India’s fintech industry is flourishing, solidifying its position as a global leader with a market value of US$ 90 billion and 26 fintech unicorns, including 1 decacorn, as per data analysed by JM Financial. Over the past 3 years, the number of registered fintech startups in the country has grown fivefold, from 2,100 in 2021 to 10,200 in 2024.
India now ranks third globally in the number of fintech unicorns, following the United States and China. The sector includes 25 unicorns valued between US$ 1 billion and US$ 10 billion, 37 minicorns valued between US$ 100 million and US$ 1 billion, and 87 soonicorns valued between US$ 60 million and US$ 100 million.
The combined valuation of these companies is estimated at US$ 125 billion, with fintechs contributing approximately US$ 20 billion in revenues in FY23, representing about 5% of the total revenues from all BFSI companies in India.
The payments and lending sectors dominate the Indian fintech landscape, attracting 85% of the capital raised. Between 2014 and 2023, fintech startups secured over US$ 28 billion through 1,486 deals. The sector has also witnessed significant exits, with 20 fintech companies going public over the past 2 decades.
Additionally, the industry has experienced substantial mergers and acquisitions, with deals exceeding US$ 4 billion in the past decade. The diverse business models in this sector range from merchant payments and wallets to lending, insurance, and wealth management.
Looking ahead, JM Financial projects that rising consumption, penetration, and advancements in AI could lead to 150 fintech unicorns and US$ 2.38 billion (Rs. 200 billion) in fintech revenue by 2030.
