India’s fintech landscape has evolved dramatically over the past decade, emerging as one of the largest and fastest-growing fintech ecosystems in the world. India’s fintech sector is thriving. Valued at $102.61 billion in 2023, it is projected to expand nearly five times to $513.77 billion by 2032, growing at a compound annual growth rate (CAGR) of 18.30%.
India’s payments ecosystem has experienced remarkable growth in recent years, positioning the country as a global leader in digital payment transformation. In FY 2022–2023, digital payments in India recorded a robust year-on-year (YoY) growth of 58% compared to FY 2021–2022. UPI (Unified Payments Interface) has been at the forefront of this surge, contributing to over 75% of total retail digital transactions.
Among card-based payments, credit card transactions witnessed a 22% YoY increase in FY 2023–2024. As of 2023, the total transaction value of digital payments in India stood at ~USD 2 trillion. This figure is projected to increase fivefold to reach USD 10 trillion by 2026.
With increased internet penetration, digital adoption, supportive regulatory frameworks, and rising investor interest, several fintech startups have reached unicorn status, achieving a valuation of $1 billion or more.
These companies are reshaping how financial services are accessed, delivered, and experienced in India. Here’s a look at some of the fintech unicorn startups in India as of April 2025.
PhonePe is one of India’s most widely used digital payments platforms. It allows users to send and receive money, recharge mobiles, pay utility bills, and shop online or offline using UPI. With strong partnerships and consistent innovations, PhonePe has grown to become a household name in digital finance. PhonePe is planning an IPO with a target valuation of up to $15 billion. The IPO is expected to be a combination of fresh stock issuance and an offer for sale.
Razorpay provides a comprehensive suite of payment solutions for businesses. It enables companies to accept, process, and disburse payments using its product suite. Razorpay has also ventured into lending and banking services for businesses, making it one of the most versatile players in the Indian fintech ecosystem.
CRED started as a credit card payment platform that rewards users for timely payments. Over time, it has expanded its offerings to include personal loans, rent payments, and CRED Pay for shopping. Known for its unique branding and premium user base, CRED has quickly scaled to unicorn status.
Money View offers personal financial management, instant personal loans, and credit score monitoring services. Its AI-driven credit model enables users, even in Tier 2 and 3 cities, to access financial products with ease.
Digit Insurance is a digital-first insurance company that simplifies the buying and claims process for general insurance. From travel and health insurance to mobile and vehicle insurance, Digit focuses on making insurance simple, transparent, and paperless.
MobiKwik is a digital wallet and payment service provider that also offers credit, insurance, and wealth management services. It caters to both consumers and businesses, enabling them to make secure and seamless digital transactions. One Mobikwik Systems Ltd, the parent company of MobiKwik is a listed company, with a market cap of ₹2,184.93 crore, as of April 16, 2025.
Pine Labs offers point-of-sale (POS) solutions to merchants across India and Southeast Asia. The company also provides working capital loans and prepaid gift card services, becoming a one-stop-shop for merchant commerce needs.
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OneCard is a digital credit card provider that targets tech-savvy users with a mobile-first experience. It emphasises transparency, control, and rewards. The app-based platform allows users to manage card usage, track expenses, and repay dues with flexibility.
Open is India’s leading neobanking platform for small and medium-sized businesses. It combines banking, accounting, and expense management into a single platform, helping businesses manage their finances more efficiently.
Yubi operates as a digital debt marketplace that connects enterprises with lenders, offering solutions across supply chain finance, loans, co-lending, and bond issuance. The platform simplifies and accelerates credit flow for Indian businesses.
CoinDCX is a cryptocurrency trading platform that allows users to buy, sell, and invest in digital assets like Bitcoin, Ethereum, and others. It aims to make crypto investing secure and accessible to Indian users while complying with evolving regulatory norms.
CoinSwitch is another major crypto exchange platform in India. It focuses on simplicity and ease of use, appealing especially to retail investors entering the world of cryptocurrencies.
ACKO is a digital insurance provider that uses data and technology to provide bite-sized insurance products such as car, bike, health, and mobile insurance. Its completely paperless process makes it a preferred choice for today’s digital-native customers.
Slice is a credit and payments platform that provides a card-like experience to millennials and Gen Z users, even those without a traditional credit history. With gamified rewards and an easy sign-up process, Slice has become a popular choice among young professionals.
Perfios offers financial data aggregation and analysis solutions to banks, NBFCs, and fintech companies. Its platform helps in loan underwriting, financial spreading, and credit decision-making, making it a core technology enabler for the industry.
One of India’s oldest and most trusted online payment gateways, BillDesk supports recurring payments, bill payments, and payment processing for numerous businesses. It remains a key part of the country’s payment infrastructure.
India’s fintech unicorns are redefining the financial landscape by offering innovative, accessible, and tech-driven solutions. From digital payments and lending to insurance and investment platforms, these startups are not only solving existing problems but also creating entirely new financial behaviors.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Apr 18, 2025, 9:56 AM IST
Nikitha Devi
Nikitha is a content creator with 6+ years of experience in the financial domain. Specialising in personal finance, investments, and market insights, Nikitha simplifies complex financial topics, making them accessible to readers.
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