Top 20 Fintech Companies in India
As a result of the epidemic forcing digital financial services, fintech businesses in India have witnessed fast development. India’s Fintech startups garnered $2 billion in investment in the first half of this year, according to KPMG’s Pulse of Fintech H1’21 report, with digital payments leading the way, followed by insurtech. Payments, lending, wealth management, insurtech, neo banking, and blockchain are all examples of fintech segments.
Harshil and Shashank founded Razorpay in 2014 after discovering that conventional payment gateways were challenging to integrate. Razorpay started as a payment gateway that allowed businesses to accept payments online and has grown into a full-fledged financial product suite.
All payment methods, including credit and debit cards, BNPL, Net Banking, UPI, and wallets, are accepted through the Razorpay payment gateway solution.
Razorpay allows businesses to set up accounts, automate payments and compliance, and manage their finances from a single dashboard.
For their merchants, Razorpay Capital offers collateral-free business loans and cash advances to cover recurrent financial demands.
When Razorpay secured $100 million in Series D funding from GIC, Sequoia Capital, and a few other investors in October 2020, it became a Unicorn. Due to pandemics, the company’s worth tripled to $3 billion in April 2021, when it obtained $160 million in Series E capital from GIC, Sequoia Capital, and a few other investors.
Cashfree
Cashfree began as a payment gateway in 2015, but its creators, Akash Sinha and Reeju Datta considered the existing bank bulk transfer choices to be cumbersome and began developing Payouts in 2016.
Businesses may use Cashfree to collect payments via payment links and automated reconciliation.
Payouts automate bulk payments to any bank account, UPI, or Wallet using their APIs, including automatic reconciliation of unsuccessful transfers.
Cashfree has an Account API that integrates financial services into the app. Account opening, KYC, and currency transactions are just a few financial assistance available through the API.
Cashfree revealed that between July 2020 and July 2021, the number of active transacting businesses climbed by 150 per cent, and merchant sign-ups increased from 70,000 to 1,30,000. State Bank of India invested an unknown sum in Cashfree in June 2021, less than a year after the firm secured $35.3 million in Series B capital at a value of $200 million in November 2020.
Vijay Shekar Sharma is the founder. Paytm began as a utility payment platform for DTH, power, and broadband bills in 2010. Paytm continued to develop the following items throughout time:
Paytm Wallet was the first Paytm payment tool in 2014.
The first payment app in India to reach 100 million downloads was launched in 2017. Paytm Gold and Paytm Payments Bank were introduced the same year.
In 2018, Paytm Payments Bank was created, allowing retailers to receive UPI and Paytm payments straight into their accounts. Paytm Money was launched, and it quickly became one of the top suppliers of SIP to the mutual fund market.
In 2019, Paytm First, a subscription-based loyalty programme, was launched, and the Paytm First Credit Card was launched in collaboration with Citi Bank.
Wikipedia is the source of this information.
For Indian internet users, “Paytm Karo” has become a verb to describe P2P online money transfer. According to an IANS report, Paytm’s gross merchandise value (GMV) in FY21 was Rs 4,033 billion, the highest in the payments sector. According to the filed draught DRHP, Paytm is considering an IPO to raise Rs.16,600 crore ($2.2 billion).
Ashneer Grover and Shashvat Nakrani founded BharatPe in 2018 to assist Indian merchants in growing their companies and adopting digital payments.
BharatPe was the first to create an interoperable QR code that could take payments from more than 150 UPI applications with no transaction costs.
BharatPe makes Money by giving merchants unsecured loans. Merchants can apply for loans up to Rs. 7 lakh with no processing costs and no collateral.
BharatPe announced BharatSwipe, a card payment acceptance machine, in H2 2020.
BharatPe is the third-largest participant in the private POS market, with plans to expand its distribution.
In August 2021, BharatPe teamed with LenDenClub to develop a 12 per cent Club app, marking the company’s first step into consumer lending. Twelve per cent Club is a peer-to-peer lending platform that allows users to invest and earn up to 12% yearly interest or borrow at a low rate.
Cred
Kunal Shah founded cred in 2018 to provide a platform for high-credit-worth individuals to manage their credit bills and earn rewards for paying them on time. Cred is noted for its innovative client acquisition strategies, such as “Indiranagar Ka Gunda” during the last IPL season.
Cred claims that by giving a complete analysis of their credit card bill spending and delivering timely bill payment reminder notifications, they can enhance their consumers’ credit scores.
Cred RentPay: Members may use the CRED app to pay monthly recurring rent and receive CRED coins in exchange.
Cred Stash offers quick credit loans with customizable periods and low-interest rates.
Cred E-commerce is a store within the Cred app to find specially chosen items.
Cred Pay is a service that allows you to pay with your credit card. This service, launched in collaboration with Razorpay and Visa, will enable consumers to make payments on partner sites using CRED coins.
Digit
In September 2017, the Insurance Regulatory and Development Authority (IRDA) granted regulatory clearance to Digit Insurance, formed in 2016 by Kamesh Goyal.
Digit’s digital-first strategy promises to make the insurance purchase and claim procedure easier.
Motor, life, jewellery, and travel delay insurance are some of the most popular Digit insurance products.
According to the company’s transparency report, it has 17 million subscribers as of March 2021, with motor insurance the most profitable, followed by health and accident insurance. The claim completion rate was 96 per cent during the epidemic, which lasted from April 20 to March 21.
After becoming the first Unicorn of 2021, Digit Insurance raised $200 million at a valuation of $3.5 billion in July 2021.
Dhirendra Mahyavanshi and Anand Prabhudesai created Turtlemint in 2015.
Turtlemint is an online marketplace where people can compare and buy insurance at the lowest possible price.
Turtlemint provides digital solutions to insurance advisers to make personalized insurance product recommendations. Advisors may use the application to market various insurance products through a single site. Courses on a variety of items are also available using the platform.
Turtlemint has serviced over 1.5 lakh active insurance advisers and sold over 30 lakh policies, according to the business blog.
Turtlemint has created more than 1,20,000 micro-entrepreneurs with penetration in 16,000+ pin codes out of 19,000 pin codes in India and more than 1.5 million customers and onboarded approximately 80% of insurers.
Turtlemint is India’s largest PoSP insurtech platform, with a year-on-year growth rate of 110 per cent.
PlumHQ
PlumHQ was formed in November 2019 by serial entrepreneurs Abhishek Poddar and Saurabh Arora to develop insurance solutions for small and medium-sized businesses (SMBs) that cannot pay high rates.
Most small businesses do not provide insurance since purchasing coverage takes time. Many insurers do not offer small business insurance policies tailored to their needs.
PlumHQ intends to close this gap by assisting small businesses in purchasing insurance products. SMBs may acquire insurance quotations in minutes by providing basic information about the company, employees, and the necessary insurance benefits.
Plum provides best-in-class health insurance that covers pre-existing conditions and has no room rent or illness treatment cap.
Plum also offers employees a stress-free insurance claim experience.
Zerodha was founded by Nithin and Nikhil Kamath in 2010 and is India’s largest brokerage in terms of active retail clients. Zerodha has over 6 million active clients and accounts for around 19 per cent of total retail trading volume in India.
Through its robust investment platforms, Zerodha allows investors to trade stocks, futures, and options, invest in mutual funds and bonds, gift stocks, and apply for IPOs.
Kite is an intelligent investment and trading platform that allows you to purchase, sell, analyze, and manage your stock portfolio.
Console: A central dashboard for your Zerodha account that provides detailed data and analytics on trades and investments.
Coin: A mutual fund platform that allows you to acquire mutual funds online from asset management firms without paying a fee.
Kite Connect: Trading APIs for creating a trading platform that can execute real-time orders, manage user portfolios, and broadcast live market data.
Zerodha Varsity is a well-known collection of in-depth stock market teachings.
Zerodha is a self-funded unicorn that has not received any venture capital financing.
Groww was founded in 2017 by four Flipkart workers, Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, as a direct mutual fund distribution platform.
In the first part of 2020, Groww launched stock trading to their platform, and in the same year, they added digital gold, ETFs, intraday trading, and IPOs in fast succession to their product portfolio.
Groww allows users to trade in US equities by creating a free overseas trading account with no account opening or brokerage fees.
Groww records more than 1.5 lakh new SIPs per month, according to their official blog, and has had a stratospheric increase, with more than 1 lakh Demat accounts established every month within three months of debut.
Groww attained Unicorn status in April 2021, and the CCI has authorized their bid to purchase Indiabulls Housing’s mutual fund.
INDmoney
Ashish Kashyap, who also co-created ibibo Pay, established INDmoney in 2018. IND SuperMoneyApp uses a robot advising engine to assist customers in arranging their Money and proposing activities to enhance savings.
As part of its private wealth management offering, INDwealth provides private family offices, tax services, succession planning, and trust services.
Customers can invest in equities, mutual funds, fixed deposits, and bonds listed in India and the United States. Customers may also buy cryptocurrencies with their reward points earned on the app.
The firm offers personal loans, commercial property loans, and loans against property. This year, 60 per cent of new users are from tier II and tier III towns, compared to 30 per cent eight months earlier, according to the startup, which has garnered $58 million in the capital.
Smallcase
Vasanth Kamath, Anugrah Shrivastava, and Rohan Gupta started Smallcase in 2015. Smallcase allows consumers to invest in a portfolio of companies that follow an expert-created theme or approach.
Smallcase provides the best of both worlds by bridging the gap between Mutual Funds and PMS. Compared to PMS, customers can invest in a basket of equities created by specialists with fewer funds.
Smallcase provides a platform architecture for stock basket creation by industry specialists. Traders may now invest in smallcases thanks to their integration with large brokerage firms.
Amazon made its first investment in wealth management by joining a $40 million Series C round investment in Smallcase, which claims to have over 3 million customers.
Lendingkart
Harshvardhan Lunia and Mukul Sachan created Lendingkart in 2014 as a digital lending platform for SMEs. Lendingkart Finance Limited and Lendingkart Technologies Private Limited make up the Lendingkart Group.
Lendingkart Technologies Private Limited has created technological solutions based on extensive data analysis to help lenders assess borrowers’ creditworthiness and deliver other services.
Lendingkart Finance Limited, unlike other NBFCs, does not assess a potential client’s credit risk profile based on the vendor’s historical records. To analyse the credit risk profile, the NBFC looks at the client’s current year cash flows and company development.
The company’s purpose is to free up financial resources so that clients may focus on their businesses.
According to an article in the Economic Times, the company doubled its revenues to Rs 42 crore in FY 2020 and expanded its loan book by 80% to Rs 2,400 crore.
ofbusiness
Asish Mohapatra, Bhuvan Gupta, Ex Chandranshu Sinha, Nitin Jain, Ruchi Kalra, Srinath Ramakkrushnan, and Vasant Sridhar formed OFBTech in 2015.
OFB Tech (OfBusiness) is a platform that allows SMEs to buy raw materials without having to put up any collateral.
OFB Tech employs technology to analyze SMEs’ purchasing patterns to provide better products at lower rates.
Oxyzo, OfBusiness’s NBFC arm, provides SMEs with collateral-free cash flow based finance to help them purchase raw materials and develop their operations.
The firm received a $160 million investment round in July 2021, valued at $1.5 billion. According to the corporate blog, commerce accounts for 55 per cent of total net revenue, while loans and SaaS account for 43 per cent and 2%, respectively.
Nityanand Sharma and Chaitra Chidanand established Simpl, a prominent purchase now pay later platform, in 2015.
Small tickets, quick credit on sale, and e-commerce checkout are all features of Simpl. The startup wants to make the BNPL service user-friendly by providing users with a one-click checkout option.
Simpl aims to address the credit supply deficit by offering small-credit loans to consumers without a credit history or access to a credit card.
Before authorizing credit, Simpl considers various user characteristics and runs them through credit models.
Simpl claims to have worked with over 4500 shops and has over 7 million members.
Jupiter, a neo bank, was started by Jitendra Gupta, who co-founded CitrusPay and served as managing director of PayU.
Jupiter provides savings accounts, investments, and lending services to its target market.
Jupiter uses Pots to help consumers save Money automatically to fulfil specific financial objectives. The app also shows you how much Momoneyou’ve spent in each category.
Jupiter gives a 1% reward on UPI and debit card purchases. Jupiter focuses on retail clients and has developed “Bullet” (UPI Now Pay Later), a micro-credit product similar to BNPL that offers micro-credits for minor UPI transactions.
Jupiter has secured $44 million in Series B capital from investors, valuing the company at $300 million.
Anish Achuthan and Mabel Chacko created Open in 2017.
Open is a neo-banking solution that enables companies to accept payments, make mass transfers, and automate accounting. Open gives businesses a better banking experience by managing all of their current accounts from a single dashboard.
Developers may use the platform’s APIs to incorporate banking and payments into their business processes.
In their platform, Open services approximately 1 million SMEs. According to Entrackr, Open has secured $62 million in Series C fundraising for a valuation of $480 million.
Kush Taneja and Sambhav Jain created Fampay, a neo-bank for teens, in August 2019.
Fampay’s goal is to teach financial literacy to teens to make better financial decisions later in life.
Fampay is a smartphone app that allows teenagers to make internet transactions. Fampay offers FamCard, a prepaid card with no number that may be used for offline transactions.
The Famcard may be customized, and there are no security concerns because the card does not have any numbers or CVV information written on it.
On some products, Fampay offers discounts and rebates. Fampay gives Famcoins for every payment action in the app, which may be swapped for prizes.
FamPay raised $38 million in its Series A round in June 2021, making it one of India’s most extensive Series A deals.
Nischal Shetty, Sameer Mhatre, and Siddharth Menon established WazirX in 2017.
WazirX is India’s largest cryptocurrency exchange, allowing users to buy, sell, and trade Bitcoin, Ethereum, and Litecoin.
WazirX introduced the world’s first auto-matching P2P (Peer-to-Peer) engine to assist traders in converting INR to cryptocurrency and vice versa.
WazirX was bought by Binance, the world’s largest cryptocurrency exchange, in November 2019. Users will trade any digital asset on Binance using USDT obtained via the WazirX marketplace.
WazirX established the NFT marketplace for non-fungible tokens (NFTs) in June 2021 to assist Indian producers to sell digital goods like artwork and music. NFTs are digital assets tracked on blockchain networks as proof of ownership of a one-of-a-kind virtual object.
WazirX says that over 7.3 million users have registered on the platform, with a 2648 per cent increase in sign-ups from Tier-II and Tier-III towns in India.
CoinDCX
Sumit Gupta and Neeraj Khandelwal created CoinDCX in 2018 to bring more Indians into the crypto sector.
Users may buy, sell, and trade bitcoin and more than 250 other digital currencies on CoinDCX. For quick order execution and unrestricted trading, the platform offers a lot of liquidity.
CoinDCX allows users to trade crypto futures and earn interest by lending crypto in addition to spot trading.
DCXLearn is a new teaching tool from CoinDCX that teaches people about blockchain and cryptocurrency.
CoinDCX joined the Unicorn club in August 2021 after receiving $90 million in a Series C fundraising round. The firm hopes to reach a customer base of 50 million people in the following years.
