Summary:

India’s financial industry is flourishing, with a $90 billion market capitalization and 26 unicorns, including one decacorn. The number of registered fintech businesses increased from 2,100 in 2021 to 10,200 in 2024. India is ranked third globally in terms of fintech unicorns, behind only the United States and China. The industry comprises 25 unicorns valued between $1 billion and $10 billion, with a total valuation of $125 billion, contributing $20 billion in FY23 sales.

Payments and loans dominate the Indian fintech market, accounting for 85% of the capital. From 2014 to 2023, entrepreneurs raised over $28 billion through 1,486 transactions. The industry saw 20 firms go public and notable mergers and acquisitions totaling more than $4 billion. Business models include merchant payments, wallets, financing, insurance, and asset management. JM Financial projects 150 fintech unicorns and $2.38 billion in sales by 2030, driven by AI and increased consumerism.

Source: IBEF 

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