In this article, we’ll discuss the top fintech unicorn companies in India that are making a significant impact today. Whether you’re looking to invest in their stocks, analysing trends, or just curious about who’s leading financial transformation, this list offers a clear picture of who’s shaping the future of finance in the country.
Factors behind India’s fintech growth
Some factors that are driving the growth of the top fintech unicorn companies in India are:
- Young, tech-savvy population: The younger generation in the country are highly familiar with tech advancements and the use of smartphones, apps, and online transactions.
- Rise in smart devices: Affordable internet and increasing smartphone usage have made financial services accessible to even remote areas.
- Digital infrastructure: Aadhaar, UPI, and DigiLocker have simplified and accelerated the KYC process, verification, and digital transactions compared to conventional methods.
- Government support: Initiatives like PRAVAAH and the Retail Direct mobile app have created a supportive environment for users and fintech unicorns.
- Investors’ participation: Strong financial support from global and domestic investors has helped fintech startups scale quickly and innovate consistently.
The impact of fintech unicorns on the economy
India is one of the top fintech investment hotspots globally. According to a JM Financial report, in 2023, India accounted for 14 percent of the world’s fintech funding and ranked second in fintech deal volume and as the most-funded startup sector. There are 26 fintech unicorns in the country, including one decacorn ($10+ billion valuation).
From 2014 to 2023, Indian fintech startups raised over $28 billion across 1,486 deals. The industry has seen over 20 initial public offerings (IPOs) and $4 billion in mergers and acquisitions. Startups like Paytm, PolicyBazaar, and Tracxn have gone public, showing viable exit routes for investors. The top unicorn companies in the fintech industry generated around $20 billion in revenue during the financial year 2023.
JM Financial also mentioned that at least 150 unicorn companies in India should contribute to $200 billion in revenues by 2030. This growth will likely be due to increasing AI adoption, cross-border payments, and decentralised solutions. The payments and lending segments dominate funding, drawing major capital investments. The number of fintech startups has grown significantly from 2,100 in 2021 to over 10,000 in 2024—almost a fivefold increase.
Union Budget allocation in 2025-26
Startups were allocated a budget of around $1.2 billion (₹10,000 crore) in the 2025-26 Union Budget to upgrade rural banking infrastructure, focusing on tech improvements, customised credit cards for micro-enterprises, and insurance schemes. The sector also urged the government to increase bank commissions for rural agents who handle last-mile banking services. This budget and improvements improve financial access across the country and push the fintech industry towards more growth and development.
Government initiatives and support
Here are some initiatives from the Reserve Bank of India (RBI) to support the fintech companies and users:
FinTech repository
The RBI’s FinTech Repository Innovation Hub helps you connect with the leading community of entrepreneurs, banks, and investors, providing a space for experimentation and development. The Ministry of Finance supports this initiative by creating policies encouraging innovation and investment in fintech. Together, they aim to build a repository of knowledge, innovation, and best practices that can guide the growth of the fintech industry in India.
PRAVAAH
PRAVAAH (Platform for Regulatory Application, Validation and Authorisation) is a secure online portal where fintech companies can apply for various licenses, approvals, and authorisations. You can submit applications online, track updates, and respond to RBI queries – all in a digitised, transparent, and efficient setup. PRAVAAH reduces processing times and allows fintech companies to launch and scale their solutions effectively. Currently, 60 different application forms are available, and more will be added over time. There’s also a general form if your request doesn’t fit into any listed categories.
Retail Direct mobile app launch
The RBI’s Retail Direct portal was launched in November 2021 to let retail investors buy and sell government securities (G-Secs) directly. With the Retail Direct mobile app, investors can use their smartphones to open a Retail Direct Gilt (RDG) account, buy G-Secs in primary auctions, and sell them easily in the secondary market. You can download the app from the Play Store for Android systems and the App Store for iOS users.
More Stories
- India’s fintech sector is a heady concoction of potential and peril
- Why is fintech unicorn Slice buying a loss-making small finance bank?
- Young investors look for fintech apps with Netflix, Tinder, and Uber-like experience: Angel One’s Prabhakar
- Google to set up a centre in GIFT City — will this boost the fintech ecosystem in India?
- Sashank Rishyasringa and Gaurav Hinduja at axio on the credit fintech opportunity ahead
- Lentra AI’s D Venkatesh on plans for his fintech SaaS venture after recent $60 million funding
- India’s fintech startups welcome RBI’s ‘customer-centric’ rules on digital lending
