India, March 19 -- When FinSight Ventures' lead India investments, Pavel Gurianov, relocated to Bengaluru from Russia in 2014,his mission was clear: to understand why VCs around the world were falling head over heels for India's consumer tech and fintech startups. 

12 years and 16 investments later, Gurianov's view of India is optimistic but pragmatic. While India's fintech ecosystem has been an undeniable success from a global investment perspective and remains a key focus area for overseas funds, some nuances repel investors.  

For instance, from the dollar-investor perspective, Indian fintech startups are expensive when compared to Southeast Asia or Latin America. Then, despite the massive scale of digital payments, av...