Fintech startups in India raise $5.65 billion in 2022, 47% drop from 2021
19 Jan 2023
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Business Standard - Fintech startups in India raised $5.65 billion in 390 rounds last year, a massive drop of 47 per cent in terms of funding amount and 29 per cent in the number of rounds when compared with 2021, a report showed on Thursday. This drop in funding can be attributed to the decline in late-stage funding from $8.3 billion in 2021 to $3.7 billion in 2022, a drop of 56 per cent, according to data provided by global software-as-a-service (SaaS)-based market intelligence platform Tracxn. Read more
Fintech, short for financial technology, has become a crucial part of the global economy. With the development of technology, the Internet has emerged as the preferred platform for financial transactions.
They are used mainly by individuals to help in mobile payments, insurance, cryptocurrency and blockchain technology, stock trading, digital lending and credit, budgeting in much more. There are 7,699 Fintech Startups in India. Here is a list of 10 most exciting ones:
Paytm: Paytm was founded by Vijay Shekhar Sharma and is owned by One97 Communications and is licensed by RBI. It allow users to shop for both physical and digital goods and also pay for DTH plans, bill payments and mobile recharges. It is India's largest payment company that offers consumers multi-source and multi-destination payment solution. They allow consumers to make payments from any bank account to any other bank account free of cost i.e. 0% fee charges.
Razorpay: 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. 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.
Upstox: It provides financial services such as investments in stocks, mutual funds, derivatives, commodities, ETFs and digital gold. 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.
CRED: This fintech startup was 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.
ETMoney: It 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. It was founded by Mukesh Kalra 2015. A passionate company that indulges in personal finance has become the first fintech company in India to introduce Aadhaar based SIP payments.
Instamojo: Sampad Swain, Akash Gehani and Aditya Sengupta co- founded Insta Mojo in September 2012. It 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.
PolicyBazaar: It is an online insurance aggregator for comparative analysis of products that you 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. It was founded by Yashish Dahiya, Alok Bansal and Avneesh Nirjar in June 2008 in Gurugram.
MobiKwik: It 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 like mobile and online payments, phone and DTH recharge, mobile transfers, online shopping and lot more. Its investors include Sequoia Capital, NET1, GMO Venture Partners, to name a few. Post demonetisation, Mobikwik has made it free to transfer money from your wallet to your bank account.
ZestMoney: It has a buy now pay later policy and offers an EMI options that one 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.
Lendingkart: It is an online financing company founded by Harshvardhan Lunia and Mukul Sachan in 2014. Lendingkart provides loans for working capital needs for SMEs. These loans are quick and collateral free with minimal paperwork.
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