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India’s fintech sector is solidifying its position as a global leader, with a market value of $90 billion and a rapidly growing number of unicorns, according to data analyzed by JM Financial. The sector now boasts 26 fintech unicorns, including one decacorn, making India a key player on the global fintech stage.
Rapid Growth in Startups
India’s fintech landscape has seen exponential growth over the past three years. The number of registered fintech startups in the country has increased nearly fivefold, from 2,100 in 2021 to 10,200 in 2024. This surge highlights India’s strong ecosystem for nurturing innovation in financial technology.
Global Leadership in Unicorns
India now ranks third globally in the number of fintech unicorns, behind only the United States and China. Of the 26 unicorns, 25 are valued between $1 billion and $10 billion, while one is a decacorn, valued at over $10 billion.
Additionally, India’s fintech scene includes 37 minicorns, valued between $100 million and $1 billion, and 87 soonicorns, which have valuations between $60 million and $100 million.
Combined Valuation and Revenue
The combined valuation of all Indian fintech companies has reached an estimated $125 billion. In terms of revenue, the fintech industry generated approximately $20 billion in FY23, contributing around 5% of the total revenues from the banking, financial services, and insurance (BFSI) sector in India.
Major Sectors: Payments and Lending
Payments and lending continue to dominate the fintech sector in India, receiving 85% of the total funding raised. Other business models, such as merchant payments, wallets, consumer payments, lending, insurance, and wealth management, also contribute to the diverse landscape of the industry.
Strong Capital Inflow and IPO Success
Between 2014 and 2023, Indian fintech startups raised over $28 billion through 1,486 deals. The sector has also seen several successful exits through initial public offerings (IPOs), with 20 fintech companies going public in the last two decades.
Mergers and Acquisitions Surge
The Indian fintech industry has witnessed a flurry of mergers and acquisitions in the past decade, with a combined value exceeding $4 billion. This trend highlights the growing consolidation in the industry as companies seek to expand their market reach.
Future Outlook: 150 Unicorns by 2030
According to JM Financial, the future of India’s fintech industry looks promising. The firm predicts that rising consumption, increasing digital penetration, and advancements in artificial intelligence (AI) will lead to 150 fintech unicorns and $200 billion in revenue by 2030. India’s fintech revolution continues to gather momentum, positioning the country as a global powerhouse in the financial technology space.
