India’s fintech sector has surged, with startups increasing fivefold in the past three years, according to a recent report. The number of fintech startups rose from 2,100 in 2021 to 10,500 in 2024.
JM Financial’s report highlights that India now boasts 26 fintech unicorns, with a combined market value of $90 billion. Among these, one is a decacorn, valued at over $10 billion, while 25 others have valuations between $1 billion and $10 billion. Additionally, 37 “minicorns” hold valuations ranging from $100 million to $1 billion.
The country is also home to 87 “soonicorn” fintech startups, with valuations between $60 million and $100 million. Altogether, the combined value of all fintech companies in India is estimated at around $125 billion.
Furthermore, their estimated income in FY23 was approximately $20 billion, accounting for 5% of the total revenue generated by all banks, financial services, and insurance (BFSI) companies in the country.
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Importantly, payment and lending companies have secured the majority of funding within India’s fintech industry, receiving 85% of the total funds raised. From 2014 to 2023, Indian fintech startups raised about $28 billion through 1,486 deals.
Looking ahead, JM Financial predicts that rising consumption, increased penetration, and advancements in AI could drive the number of fintech unicorns to 150 and boost fintech revenue to $200 billion by 2030.
A report by Boston Consulting Group (BCG) and Z47 (formerly Matrix Partners India) also emphasized the potential for further exponential growth. The Indian fintech ecosystem is described as being in its “middle journey,” with incumbents having created over $600 billion in value over the past three to five decades.
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