Profiles of Fintech Unicorns in India

India is witnessing a thriving startup ecosystem. Entrepreneurs nationwide are launching innovative businesses in a wide range of industries from e-commerce and health tech to fintech and agri-tech. These startups are not only driving economic growth, creating new job opportunities, and changing the business landscape in India.

Financial Technology, commonly known as fintech, refers to the use of technology to develop new financial products and services or improve the delivery of existing ones. Fintech startups leverage technology to provide innovative solutions to financial problems.

Here are some of the successful fintech startup unicorns in India:

Paytm

Paytm was founded in 2010 by Vijay Shekhar Sharma along with President Madhur Deora and Chief Operating Officer Chase Petry. Initially, it started as a mobile wallet service for cashless transactions and later expanded its portfolio to offer a wide range of financial services.

Paytm provides mobile recharges, bill payments, ticket bookings, and more. To enhance digital excellence and increase earning growth through cross-selling opportunities, Paytm strives to bring half a billion Indians into the mainstream economy through its financial services.

Headquartered in Noida, Paytm employs over 10,000 individuals and stands as one of the largest payment platforms, with an impressive rating of 4.5 out of 5. With a gross merchant value of $95 billion in 2021, it ranks among India’s most successful unicorns and becomes Paytm- India’s largest payment platform.

Milestones

• In 2010, Paytm established a DTH recharge platform, and in 2014, it launched its wallet.
• Post-2016, Paytm expanded into e-commerce for ticket bookings and online sales.
• Paytm crossed 100 million downloads in 2017 with 1.2 million monthly transactions.
• It launched Paytm Games in 2018.
• In 2019, it introduced the Paytm cloud.
• In 2020, Paytm entered the credit card business.
• Paytm ventured into the lending business and launched its IPO in 2021.

Notable Products

• PayTM wallet: An RBI-approved virtual wallet for storing digital currency and making payments.
• Paytm Mall: A B2C e-commerce platform with over 140,000 registered sellers.

Razorpay

Razorpay,  founded by Harshim Mathur and Shashank Kumar in 2014, is a prominent fintech company in India that offers comprehensive payment solutions to businesses. Based in Bangalore, Razorpay provides services such as payment gateway integration, recurring billing, and invoicing solutions.

Razorpay holds the distinction of being the first company in India to introduce UPI payments for merchants, revolutionizing money management for online businesses through clean and developer-friendly API integrations. It has transformed the payment landscape in India.

Despite having no physical sites, Razorpay operates through offices in Bengaluru, Mumbai, Delhi, Gurugram, and Jaipur. In 2021, it witnessed a 300% growth in the total workforce, employing over 5,000 individuals and known as Razorpay- An innovative payment solution in India.

Milestones

• Secured $9 million in funding led by Tiger Global and Matrix Partners, enhancing payment solutions.
• In 2016, Razorpay obtained an RBI license to operate as a payment gateway.
• Launched Razorpay X in 2018, achieving Unicorn status with a valuation of $1B+.
• In 2021, Razorpay expanded internationally, entering the Southeast Asia market, and secured $160M in series E funding.

Notable Products

• Razorpay Buttons
• Razorpay Rize
• Razorpay 2.0: payment gateway
• Razorpay X: a neo-banking platform for businesses
• Razorpay Capital: a product designed to facilitate loan financing by partnering with NBCFs and banks.

PhonePe

Established in 2015 and headquartered in Bengaluru,  PhonePe is a popular Indian digital payment platform founded by Sameer Nigam and Rahul Chari (CTO). Initially, it started as a UPI-based payment app enabling instant bank transfers, bill payments, and mobile recharge. Over time, PhonePe expanded its offerings to include online mutual funds investments and insurance solutions. The company actively promotes financial inclusion and digital literacy in India through various initiatives.

PhonePe aims to become a universal, seamless, and secure mobile payment ecosystem.PhonePe offers a seamless user experience, wide acceptance, and integration with UPI (Unified Payments Interface) with a strong emphasis on security and trust. Phonepe has emerged as one of the most successful startups in India. It operates out of Bengaluru, Delhi, Gurgaon, Indore, and Visakhapatnam.

PhonePe holds a significant market share of 47% in India's UPI transactions, establishing PhonePe as a leading digital payment platform in India. It employs over 5,000 individuals.

Milestones

• In 2015, partnered with Flipkart for digital payment services.
• Received approval from the National Payment Corporation of India to operate as a Unified Payments Interface (UPI) payment app.
• It achieved 100 million UPI transactions within a month of its launch in 2017.
• Crossed 1 billion UPI transactions in 2018.
• In 2018, PhonePe partnered with Ola, India's leading ride-hailing service.
• In 2019, PhonePe launched PhonePe Switch.

Notable Products

• PhonePe Payment Services: PhonePe Plus
• Mutual Funds investments: PhonePe allows investment in liquid funds and super funds.
• PhonePe Insurance Solutions

Moreover, the startup ecosystem in India showcases a diverse range of industries, transforming lifestyles and work cultures. The success stories of the fintech industry in India like Paytm, Razorpay, and PhonePe highlight the market potential and entrepreneurial drive in India. These unicorns inspire aspiring entrepreneurs and innovators both within the country and globally.

We hope this blog provides in-depth profiles and information about successful fintech startups in India and gain valuable knowledge about the industry, trends, and strategies employed by these startups.

For more updates, you can also visit our official LinkedIn Page, Asha & Company, a leading Market Research Company in India.

FAQ on Startups in India

Q: What are the most successful startups in India?

A: Some of the most successful startups in India include:

•     Paytm
•     Razorpay
•     PhonePe
•     Flipkart
•     PharmaEasy
•     Udaan

Q: What is fintech?

A: Fintech is a term that refers to the intersection of finance and technology to provide or innovate financial products and services, including mobile payments, online banking, and cryptocurrency.