. I go to the gym four to five times a week and practice yoga twice a week, which keeps me physically and mentally balanced." "I have a fixed daily schedule, which helps maintain consistency." "Becoming a father recently has added a new dimension of joy and relaxation to my life."
He also stressed that mental health and work-life balance are critical for long-term sustainability in entrepreneurship.
Enabling a Global India
The conversation closed with optimism about India's future in global trade and fintech:
"India's trade is growing rapidly, but many systemic problems remain. Skydo is committed to solving key issues in payments, finance, and regulation to empower Indian exporters and freelancers to compete globally."
Movin Jain's journey with Skydo shows how thoughtful innovation can solve real problems for freelancers and small businesses. As global trade grows, Skydo is paving the way for smoother, smarter payments.
