December 22, 2022

Top Fintech Companies in India

Fintech, short for financial technology, refers to the use of technology to improve and automate financial services. In recent years, the fintech industry has exploded in India, with a number of innovative companies emerging to disrupt the traditional financial sector.

From digital banks and payment gateways to investment platforms and insurance tech, these companies are using cutting-edge technology to make financial services more accessible and convenient for consumers and businesses.

In this article, we will take a look at some of the top fintech companies in India that are leading the charge in this exciting and rapidly-growing industry.

Top Fintech Companies in India

The following are the top fintech companies in India

1. Paytm

Paytm (acronym for “pay through mobile”) is a digital payments and financial services business based in India. Paytm was established in August 2010 with a $2 million investment from founder Vijay Shekhar Sharma.

Paytm’s parent company, One97 Communications, was registered on the Indian stock markets on November 18, 2021, following the biggest initial public offerings in India. Paytm has over 500 million customers as of 2021 and is one of India’s leading financial technology businesses.

2. PhonePe

PhonePe is a digital payments and financial technology business based in India. Sameer Nigam, Rahul Chari, and Burzin Engineer established PhonePe in December 2015. Flipkart bought the business in April 2016.

Approximately 2.5 crore offline and online retail outlets in 15,700 cities and villages use PhonePe as a payment method. It currently has around 35 million registered users and more than 15 million monthly active users.

3. PolicyBazaar

Policybazaar is a multinational financial technology business based in India. Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar established the business in June 2008.

Policybazaar’s website and app allow users to explore, compare, and purchase insurance products from over 40 insurance providers. According to the organization, it manages roughly 25% of India’s life insurance and more than 7% of the country’s retail health insurance.

4. ClearTax

ClearTax is a Fintech company based in Bangalore that provides financial services and Software as a Service (SaaS) in India. Archit Gupta, his father Raja Ram Gupta, Srivatsan Chari, and Ankit Solanki established ClearTax in 2011.

ClearTax was the first India-focused business to get funding from the US-based global accelerator Y-Combinator in 2014. In 2018, the organization said it assisted over 2.5 million unique taxpayers. They claimed in 2020 that over 6 million ITRs were completed, with annual payouts reaching $4 billion.

5. Razorpay Software

Razorpay is a fintech company established in India that provides payment gateway services to vendors, retailers, and ecommerce platforms. Shashank Kumar and Harshil Mathur, both IIT Roorkee alumnus, established the company in 2014.

Razorpay is regarded as one of India’s premier fintech startups and has attracted investment from a wide range of investors including Tiger Global, Matrix Partners, and Y Combinator.

6. ZestMoney

ZestMoney is a digital lending platform based in India. Lizzie Chapman, Priya Sharma, and Ashish Anantharaman established the company in 2016. One of ZestMoney’s key offerings is a digital lending platform that links people to loans and other financial offerings including credit cards and lines of credit.

Zest is recognized in over 10,000 online businesses and 75,000 physical stores. The company claims to have 5 million customers on its network as of March 2019.

7. Acko

Acko General Insurance is an Indian private sector general insurance company. Varun Dua, the Chief Executive Officer of Acko General Insurance, established the company.

Acko employs an online-led strategy, thus all operations of the business are conducted via the digital platform. Acko is backed by Sequoia India and Accel Partners, among others. It has also been recognised for its revolutionary approach, with Gartner labeling it a “Cool Vendor” in 2019.

8. Zerodha

Zerodha Broking Ltd. is a financial services company based in India. Nithin and Nikhil Kamath, two brothers, established the business in August 2010. The name Zerodha was selected as a mix of keywords for business ideals: zero and “Rodha,” the Sanskrit word for “barrier.”

As of 2019, Zerodha was India’s largest retail stock broker by active customer base, accounting for up to 2% of daily retail transactions on Indian stock exchanges. With a self-assessment of around $1 billion, Zerodha entered the “unicorn club” in June 2020.

9. Groww

Groww is an Indian fintech start-up and a mutual fund investment platform. It was founded in 2016. In addition to mutual fund investments, Groww also offers a range of other financial products including insurance, loans, and credit cards.

Groww has seen significant growth since its founding, with over 5 million registered users and $1 billion in assets under management.

10. Cred

CRED is an Indian fintech business that offers a reward-based credit card payments application. Kunal Shah established it in 2018. Cred, according to Kunal Shah, is a TrustTech company as opposed to a FinTech one.

By 2021, the business has boarded over 5.9 million customers and handled over 20% of all credit card bill payments in the country. Cred was named the official sponsor of the Indian Premier League from 2020 to 2022.

Final Words

We hope this article has helped you identify the top fintech companies in India . Feel free to reach out to us in the comment section, if you have any questions or suggestions.

Explore More Locations

• Bangalore
• Chennai