2025年 07月 25日
PhonePe
A payments giant dominating UPI with ~48% market share as of January 2025, ~590 million users, and over 40 million merchants; it now offers investments, insurance and loans, preparing for an IPO.
Reuters
Paytm (One 97 Communications)
India’s original super‑app, now offering payments, banking via Paytm Payments Bank, lending, insurance, stock broking. Delivered Q1 FY26 net profit ₹1.23 billion.
The Economic Times
Reuters
Fintech Start Up
Fintegrity
MobiKwik
Digital wallet and BNPL pioneer, serving consumers and merchants with credit, investments and payment gateway services; attracted massive IPO interest (~₹4.7 bn bids).
Fintegrity
Razorpay
Payment gateway leader for businesses offering payments, banking APIs (RazorpayX), and lending (Razorpay Capital). A core B2B fintech champion.
Fintech Start Up
CRED
Rewards‑based credit card payments platform that has moved into personal loans, savings and shopping services for credit‑worthy millennials.
The Economic Times
- Angel One
- F6S
Groww
Investment app for mutual funds, stocks, insurance and now loans. Favored by first‑time investors with a clean, mobile‑first experience.
Fintech Start Up
- Wikipedia
Zerodha (Kite & Coin)
India’s largest retail broker by clients, powered by its Kite trading app and Coin for direct mutual funds. Deep mobile focus.
Viestories
PolicyBazaar / PaisaBazaar
Leading insurance aggregator (“PB Fintech”) offering life, health, motor; plus credit marketplaces via PaisaBazaar.
Fintech Start Up
- MyMudra
Pine Labs / Setu
Pine Labs provides POS terminals, merchant financing and loyalty; Setu (under Pine Labs) offers fintech infrastructure.
www.bajajfinserv.in
- Angel One
- The Economic Times
OneCard
Mobile‑first credit card issuer giving virtual cards with spend tracking, rewards, instant issuance.
www.bajajfinserv.in
Open
Neobank for SMEs combining banking, accounting, expense management in one platform.
Angel One
MoneyView
Motor‑friendly PFM (personal finance management) app that offers personal loans and credit monitoring geared to Tier 2/3 users.
Angel One
www.bajajfinserv.in
Digit Insurance & ACKO
Digital insurers offering bite‑sized, paperless policies in car, health etc. ACKO caters to mobile‑natives.
Angel One
📱 Digital Lending & Micro‑credit Specialists
Kissht: Instant consumer and MSME loans via app, launched property‑backed lending in early 2025; AUM crossed ₹4,200 crore.
Wikipedia
Capital Float: Digital SME working‑capital and personal loans; lent over ₹9,000 Cr to 2M+ borrowers.
SG Analytics
Wealth Quint
Lendingkart: Uses analytics to provide capital to SMEs; raised ~$282M by Q1 2025.
Fintegrity
Kinara Capital: MSME lender via myKinara app, AI‑based underwriting, nationwide branch presence.
Wikipedia
Other prominent lenders and credit marketplaces (non‑exhaustive): ZestMoney, Faircent, Rubique.
Fintegrity
Reddit
🌐 Rural, Merchant & Micro‑infrastructure Players
BharatPe: Merchant QR payments, loans, no‑cost EMI solutions; strong on‑ground merchant network.
Fintech Start Up
Spice Money: Rural fintech with micro‑ATMs, ACPS cash‑in/out, bill payments, and mini banking via local agents (‘Adhikarīs’). 1.4M Adhikari network.
Wikipedia
📊 Wealth, Personal Finance & Tech Enablers
ET Money: Manage mutual funds, SIPs, NPS, loans and insurance. AUM of ~$3 bn under 360 One WAM.
Wikipedia
Perfios: Data aggregation & analytics platform used widely by lenders and NBFCs for underwriting and financial decisions.
Angel One
Yubi (CredAvenue): Debt‑market infrastructure, bond issuance, supply‑chain finance platform.
Angel One
🚀 Emerging & Niche Innovators
From lists and industry trackers, additional leading mobile‑based fintech startups include (in no particular order):
Instamojo, KredX, Mswipe, Paykun, PaisaDukan, ZestMoney, Upstox, Angel One (AngelOne), 5paisa, CoinSwitch, CoinDCX, Kuants, Shiksha Finance, Faircent, Rubique, Nxtbanking (Laraware AI bank platform), etc.
Many are unicorns or top‑funded firms with significant mobile‑first products.
Viestories
Fintegrity
Reddit
The Economic Times
🔍 Sector Trends & Outlook
UPI dominance: India now processes ~18 billion UPI transactions monthly as of mid-July 2025, making it the fastest global digital payment system.
timesofindia.indiatimes.com
Major fintechs like PhonePe, Paytm, MobiKwik and others are preparing IPOs in 2025; capital markets remain receptive.
The Economic Times
ft.com
timesofindia.indiatimes.com
Continued regulatory push for inclusion (with firms like IPPB winning digital payment awards), data‑driven lending, embedded finance, neobanking, BNPL, and AI‑led underwriting (eg, Laraware’s Nxtbanking).
The Economic Times
📋 Summary Table (selected 50)
PhonePe · Paytm · MobiKwik · Razorpay · CRED · Groww · Zerodha · PolicyBazaar/PaisaBazaar · Pine Labs/Setu · OneCard · Open · MoneyView · Digit Insurance · ACKO · ET Money · Perfios · Yubi (CredAvenue) · BharatPe · Spice Money · Kinara Capital · Kissht · Capital Float · Lendingkart · ZestMoney · Faircent · Rubique · Shiksha Finance · Instamojo · KredX · Mswipe · Paykun · PaisaDukan · Upstox · AngelOne (Angel One) · 5paisa · CoinSwitch · CoinDCX · Kuants · Nxtbanking (Laraware) · plus other fast‑growing fintechs in lending, banking and payments tracked by F6S (~top 100 lists).
Fintech Start Up
Viestories
Angel One
✳️ Why These Matter
They reflect India’s shift to mobile‑first finance, from UPI payments to credit, insurance and wealth.
Many are unicorns or highly funded (~hundreds of millions to billions USD).
They span consumer‑facing apps, merchant tools, SME neobanks, rural micro‑finance, and backend infrastructure.
The coming IPO wave in 2025 includes several of these firms, signing investor confidence in their scalability.
Angel One
www.bajajfinserv.in
