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Home » Indian fintech startups have grown fivefold in the last three years
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Indian fintech startups have grown fivefold in the last three years

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India’s financial sector is growing rapidly, with fintech startups increasing five-fold in the last three years, according to a report. The growth has increased from 2,100 in 2021 to 10,500 by 2024.

JM Financial said in a report: “Currently, India has 26 fintech unicorns with a combined market value estimated at $90 billion.”

India has one fintech decacorn (valued at over $10 billion) and 25 unicorns, whose valuations range from $1 billion to $10 billion, and 37 minicorns, whose valuations range from $100 million to $1 billion.

There are 87 Soonircorn fintech startups in the country, with valuations ranging from $60 million to $100 million.

The report states that the estimated combined value of all fintech companies in India is around $125 billion. The estimated revenue of all these companies for FY23 was around $20 billion. This represents 5% of the total revenue of all banks, financial services and insurance (BFSI) companies in the country.

In the Indian fintech sector, payments and lending companies receive a significant share of funding. 85% of the total funds raised by the fintech sector have been raised by these companies. Between 2014 and 2023, Indian fintech startups have raised around $28 billion in 1,486 deals.

JM Financial said in a report: “Increasing consumption, penetration and AI will lead to 150 fintech unicorns and $200 billion in fintech revenue by 2030.”

Fintech startups in India include merchant payments, wallets, consumer payments, lending, insurance and wealth management companies.

According to the latest report by Boston Consulting Group (BCG) and Z47 (formerly Matrix Partners India), the Indian fintech ecosystem is in the “mid-stage”. “The ecosystem is poised for further exponential growth, as evidenced by incumbents that have created over $600 billion of value in the last 3-5 decades,” it adds.

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