Fintech Startups in India: List of The Best, Emerging, and More

India is a country with a huge population and a rapidly growing economy. As a result, it has become an attractive market for Fintech startups. There has recently been a boom in Fintech startups in India, with new companies popping up daily.

These startups are changing how Indians interact with money, quickly becoming some of the most dominant players in the industry. We’ll look at some of the most dominating fintech startups in India and explore what makes them so successful. We will also discuss the challenges these startups face and how they plan to overcome them.

The Best Fintech Startups in India

Fintech startups are revolutionising the financial sector in India. They are providing much-needed competition to the traditional players in the market and bringing innovative new products and services to the consumers. Some of the most dominating Fintech startups in India are as follows.

Paytm

Paytm-Best Fintech Startups in India

Founder: Vijay Shekhar Sharma

Year of establishment: 2010

Current valuation: $5.4 Billion

Paytm is one of the most impeccable Fintech startups in India. It is a digital payments platform that allows users to make online payments using their Paytm wallets. Moreover, Paytm offers other financial services such as mobile recharges, utility bill payments, and DTH recharge. It has also launched its payment gateway and e-commerce platform.

In addition, the company provides loans and investment products through its sister companies. With its innovative technology and convenient services, Paytm is revolutionising how people access and use financial services in India. Furthermore, Paytm has over 300 million users and is one of India’s most popular Fintech startups.

Razorpay- Among Top 100 Fintech Startups in India

Razorpay

Founder: Harshil Mathur and Shashank Kumar

Year of establishment: 2013

Current valuation: $60 Billion

Razorpay is one of the Top 100 fintech companies in India that provides payment solutions for businesses. The company offers a payment gateway, which allows businesses to accept online payments from their customers. Additionally, Razorpay also provides a merchant gateway that helps businesses accept online payments.

The company offers a wide range of payment options, such as credit cards, debit cards, net banking, UPI, and wallets. Razorpay also provides other financial services like invoicing, tax filing, and payroll. Additionally, the company has over 8 million customers and is one of the fastest-growing Fintech startups in Bangalore.

Upstox

Upstox

Founder: Ravi Kumar, Shrini Viswanath, and Kavitha Subramanian

Year of establishment: 2009

Current valuation: $6 million

Fintech startups in India are shaking up the traditional financial services sector by providing innovative and affordable products that meet the needs of the country’s rapidly growing population. Furthermore, one of the most promising Fintech startups is Upstox which offers various financial services, including investments in stocks, mutual funds, derivatives, ETFs, and digital gold. 

Upstox is committed to providing transparency in pricing by offering zero brokerage for equity trades and up to Rs 20 per order for intraday, commodities, and currencies. Furthermore, it is a convenient online platform and mobile app, Upstox makes it easy for everyone to access the financial markets and make informed investment decisions.

Cred- Among Emerging Fintech Startups in India

Cred

Founder: Kunal Shah

Year of establishment: 2018

Current valuation: $6.4 million

Cred is one of the top emerging fintech startups in India. It aims to simplify paying credit card bills and rewards you for paying them on time. The application asks for your mobile number to check your credit score with Cibil, CRIF, and Experian. It also provides a list of your pending credit card bills and allows you to pay them directly from the app. 

You also get reward points for every bill you pay on time, which can be redeemed for gift cards, cash-backs, and discounts from partner brands. With Cred, you can easily keep track of your expenses, manage your debt and get rewarded for making timely payments.

ZestMoney

ZestMoney

Founder: Lizzie Chapman, Priya Sharma and Ashish Anantharaman

Year of establishment: 2015

Current valuation: $6.5 million

Fintech startups in India help in providing access to financial services for those who are traditionally underserved by the banking system. One such startup, Zest Money, offers a ‘buy now pay later policy that can be used to purchase items online or offline from its partner merchants. 

This is an excellent option for those who do not own a credit card and want to buy something on EMI. In addition, Zest Money also offers a mobile app that helps users keep track of their finances and make payments on time. Besides this, it is a valuable service for many people in India who are not familiar with the traditional banking system.

PolicyBazaar- Fintech Startups in India

PolicyBazaar

Founder: Alok Bansal, Avaneesh Nirjar and Yashish Dahiya

Year of establishment: 2008

Current Valuation: $5.9 million

One of the most impeccable fintech startups in India in 2022 is PolicyBazaar. It is an online insurance aggregator that helps users compare insurance policies and select the most relevant one for their needs. Using PolicyBazaar, users can compare products offered by various insurers on parameters like price, quality, and key benefits. This makes it hassle-free for users to identify the best policy for their needs and purchase it either online or offline. 

Apart from being an exceptional resource for consumers, PolicyBazaar adds to the efficiency and transparency of the insurance sector. As more people use PolicyBazaar to compare and purchase insurance policies, it is expected that the insurance industry will become more competitive, and innovation will increase. This will ultimately benefit the consumers by providing them with more choices and better products at lower prices.

MobiKwik

MobiKwik

Founder: Bipin Preet Singh and Upasana Taku

Year of establishment: 2009

Current valuation: $700 million

MobiKwik is one of the leading fintech startups in India. It is a digital wallet service provider that offers a range of services, including mobile and online payments, phone and DTH recharge, online shopping and more. MobiKwik has been growing rapidly since its inception in 2009 and now has over 100 million users. 

MobiKwik is a convenient and secure way to make payments and transfers, and it is accepted by a growing number of merchants across India. The company is constantly innovating to offer new and better services to its users, and it is rapidly becoming the go-to digital wallet for many Indians.

Cashfree

Cashfree- Fintech Startups in India

Founder: Akash Sinha and Reeju Dutta

Year of establishment: 2015

Current valuation: $200 million

Cashfree is a leading player in the Fintech space, and it offers a full-stack payment solution, incubated and backed by PayPal and YCombinator. It helps businesses collect and disburse payments via more than 100 payment methods, including MasterCard, Visa, RuPay, UPI, NEFT, Paytm, and other wallets. 

In addition to Fintech startups, Cashfree has partnered with major Indian e-commerce platforms like Amazon, Flipkart, Snapdeal, and Shopify to provide their customers with an easy way to pay online. Hence with its convenient payment solutions and partnerships with leading brands, Cashfree is well-positioned to capitalise on the growing Fintech market in India.

Instamojo

Instamojo

Founder: Sampad Swain, Akash Gehani, Aditya Sengupta, and Harshad Sharma

Year of establishment: 2012

Current valuation: $13.2 million

Founded in 2012, Instamojo started as a solution provider of digital payments. Today, it has progressed into one of the top fintech startups in India. It’s a robust online platform for enterprises like micro, small, and medium businesses so that they can start, manage, and grow their businesses online. Furthermore, what sets Instamojo apart is its focus on helping businesses of all sizes succeed in the digital economy. 

Instamojo is empowering businesses to tap into new markets and reach new customers by providing access to essential tools and resources. In a country where people still rely on cash transactions, Instamojo is leading the way in making digital payments the norm. And that’s good news for both businesses and consumers.

MoneyTap

MoneyTap- Fintech Startups in India

Founder: Bala Parthasarathy, Anuj Kacker, and Kunal Varma

Year of establishment: 2015

Current valuation: $70 million

MoneyTap is India’s first app-based credit line. It aims to make credit accessible to Indians who use internet banking. It loans you credit, and you can repay your credit amount in flexible EMIs of 2 to 36 months. Moreover, the app uses data from your internet banking transactions to offer you a personalised credit limit. 

The app will then allow you to access this credit limit and borrow money as needed. The repayment periods are customisable, and you can pay off your debt in monthly instalments. Therefore, MoneyTap is a quick and reasonable solution for those who require credit but prefer not to deal with the hassle of traditional loans.

Pine Labs

Pine Labs

Founder: Lokvir Kapoor, Rajul Garg, Tarun Upadhyay

Year of establishment: 1998

Current valuation: $5 billion

Pine Labs is among the most exceptional Fintech startups in India. It provides merchants with a robust point-of-sale (POS) solution that enables them to accept payments via credit and debit cards, UPI, and other digital payment methods. 

Pine Labs also offers a merchant loyalty program that helps businesses increase customer retention and loyalty. Further, with its convenient and user-friendly POS solution, Pine Labs is helping merchants in India go digital and tap into the growing Fintech market.

Groww

Groww

Founder: Lalit Keshre and Harsh Jain

Year of establishment: 2016

Current valuation: $2 billion

Groww equips you to invest in stocks, mutual funds, and gold. It also has fixed deposit options for conventional investors. The company has been growing rapidly, attracting over 1 million users within a year of launch. 

This is because it is one of the few early-stage fintech businesses in India to provide a fully online investment experience. Also, the users can track the performance of their portfolios, set up automatic investments, and even interact with a financial counsellor using Groww. The company is currently based in Bangalore and is backed by some of India’s most prominent venture capitalists.

Shiksha Finance– One of the Leading Fintech Startups in India

Shiksha Finance- Fintech Startups in India

Founder: V L Ramakrishnan and Jacob Abraham

Year of establishment: 2014

Current Valuation: 1.2 million

Shiksha Finance is one of the few fintech startups in India that offer education loans to students. You can avail of these loans for both full-time and part-time courses. In India, fintech businesses are giving students with short-term loans to cover their costs. Additionally, many people have the ability to be excellent students, but the excessive tuition rates of educational institutions prevent them from doing so.

Shiksha Finance contributes to the advancement of education for those who would otherwise be unable to pursue it. As a result, they provide new opportunities for individuals and aid in the development of a better future for India.

WazirX

WazirX

Founder: Nischal Shetty and Siddharth Menon 

Year of establishment: 2018

Current Valuation: $5 million

WazirX is a Fintech startup that allows individuals to buy, sell, and trade cryptocurrencies. It is one of the leading fintech startups in India and has been growing rapidly since its launch. 

WazirX is making it easy for people to get started with cryptocurrencies and is helping to promote the adoption of this new technology in India. With its user-friendly platform and convenient features, WazirX is making it easy for people to invest in cryptocurrencies and benefit from the potential of this new asset class.

RevFin- Fintech Startups in India

RevFin-Fintech Startups in India

Founder: Sameer Aggarwal

Year of establishment: 2018

Current valuation: $9.5 million

RevFin is a digital lending company that offers loans through its own non-bank financial institution (NBFI). The company facilitates regular personal loans and revloans, an unsecured credit limit that consumers can use as per their preference. RevFin differs from other fintech businesses in that it focuses on giving finance to underprivileged clients.

Small enterprises and people with bad credit, for example, can get loans from corporations. As a result, RevFin is assisting in the expansion of credit in India while also empowering borrowers who would otherwise be unable to access standard banking products. Therefore, the startup contributes significantly to the expansion of the Indian economy.

To Sum Up

These are some of the most dominating fintech startups in India that are leading the way in this rapidly growing industry. Fintech is revolutionising the way people access and use financial services, and these startups are at the forefront of this change. 

Their innovative products and convenient services make it easy for people to manage their finances and make the most of their money. Hence, they play a key role in supporting the growth of the Indian economy while making a positive impact on people’s lives.

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