Fintech India 50

LATTICE80 in collaboration with Fintech Asia presents the latest list of 50 top fintech companies you need to know in India.

0
18683

India has had the attention of fintech investors and entrepreneurs alike in the last couple of years, within Asia and globally.

We reported in August last year about investments in the sector being almost at par with China. In an earlier report by Fintech Asia in February, citing the Internet and Mobile Association of India (IAMAI) and Payments Council of India (PCI), we discussed how India was able to bring the unbanked population from about 557 million in 2011 to around 233 million in 2015, a period of 4 years. According to a World Bank report in April 2018, however, 190 million people still remain without a bank account. This puts India second only to China’s unbanked population of 225 million. Third and fourth are Pakistan with 100 million and Indonesia with 95 million still unbanked.

India caught the world’s attention with ‘demonetisation’ on 8th November 2016. A surprise decision to ban 86% of the cash in circulation effective immediately, and to gradually print and issue new banknotes as an anti-corruption measure. During the months that followed, scarcity of cash led to a sharp rise in digital payments adoption. However, the trend quickly dissipated. 18 months after the cash ban, in April 2018, it was reported that ATMs were running out of cash in the country. Reserve Bank of India responded with figures on the cash in circulation, which as of 6th April was 18.4 trillion rupees (~$275.4 billion) — higher than the 17.9 trillion rupees (~$268 billion) in circulation at the time of ‘demonetisation’. Previous data on 20th October 2017 by the central bank, said that only 5% of all transactions in India were cashless.

Government backed payment systems such as Unified Payments Interface (UPI) by National Payments Corporation of India for inter-bank transactions and AADHAAR Pay based on the biometric identification cards issued to citizens as part of the government’s financial inclusion drive, among others, have been in the limelight. Multinational companies have launched UPI-based apps such as Google Tez, WhatsApp’s in-app payment option for Indians. This took away a major chunk of market share from private mobile wallet players. While many ceased to exist, others such as Paytm embedded UPI as a option within their own platforms. UPI eliminates the middleman mobile wallet by transferring money directly between bank accounts instead of between wallets.

As digital and payment options boomed alongside e-commerce, a major part of the population was already online and transacting. Businesses strategised and lending has become the next sub-category of Fintech that is in focus right now. Innovative solutions already available include: AI based scoring and underwriting; instant micro-loans during checkout on shopping sites, based on past transaction history available to payment gateways; financing options for the newly-banked individuals or their businesses, where banks would not finance for the lack of credit score data.

As per the most recent report by the research company, CB Insights, India saw a spate of alternative lending deals in Q1’18. Small business lending firm Lendingkart raised $87 million, microlender Avail Finance raised $17 million, salary advance startup EarlySalary raised $15.7M, and one of the largest deals, Capital Float raised $22 million from Amazon India.

Blockchain startups are still finding their feet in India despite a lot of interest and chatter about the technology; and cryptocurrency exchanges are about to undergo massive overhauls due to the central bank’s instruction to regulated entities to completely suspend business with any entity dealing in cryptocurrency. The future will tell what’s the next Fintech sub-category to go big in India. Robo-advisors and other financial management solutions for a digitally transacting Indian user would be our best logical guess.

In partnership with Fintech Asia, LATTICE80 has put together this report on the top Fintech companies in India you need to watch for developments in the Indian Fintech ecosystem.

 

In case you wish to suggest a correction to this report or request any updates to our FintechDB™, please write to satyarth@lattice80.com.

 

LATTICE80 Fintech India 50 top startup companies

FintechIndia Company Management Website FintechDB™
Acko General Insurance lattice80 fintech india 50 Acko General Insurance Varun Dua acko.com LATTICE80 FintechDB KAYA Network
Avail Finance lattice80 fintech india 50 Avail Finance Ankush Aggarwal availfinance.in LATTICE80 FintechDB KAYA Network
Freecharge lattice80 fintech india 50 Axis Bank FreeCharge Kunal Shah, Sandeep Tandon freecharge.in LATTICE80 FintechDB KAYA Network
Aye Finance lattice80 fintech india 50 Aye Finance Sanjay Sharma, Vikram Jetley ayefin.com LATTICE80 FintechDB KAYA Network
Capital Float lattice80 fintech india 50 Capital Float Sashank Rishyasringa, Gaurav Hinduja capitalfloat.com LATTICE80 FintechDB KAYA Network
Capzest lattice80 fintech india 50 Capzest Rohan Adlakha, Sayantan Sarkar capzest.com LATTICE80 FintechDB KAYA Network
CASHe lattice80 fintech india 50 CASHe V. Raman Kumar cashe.co.in LATTICE80 FintechDB KAYA Network
Cashkumar lattice80 fintech india 50 CashKumar Dhiren Makhija, Kannan Kandappan, Yogesh Joshi cashkumar.com LATTICE80 FintechDB KAYA Network
Chargebee lattice80 fintech india 50 ChargeBee Technologies KP Saravanan, Krish Subramanian, Rajaraman Santhanam, Thiyagarajan T chargebee.com LATTICE80 FintechDB KAYA Network
ClearTax India lattice80 fintech india 50 ClearTax Archit Gupta, Srivatsan Chari, Ankit Solanki cleartax.in LATTICE80 FintechDB KAYA Network
Coindelta lattice80 fintech india 50 Coindelta Manish Kumar, Rajdeep Singh, Shubham Yadav coindelta.com LATTICE80 FintechDB KAYA Network
Coverfox Insurance lattice80 fintech india 50 Coverfox Devendra Rane coverfox.com LATTICE80 FintechDB KAYA Network
CreditMantri lattice80 fintech india 50 CreditMantri Gowri Mukherjee, Ranjit Punja, Sudarshan R creditmantri.com LATTICE80 FintechDB KAYA Network
CreditVidya lattice80 fintech india 50 CreditVidya Abhishek Agarwal, Rajiv Raj creditvidya.com LATTICE80 FintechDB KAYA Network
EarlySalary lattice80 fintech india 50 EarlySalary Akshay Mehrotra, Ashish Goyal earlysalary.com LATTICE80 FintechDB KAYA Network
ePaisa lattice80 fintech india 50 ePaisa Akash OP Aurora, Siddharth Arora epaisa.com LATTICE80 FintechDB KAYA Network
fisdom lattice80 fintech india 50 Fisdom Anand Dalmia, Ramganesh Iyer, Subramanya Venkat fisdom.com LATTICE80 FintechDB KAYA Network
FlexiLoans lattice80 fintech india 50 FlexiLoans Abhishek Kothari, Deepak Jain, Manish Lunia, Ritesh Jain flexiloans.in LATTICE80 FintechDB KAYA Network
Fxkart lattice80 fintech india 50 Fxkart Mushtaq Shah fxkart.com LATTICE80 FintechDB KAYA Network
Happay lattice80 fintech india 50 Happay Anshul Rai, Varun Rathi happay.in LATTICE80 FintechDB KAYA Network
IndiaLends lattice80 fintech india 50 IndiaLends Gaurav Chopra, Mayank Kachhwaha, Nitin Chopra indialends.com LATTICE80 FintechDB KAYA Network
Innoviti lattice80 fintech india 50 Innoviti Payment Solutions Rajeev Agrawal innoviti.com LATTICE80 FintechDB KAYA Network
Instamojo lattice80 fintech india 50 Instamojo Akash Gehani, Harshad Sharma, Sampad Swain instamojo.com LATTICE80 FintechDB KAYA Network
Kissht lattice80 fintech india 50 Kissht Krishnan Vishwanathan kissht.com LATTICE80 FintechDB KAYA Network
KredX lattice80 fintech india 50 KredX Anurag Jain, Manish Kumar kredx.com LATTICE80 FintechDB KAYA Network
Lendingkart lattice80 fintech india 50 Lendingkart Harshvardhan Lunia, Mukul Sachan lendingkart.com LATTICE80 FintechDB KAYA Network
loanbaba lattice80 fintech india 50 Loanbaba Sanket Hasabnis, Satchit Hasabnis loanbaba.com LATTICE80 FintechDB KAYA Network
MobiKwik lattice80 fintech india 50 MobiKwik Bipin Preet Singh, Upasana Taku mobikwik.com LATTICE80 FintechDB KAYA Network
Monexo lattice80 fintech india 50 Monexo M Sundar, Mukesh Bubna, Sonal Bengani www.monexo.co LATTICE80 FintechDB KAYA Network
Money View lattice80 fintech india 50 Money View Puneet Agarwal, Sanjay Aggarwal moneyview.in LATTICE80 FintechDB KAYA Network
MoneyTap lattice80 fintech india 50 MoneyTap Anuj Kacker, Bala Parthasarathy, Kunal Varma moneytap.com LATTICE80 FintechDB KAYA Network
Mswipe lattice80 fintech india 50 Mswipe Technologies Manish Patel mswipe.com LATTICE80 FintechDB KAYA Network
Namaste Credit lattice80 fintech india 50 Namaste Credit Gaurav Anand, Krishnan Parameswaran, Lucas Bianchi namastecredit.com LATTICE80 FintechDB KAYA Network
OptaCredit lattice80 fintech india 50 OptaCredit Kumar Srivatsan, Sriram Chandramouli optacredit.com LATTICE80 FintechDB KAYA Network
Payswiff lattice80 fintech india 50 Payswiff Anil Bharadwaj, Krishna Kishore, Maulik Shah, Priti Shah, Ravi Kiran payswiff.com LATTICE80 FintechDB KAYA Network
Paytm lattice80 fintech india 50 Paytm Vijay Shekhar Sharma paytm.com LATTICE80 FintechDB KAYA Network
PayUmoney lattice80 fintech india 50 PayUmoney (PayU India) B. Amrish Rau, Shailaz Nag, Jitendra Gupta payumoney.com LATTICE80 FintechDB KAYA Network
PhonePe lattice80 fintech india 50 PhonePe Burzin Engineer, Rahul Chari, Sameer Nigam phonepe.com LATTICE80 FintechDB KAYA Network
Piggy lattice80 fintech india 50 Piggy Ankush Singh, Kunal Sangwan, Nikhil Mantha piggy.co.in LATTICE80 FintechDB KAYA Network
PolicyBazaar lattice80 fintech india 50 PolicyBazaar Yashish Dahiya, Alok Bansal, Avaneesh Nirjar policybazaar.com LATTICE80 FintechDB KAYA Network
Razorpay lattice80 fintech india 50 Razorpay Harshil Mathur, Shashank Kumar razorpay.com LATTICE80 FintechDB KAYA Network
rubique lattice80 fintech india 50 Rubique Manavjeet Singh rubique.com LATTICE80 FintechDB KAYA Network
Scripbox lattice80 fintech india 50 Scripbox Sanjiv Singhal, Ashok Kumar E R scripbox.com LATTICE80 FintechDB KAYA Network
Signzy lattice80 fintech india 50 Signzy Ankit Ratan, Ankur Pandey, Arpit Ratan signzy.com LATTICE80 FintechDB KAYA Network
Suvidhaa lattice80 fintech india 50 Suvidhaa Paresh Rajde suvidhaa.com LATTICE80 FintechDB KAYA Network
Unocoin lattice80 fintech india 50 UnoCoin Abhinand Kaseti, Harish B V, Sathvik Vishwanath, Sunny Ray unocoin.com LATTICE80 FintechDB KAYA Network
WandX lattice80 fintech india 50 WandX Abhinav Ramesh wandx.co LATTICE80 FintechDB KAYA Network
ZestMoney lattice80 fintech india 50 ZestMoney Ashish Anantharaman, Lizzie Chapman, Priya Sharma zestmoney.in LATTICE80 FintechDB KAYA Network
Zeta lattice80 fintech india 50 Zeta Bhavin Turakhia zeta.in LATTICE80 FintechDB KAYA Network
ZipLoan lattice80 fintech india 50 ZipLoan Kshitij Puri, Shalabh Singhal ziploan.in LATTICE80 FintechDB KAYA Network

 

This report was prepared by including nominations reviewed by industry peers and internally by LATTICE80.

Last updated: 22 June, 2018