Spotlights, with FinTechs Leading the Pack

Indian Prime Minister Narendra recently called for a 'FinTech revolution' in India with a 'security shield', largely to be supported by income, investments, insurance, and institutional credit, at the start of InFinity forum, a thought leadership forum on FinTech, on December 3, 2021. The statement was made at a period when India, with an acceptance rate of 87 percent for finTech, had the highest rate in the world and was much higher than the worldwide average of 64 percent. The Digital India project, a supportive political climate, and the availability of a sizable talent pool are enabling factors in this case.

In India, there are more than 2100 FinTech businesses, and more than 67 percent of those were founded in the last five years. Funding for India's FinTech industry has also increased dramatically; in 2021, investments totaling more than $8 billion were made at various phases of the investment process. There are currently 187 unicorns in the fintech sector worldwide, 21 of which are located in India. The names of these companies are Acko, BharatPe, BillDesk, Chargebee, Paytm, Oxyzo, PhonePe, Pine Labs, Coin DCX, Coinswitch Kuber, CRED, Slice, Razorpay, Cred Avenue, DIGIT, Groww, Policy Bazaar, Zerodha, Zeta, and Open. The newest members of the unicorn club in 2022 were Open (a fintech neo bank) and Oxyzo (a fintech marketplace and SME loan platform).

As of June 27, 2022, there were more than 72,600 DPIIT-recognized businesses operating throughout 649 districts of India, making it the third-largest startup ecosystem in the world. Among middle-income economies, India comes in second for innovation quality and first for the calibre of its universities and scientific publications. India's innovation is not restricted to a few industries. We have identified 56 distinct industry areas where startups are resolving issues, with 13 percent coming from IT services, nine percent from healthcare and life sciences, seven percent from education, five percent from professional and commercial services, five percent from agriculture, and five percent from food and drinks.

This month’s spotlight gives the stage to the fresh entrants who made it big