According to global research firm Statista, India ranks 3rd in the Global Fintech Unicorns list after the USA and UK. India has 17 Fintech Unicorns as of 2023.
As of recent data available, there are currently 6000 plus fintech companies operating in India and this market is about to reach around USD 150 Billion by 2025 with a CAGR of 20%. Fintech has attracted substantial investments from Venture capitalists Funds, Private Equity Funds and Institutional Investors, in 2022, the total startup funding in this sector was USD 5.65 Billion making it the second most funded sector.
Let’s dig out the Top 10 Fintech Companies accelerating India’s Financial Inclusivity:
PayTm
Paytm is an Indian Multinational Fintech company that specialises in digital payments and financial services. It offers a wide range of services including mobile payment solutions for consumers, QR Code Payment, etc.
Moreover, Paytm has expanded its services to include various financial products and partnerships with financial institutions, making it one of the leading players in India’s digital payment ecosystem.
Founded In: 2010
Founded By: Vijay Shekhar Sharma
Headquarter: Noida, India
Valuation: USD 20 Billion as of 2022. However, the current market cap of the company is INR 25,600 Cr approx as of February 2024
Services: Mobile payment services, QR code payments, Online payment gateways, Financial services (microloans, buy now pay later options), Bill payments, Ticketing services
Key Investors: Vijay Shekhar Sharma – 19.42%, Ant Group – 13.5%, SVF India Holdings (Cayman) Ltd – 17.46%, Saif lii Mauritius Company Ltd – 10.59%, Axis Trustee Services Ltd – 4.77%
Revenue: INR 7990 Cr of FY23
Razorpay
RazorPay is a prominent payment gateway service provider in India. It offers businesses the capability to accept online payments through various methods including credit/debit cards, net banking, UPI, and other popular payment options.
Founded In: 2014
Founded By: Shashank Kumar and Harshil Mathur
Headquarter: Bangalore, India
Valuation: USD 7.5 Billion as of 2021
Services: Payment Gateway Services, RazorpayX Business Banking (including current accounts, payouts, and corporate credit cards), Thirdwatch AI Fraud Prevention Solution, Affordability Suites (including Cost EMI, Pay Later options, and tax payment services)
Key Investors: Sequoia Capital, Tiger Global Management, Ribbit Capital, Matrix Partners, GIC
Revenue: INR 1482 Cr as of FY22
CRED
CRED is an Indian multinational fintech company. CRED operates as a reward-based credit card payment mobile application, allowing users to earn rewards for paying their credit card bills through the CRED App.
Founded In: 2018
Founded By: Kunal Shah
Headquarter: Bangalore, India
Valuation: USD 6.4 Billion as of 2023
Main Business: Reward-based credit card payments, House rent payments, Short-term credit lines, Cred Cash, Cred Pay, Cred Store, Cred Travel Store, P2P lending Facility
Key Investors: DST Global, Tiger Global Management, Sequoia Capital (India), Coatue, Insight Partners
Revenue: INR 1500 Cr as of FY23
Pine Labs
Pine Labs is an Indian Fintech Company that specialises in providing financing and retail transactions technology solutions. The company evolved its roots in petroleum retail automation to become a prominent player in the fintech industry.
Founded In: 1998
Founded By: Lokvir Kapoor and Rajul Garg
Headquarter: Noida, India
Valuation: USD 7 Billion as of 2022
Services: Android-based point of sale (PoS) machines, Financing solutions, Payment platform, Gifting solutions, Deals and cash-back platform
Key Investors: LonePine, PayPal, Temasek, Actis Capital, Altimeter Capital
Revenue: INR 1588 Cr as of FY23
DIGIT
Digit is an Insurtech (within the ambit of fintech) Company that aims to simplify insurance solutions by providing transparent and straightforward services. Digit’s goal is to make insurance more understandable and accessible to customers, much like slicing bread into manageable slices.
Founded In: 2017
Founded By: Kamlesh Goyal
Headquarter: Bengaluru, India
Valuation: USD 4 Billion as of 2022
Main Business: Health insurance, Motor insurance, Travel insurance, Jewelry Insurance, Mobile phone insurance, Home Insurance, Commercial insurance (corporate business)
Key Investors: Fairfax Financial Holdings, Sequoia Capital India, IIFL Asset Management, Faering Capital, TVS Capital Funds
Revenue: INR 5268 Cr as of FY22
UPSTOX
Upstox is a Fintech Broking company that Provides various investing options and services. It offers a tech-driven platform for trading and securities brokerage aiming to empower its clients to make informed investment decisions conveniently.
Founded In: 2009
Founded By: Raghu Kumar, Ravi Kumar, Shrini Viswanath, and Kavitha Subramanian
Headquarter: Mumbai, India
Valuation: USD 3.4 Billion as of 2021
Services: Stock Trading, Securities Brokerage, IPO Investments, Mutual Funds, Futures and Options (F&O) Trading, Commodities Trading, Currency Trading
Key Investors: Tiger Global Management, Kalaari Capital, Ratan Tata, GVK Davix Technologies Pvt Ltd, Shriram Credit Company Limited
Revenue: INR 1000 Cr as of FY23
GROWW
Known for its Zero-Commission and Brokerage, Groww is a fintech company that started as a mutual funds company. Now the company provides a diverse range of financial services through its mobile application and website.
Founded In: 2016
Founded By: Lalit Kishore, Harsh Jain, Neeraj Singh, and Ishan Bansal
Headquarter: Bangalore, India
Valuation: USD 3 Billion as of 2021
Revenue: INR 1277 Cr as of FY23
Services: Investment in Stocks, Mutual Funds, Financial Education, Instant Loans, Investment Tracking
Key Investors: ICONIQ Capital, Alkeon Capital, Lone Pine Capital, Steadfast Capital, Propel Venture Partners
BharatPe
BharatPe is an Indian Multinational Fintech Company that specialises in providing digital payments and financial services to small merchants and grocery stores.
Founded In: 2018
Founded By: Ashneer Grover, Shashvat Nakrani and Bhavik Koladiya
Headquarter: New Delhi, India
Valuation: USD 2.9 Billion as of 2021
Services: Digital Payment Solutions, Financial Services, Loyalty Programs, Buy Now Pay Later (BNPL) Products, Data Analytics
Key Investors: Tiger Global Management, Coatue Management, Dragoneer Investment Group, Steadview Capital, Ribbit Capital
Policybazaar
Policybazaar.Com is an Indian insurance aggregator and Fintech MNC based in Gurgaon. Essentially, the company operates as a digital platform, offering both a website and an app, where users can compare insurance policies and other financial services from major insurance companies.
Founded In: 2008
Founded By: Yashish Dahiya, Alok Bansal and Avaneesh Nirjar
Headquarter: Gurgaon, India
Valuation: USD 6.2 Billion as of 2021
Revenue: INR 2558 Cr as of FY23
Services: Insurance Comparisons, Insurance Purchasing, and Other Financial Services including Loans, Credit Cards, Mutual Funds, etc., Offline Outlets servicing
Key Investors: SoftBank Group, Info Edge (India) Limited, SVF Python II (Cayman), Tencent, Claymore Investment
BillDesk
BillDesk is an Indian Online Payment Gateway Platform. BillDesk provides an online payment platform that facilitates transactions between banking institutions and merchant websites. It enables users to make payments for various services and purchases securely through its platform.
Founded In: 2000
Founded By: M.N. Srinivasu, Ajay Kaushal and Karthik Ganapathy
Headquarter: Mumbai, India
Valuation: USD 4.7 Billion as of 2022
Financials: The disclosed Net Profit of INR 245 Cr and Revenue of INR 2124 Cr in its financials statements of FY23.
Services: Online Payment Gateway, Bill Payments, Mobile Recharge, Ticket Booking, Subscription Payments, E-commerce Payments, Digital Wallet Integration
Key Investors: General Atlantic, Temasek Holdings, TA Associates, Clearstone Venture Partners, State Bank of India
The Fintech Ecosystem in India is rapidly growing at a very high pace. This reflects the attractiveness of Fintech companies to Investors. Fintech is undoubtedly driving the country’s Financial Inclusiveness But with this, there remain many challenges among these companies, especially Regulatory compliance, Data Security, Transaction Accuracy etc.
Also Read: Top 10 EdTech Companies Revolutionising India’s Digital Learning Ecosystem
