Top 30 FinTech Startups of India
Paytm is the leading digital wallet company in India with its headquarters in Noida, Uttar Pradesh. Paytm mobile wallet is their flagship product which is used by millions of Indian consumers. Paytm has 9000+ employees. Paytm also specializes in online shopping. Paytm is a private company.
Paytm has raised a total of USD 2.20 billion in four funding rounds.
Paytm has acquired a total of 11 companies including Nearbuy, Insider.in .
Founder and CEO of Paytm – Vijay Shekhar Sharma
Founded in the year – 2010
Revenue (2021-22) – https://paytm.com/investor-relations/annual-reports
LinkedIn – https://www.linkedin.com/company/paytmbank/
Backed by Investors Like – Soft Bank, Alibaba founder – Jack Ma ,Etc.
Razorpay is a digital payments technology company helping businesses of all sizes in accepting and managing payments from their customers. It’s headquarters is situated in Bengaluru, Karnataka, India. It has 500+ employees . Razorpay is a private company. Previous Venture – Harshil Mathur and Shashank Kumar are the Co-founders of Mobikwik.
Razorpay has raised a total of USD 816.30 Million in four funding rounds. (Razorpay – Crunchbase Company Profile & Funding)
Razorpay has acquired a total of 6 companies including Ezetap.
Founder and CEO of Razorpay – Harshil Mathur
Founded in the year – 2014
Revenue (2021-22) – INR 500 Crores +
LinkedIn – https://www.linkedin.com/company/razorpay
Backed by Investors Like – Salesforce Ventures, Moore Strategic Ventures, Lightspeed Venture Partners, TCV, Lone Pine Capital, Alkeon Capital, Y Combinator, Tiger Global Management, GIC, Sequoia Capital India, Etc.
3. Pine Labs
Pine Labs is an Indian merchant platform company that provides financing and last-mile retail transaction technology. Founded in 1998, it now has more than 1,00,000 retailers across India, including major retail outlets such as Mark’s and Spencer’s Retail, Pantaloons, Shoppers Stop and Westside.
4. Bill Desk
Bill Desk is an online payment processing services company and its headquarters is located in Mumbai, Maharashtra, India. PayU is the parent company of Bill Desk. It has 350+ employees and is a private company.
Previous Experience – Karthik Ganapathy, Ajay Murthy, and M.N Srinivasu are Co-founders of Bill Desk. The three previously worked at American accounting firm Arthur Andersen LLP.
Bill Desk has raised a total of 241 million USD over 4 funding rounds.
Bill Desk has acquired a total of 6 companies including Ezetap.
Founder and CEO of Bill Desk – M.N Srinivasu.
Founded in the year – 2000
Revenue (2020-21) – INR 2124.20 Crores
LinkedIn – https://www.linkedin.com/company/billdesk
Backed by Investors – In August 2021, PayU acquired Bill Desk for $4.7 billion in an all-cash deal, making it the largest fintech acquisition in India
Groww is an investment platform that allows individuals to invest and trade in stocks, mutual funds, US stocks, and Gold. it also has fixed deposit options for conventional investors.
Groww has become the unicorn in the fintech industry by raising $83 million in a funding round led by Tiger Global.
The company has raised $140 million as capital so far.
Backed by a huge force of investors such as Sequoia Capital India, Ribbit Capital, Y Combinator, Kauffman Fellows, Propel Venture Partners, and Kairos, Groww plans to deploy its funding into introducing financial educational content for its 1.5 crore registered users.
Founders: Lalit Keshre, Harsh Jain
Founded in the year – 2016.
BharatPe launched the India’s first UPI enabled interoperable QR code. The startup is focused on the merchant payments primarily, offering a single interface for existing UPI apps and other payment systems. Last year, BharatPe launched a BNPL card platform called PostPe.
This fintech startup entered the unicorn club after raising $370 Mn in its Series E equity round at a valuation of $2.85 Bn in 2021. According to company filings, it has posted a loss of INR 1,619 Cr in FY21.
BharatPe has raised a total of 700.5 million USD in 12 funding rounds.
BharatPe has acquired Payback on Jun 10, 2021 for US $27M.
Founder and CEO of BharatPe – Ashneer Grover and Shashvat Nakrani
Founded in the year – 2018
Revenue (2021-22) – Around INR 700 Crores.
LinkedIn – https://www.linkedin.com/company/bharatpe
Backed by Investors – Sequoia Capital India, BEENEXT, Insight Partners, Ribbit Capital, Steadview Capital, Coatue, Alteria Capital, InnoVen Capital, Trifecta Capital Advisors, Northern Arc, Tiger Global Management, MAS Financial Services Ltd.
However, in the start of 2022, BharatPe controversies started spreading from cofounder Ashneer Grover’s audio clip in January, the Sequoia-backed unicorn has seen rough waters over the last few months, which has seen Grover and his wife ousted from the startup, along with many other key executives leaving the company, including founding member Satyam Nathani.
PolicyBazaar is online life insurance and general insurance aggregator. It has its headquarters in Gurgaon, Haryana, India. Bankbazaar has 2600+ employees and a revenue of $21 Mn (2017-18). It was founded in the year 2008. Policybazaar is a private company.
PolicyBazaar has raised a total of 346 million USD over 7 funding rounds.
Co-founders – Yashish Dahiya, Avanish Nirjar, and Alok Bansal
CEO of Bankbazaar – Yashish Dahiya.
Cred is a fintech startup founded by Kunal Shah, the founder of FreeCharge. The app aims to make the payment of credit card bills simpler and full of rewards for paying them on time. The app allows its users to check their credit score with Cibil, CRIF and Experian for free once a month.
9. Digit Insurance
Digit Insurance is an Indian start-up insurtech which focuses on selling of insurance policies online.
CoinSwitch Kuber is an Indian cryptocurrency exchange platform where users can buy and sell cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin, etc. at live market prices.
Zeta is a fintech company that makes the corporate payments and employee gifting quicker and more efficient. Based out of Bengaluru it is a banking tech company which provides an Omni Stack comprising modern credit and debit processing, BNPL, core banking and mobile experiences. It caters to banks and other fintechs globally.
Upstox provides financial services such as investments in stocks, mutual funds, derivatives, commodities, ETFs, and digital gold. It ensures full transparency in pricing by offering zero brokerage for equity trades and up to INR 20 per order for intraday, commodities, and currencies.
Financials – Crunchbase
The founders, Ravi Kumar, Kavita Subramanian, and Srini Vishwanath conceived this idea of making trading and investing easier and cheaper and created Upstox for fellow young Indians. The Mumbai-based company is backed by industry giants like Tiger Global and Ratan Tata and currently has more than 250 employees and the fintech is striving to make trading a second nature for its users.
LinkedIn – https://www.linkedin.com/company/upstox/
Incred is a digital lending platform for consumers and SMB’s. It has its headquarters in Mumbai, Maharashtra, India. Incred has 600+ employees and a revenue of $18 Mn (2017-18). It was founded in the year 2016. Incred is a private company.
Financials – Crunchbase
Bhupinder Singh is the Founder and CEO of Incred.
After launching in the year 2016, Incred has raised a total of 175 million USD over 2 funding rounds.
LinkedIn – https://www.linkedin.com/company/incredfinancialservices/
PhonePe is a mobile payments app that lets users instantly transfer money and pay for purchases. It was acquired by Flipkart in 2016. It has its headquarters in Bengaluru, Karnataka, India. PhonePe has 1000+ employees and a revenue of $6 Mn (2017-18). It was founded in the year 2015. PhonePe is a private company.
Financials – Crunchbase
Sameer Nigam, Rahul Chari and Burzin Engineer are Co-founders of PhonePe.
After launching in the year 2015, PhonePe has raised a total of 430 million USD over 6 funding rounds.
The CEO of PhonePe is Sameer Nigam.
LinkedIn – https://www.linkedin.com/company/phonepe-internet
Zerodha offers brokerage free equity investments and trading platform to retail investors. It has its headquarters in Mumbai, Maharashtra, India. Zerodha has 900+ employees and a revenue of $64 Mn (2017-18). It was founded in the year 2015. Zerodha is a private company.
Nithin Kamath and Nikhil Kamath are Co-founders of Zerodha.
After launching in the year 2015, Zerodha has remained a bootstrapped venture.
The CEO of Zerodha is Nithin Kamath .
Zestmoney is a digital lending platform which provides the convenience of shopping online and paying EMI’s without the requirement of credit card. It has its headquarters in Bengaluru, Karnataka, India. ZestMoney has 200+ employees. It was founded in the year 2015. ZestMoney is a private company.
Financials – Crunchbase
Lizzie Chapman, Priya Sharma and Ashish Anantharaman are Co-founders of ZestMoney.
After launching in the year 2015, ZestMoney has raised a total of 42 million USD over 5 funding rounds.
The CEO of ZestMoney is Lizzie Chapman.
LinkedIn – https://www.linkedin.com/company/zest-money
ETMoney is a full-stack investment platform with a wide range of products in the domains of investments, credit cards and loans, insurance, and financial tools. It aims to simplify the financial journey of retail customers.
ETMoney was founded by Mukesh Kalra in 2015. A passionate company that indulges in personal finance, has become the first fintech company in India to introduce Aadhar-based SIP payments. With more than 100 crore bank accounts linked to Aadhar, the company plans to simplify installment payments with Aadhar OTP verifications.
The company has also partnered with Google Pay for a simplified way to invest in Mutual Funds and National Pension System. Founder: Mukesh P Kalra
Founded: 2005 .
Instamojo provides an online payment gateway solution to businesses. It has its headquarters in Bengaluru, Karnataka, India. Instamojo has 100+ employees and a revenue of $1 Mn (2016-17). It was founded in the year 2012. Instamojo is a private company.
Akash Gehani, Aditya Sengupta, Sampad Swain, and Harshad Sharma are Co-founders of Instamojo.
After launching in the year 2012, Instamojo has raised a total of 10 million USD over 5 funding rounds.
The CEO of Instamojo is Sampad Swain.
PayU is one of the best fintech companies in India that provides a payment gateway and payment solutions for online merchants. The platform provides a seamless experience when users check out a particular website or mobile app. It integrates various gateways such as net banking, Visa and MasterCard, UPI, and wallets.
PayU has integrated with giants like Netflix, Myntra, and Cred with unique payment solutions where customers can choose any payment option on any platform or website. It also enables customers to accept payments outside India from 100-plus countries.
PayU India is the flagship company of Naspers Group, based in London. It has also launched an alternate lending platform called LazyPay to offer credit solutions such as Small ticket credit (Buy now pay later), App-based Loans, and Point of sale credit (Merchant EMI). Founders: Jose Velez, Martin Schrimpff, Arjan Bakker, Grzegorz Brochocki, Nitin Gupta, Shailaz Nag
Mobikwik is a mobile payments company connecting consumers with merchants and online sellers. It has its headquarters in Gurgaon, Haryana, India. Mobikwik has 550+ employees and a revenue of $12 Mn (2017-8). It was founded in the year 2009. Mobikwik is a private company.
Financials – Crunchbase
Bipin Preet Singh and Upasana Taku are the Co-founders of Mobikwik.
After launching in the year 2009, Mobikwik has raised a total of 118 million USD over 8 funding rounds.
The CEO of Mobikwik is Bipin Preet Singh.
LinkedIn – https://www.linkedin.com/company/mobikwik
Coverfox is a fintech company which aggregates insurance online and provides hassle-free insurance broking services. It has its headquarters in Mumbai, Maharashtra, India. Coverfox has 450+ employees and a revenue of $2 Mn (2017-18). It was founded in the year 2013. Coverfox is a private company.
Devendra Rane and Varun Dua are the Co-founders of Lendingkart.
After launching in the year 2013, Coverfox has raised a total of 47 million USD over 4 funding rounds.
The CEO of Coverfox is Premanshu Singh.
LinkedIn – https://www.linkedin.com/company/coverfox-insurance/
Financials- Coverfox Insurance – Crunchbase Company Profile & Funding
Neogrowth lends unsecured business loans to SME’s via its digital platform. It has its headquarters in Mumbai, Maharashtra, India. NeoGrowth has 400+ employees and a revenue of $34 Mn (2017-18). It was founded in the year 2013. NeoGrowth is a private company.
Dhruv Khaitan and Piyush Khaitan are Co-founders of NeoGrowth.
After launching in the year 2013, NeoGrowth has raised a total of 90 million USD over 4 funding rounds.
The CEO of NeoGrowth is Arun Nayyar.
LinkedIn – https://www.linkedin.com/company/neogrowth-credit-pvt-ltd/
Financials – Neogrowth – Crunchbase Company Profile & Funding
Founded in 2011 by Krish Subramanian, Rajaraman Santhanam, Saravanan KP and Thiyagarajan T, Chargebee is a revenue management platform that allows enterprises to automate revenue operations.
The fintech SaaS startup boasts a customer base of more than 4,000 subscription-based businesses. Its customer portfolio includes the likes of access management companies Okta, Freshworks, Calendly, and Study.com, among others. In FY21, it turned a profit of INR 11.5 Cr, joining the ranks of fintech unicorns in India.
The Chennai-based startup became a unicorn after raising $125 Mn in 2021. Chargebee raised another $250 Mn in February 2022, tripling its valuation to $3.5 Bn. The startup is backed by marquee investors such as Accel, Insight Partners, Tiger Global Management, Sapphire Ventures, Steadview Capital and Sequoia Capital.
LinkedIn – https://www.linkedin.com/company/chargebee/
Financials – Chargebee – Crunchbase Company Profile & Funding
Axio is the leader in SaaS-based cyber management software, which empowers security leaders to build and optimize security programs and quantify risk in financial terms. Axio360 is the only cyber risk management platform to align security leaders, business leaders, and Boards of Directors around a single source of truth about their most critical corporate risks. Since 2016, Axio has been a trusted partner to many of the world’s leading critical infrastructure, energy, manufacturing, and financial services companies, helping drive better visibility and decision-making about cybersecurity priorities and investments. For more information visit axio.com
LinkedIn – https://www.linkedin.com/company/axio/
Financials – https://www.crunchbase.com/organization/axio
Ofbusiness lends working capital to small businesses. It has its headquarters in Gurgaon, Haryana, India. Ofbusiness has 200+ employees and a revenue of $31 Mn (2017-18). It was founded in the year 2015. Ofbusiness is a private company.
Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta, Nitin Jain and Vasant Sridhar are Co-founders of Ofbusiness.
After launching in the year 2015, Ofbusiness has raised a total of 49 million USD over 4 funding rounds.
The CEO of Ofbusiness is Asish Mohapatra.
LinkedIn – https://www.linkedin.com/company/ofbusiness/
Financials – OfBusiness – Crunchbase Company Profile & Funding
MoneyTap is India’s first app-based credit line. It provides you credit and you can repay your credit amount in flexible EMIs of 2 to 36 months. MoneyTap aims to make credit accessible to the Indians who use internet banking.
It uses customers’ details to evaluate the user’s eligibility and decide the credit limit. MoneyTap was launched in 2015 by Bala Parthasarathy, Kunal Verma, and Anuj Kacker.
LinkedIn – https://www.linkedin.com/company/moneytap
Financials – Crunchbase
Paysense is a digital lending platform for personal and consumer loans. It has its headquarters in Mumbai, Maharashtra, India. Mswipe has 100+ employees It was founded in the year 2015. Paysense is a private company.
Sayali Karanjkar and Prashanth Ranganathan are Co-founders of Paysense.
After launching in the year 2015, Ofbusiness has raised a total of 25 million USD over 3 funding rounds.
The CEO of Paysense is Prashanth Ranganathan.
LinkedIn – https://www.linkedin.com/company-beta/6576347/
Financials – Crunchbase
Founded in October 2018, by Ashish Sonone, Dhanesh Kumar, Vaibhav Kalpe, Jaideep Poonia, and Ravish Naresh, Khatabook is the world’s fastest-growing SaaS company. It has become India’s leading business management app for MSMEs with 20M+ downloads in a remarkably short period of time.
This Bangalore-based mobile app service shares WhatsApp and SMS reminders to users when money is due to be paid or collected. Khatabook enables micro, small and medium merchants to track business transactions safely and securely. Founders: Ravish Naresh, Dhanesh Kumar, and Jaideep Poonia
Founded in 2017.
LinkedIn – https://www.linkedin.com/company/khatabook/
Financials – Khatabook – Crunchbase Company Profile & Funding
29. Shiksha Finance
Many individuals have the potential to become great students but the exorbitant tuition fees of educational institutions hinder them from pursuing education. Shiksha Finance provides short-term loans to students for their fees. The loan ranges from INR 10,000-INR to 30,050 and must be paid within 6-10 months. For a private school or college, the loan can range from INR 1 lakh-INR 73.5 lakh and can be paid within 6 months to 5 years. It was founded by Jacob Abraham in 2014. Founders: V L Ramakrishnan and Jacob Abraham
Founded in 2014.
LinkedIn – https://www.linkedin.com/company/shiksha-financial-services-india-private-ltd/
Financials – Shiksha Finance – Crunchbase Company Profile & Funding
Faircent is the leading peer to peer (P2P) lending platform catering to retail and business loans. It has its headquarters in Gurgaon, Haryana, India. Faircent has 100+ employees It was founded in the year 2013. Faircent is a private company.
Rajat Gandhi, Vinay Mathews and Nitin Gupta are Co-founders of Faircent.
After launching in the year 2013, Ofbusiness has raised a total of 10 million USD over 8 funding rounds.
The CEO of Faircent is Rajat Gandhi.
LinkedIn – https://www.linkedin.com/company/faircent/
Financials – Faircent – Crunchbase Company Profile & Funding