List of India's Fintech Companies with Most Investment Capital
India's Fintech Sector Shines Bright with Record Funding in 2021
India's fintech sector has been on a remarkable growth trajectory, with a record-breaking $6.9 billion raised in 2021, a staggering 331% increase from the $1.6 billion raised in the previous year.
Leading the charge is Groww, a digital investment platform that raised $251 million in its Series E funding round in October, bringing its total funding to an impressive $399 million. The company boasts over 20 million customers, with nearly 70% residing in smaller cities and towns across India.
Another standout player is Razorpay, a full-stack financial services company that has raised an impressive $741 million in funding. With more than 8 million business customers, including heavyweights like Facebook, Zomato, and Cred, Razorpay is making a significant impact in the Indian fintech landscape.
Pine Labs, a merchant commerce platform founded in 1998, has also seen significant success. The company has raised a total of $927 million in funding and processes over 550 million digital transactions annually.
Acko General Insurance, with a total funding amount of $450 million, is another fintech company making waves. The insurer partners with major companies like Ola and Amazon to offer bite-sized insurance covers through their respective apps.
CoinSwitch Kuber, a cryptocurrency exchange platform, raised over $260 million in October at a valuation of $1.9 billion, bringing its total funding to $300 million.
Digit Insurance, another player in the insurance sector, raised $200 million in 2021, bringing its total funding to $442 million and valuation to $3.5 billion. As of July 2021, the company served 20 million customers and had processed 400,000 claims.
OfBusiness, a startup that facilitates raw material procurement and credit for small and medium-sized enterprises (SMEs), has raised about $855 million in funding and reported a 4x year-over-year growth in September 2021.
Slice, a digital card issuer, is issuing over 200,000 cards each month and has closed a $220 million Series B funding round in November 2021, although its valuation remains undisclosed. Slice partners with major online e-commerce platforms including Amazon, Flipkart, Myntra, Snapdeal, and PayTM.
Cred, a developer of a credit card payment application, has raised $700 million in funding and offers rewards to users who pay their credit card bills on time.
BharatPe, a fintech company catering to small merchants, has raised $700 million in funding and claims a network of over 6 million merchants and an annualized total payment volume of $7.5 billion.
Lastly, Cred General Insurance raised $251 million in a Series E investment round in October 2021, bringing its total funding to approximately $700 million.
These funding rounds not only highlight the robustness of India's fintech sector but also underscore the faith investors have in its potential for continued growth and innovation.
