Top ten Indian Fintech unicorns, BFSI News, ET BFSI



-By Shashank Singhal

India’s dynamic FinTech industry has over 2,100 FinTechs of which 67 per cent have been set up over the last 5 years alone. According to reports, Indian FinTechs are expected to hit a valuation of USD 150-160 billion by 2025. Globally, India has the highest fintech adoption rate.

Payments, lending, wealth technology (WealthTech), personal finance management, insurance technology (InsurTech), regulation technology (RegTech), and other subsegments constitute the wide range Indian Fintech ecosystem.

The Indian fintech ecosystem has been flourishing despite the massive impact of Covid-19 on the country’s economy. Four of the Indian Fintechs have already entered the unicorn club in the first half of 2021 with numbers likely to increase.

ETBFSI has compiled a list of the top 10 funded Unicorns among Indian FinTechs with the help of data provided by PGA labs.

Paytm- On the verge of coming up with an IPO, the fintech giant Paytm provides a web- and smartphone-based platform for mobile recharge, money transfer, bill payments, trip bookings, hotel, and ticket bookings, booking cylinder, gold buying, and contributions, among other things. Paytm was founded in the year 2010. The total funding that Paytm has received to date amounts to $3.54B. Paytm joined the unicorn club in the year 2017.

PhonePe- Founded in 2012, PhonePe is an Indian digital payments and financial services company headquartered in Bangalore, India. The PhonePe app, based on the Unified Payments Interface (UPI), went live in August 2016. PhonePe helps merchants to accept payments through all UPI-based apps, debit, and credit card, as well as a wallet (Including third party wallets) on the app. Total funding that PhonePe has received to date amounts to$701M. The company is acquired by Walmart. PhonePe joined the unicorn club in 2018.

Pine Labs- Pine Labs, founded in 1998, is an Indian merchant platform company that provides financing in last-mile retail transaction technology. Pine Labs is a provider of point-of-sale (POS) terminals for enterprises and retailers. Hardware and software-based payment terminals, point-of-sale financing, working capital loans, and more are among the company’s offerings. The total funding that Pine Labs has received to date amounts to $683M. Pine labs joined the unicorn club in the year 2020.

Policy Bazaar- Founded in 2008, Policybazaar is an app-based insurance comparison tool for individuals. It gives quotations for life insurance, health insurance, vehicle insurance, health insurance, retirement plans, coronavirus health insurance, and more. It also offers services such as claim processing and policy renewal. Total funding that Policy Bazaar has received to date amounts to $636M. Policy Bazaar joined the unicorn club in the year 2020.

Cred- Founded in 2018, Cred is a reward-based credit card bill payment platform. It allows credit card users to pay their bills and earn Cred Coins in the process. Cred coins can be redeemed for prizes from partner companies. Credit and debit cards are accepted for payment. Total funding that Cred has received to date amounts to $443M. Cred joined the unicorn club in the year 2021.

RazorPay- Founded in 2014, Razorpay is the converged payments solution company in India that allows businesses to accept, process, and disburse payments via its product suite. Razorpay provides access to all payment modes, including credit and debit cards, UPI, and popular mobile wallets. The total funding that Paytm has received to date amounts to $367M. RazorPay joined the unicorn club in the year 2020

Zeta- Founded in 2015, Zeta is a cloud-based payment & banking solutions for banks and enterprises. It features solutions for payment from vendors, employee payment management, and payment collection from clients & consumers. It offers multiple solutions for banks such as card issuance system, payment authentication system, virtual cards, wallets, and others. The total funding that Zeta has received to date amounts to $320M. Zeta joined the unicorn club in the year 2021.

BillDesk- Founded in 2000, BillDesk is a bill payment platform for businesses. Banks, corporations, and other institutions use it to power electronic payments and collections. VISA payment services are also managed. It allows some large banks to pay utility bills, credit card fees, depository account fees, and Internet service provider fees. Total funding that BillDesk has received to date amounts to $245M. BillDesk joined the unicorn club in the year 2018.

Digit insurance- Individuals can use Digit’s app-based insurance platform. It offers vehicle insurance, health insurance, travel insurance, flight delay insurance, and other types of insurance estimates. In addition, it provides claim processing services. It also supplies agents with tools to help them provide insurance to their clients. Digit was founded in the year 2016 and the total funding that Digit Insurance has received to date amounts to $203M. Digit Insurance joined the unicorn club in the year 2021.

Groww- Founded in 2016, Groww is an online investment platform that allows investors to invest in mutual funds and stocks and is headquartered in Bangalore, Karnataka. Total funding that Groww has received to date amounts to $143M. Groww joined the unicorn club in the year 2021.