India has emerged as a significant player in the global fintech landscape, driven by rapid digital adoption, a burgeoning middle class, and supportive regulatory frameworks. The fintech sector in India is dynamic and innovative, addressing diverse financial needs from payments to lending, wealth management, and insurance. Here, we explore the top 10 fintech startups in India that are transforming the financial services industry.
1. Paytm
Background: Founded in 2010 by Vijay Shekhar Sharma, Paytm started as a mobile recharge and bill payment platform. Over the years, it has evolved into one of India’s largest digital ecosystems.
Key Services:
- Mobile Payments: Facilitates digital payments for consumers and merchants.
- Digital Wallet: Allows users to store money digitally and use it for various transactions.
- Banking: Paytm Payments Bank offers savings accounts, fixed deposits, and other banking services.
- E-commerce: Hosts an online marketplace for various products.
- Ticket Booking: Provides booking services for movies, travel, and events.
- Insurance: Offers a range of insurance products.
Notable Achievements:
- One of the first Indian startups to achieve unicorn status.
- Extensive merchant network and widespread adoption across urban and rural areas.
| Aspect | Details |
| Founded | 2010 |
| Founders | Vijay Shekhar Sharma |
| Headquarters | Noida, Uttar Pradesh |
| Key Services | Mobile payments, digital wallet, banking, e-commerce, ticket booking, insurance |
| Notable Achievements | One of the first Indian unicorns, extensive merchant network |
Founded: 2010
Founders: Vijay Shekhar Sharma
Headquarters: Noida, Uttar Pradesh
Paytm started as a mobile recharge and bill payment platform and has evolved into a comprehensive digital ecosystem. It offers services ranging from payments, banking, investments, and insurance to ticket booking. Paytm’s success is attributed to its user-friendly interface, extensive merchant network, and constant innovation. Its parent company, One97 Communications, was one of the first Indian startups to achieve unicorn status.
Also read: Top 10 HealthTech Startups in India
2. PhonePe
Background: Launched in 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe is a leading digital payments platform in India, owned by Flipkart.
Key Services:
- UPI Payments: Enables seamless money transfers and payments using the Unified Payments Interface (UPI).
- Bill Payments: Allows users to pay utility bills, recharge mobile phones, and more.
- Online Purchases: Facilitates purchases on e-commerce sites and apps.
Notable Achievements:
- Rapid growth and widespread adoption, with millions of transactions processed daily.
- Strong integration with Flipkart, enhancing its e-commerce capabilities.
| Aspect | Details |
| Founded | 2015 |
| Founders | Sameer Nigam, Rahul Chari, Burzin Engineer |
| Headquarters | Bengaluru, Karnataka |
| Key Services | UPI payments, bill payments, online purchases |
| Notable Achievements | Rapid growth, strong Flipkart integration |
Founded: 2015
Founders: Sameer Nigam, Rahul Chari, Burzin Engineer
Headquarters: Bengaluru, Karnataka
PhonePe, a subsidiary of Flipkart, has quickly become one of the leading digital payment platforms in India. Utilizing the Unified Payments Interface (UPI), PhonePe allows users to transfer money, pay bills, and make online purchases seamlessly. Its strong integration with Flipkart and extensive merchant partnerships have propelled its rapid growth.
Also read: Top 10 Fintech Startups in India
3. Razorpay
Background: Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay provides comprehensive payment solutions for businesses.
Key Services:
- Payment Gateway: Allows businesses to accept online payments via various methods.
- Subscription Billing: Manages recurring payments for subscription-based services.
- Payment Links: Enables businesses to generate and share payment links for quick transactions.
Notable Achievements:
- Known for its robust API and developer-friendly approach, making it a preferred choice for startups and SMEs.
- Rapid expansion into new areas like lending and banking services.
| Aspect | Details |
| Founded | 2014 |
| Founders | Harshil Mathur, Shashank Kumar |
| Headquarters | Bengaluru, Karnataka |
| Key Services | Payment gateway, subscription billing, payment links |
| Notable Achievements | Developer-friendly APIs, preferred by startups and SMEs |
Founded: 2014
Founders: Harshil Mathur, Shashank Kumar
Headquarters: Bengaluru, Karnataka
Razorpay offers comprehensive payment solutions for businesses, enabling them to accept, process, and disburse payments. It provides various services, including payment gateways, subscription billing, and payment links. Razorpay’s robust API and developer-friendly approach have made it a preferred choice for many startups and SMEs.
Also read: Top 10 Agritech Startups in India
4. PolicyBazaar
Background: Established in 2008 by Yashish Dahiya and Alok Bansal, PolicyBazaar is India’s leading online insurance aggregator.
Key Services:
- Insurance Comparison: Provides a platform for comparing various insurance policies.
- Policy Purchase: Facilitates the buying of insurance products directly from the platform.
- Advisory Services: Offers expert advice to help users choose the right insurance products.
Notable Achievements:
- Has significantly simplified the insurance buying process for millions of Indians.
- Played a crucial role in increasing insurance penetration in India.
| Aspect | Details |
| Founded | 2008 |
| Founders | Yashish Dahiya, Alok Bansal |
| Headquarters | Gurugram, Haryana |
| Key Services | Insurance comparison and purchasing platform |
| Notable Achievements | Demystified insurance for millions of Indians |
Founded: 2008
Founders: Yashish Dahiya, Alok Bansal
Headquarters: Gurugram, Haryana
PolicyBazaar is a leading online insurance aggregator in India, offering a platform for comparing and purchasing insurance policies. It covers a wide range of products, including health, life, motor, and travel insurance. PolicyBazaar’s user-centric approach and extensive information repository have demystified insurance for millions of Indians.
Also read: Top 10 CleanTech Startups in India
5. Cred
Background: Launched in 2018 by Kunal Shah, Cred is a unique fintech platform that rewards users for paying their credit card bills on time.
Key Services:
- Credit Card Bill Payments: Allows users to pay their credit card bills through the app.
- Rewards Program: Offers rewards points for timely payments, which can be redeemed for various offers and products.
- Credit Score Tracking: Provides insights into users’ credit scores and creditworthiness.
Notable Achievements:
- Gained a significant user base due to its gamified approach and focus on high-creditworthy individuals.
- Became a prominent player in the fintech space within a short period.
| Aspect | Details |
| Founded | 2018 |
| Founders | Kunal Shah |
| Headquarters | Bengaluru, Karnataka |
| Key Services | Credit card bill payments, rewards platform |
| Notable Achievements | Gamified approach to credit card management |
Founded: 2018
Founder: Kunal Shah
Headquarters: Bengaluru, Karnataka
Cred is a unique fintech startup that rewards users for timely credit card bill payments. It offers a platform where users can pay their credit card bills and earn rewards points, which can be redeemed for various offers and products. Cred’s gamified approach and focus on high-creditworthy individuals have set it apart in the competitive fintech landscape.
Also read: Top 10 InsurTech Startups in India
6. Zerodha
Background: Founded in 2010 by brothers Nithin and Nikhil Kamath, Zerodha revolutionized the Indian brokerage industry with its discount brokerage model.
Key Services:
- Stock Trading: Offers a platform for trading in stocks, mutual funds, bonds, and derivatives.
- Educational Initiatives: Provides educational resources to help users make informed investment decisions.
- Innovative Tools: Features tools like Kite and Coin for trading and investing.
Notable Achievements:
- Became the largest retail stockbroker in India by active client base.
- Introduced low-cost trading, making investing accessible to a broader audience.
| Aspect | Details |
| Founded | 2010 |
| Founders | Nithin Kamath, Nikhil Kamath |
| Headquarters | Bengaluru, Karnataka |
| Key Services | Stock trading, mutual funds, bonds, derivatives |
| Notable Achievements | Revolutionized Indian brokerage industry with low-cost trading |
Founded: 2010
Founders: Nithin Kamath, Nikhil Kamath
Headquarters: Bengaluru, Karnataka
Zerodha revolutionized the Indian brokerage industry by introducing a discount brokerage model with low-cost trading and investment services. It offers a robust platform for stock trading, mutual funds, bonds, and derivatives. Zerodha’s user-friendly interface and educational initiatives have made it a favorite among retail investors.
Also read: Top 10 LegalTech Startups in India
7. Groww
Background: Founded in 2017 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww is an investment platform aimed at simplifying investing for the average user.
Key Services:
- Investment Platform: Allows users to invest in stocks, mutual funds, gold, fixed deposits, and more.
- User Education: Provides educational content to help beginners understand investing.
- User-Friendly Interface: Features a mobile app and website designed for ease of use.
Notable Achievements:
- Attracted a substantial user base, particularly among millennials and first-time investors.
- Raised significant funding to expand its product offerings and reach.
| Aspect | Details |
| Founded | 2017 |
| Founders | Lalit Keshre, Harsh Jain, Neeraj Singh, Ishan Bansal |
| Headquarters | Bengaluru, Karnataka |
| Key Services | Investment platform for stocks, mutual funds, and more |
| Notable Achievements | Attracted substantial user base with focus on millennials |
Founded: 2017
Founders: Lalit Keshre, Harsh Jain, Neeraj Singh, Ishan Bansal
Headquarters: Bengaluru, Karnataka
Groww is an investment platform that simplifies investing in stocks, mutual funds, and other financial instruments. It targets millennials and first-time investors with its easy-to-use mobile app and educational resources. Groww’s emphasis on user experience and transparency has attracted a substantial user base.
Also read: Top 10 GovTech Startups in India
8. MobiKwik
Background: Launched in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik started as a mobile wallet and has expanded into various financial services.
Key Services:
- Mobile Wallet: Facilitates digital payments for consumers and merchants.
- Buy Now Pay Later (BNPL): Allows users to make purchases on credit and pay later.
- Bill Payments: Enables users to pay utility bills and recharge mobiles.
- Digital Credit: Offers personal loans and digital credit lines.
Notable Achievements:
- Expanded its service portfolio to include BNPL and personal loans.
- Achieved significant user adoption across India.
| Aspect | Details |
| Founded | 2009 |
| Founders | Bipin Preet Singh, Upasana Taku |
| Headquarters | Gurugram, Haryana |
| Key Services | Mobile wallet, Buy Now Pay Later (BNPL) services |
| Notable Achievements | Expanded service portfolio with digital credit and personal loans |
Founded: 2009
Founders: Bipin Preet Singh, Upasana Taku
Headquarters: Gurugram, Haryana
MobiKwik offers a mobile wallet and Buy Now, Pay Later (BNPL) services, providing a seamless digital payment experience. It enables users to pay bills, recharge mobiles, and make online and offline payments. MobiKwik’s foray into digital credit and personal loans has expanded its service portfolio significantly.
Also read: Top 10 RetailTech Startups in India
9. Pine Labs
Background: Founded in 1998 by Rajul Garg and Lokvir Kapoor, Pine Labs is a leading merchant platform company providing payment solutions and value-added services.
Key Services:
- Payment Solutions: Offers POS machines and QR code-based payment systems.
- Financing Solutions: Provides merchant financing and consumer EMI options.
- Value-Added Services: Includes loyalty programs, gift cards, and analytics.
Notable Achievements:
- Serves a diverse range of merchants, from small businesses to large enterprises.
- Known for its innovative payment and financing solutions.
| Aspect | Details |
| Founded | 1998 |
| Founders | Rajul Garg, Lokvir Kapoor |
| Headquarters | Noida, Uttar Pradesh |
| Key Services | Payment solutions, POS machines, financing solutions |
| Notable Achievements | Serving diverse set of merchants from small businesses to large enterprises |
Founded: 1998
Founders: Rajul Garg, Lokvir Kapoor
Headquarters: Noida, Uttar Pradesh
Pine Labs is a leading merchant platform company providing payment solutions and value-added services. It offers point-of-sale (POS) machines, QR code-based payments, and financing solutions. Pine Labs serves a diverse set of merchants, from small businesses to large enterprises, helping them streamline their payment processes.
Also read: Top 10 PropTech Startups in India
10. NiYO Solutions
Background: Founded in 2015 by Vinay Bagri and Virender Bisht, NiYO Solutions focuses on digital banking and payroll solutions for salaried employees.
Key Services:
- Digital Banking: Offers the NiYO Global Card for overseas transactions.
- Payroll Solutions: Provides the NiYO Bharat Payroll solution for managing employee salaries.
- Employee Benefits: Offers features like instant salary credits and expense management.
Notable Achievements:
- Innovative approach to employee benefits and digital banking.
- Rapidly growing user base and significant market presence.
| Aspect | Details |
| Founded | 2015 |
| Founders | Vinay Bagri, Virender Bisht |
| Headquarters | Bengaluru, Karnataka |
| Key Services | Digital banking, payroll solutions, NiYO Global Card |
| Notable Achievements | Innovative approach to employee benefits and digital banking |
Founded: 2015
Founders: Vinay Bagri, Virender Bisht
Headquarters: Bengaluru, Karnataka
NiYO Solutions focuses on digital banking and payroll solutions for salaried employees. It offers products like the NiYO Global Card for overseas transactions and the NiYO Bharat Payroll solution for managing employee salaries. NiYO’s innovative approach to employee benefits and digital banking has garnered significant traction.
Also read: Top 10 FoodTech Startups in India
Frequently Asked Questions (FAQs) and their Answers for each of the top 10 fintech startups in India:
1. Paytm
Q1: What services does Paytm offer?
A: Paytm offers a wide range of services including mobile payments, digital wallet, banking, e-commerce, ticket booking, insurance, and more.
Q2: How do I add money to my Paytm wallet?
A: You can add money to your Paytm wallet through net banking, debit/credit cards, or UPI.
Q3: Is Paytm secure?
A: Yes, Paytm employs advanced security measures including encryption and two-factor authentication to ensure secure transactions.
2. PhonePe
Q1: How does PhonePe work?
A: PhonePe works by linking your bank account to the app through UPI, allowing you to make seamless digital payments.
Q2: Can I pay my bills using PhonePe?
A: Yes, you can pay various bills including electricity, water, gas, and mobile recharges using PhonePe.
Q3: Is there a fee for using PhonePe?
A: PhonePe does not charge any fees for UPI transactions. However, certain services like credit card payments might have associated fees.
3. Razorpay
Q1: What is Razorpay used for?
A: Razorpay is used for accepting, processing, and disbursing payments for businesses, providing a complete payment gateway solution.
Q2: How can I integrate Razorpay with my website?
A: You can integrate Razorpay with your website using their APIs and plugins available for various platforms like WordPress, Magento, and Shopify.
Q3: Does Razorpay support international payments?
A: Yes, Razorpay supports international payments in multiple currencies.
4. PolicyBazaar
Q1: What types of insurance can I compare on PolicyBazaar?
A: You can compare various types of insurance on PolicyBazaar, including health, life, motor, travel, and more.
Q2: How do I file a claim through PolicyBazaar?
A: To file a claim, you need to contact your insurance provider directly. PolicyBazaar provides assistance and information to help you with the process.
Q3: Is it safe to buy insurance through PolicyBazaar?
A: Yes, it is safe. PolicyBazaar uses secure encryption technologies to protect your personal information.
5. Cred
Q1: What is Cred and how does it work?
A: Cred is a platform that rewards users for paying their credit card bills on time. Users earn Cred coins which can be redeemed for various rewards.
Q2: How do I join Cred?
A: You can join Cred by downloading the app and signing up with your credit card details. Eligibility is based on your credit score.
Q3: Are there any fees to use Cred?
A: Cred is free to use for its basic features. Some premium features might come with associated costs.
6. Zerodha
Q1: What services does Zerodha offer?
A: Zerodha offers stock trading, mutual funds, bonds, derivatives, and various other investment services.
Q2: How do I open an account with Zerodha?
A: You can open an account with Zerodha online through their website by providing necessary KYC documents and completing the verification process.
Q3: What are Zerodha’s trading fees?
A: Zerodha charges a flat fee of ₹20 per trade for intraday and F&O trades, while equity delivery trades are free.
7. Groww
Q1: What can I invest in through Groww?
A: Groww allows you to invest in stocks, mutual funds, gold, fixed deposits, and other financial instruments.
Q2: Is Groww suitable for beginners?
A: Yes, Groww is designed to be user-friendly and provides educational resources to help beginners start investing.
Q3: Are there any charges for using Groww?
A: Groww does not charge any fees for mutual fund investments. For stock trading, there are nominal charges per transaction.
8. MobiKwik
Q1: What services does MobiKwik offer?
A: MobiKwik offers a mobile wallet, Buy Now Pay Later (BNPL) services, bill payments, and digital credit.
Q2: How do I use MobiKwik’s BNPL service?
A: You can use MobiKwik’s BNPL service by selecting it as a payment option at checkout with participating merchants. You need to repay the amount within the stipulated time to avoid interest charges.
Q3: Can I transfer money from MobiKwik to a bank account?
A: Yes, you can transfer money from your MobiKwik wallet to a bank account.
9. Pine Labs
Q1: What products does Pine Labs offer?
A: Pine Labs offers payment solutions, including point-of-sale (POS) machines, QR code-based payments, and financing solutions.
Q2: How do I get a Pine Labs POS machine for my business?
A: You can apply for a Pine Labs POS machine through their website or by contacting their sales team.
Q3: Does Pine Labs support EMI payments?
A: Yes, Pine Labs supports EMI payments, allowing customers to convert their purchases into easy monthly installments.
10. NiYO Solutions
Q1: What services does NiYO Solutions provide?
A: NiYO Solutions provides digital banking and payroll solutions, including the NiYO Global Card and NiYO Bharat Payroll solution.
Q2: How can I get a NiYO Global Card?
A: You can apply for a NiYO Global Card through their website or mobile app, provided you meet the eligibility criteria.
Q3: What are the benefits of the NiYO Bharat Payroll solution?
A: The NiYO Bharat Payroll solution simplifies salary disbursements and offers features like instant salary credits, digital payslips, and expense management for employees.
These FAQs provide a concise overview of each startup’s offerings, how to use their services, and some key benefits and features.
Conclusion
The fintech landscape in India is vibrant and constantly evolving, driven by innovation and a commitment to financial inclusion. These top 10 fintech startups exemplify the diversity and dynamism of the sector, addressing various financial needs and transforming how Indians interact with financial services. As these startups continue to grow and innovate, they are set to play a crucial role in shaping the future of finance in India.
Also read:
Top 10 HealthTech Startups in India
Top 10 Fintech Startups in India
Top 10 Agritech Startups in India
Top 10 CleanTech Startups in India
Top 10 InsurTech Startups in India
Top 10 LegalTech Startups in India
Top 10 GovTech Startups in India
Top 10 RetailTech Startups in India
