India’s 50 Most Well-Funded FinTech Companies

India’s 50 Most Well-Funded FinTech Companies

With a large unbanked population and rising smartphone usage, FinTech startups in India are poised to carve a large mindshare and marketshare in the country. The government is doing its part to move the country to a cashless society – the Reserve Bank of India issued payments bank licences to 11 entities in August 2015, and in 2016, NPCI launched the Unified Payments Interface, which will enable users to transfer bank funds using just a unique ID and a PIN.
76 FinTech companies were funded since July 2015 in 83 rounds, the total funding in FinTech startups during the period was $862.5M. VC funding activity has been centred around a variety of business models, including mobile wallets, loan comparison, insurance aggregators, online lending, payment devices, payment gateway solutions, and personal finance management.  Of the top 50 funded FinTech startups, 23 are headquartered in Mumbai, the financial capital of the country. Alibaba-funded Paytm, the country’s leading mobile wallet in terms of users has ten times the funding of its competitor – MobiKwik.

Most Active FinTech Investors in Top 50 List

Based on the number of investments made, the most active FinTech investors in the top 50 list are Sequoia Capital, Accel Partners, SAIF Partners and Tiger Global and IDG. 
Sequoia Capital – 9 (BankBazaar, ApnaPaisa, Fintellix, Cleartax, Chillr, MobiKwik, Prizm Payment Services, Citrus Pay)Accel Partners – 6 (Coverfox, QwikCilver, MoneyView, Chargebee, JusPay, Scripbox)SAIF Partners – 4 (Paytm, Coverfox, Tracxn, Capital Float)Tiger Global – 4 (Chargebee, Coverfox, Razorpay, MoneyView)IDG – 4 (Fintellix, CreditMantri, Agile Financial Technologies, Heckyl)

Top Business Models: Mobile Payments, Investment Tech, Alternative Lending 

Mobile Payments – 10 companies in the top 50 have mobile-focused business models – consisting of semi-closed wallets (Paytm, MobiKwik, MoneyOnMobile, PayMate, The Mobile Wallet) that can be used for bill payments and recharge. Other mobile business models include money transfer apps (Chillr), point of sale solutions (Ezetap, Mswipe, Paynear), payment gateway for e-commerce merchants (Juspay).
Investment Tech – Out of the nine investment tech companies, four are robo advisors for public market investing (FundsIndia, MyUniverse, Scripbox, 5nance). Heckyl and Cogencis provide analytics and market data respectively on public markets. Mumbai-based RKSV.in is an online retail brokerage firm, while BankerBay is a web-based deal origination tool for PE firms and investment banks. Tracxn finds a place in the top 50 too.
Alternative Lending – Eight alternative lending startups figure in the top 50 list – business models encompass direct lenders (Capital Float, Lendingkart) small business lending (NeoGrowth), consumer loans for e-commerce (OnEMI) loan comparison (BankBazaar, APNAPAISA, rubique) and P2P moneylending (faircent).
Banking Tech – The seven banking tech startups on the list include a loan management platform (Cloud Lending), a fraud and risk management solution (CustomerXPs) and fraud and risk analytics (Fintellix), loyalty relationship management (Loylty Rewardz), Regulatory compliance (ComplyGlobal), and banking correspondence (FINO PayTech, EKO).
Payments – Payments focused companies in the top 50 include prepaid cash card provider ItzCash, digital and electronic payment solutions (Transerv, Prizm Payment, and Suvidhaa) and  payment gateways (Citrus Pay and Razorpay), and QwikCilver, a multi-brand gift card store.
Insurance Tech – Five insurance tech startups in the top 50 consist of aggregators like Policybazaar, Coverfox, Easypolicy, and software solutions providers (Agile Financial Technologies, HealthHiway)
Consumer/Enterprise Finance – Consumer finance focused companies include CreditMantri, a credit score and analysis portal, MoneyView, a personal finance management app, and Cleartax, an income tax filing portal. Chargebee is an enterprise focused subscription billing service for SaaS companies.
RankingCompany NameDomainAboutCityTotal Funding
1Paytmpaytm.comMobile wallet, e-commerce platform and payment bankNoida$890M
2MobiKwikmobikwik.comMobile wallet, recharge, bill paymentsGurgaon$86.8M
3BankBazaarbankbazaar.comOnline marketplace providing customized rate quotes on loans and insurance productsChennai$80M
4policybazaarpolicybazaar.comLeading online insurance aggregator in IndiaGurgaon$69.6M
5FINO PayTechfinopaytech.comFinancial inclusion technology providerMumbai$65M
6ItzCashitzcash.comMulti Purpose Prepaid Cash CardMumbai$50.6M
7Capital Floatcapitalfloat.comOnline lending platform for small businessesBangalore$42M
8Mswipemswipe.comPoS terminal for accepting card paymentsMumbai$35M
9Ezetapezetap.comPayment device makerBangalore$35M
10Citrus Paycitruspay.comPayment gateway and mobile walletMumbai$34.5M
11MoneyOnMobilemoney-on-mobile.netMobile wallet, recharge and paymentsMumbai$29.7M
12Suvidhaasuvidhaa.comPayment services through retail outlets and mobile appMumbai$25M
13Loylty Rewardzloylty.comLoyalty relationship management company.Mumbai$24.4M
14APNAPAISAapnapaisa.comOnline marketplace for loans and investment productsMumbai$20.2M
15Cogenciscogencis.comReal-time market data and financial newsMumbai$16.5M
16FundsIndiafundsindia.comOnline investment platform for mutual funds other financial productsChennai$15.41M
17Transervtranserv.co.inDigital payments solution providerMumbai$15M
18PayMategopaymate.comMobile Payments Financial ServicesMumbai$14M
19Coverfoxcoverfox.comInsurance aggregator and selling platformMumbai$14M
20Fintellixfintellix.comAnalytics, Risk Compliance Solutions for BankingBangalore$12.5M
21NeoGrowthneogrowth.inNBFC for small business lendingMumbai$11.6M
22Razorpayrazorpay.comPayment gateway solutionsJaipur$11.6M
23Lendingkartlendingkart.comOnline platform that provides working capital for SMBs in IndiaAhmedabad$10.65M
24QwikCilverqwikcilver.comMulti-brand gift card store and B2B backend technology providerBangalore$10M
25MyUniversemyuniverse.co.inWeb mobile based personal finance management platformMumbai$9.7M
26MoneyViewmoneyview.inPersonal finance smartphone appBangalore$8.5M
27Cloud Lendingcloudlendinginc.comCloud based management platforms for lending institutions.San Mateo$8.15M
28Prizm Payment Servicesprizmpayments.comElectronic Payment Service ProviderChennai$8M
29Chillrchillr.inSmartphone application for P2P money transactionsMumbai$7M
30faircentfaircent.comVirtual marketplace for money borrowers and lendersGurgaon$6.75M
31Chargebeechargebee.comManaged subscription billing service for SaaSChennai$6.17M
32JusPayjuspay.inDigital payments gateway for eCommerce merchantsBangalore$5.9M
33Agile Financial Technologiesagile-ft.comBFSI software providerMumbai$5.74M
34EKOeko.co.inBranchless Mobile BankingDelhi$5.5M
35The Mobile Walletthemobilewallet.comMobile wallet providerMumbai$5M
36OnEMIonemi.inAlternative payments solution for e-commerce companies to allow users to buy and pay laterChennai$5M
37Heckylheckyl.comReal time financial information news analytics for markets businessesMumbai$4.75M
38RKSVrksv.inOnline retail brokerage firmMumbai$4M
39HealthHiwayhealthhiway.comCare coordination solutions for healthcare organizationsHyderabad$4M
40CustomerXPscustomerxps.comFraud Customer experience management solutions for financial, retail and telecom industryBangalore$4M
41ComplyGlobalcomplyglobal.comCloud based compliance platformBangalore$3.8M
42Tracxntracxn.comMarket intelligence platform for private market investingPalo Alto/Bangalore$3.7M
43Cleartaxcleartax.inFree Income Tax preparation and e-filing portalDelhi$3.42M
44Scripboxscripbox.comWeb-based platform enabling investing in mutual fundsBangalore$3.22M
45BankerBaybankerbay.comWeb-based deal origination tool for PE firms and investment banksBangalore$3M
46rubiquerubique.comOnline marketplace for financial productsMumbai$3M
47Paynearpaynear.inmPOS solutions providerHyderabad$2.5M
485nance5nance.comFinancial planning and management toolMumbai$2.5M
49CreditMantricreditmantri.comCredit management servicesChennai$2.5M
50Easypolicyeasypolicy.comOnline selling and comparison platform for insuranceNoida$2.2M

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