India’s Fintech Startups Have Grown Fivefold in the Past Three Years
India’s fintech sector has experienced remarkable growth, with the number of startups increasing fivefold from 2,100 in 2021 to 10,500 in 2024, according to a new report.
JM Financial highlights that India now boasts 26 fintech unicorns, with a combined market value of approximately $90 billion. The country is home to one decacorn—valued at over $10 billion—along with 25 unicorns, valued between $1 billion and $10 billion, and 37 minicorns, with valuations ranging from $100 million to $1 billion. Additionally, there are 87 soonicorns, valued between $60 million and $100 million.
The total estimated value of all fintech companies in India is around $125 billion, with these companies generating about $20 billion in revenue in FY23. This accounts for 5 percent of the total revenue of all banks, financial services, and insurance (BFSI) firms in the country.
Payment and lending companies dominate funding within the fintech sector, securing 85 percent of the total investments. Between 2014 and 2023, Indian fintech startups raised approximately $28 billion through 1,486 deals.
JM Financial projects that by 2030, India could have 150 fintech unicorns and achieve $200 billion in fintech revenue, driven by rising consumption, increased penetration, and advancements in AI.
The fintech landscape in India encompasses various areas, including merchant payments, wallets, consumer payments, loans, insurance, and wealth management. According to a recent report by Boston Consulting Group (BCG) and Z47 (formerly Matrix Partners India), the Indian fintech ecosystem is in a phase of significant growth and is expected to see further exponential expansion, following the success of incumbents who have created over $600 billion in value over the past few decades.
