According to people familiar with the situation, the fintech unicorn Pine Labs filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on June 26.
According to a media report, the company intends to raise up to INR 2,600 crore ($304 million) through a new share offering, while current investors such as PayPal, Mastercard, Peak XV Partners, and Macritchie Investments will sell up to 14.78 crore (147.8 million) shares.
The proceeds of the new issuance will be utilised to pay down debt and make investments in companies including Pine Payment Solutions Malaysia, Pine Labs UAE, and Qwikcilver Singapore, in accordance with the DRHP.
Axis Capital, Morgan Stanley, Citi, J.P. Morgan, and Jefferies to Manage Offerings
The business might potentially think about placing shares up to INR 520 crore before the IPO. Axis Capital, Morgan Stanley, Citi, J.P. Morgan, and Jefferies are managing the offering.
This represents a significant departure from its previous discussions since last year, when Pine Labs was allegedly considering an IPO of $1 billion (INR 8,300 crore). Pine Labs, which was last valued at $5 billion when it raised money in 2022, was granted permission in April to relocate its headquarters from Singapore to India.
The platform has been branching out into other industries, such as online payments (Fave), Buy Now Pay Later (BNPL), invoice management, and gifting solutions, enabling merchants to diversify revenue sources. Its primary focus is on offline payments through Point of Sale (PoS) terminals.
IPO Getting More Popular Among Startup Sector
Due to a robust IPO market and a resurgence of investor interest in tech equities, a number of technology businesses intend to go public in 2025.
Lenskart, an eyeglasses startup, has contacted investment banks to present for the mandate for its possible initial public offering (IPO), which may raise $1 billion. Groww, a stock broker, had selected five investment banks for a $1 billion initial public offering.
In the near future, startups like SoftBank-backed OfBusiness and contract maker Zetwek hope to raise $1 billion through initial public offerings (IPOs). Up to 25 firms hope to debut on the public market in 2025.
This comprises companies that aim for $500 million initial public offerings (IPOs), such as edtech company PhysicsWallah, AI unicorn Fractal, construction materials portal Infra.market, and leader in rapid commerce Zepto.
With solid institutional support and a broad range of digital payment and issuance tools designed for India’s quickly digitising commerce sector, Pine Labs’ initial public offering (IPO) is anticipated to be a notable fintech listing in 2025.
Pine Labs is a top supplier of retail point of sale (POS) systems that streamline payment acceptance and open up business opportunities for ecosystem members. In India, only Pine Labs POS systems are approved by Visa, Mastercard, and American Express. In 3000 cities and towns in India and Malaysia, Pine Labs provides services to over 30,000 shops. In India, Pine Labs has launched a number of cutting-edge goods and services, such as the well-known “ePOS”, the “Pine Labs POS”, and the standalone payment terminal “Plutus”. ‘Pine Labs Plutus Smart’ is a cloud-based payment technology that Pine Labs has introduced to help merchants accept a variety of payment methods.
Founded by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay in 1998, Pine Labs is an Indian fintech startup that focuses on offering financial services and payment solutions to businesses. Through creative and technologically advanced solutions, the company aims to improve the payments experience for both customers and merchants. Point-of-sale (POS) systems, payment terminals, and integrated payment solutions are just a few of the items that Pinelabs provides to let businesses accept a variety of payment methods.
The transaction-based model is the main component of Pine Labs’ business strategy. Transaction fees are paid by merchants who use Pine Labs’ payment infrastructure for every payment made via the business’ systems. The selling of POS systems and other hardware completes this model and adds to the company’s sources of income. In order to open up new revenue streams, Pine Labs also offers value-added services including data analytics, loyalty plans, and financing alternatives for retailers. The company has become a major force in India’s payment and financial services market thanks to its dedication to technology innovation, security, and customer-centric solutions. Pine Labs keeps improving its products to satisfy the shifting demands of companies in the ever-evolving payment sector.
How Pine Labs Makes Money?
Transaction and subscription fees are the main sources of income for the company.
Revenue Through POS Devices: Pine Labs provides a variety of point-of-sale (POS) devices for businesses to employ in order to take electronic payments. These gadgets range from simple tabletop terminals to more sophisticated wireless and mobile options. For every payment made via its point-of-sale (POS) devices, the business charges a transaction fee. Based on the payment method and the merchant’s price structure, the fee is usually a percentage of the transaction amount, ranging from 0.5% to 2%.
Revenue Through Payment Gateway: Every time a payment is made using the company’s payment gateway, a transaction fee is also assessed. The cost is usually a percentage of the transaction amount, with a range of 1% to 3% based on the merchant’s pricing strategy and the manner of payment. In addition, Pine Labs charges an annual maintenance fee and a setup cost for its payment gateway solutions.
Revenue Through Value Added Services: A variety of value-added services are available from Pine Labs to assist retailers in increasing consumer loyalty and engagement. These services include cashback incentives, EMI plans, loyalty programmes, and other promotions. For a monthly fee, usually determined by the volume of transactions or the size of the merchant’s business, merchants can sign up for these services.
Revenue Through Various Partnerships: In India and other nations, Pine Labs has alliances with significant banks and financial organisations. Through these collaborations, Pine Labs is able to provide its payment solutions to a large number of merchants in addition to offering other services like insurance and lending products. For every merchant who registers up for Pine Labs’ services, its partners may occasionally pay the company a commission or referral fee.
USP of Pine Labs
The unique selling proposition (USP) of Pine Labs is its full range of business payment solutions, which include value-added services that improve customer satisfaction and expedite operations in addition to online and offline payment processing. Features like Pay by SMS/Pay by Link, Dynamic Currency Conversion, quick cashback on PoS, and connectivity with banks and digital wallets are some of their main differentiators.
Pine Labs SWOT Analysis
Pine Labs SWOT Analysis
Strengths
Pine Labs’ extensive network of merchants from a variety of industries serves as a strong basis for its commerce and payment solutions.
To meet the various demands of merchants, they provide a variety of products, such as POS terminals, payment gateway solutions, loyalty programmes, and financing choices.
To improve their products and client experiences, they are making significant investments in technology, such as artificial intelligence (AI) and cloud-based solutions.
Weaknesses
Because transaction fees account for a sizable amount of Pine Labs’ revenue, the company is susceptible to shifts in the market and in the volume of transactions.
Pine Labs’ losses have reportedly increased thrice in the most recent fiscal year, despite a little gain in revenue.
India is a sizable market, but if a business relies too much on one area, it may be vulnerable to hazards related to regional laws and economic situations.
Opportunities
Pine Labs can look into ways to build its business in nations with developing economies and increasing demand for digital payments.
Pine Labs has a great chance to grow its user base and transaction volume as a result of the general expansion of the digital payments industry.
Pine Labs can increase the scope of its merchant financing solutions and loyalty programmes, generating more income and enhancing client connections.
Threats
There are many companies fighting for market share in the fiercely competitive fintech sector. Pine Labs’ pricing, sales, and profitability may be impacted by heightened competition.
Pine Labs must maintain strong security measures and continual attention since, as a payment processor, it is constantly at risk from fraud, data breaches, and cyberattacks.
If Pine Labs doesn’t develop and adapt, they may be threatened by changes in consumer preferences towards new payment methods or technology.
Conclusion
Pine Labs is, all things considered, in a strong position to benefit from the rising demand in India and Southeast Asia for financial technology solutions and digital payments. The company’s emphasis on innovation, growth, and strategic alliances will support its continued leadership in the sector and propel its expansion.
FAQs
What is Pine Labs?
Pine Labs is an Indian merchant platform company that provides financing and last-mile retail transaction technology.
Who are Pine Labs founders?
Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay are the founders of Pine Labs.
What is Pine Labs business model?
Pine Labs operates a merchant-focused payments and lending platform. It provides point-of-sale (POS) terminals, buy now, pay later (BNPL) services, gift card solutions, and payment processing for businesses. It earns revenue from transaction fees, device sales, and lending commissions.
Fintech giant Pine Labs has now obtained the National Company Law Tribunal’s (NCLT) final approval to combine its Singaporean and Indian businesses, marking another step forward in its reverse flipping journey. Consequently, current shareholders of the Singaporean company will receive shares in Pine Labs. According to a corporate spokeswoman, the alignment supports the company’s long-term goal of providing value to stakeholders, partners, and customers while also aiming to improve operational efficiency. This occurs months after Pine Labs was given preliminary NCLT approval in August to move its headquarters from Singapore to India.
Move is Aligned to Prepare for IPO
Pine Labs’ intentions to change its domicile are consistent with its prospective $1 billion IPO aspirations. Additionally, it has already selected five bankers for its initial public offering (IPO), including Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies. The company appears to be far from reaching profitability, even though its initial public offering (IPO) is quickly approaching. Its net loss increased from INR 56 Cr in the prior fiscal year to INR 187 Cr in FY24. However, compared to INR 1,281 Cr in the prior fiscal year, its operational revenue in FY24 was INR 1,317 Cr. Pine Labs is making its second attempt to go public. Due to adverse market conditions, its initial aspirations to list on US markets were postponed.
About Pine Labs
Pine Labs, which was founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, provides complete payment solutions. The services of Pine Labs include online payment gateways and point-of-sale terminals. Currently, it has more than 5 lakh merchants in Southeast Asia, the Middle East, and India. The company’s sponsors include Temasek, PayPal, Mastercard, and Peak XV Partners. Among its rivals are Paytm, PhonePe, RazorPay, and others. After Paytm’s $2.5 billion listing in 2021, Pine Labs’ IPO will be the biggest by an Indian fintech business if it is successful.
IPO Getting More Popular Among Startup Sector
Due to a robust IPO market and a resurgence of investor interest in tech equities, a number of technology businesses intend to go public in 2025. Lenskart, an eyeglasses startup, has contacted investment banks to present for the mandate for its possible initial public offering (IPO), which may raise $1 billion. Groww, a stock broker, had selected five investment banks for a $1 billion initial public offering. In the near future, startups like SoftBank-backed OfBusiness, contract maker Zetwek, and financial unicorn Pine Labs hope to raise $1 billion through initial public offerings (IPOs). Up to 25 firms hope to debut on the public market in 2025.
According to reports, Pine Labs, a prominent fintech company, is preparing to submit its IPO draft papers by the middle of next month. A media site reported that the company aims to list on the bourses as soon as possible after finishing all the procedures required to move its base to India. The National Company Law Tribunal (NCLT) granted the corporation the first set of permissions in August of last year to combine its Indian subsidiary with its Singaporean entity. Five investment banks were reportedly chosen by the Delhi-NCR-based firm in November to serve as advisors for its $1 billion (about INR 8,424.7 crore) IPO. The company is reportedly looking for a $6 billion valuation. Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies were among these banks.
A slew of venture capital, private equity, and international funds, including Temasek, MasterCard, Paypal Ventures, Alpha Wave Global, and Peak XV, backed Pine Labs. About 20% of the business may be sold by current investors. The offer might also be used by Pine Labs to raise some primary capital. Since 2009, Pine Labs has raised over $1.32 billion in 14 rounds, according to Tracxn.
Pine Labs May Opt for Pre-IPO Funding Round
The company may choose to pursue a pre-IPO funding round prior to its IPO, which could result in a change in valuations and size, as no definitive decision has been made. It’s interesting to note that this is the business’s second attempt to list on a stock exchange. It submitted IPO paperwork for a $500 million public offering to the US Securities and Exchange Commission back in 2022. However, because of the poor market attitude, it postponed the preparations for the IPO. Pine Labs was established in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay. The company provides retailers with digital payment solutions, including point-of-sale (PoS) devices and payment systems. Additionally, it provides businesses with cashback, rewards, and pay-later options.
Indian Startups and their IPO Dream
Pine Labs’ valuation was reduced by 8.5% from $3.8 billion in January 2024 to $3.5 billion at the end of April 2024 by US-based fund manager Invesco, who also owns stock in the company. Approximately 18 firms, including Flipkart, PhysicsWallah, Ather Energy, and Zepto, are preparing to list on Indian stock exchanges, according to a number of media reports. With plans to list in the upcoming fiscal year, the board of logistics giant Shiprocket passed a resolution on January 27 to turn the business from a private to a public corporation. At a valuation of roughly $2.8 billion, IPO-bound Infra. Market raised INR 1,050 Cr in its pre-IPO round last week. Even Capillary Technologies has resumed its IPO preparations, and by June of this year, it is anticipated to submit the draft documents for a $200 million (INR 1,700 cr) IPO.
The fintech giant has reportedly chosen five investment banks to serve as advisors for its $1 billion (about INR 8,424.7 crore) initial public offering (IPO), months after it was revealed that Pine Labs has been considering going public. According to a media report, which cited people familiar with the situation, Pine Labs has selected Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies to manage its initial public offering (IPO) mandate, which is scheduled to launch in the first half of FY26.
According to the report, as part of the pre-IPO investment, a secondary offer worth $100 million (about INR 842.5 crore) will be made possible, allowing share transfers between new venture capital companies and current investors. The company is expected to seek a valuation of over $6 billion for the initial public offering (IPO), according to reports that first surfaced in June about its plans to go public.
Business Dynamics of Pine Labs
Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, Pine Labs offers a variety of payment solutions to businesses, such as point-of-sale devices and payment systems. Additionally, it provides businesses with cashback, rewards, and pay-later options. Investors including Peak XV Partners, Actis Capital, Temasek, PayPal, Mastercard, Alpha Wave Global, Chimaera Capital, and State Bank of India have contributed a total of around $1.6 billion to the fintech company’s investment to date.
In August, Pine Labs obtained the first set of licences from the National Company Law Tribunal (NCLT) to combine its Singapore business with its Indian subsidiary, one of several steps the fintech startup took to move its headquarters to India.
IPO Scenario in India
Aforementioned development occurs at a time when at least ten companies are making their debut this year, and entrepreneurs from a variety of industries are eager to get on the exchanges. In the meantime, a long line of startups is expected to go public next year.
Axis Capital, Morgan Stanley, JP Morgan, Citigroup, and Bank of America are among the five banks that have joined SoftBank-backed B2B marketplace OfBusiness for its $1 billion initial public offering (IPO), which is anticipated to take place next year. About two weeks ago, the manufacturer of smartwatches and audio goods, boAt, hired ICICI Securities, Goldman Sachs, and Nomura as bankers for its $300–500 million initial public offering (IPO) that will take place next year.
With initial public offerings (IPOs) emerging as a crucial means of obtaining funding, the Indian startup scene is undergoing a significant transformation. For the second time in history, mainboard initial public offerings (IPOs) have raised more than INR 1 lakh crore in 2024. Over INR 1.03 lakh billion has been raised through 70 initial public offerings (IPOs) this year, the most since 2007. In contrast, 63 firms raised more than INR 1.19 lakh crore through IPOs in 2021, compared to 100 IPOs that were launched in 2007 and raised INR 34,179 crore.
Noida is positioned midway between Ghaziabad & Delhi. It was mainly constructed across the Yamuna River in the mid-1960s as a technologically advanced city. Its populace grew dramatically over the last 20 years, and the town has a citizenry of over seven million folks.
The realtors are constructing cutting-edge workspaces to allure investors. It has grown as the most important home market in the NCR region. Several multinationals have established themselves in Noida. Experts from India travel to the region to hunt for cushy careers and new businesses.
It’s no longer a cliched urban city but the epicenter of India’s upsurge as a worldwide financial powerhouse. It is a popular destination for fresh-faced experts and firms. It has grown into a booming metropolis of successful startups. Now let us focus on a few of its most promising startups. So let’s dive right in.
It’s a globalized tech organization in India specializing in fintech, e-commerce, & financial services. Presently, it’s accessible in 11 Indian dialects. Paytm provides internet services such as cellphone recharges, paying bills, trips, cinema tickets, and occasion reservations. In-store payouts using the QR code are another facility.
Details of the Company:
Name: Paytm
Founded: 2010
Founder: Vijay Shekhar Sharma
Industry: E-commerce and Finance
Headquarters: B-121, Sector 5, Noida, Uttar Pradesh, India
Number of employees: 15,665 (2021)
Rivals: Paypal and GPay
Website: paytm.com
2. Awon Gamez
Awon Gamez Website
It’s a framework for fictional video games. They want to provide gamers with a one-of-a-kind gameplay experience. Players can form communities to share stories, and contests, and win. They intend to develop a mono multi-gaming tool from which myriad games could be installed. In their leisure moments, family members can try all sorts of smartphone games.
Details of the Company:
Name: Awon GameZ
Founded: 2020
Founder: Amardeep Bajpai
Industry: Gaming
Headquarters: Express Trade Tower, B Block, Block A, Sector 132, Noida India
Number of employees: 11-50 (2021)
Rivals: Dream11 and TreePlanet
Website: a1games.in
3. Pine Labs
Pine Labs Website
It’s a vendor app firm based in India that specializes in providing funding & last-mile e-commerce tech. Pine Lab Business has developed from a provider of oil mechanization sales alternatives to a provider of billing offerings for vendors. It operates a vendor app and develops tools for PoS machines. About 350,000 PoS stations in India are powered by their platform.
It’s an online store firm specializing in Business – to – business industrial supply sourcing. They buy MRO, electronic parts, cleanup, household chores equipment, workplace stationaries, equipment, power drills, & a variety of other industry necessities. Moglix proudly offer world-class assistance and cultivate good client ties. Their idea is to make a unique technology platform tailored to market participants’ varying requirements.
Details of the Company:
Name: Moglix
Founded: 2015
Founder: Rahul Garg
Industry: B2B service, e-commerce
Headquarters: D-188, Sector-10 Noida, India
Number of employees: 959 (2022)
Rivals: Saltside Technologies and Elo7
Website: moglix.com
5. FarEye
FarEye Website
It’s enhancing supply chain coordination and leads to high-quality solutions. Its cutting-edge supply chain software platform supplies previously unseen efficiencies to dozens of people worldwide. FarEye platform aims to strengthen operational efficiencies, predictability, and organization. They have created a strong framework that top multinationals have incorporated.
Details of the Company:
Name: FarEye
Founded: 2013
Founder: Kushal Nahata, Gautam Kumar
Industry: Logistics
Headquarters: Tower B, Sec-127, Noida, India
Number of employees: 1000+ (2022)
Rivals: FourKites and Shippeo
Website: getfareye.com
6. Innovaccer
Innovaccer Website
It’s assisting medical professionals in constructing the fate of wellbeing. Its purpose is to integrate and collate all of the globe’s medical data to make it more accessible.
It wished to create a framework that would enable medical professionals to acquire a 360 ° view of their clients and thus improving treatment performance and cost. The Health Cloud of Innovaccer accomplishes this by combining an inclusive DAP and implementation toolkit with a large collection of app features and solutions.
Details of the Company:
Name: Innovaccer Incorporation
Founded: 2014
Founder: Abhinav Shashank, Kanav Hasija
Industry: Meditech and Healthcare
Headquarters: Candor Techspace, Block B, Sector 62, Noida, India
Number of employees: 750 (2021)
Rivals: Smile CDR and Enli
Website: innovaccer.com
7. Classplus
Classplus Website
It’s an Education technology firm that is revolutionizing education. They provide educators with technological tools to assist them in planning. Mentoring establishments can get their app thanks to their industry-first single interface. This enables them to handle all of their duties and reach mil of undergrads using Classplus’ cutting-edge tech.
Headquarters: Plot No. 1, Film City, Sector 16A, Noida, India
Number of employees: 899 (2022)
Rivals: Schoology and GoReact
Website: classplussapp.com
8. Addverb
Addverb Website
It’s a multinational robotics firm. Their goods use cutting-edge technology to boost the precision and effectiveness of intralogistics processes. Through their exclusive crafted hardware & reliable software, they have activated the potentialities of automation machines. This helps in making rapid progress in the field of robotics automated processes.
Details of the Company:
Name: Addverb Private Technologies Limited
Founded: 2016
Founder: Satish Kumar Shukla, Sangeet Kumar, Prateek Jain, Bir Singh, Amit Kumar, Neeraj Sharma
Industry: Automation
Headquarters: D-108 Sector 2, Noida, India
Number of employees: 500-1000 (2022)
Rivals: Falcon Autotech and CKF Systems
Website: addverb.com
9. Super plum
Superplum Website
The Frederator is a new and distinctive cold storage remedy for fresh fruit yield. This vessel, which can be connected to any 24-foot lorry, can move 4-7 tonnes of fruit from the ranch while keeping it new for up to 4 weeks. It opines that fruits should be consumed in their natural state – organic, sweet, and luscious. Shobhit Gupta established it in 2019.
It’s a hotel and trip SaaS business that delivers alternatives to resorts, flights, tourism services, meta-search firms, and other businesses. It’s the only trip portal firm that offers all aspects of the tourism and catering industries. This is accomplished through real-time intellect, access to the biggest demand and supply channels, and focused SEO packages. Bhanu Chopra established it in 2004.
Headquarters: B-15, Block B, Sector 57, Noida, India
Number of employees: 630+ (2022)
Rivals: TripAdvisor and Traveloca
Website: rategain.com
11. Ingenium
Ingenium Website
For K-12 learners, it’s a meta-skill-based dynamic evaluation tool. It has functionalities like students’ progress assessment, attendance assessment, and so on. It sends routine alerts to interact with learners and parents through a specialized bulletin board, designs study material, and conducts live exams, among other things.
Papers, documents, and research papers can also be submitted as images or files. Aakash Gupta, Mohit Patel, Pramudit Somvanshi, and Saurabh Anand formed it in 2016.
It offers technology-based test preparation answers. They assist unskilled grads and undergrads with competitive test prep. Careers in the central and state govt, financial institutions, the LIC, the Reserve Bank of India, & other entrance tests are among them. ixamBee offer a free mock test for over 50 entrance tests. are some of their rivals.
Headquarters: A-31, Vyapar Marg, Block A, Sector 3, Noida, India
Number of employees: 25-50 (2022)
Rivals: EduGorilla and Toppr
Website: ixambee.com
Why Choose Noida for Startups?
Due to the huge abundance of high-paying white-collar employment and good facilities. It is preferred by many companies over Delhi because it is considerably cheaper without compromising quality. Lately, UIET Minister R.S. Prasad declared that the govt, in cooperation with the state govt of Uttar Pradesh, plans to develop it into a 2nd Singapore.
The government is unquestionably committed to enhancing the metropolitan area as among the forthcoming zones. It will undoubtedly become a larger startup center in the coming years. If you’re searching for a metropolis to help you bring your ideas to life, Noida could be the solution!
The above graph shows the sector wise distribution of emerging job opportunities in Noida because of budding startups
Noida happens to be a Fantastic Startup Center. It has many new budding startups established there with many more to come in the future. The above article has given an insight into some of its most well-known startup businesses. I hope that this list has provided you with useful information about such exciting new businesses. It is undeniably India’s fastest-growing metropolises.
FAQs
Which city in India has the highest number of startups?
The cities having the highest number of startups include names like Delhi NCR, Bengaluru, Chennai, Mumbai, etc.
Which is the IT hub of India?
Bangalore is termed the IT hub of India.
Which is the number 1 startup in India?
The number 1 startup keeps on changing with time. The most recent number 1 startup in India is Byjus.
Is Noida good for startups?
Noida provides several opportunities for young professionals and budding startups to evolve. Hence, Noida is considered a good place for startups.
Fintech, short for financial technology, has become a crucial part of the global economy., all financial tasks were completed through paperwork only, as a paper-based medium was considered to be the safest. But with the development of technology, the internet has emerged as the preferred platform for financial transactions.
It is essentially an economic industry composed of companies that use technology to make financial services more efficient. They are used mainly by individuals to help in mobile payments, insurance, cryptocurrency and blockchain technology, stock trading, digital lending and credit, budgeting and much more. Tech-focused startups and similar new market entrants are disrupting the way in which the financial services industry conducts its operations.
India has the world’s second-biggest fintech hub with more than 2,565 startups operating currently, there were only 737 in 2014. India’s largest share from fintech startups is through ‘payments’ and is followed by lending, wealth tech, personal finance, insurtech, regtech and others.
Let’s look at the list of the top fintech companies in India.
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Paytm was founded in 2010 and is India’s largest payment company that offers consumers multi-source and multi-destination payment solutions. They allow consumers to make payments from any bank account to any other bank account free of cost, i.e., 0% fee charges. Over 8 million merchants have availed its comprehensive payment solutions.
Paytm was founded by Vijay Shekhar Sharma and is owned by One97 Communications and is licensed by RBI. The Paytm app allows users to shop for both physical and digital goods, and also pay for DTH plans, bill payments, and mobile recharges.
The company partnered with Alibaba’s cloud computing arm – ‘AliCloud’ to expand its payment network on a global scale. They have investors like Berkshire Hathaway, SoftBank Group, and MediaTek and even raised an undisclosed amount from Ratan Tata in March 2015. It is arguably the biggest fintech startup in India.
2. Razorpay
Founder: Shashank Kumar, Harshil Mathur
Founded: 2013
Razorpay Logo
Founded in Bangalore, Razorpay focuses on the payment needs of startups and enterprises. With Razorpay, merchants can easily accept, process, and disburse money to and from their dealers. It was founded in 2014 by Harshil Mathur and Shashank Kumar.
Thousands of clients use its service as it allows an online business to accept, process, and distribute digital payments through various modes like debit cards, credit cards, net banking, UPI, and prepaid digital wallets. It is one of the biggest fintech companies in Bangalore.
3. Upstox
Founder: Ravi Kumar, Kavitha Subramanian and Shrini Viswanath
Founded: 2009
Upstox Logo
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.
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.
4. Cred
Founder: Kunal Shah
Founded: 2018
Cred Logo
Cred is a fintech startup founded by Kunal Shah, the founder of FreeCharge. The app aims to make paying credit card bills simpler and rewards you for paying them on time. The app asks for your phone number to check your credit score with Cibil, CRIF and Experian.
5. ETMoney
Founder: Mukesh P Kalra
Founded: 2005
ETMoney Logo
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.
Sampad Swain, Akash Gehani and Aditya Sengupta co-founded Instamojo in September 2012. Instamojo started as a solution provider of digital payments which now has progressively grown into a robust online platform for enterprises like micro, small, and medium so that they start, manage, and grow their businesses online.
MojoCapital from Instamojo helps disperse bite-sized short-term credit loans which are worth around $2 million. MojoCapital caters primarily to its merchants on a monthly basis, and it has shown a projected growth of 25% on the month on month basis.
PolicyBazaar is an online insurance aggregator for comparative analysis of products that are offered by various insurers using parameters like price, quality, and key benefits. It helps users compare insurance policies and assists them in selecting the best or the most relevant policy that can be purchased online or offline.
PolicyBazaar was founded by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar in June 2008 in Gurugram. They have raised over $650 million as of 2020. The online platform began as a price-comparison website and an information portal for learning about insurance and related programs; it then expanded to become a marketplace for insurance policies.
PolicyBazaar has tied up with insurance brokers which helps it procure information such as price, benefit, insurance cover, etc. directly from the insurers for the customer to compare. They do not charge anything from the customer for their service. The revenue for the company is generated from the fees charged for the marketing and advertisement stints done by insurance companies on its platform.
MobiKwik is an Indian fintech company that was founded in 2009 by Bipin Preet Singh and Upasana Taku. It is headquartered in Gurugram. MobiKwik is a digital wallet service provider that offers services mobile and online payments, phone and DTH recharge, mobile transfers, online shopping and a lot more.
It allows users to store up to INR 50,000 in a MobiKwik wallet that can be used to recharge mobile, pay bills, and shop across various channels. Their users can also use the partial payment feature for ticket reservations and cash pick-up for bus tickets booking.
MobiKwik’s investors include Sequoia Capital, NET1, GMO Venture Partners to name a few. Post demonetization, MobiKwik has made it free to transfer money from your wallet to your bank account.
Before demonetization, they used to charge 4% for a non-KYC compliant user and 1% fee for a KYC (know your customer) compliant user. They have over 100 million users across India and many more are being added. Non-KYC compliant users can transfer from INR 1000 to INR 20,000 to their bank account. But once your KYC is done, you can store upto INR 1,00,000 in your MobiKwik wallet.
9. ZestMoney
Founders: Lizzie Chapman, Priya Sharma and Ashish Anantharaman
Founded: 2015
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Do you want to buy something offline on EMI but don’t own a credit card? Zest Money has a buy now pay later policy and offers an EMI option that you can use to purchase things online or offline from its partner merchants. It is another Bangalore-based startup founded by Lizzie Chapman, Ashish Anantharaman, and Priya Sharma.
10. Lendingkart
Founder: Harshvardhan Lunia and Mukul Sachan
Founded: 2014
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Lendingkart is an online financing company founded by Harshvardhan Lunia and Mukul Sachan in 2014. Lendingkartprovides loans for working capital needs for SMEs (small and medium-sized enterprises); these loans are quick and collateral-free with minimal paperwork.
The company works across1300 cities and has disbused loans over INR 3,500+ crores till date (2020). Aditya Birla Capital, Saama Capital, Mayfield Fund, Bertelsmann India Investments (BII), and Darrin Capital Management are some of its prominent funding partners. In March 2016, Lendingkart entered into a strategic partnership with Mahindra’s SmartShift – a digitally enabled aggregator for cargo owners and transporters.
Lendingkart has access to a huge amount of data from data partners dispersed across the country. These data partners provide Lendingkart with diverse information about the vendor: educational qualification, family background, reputation, competitiveness in the market, etc.
Refrens is fairly new to the fintech industry in India. It was founded by Naman Sarawagi and Mohit Jain in 2019. Refrens provides a payment gateway system for freelancers to send and receive payments smoothly.
It offers free invoicing, payments, and expense management systems. For freelancers, it becomes easy to enable options like adding payment methods, offering discounts, etc. for their clients. It is so easy to use that it is possible to create an invoice in just 30 seconds.
Pine Labs is a Gurugram-based fintech platform that provides PoS (Point of Sale) software solutions for offline retailers and brands. It was founded in 1998 by Lokvir Kapoor, Rajul Garg and Tarun Upaday.
They initially offered a smart card-based payment and loyalty solution for the petroleum sector. It then introduced a PoS machine for offline merchants. Its ‘Plutus PoS’ solution is a cloud-based software that can be integrated with a generic POS terminal to allow retailers to accept debit and credit cards, e-wallets, QR codes, and UPI-based payments.
Pine Labs’ offerings include marketing tools, reporting and analytics, payment gateway API solutions, mobile payment solutions (via myPlutus), loyalty and gift card programs, value-added solutions like EMIs, discounts, pay by points, loyalty solutions, e-wallets and others.
The mobile app of Pine Labs is available on Android and iOS and can be used for targeted promotions, dynamic currency conversion and more. In 2017, Pine Labs launched its complete suite of services in Southeast Asian markets; it is present in Malaysia.
13. MoneyTap
Founders: Bala Parthasarathy, Kunal Varma, and Anuj Kacker
Founded: 2015
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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.
14. Khatabook
Founders: Ravish Naresh, Dhanesh Kumar, and Jaideep Poonia
Founded: 2017
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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.
Capital Float is a Bangalore-based digital finance company founded by Sashank Rishyasringa and Gaurav Hinduja that provides working capital loans and term loans to small businesses via a technology-led loan origination and credit underwriting platform.
Capital Float offers loans ranging from INR 1 lakh–INR 1 crore with terms between 1 – 12 months. The offered loans are based on cash flows, expected receivables, financials, CIBIL scores, and bank statements. Individuals can apply online for the loan and once the loan is approved, it is disbursed to their bank account.
If you have ordered from well-reputed corporate customers, you can borrow up to 80% of the value of an outstanding invoice, and repay only after you receive payment from your customer. The company has partnered with startups like Shopclues, Paytm, and Uber.
16. Shiksha Finance
Founders: V L Ramakrishnan and Jacob Abraham
Founded: 2014
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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.
Founded by Chandu Sohoni and Poorna Nayak in 2013, Amigobulls provides solutions to wealth management-related problems. You can get the daily stock analysis in the form of short, personalized videos.
The personalized videos are created automatically using Amigobulls’ technology; thousands of videos can be created in a few minutes. This fintech company offers investment advice and news to stock market investors through a patent-pending video generation technology.
18. KredX
Founders: Manish Kumar and Anurag Jain
Founded: 2015
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KredX isIndia’s first invoice discounting marketplace platform. It helps businesses gain quick access to working capital in around 24 to 72 hours by selling their unpaid receivables while providing investors with an opportunity to earn low-risk high returns through a unique short-term investment.
Founded by Anurag Jain, the company provides a technological platform that connects investors, both institutional and individual, with high-growth businesses looking for working capital through invoice discounting.
KredX’s objective is to facilitate short-term working capital to the SMEs raised against blue-chip companies to a network of financiers. KredX’s recent acquisition of Hummingbill, a New York-based startup – to strengthen technological capability has assisted the former to progress its growth curve in the lending space.
Founded by Ranjit Punja, Gowri Mukherjee and Rajasundaram Sudarshan in 2011, Credit Mantri is a credit facilitator which uses data and technology to help people make better financial decisions. It provides an Equifax credit score that is one of the four credit bureaus authorized in India by the RBI.
Anyone who needs credit can create a credit profile on CreditMantri’s website to apply for loans and credit card offers based on his or her credit profile. The Equifax score is used by CreditMantri to analyse the individual’s credit profile
Headquartered in Mumbai, Mswipe provides software solutions and payment devices to merchants. Mswipe works with all kinds of bank accounts; hence, merchants don’t have to open a new account for their devices. The company was founded in 2011 by Manish Patel.
21. Financial Software Systems (FSS)
Founders: Nagaraj Mylandla
Founded: 1991
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Financial Software Systems Pvt. Ltd. was founded in 1991 and is a Chennai-based fintech venture that provides electronic payment and financial transaction processing solutions and services globally. Financial Software Systems records all of the financial activities within a business organization.
Its products include card management, merchant management, mobile payments, financial inclusion, messaging middleware, and value-added solutions. FSS also offers software services that include systems integration, offshore development, project management and implementation, and 24/7 global helpdesk support services.
22. BankBazaar
Founder: Rati Rajkumar
Founded: 2008
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BankBazaar is a Chennai-based online financial platform founded in 2008 by Adhil Shetty, Arjun Shetty, and Rati Shetty for product distribution and comparison analysis. It enables users to buy personal loans, home loans, auto loans, and education loans.
BankBazaar also offers debit and credit cards, life insurance, health insurance, auto insurance, travel insurance products, mutual funds, fixed deposits, and savings accounts. With multiple offers from multiple banks, you can compare offers and check your eligibility in minutes.
Users only need to provide basic details to apply for a product online and can track its status. BankBazaar’s revenue comes from application-based commissions from banks. Customers don’t need to pay any charge.
23. Active.Ai
Founder: Ravi Shankar, Parikshit Paspulati, Shankar Narayanan
Founded: 2016
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Active.Ai provides chatbot solutions to all types of banks and other financial institutions. Although it is a Singapore-based startup, it has a lab in Banglore and was founded by 3 Indians – Ravishankar, Shankar Narayan, and Parikshit Paspulati in 2016. The main focus of Active.Ai is on the banking sector.
24. Finly
Founder: Vivek Alike Ganapathy
Founded: 2017
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Finly lets companies and startups analyse their expenses. Besides expense management, Finly also eases the process of fund disbursement, vendor payment, and helps with the automation of collection. It builds financial software products to save the companies money and time. It was founded in 2015 by Vivek AG.
25. Ezetap
Founder: Byas Nambisan
Founded: 2011
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Ezetap, co-founded by Abhijit (Bobby) Bose and Bhaktha Keshvachar, provides businesses and financial institutions with smart technological transaction solutions. The Company develops and commercializes a mobile point of sale (PoS) solution that allows mobile devices to be converted into PoS terminals by connecting a card-reader to the headphone jack of the device.
Financepeer helps to pay the entire year fees upfront to the School in one installment and collects fees in 3 to 12 monthly installments from parents at 0 Interest and 0 Cost. It is a Google incubated School (K-12) Fee Financing Company.Rohit Gajbhiye, Naveesh Reddy, Sunit Gajbhiye and Debi Prasad Baral launched Financepeer in 2017 to cater to an audience that cannot afford to pay the school fees all at once.
Loanwalle.com was founded by Sachin Mittal in 2015. It deals in payday loans which are quick emergency loans disbursed in 30 minutes from the time it is applied for. To fulfill the fast money requirements of the customers, the loan approval process is fully automated and is based on an algorithm that assesses the applicant’s creditworthiness.
28. Money View
Founder: Puneet Agarwal and Sanjay Aggarwal
Founded: 2014
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Money View was launched in 2014 by two IIT friends, Sanjay Aggarwal and Puneet Agarwal. Money View is a loan financer, and also helps in planning overall finances. Itcaters for the user with personal finance management, to keep a check on everyday finances and also provides loans ranging from INR 10,000 to 5,00,000 within a day or less. The application provides the user with a view of their bank balance, income spends, and income dues by pulling from their SMSes.The app runs and is updated even without internet connectivity.
29. Cube Wealth
Founder: Satyen Kothari
Founded: 2016
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Cube Wealth was founded by Satyen Kothari in 2016, who had previously founded Citrus Pay. Cube Wealth provides comprehensive portfolio management solutions to help busy professionals achieve their goals through investments.
The app helps individuals to invest in multiple asset classes including equities, mutual funds, P2P lending, gold, and even charitable investing to build a well-rounded portfolio. It is a subscription-based automated wealth technology application that works on the concept of disciplined long-term wealth creation.
Goal Teller founded by Vivek Banka in 2020 is a financial planning platform that allows users to build their own financial plans. It is a fintech startup in the investment planning space and is operating in the B2C space.
31. Kuants
Founders: Ayush Gangwar, Mohit Bansal
Founded: 2017
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Kuants was founded in the last month of 2017, by Ayush Gangwar and Mohit Bansal. Their inspiration for the startup was to ensure that technology never acts as a barrier to a stock trader while exploring the domain of algorithmic trading. Kuants is a Fintech startup based in Gurugram, making algorithmic trading easy for those who cannot code themselves.
Akshat Saxena, Aurko Bhattacharya and Uday Somayajula are the founders of ePayLater. ePayLater provides credit at the point of sale. It offers a simple checkout experience by providing customers with the ability to conclude a transaction with just one click of a button. It is a ‘Buy Now, Pay Later’ solution through which customers can get access to an instant credit limit to make faster purchases.
PayKun was launched by Nikunj Yadav, Prashant Kambad, Vijay Yadav, Deepak Dabhi and Nirav Solanki, who were five friends from Gujarat. It was founded in the year 2018, with the primary intention to introduce ease and integrity into the online payment system. PayKun is an online payment gateway integrator that allows merchants to integrate any payment gateway they prefer. It is an affordable and secure solution for sellers. And what’s more, it does not require the user to have any technical skills to use it.
PaisaDukan was established by Rajiv M Ranjan in 2017 . It is a P2P platform that acts as a mediator between investors and borrowers. The company serves as a digital marketplace to enable borrowers to meet their financial needs, provide investors with a safer and smarter investment option and aid financial inclusion.
35. Cashfree
Founders: Reeju Datta, Akash Sinha
Founded: 2015
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Cashfree, a full-stack payments solution is incubated and backed by PayPal and YCombinator respectively. Cashfree helps global and Indian businesses collect and disburse payments via 100+ payment methods including MasterCard, Visa, RuPay, UPI, NEFT, IMPS, Paytm, and other wallets.
It also claims of being India’s leading API banking platform. Other than payment gateway products, Cashfree has products such as UPI auto pay, Refunds Suite, Auto collect options and Marketplace settlements. Cashfree has integrated with major platforms such as Shopify, Amazon Pay, PayPal, Google Pay, and Ola Money.
36. CoinDCX
Founders: Sumit Gupta, Neeraj Khandelwal
Founded: 2018
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Founded by IIT Bombay alumni Sumit Gupta and Neeraj Khandelwal in April 2018, CoinDCX is a beginner-friendly crypto exchange platform.Investment in cryptocurrency has been made easy by CoinDCX. The platform also enables users to access a wide range of financial products and services backed by insurance protection.
The crypto platform with 1 lakh active users has a more than $40 million trading volume. Backed by hedge fund giant Polychain Capital, the platform offers crypto transactions at no cost to investors. For those who trade, it charges a fee of 0.1%.
The company recently launched CoinDCX Go. This product runs on the 7M framework which studies and analyses the depths of the crypto market and predicts future threats. On this platform, crypto assets are listed with uncompromising listing criteria. The product accommodates currencies like Bitcoin, Ripple, Ethereum, Tron, Bitcoin Cash, Matic, Litecoin, etc.
Easy Home Finance is a housing finance company that offers home loans through a paperless route. The Mumbai-based company was founded by Rohit Chokhani. It is registered under National Housing Bank Act as a housing finance company and aims to tap the market using a paperless experience.
Its products include home loans, home construction/extension loans, loans against property, and loans through Pradhanmantri Awas Yojana. They also have a pre-approved property database for home options and instant loan approvals.
The company, backed by Harbourfront Group, aims to streamline the onboarding, assessment, and management of home loans through an AI-based lending platform. Easy Home Finances is focused on providing home loans to first-time buyers and women who wish to enter the property market and also targets customers in Tier 2 and Tier 3 cities across India. It is also set to launch a Product-as-a-service (PaaS) with co-lenders and other financing companies.
38. Recko
Founder: Saurya Prakash Sinha
Founded: 2017
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Recko is a Bangalore-based fintech startup that is into the reconciliation of companies. It offers financial services to e-commerce companies, banks, and insurance providers who have huge volumes of transactions. It is a third-party transaction layer that ensures authenticity and transparency in all recorded transactions. Recko’s workings mainly rely on AI models to comprehend and collect data, connecting payment gateways, banks, and customer management systems.
Backed by Prime Ventures Partners and several angels, Recko was founded by Suarya Prakash Sinha and Prashant Borde. The fintech company claims to have reconciled accounts worth $5 billion to date and has integrated with big names in the fintech industry such as Myntra, Pharmeasy, Meesho, Dunzo, Townscript, and Grofers.
39. FypMoney
Founder: Kapil Banwari
Founded: 2021
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Owned by Pockket Payment Technologies Ltd, FypMoney is a platform introduced for financial literacy in teenagers. The platform aims to target the age group 11-19 who comprise 15-20% of smartphone users. In a seed funding round, it has raised $2 million from angel investors including Leberatha Kallath, Mukesh Yadav, and Dinesh Nagpal.
FypMoney takes into consideration the concerns of parents with teenagers and has introduced features like instant pocket money transfers, tracking spending patterns with real-time transaction alerts, and setting transaction limits.
As for teenagers, it is equipped with quick transfer options like UPI, referral bonuses, Fyp Debit card, online investments in Mutual funds, savings, and a social community to interact with FypMoney users. The founder, Kapil Banwari believes that this platform will make teenagers aware of financial aspects, get them into a habit of saving and educate them about personal finance.
40. Avail Finance
Founder: Ankush Aggarwal
Founded: 2017
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Avail Finance is a fintech startup based in Bangalore that exclusively focuses on the blue-collar workforce and aims at introducing credit facilities and financial literacy to them since they’re seldom aware of it. It provides them with a neo-banking platform and includes every individual on a credit hunt, under the financial umbrella.
The startup aims to reach that segment in the financial market that is oblivious to credit card penetration, has no credit history, and has a low to almost zero CIBIL score. The platform offers other financial services including savings, insurance, and investment products. Founded in 2017 by Ankush Agrawal and Tushar Mehndiratta, the startup has raised around INR 85 crore in a funding round led by Alpha wave Incubation.
Upwards is a fintech company that offers personal loans up to INR 2 lakhs within 24 hours to salaried individuals with no credit history and whose earning capacity is at least INR 15000 per month. The fintech has a wide range of personal loans that cover weddings, travel, studies, medical emergency, and home renovation. The company charges an interest rate of 18-32% on its financial products.
The Mumbai-based startup is currently active in more than 30 cities including Tier 2 and Tier 3 towns. Founded in 2017 by alumni of IIT Delhi Abhishek Soni and Nimesh Verma, the company has disbursed INR 4 crore since its year of inception and is 40% of its credit demand coming from smaller towns of Karnataka, Rajasthan, and Tamil Nadu.
KreditBee is a personal loan platform for self-employed and salaried professionals where they can avail of a loan starting from INR 1000 to INR 2 Lakhs with minimal paperwork and tenures from two to fifteen months. It offers loans to even those without a credit history. It hosts multiple non-banking financial companies (NBFC) that are licensed by the Reserve Bank of India. This includes KrazyBee Services Pvt Ltd which is a non-deposit financial institution that offers innovative technology and availability of credit.
Founded in May 2018 by a bunch of intellectuals from various IITs across India, KreditBee currently has more than 1200 employees and a user base of 20 million. Through its holding entity Finnov, KreditBee has recently raised $70 million which it says will be utilized towards scaling up the lending portfolio beyond personal loans.
43. Finin
Founders: Suman Gandham and Sudheer Maram
Founded: 2019
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Finin is a fintech startup that has launched itself as a “neobank”, in partnership with SBM bank, a wholly-owned subsidiary of the State Bank of Mauritius in India. It is a platform that focuses on saving rather than lending. The “neobank” has an AI-driven experience for its users which gets insights from your spend-save behaviour. It can be linked to all your bank accounts and keeps a track of your transactions and budgets. Users also receive customized investment options and hyper-personal financial tips that take into consideration your pay cheque, lifestyle, marital status, and more.
Finin users have to rely on SBM branch networks for banking activities and the physical branches which are currently operating in Mumbai, Chennai, Bengaluru, and Hyderabad. Going against the flow, founder and CEO Suman Gandham believes Finin will make more revenue from wealth management services rather than lending services.
Founders: Samant Sikka, Sanjeev Sharma and Dhananjay Singh
Founded: 2016
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Sqrrl is an investment and wealth management platform for young individuals and professionals. The company is registered under AMFI and SEBI and is available in 9 Indian languages. It encourages Indians to save and invest better while guiding them towards building an investment portfolio with baby steps.
The company uses machine learning, AI, and data science to offer one-on-one assistance encouraging users to invest in high-performing mutual funds based on the risks, their goals, and requirements.
Based in Gurgaon, Haryana, Sqrrl has a team of 40 people including the founders namely Dhananjay Singh, Sanjeev Sharma, and Samant Sikka.
45. Moneyfront
Founders: Mohit Gang, Anil Bang, and Puneet Mehta
Founded: 2015
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Moneyfront is a wealth management platform that allows you to invest in funds and keep a track of them. While many other platforms offer the same, Moneyfront uses a comprehensive database, news, and statistics and lays out the best options for its users. It provides model portfolios so that you have more options and you can measure your risk appetite and choose what’s best suited for your goals.
The fintech company tied hands with Niyogin Fintech, which provides collateral-free credit to MSMEs. Reportedly, Niyogin has acquired a 50.1% stake in Moneyfront for INR 12 crore.
Founders: Archit Gupta, Srivatsan Chari, Ankit Solanki, Raja Ram Gupta
Founded: 2011
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ClearTax is a financial services platform that helps individuals, tax experts, SMEs, and enterprises streamline income tax returns, GST, Invoicing, Billing solutions, and more. Cleartax helps businesses save 2-7% of their net GST every month while individuals have saved up to INR 86000 by filing their tax returns through them.
The company recently launched a GST-compliant billing and e-invoicing product called ClearOne. ClearOne is an easy, affordable, and compliance-proof solution for all the challenges faced by SMEs. Founded by Archit Gupta, Srivatsan Chari, and Ankit Solanki, ClearTax is helping millennials pay their own taxes in a simple and hassle-free manner.
47. Groww
Founders: Lalit Keshre, Harsh Jain
Founded: 2016
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. With a freshly acquired unicorn status, 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.
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.
LoanTap is an NBFC registered under RBI that offers flexible personal loans which are EMI-free (partial repayments of principal amounts), and allows personal overdraft and debt consolidation loans that are best suited for your lifestyle and requirements. Whether it’s an upcoming holiday, a wedding, a loan repayment, a new vehicle purchase, or a business loan, LoanTap covers it all.
The Pune-based company recently tied hands with the Bank of Maharashtra into a co-lending agreement. This agreement would help the bank meet its priority lending target through a digital lending platform like LoanTap by avoiding visits to the branch and easier loan disbursals.
49. RevFin
Founder: Sameer Aggarwal
Founded: 2018
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Founded by an alumnus of IIT Kharagpur, Sameer Agarwal, RevFin is a digital lending platform that offers loans through its own NBFC. Its products include regular personal loans and Revloans, which is an unsecured credit limit that a customer can use at any time as per their convenience. RevFin has currently financed E-Rickshaws in several towns across India which include Kolkata, Jhansi, Dehradun, Hisar, and Delhi.
Headquartered in Delhi, RevFin was founded in 2018 and has captured the sector of vehicle loans for three-wheelers and two-wheelers. The fintech is backed by several angel investors including Harsh Jain, Anil Goyal, Anil Lamba, and Krishna B Singh.
50. PayU
Founders: Jose Velez, Martin Schrimpff, Arjan Bakker, Grzegorz Brochocki, Nitin Gupta, Shailaz Nag
Founded: 2002
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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).
Conclusion
Startups work hard on their products, marketing, and other business activities but forget about one crucial aspect: finance. Managing one’s finances is of utmost importance. Business is all about money, you can’t run a business if you don’t think about money. This list of fintech startups in India should help you understand the advancements in the world of Finance and give you an insight into India’s biggest and top fintech to keep an eye out for.
There are more than 2000 fintech startups in India as of 2022.
What are some of the biggest fintech startups in India?
Some of the biggest fintech startups in India are,
Paytm
Cred
Razorpay
Instamojo
Lendingkart
MoneyView
Paykun
PaisaDukan
Mswipe
Kredx
What is FinTech Company India?
Financial technology is abbreviated to FinTech and it comprises companies that use technology to offer financial services. It has emerged as a relatively new industry in India.
What are examples of FinTech?
Some examples of FinTech are mobile banking, mobile payments, trading, cryptocurrency, insurance, trading, and lending to name a few.
