Again in 2013, enterprise capitalist Aileen Lee launched the time period “unicorn” to explain the rarity of startups attaining a valuation of over USD $1 billion. A decade later, unicorns in India have turn into a defining image of the nation’s booming startup ecosystem, significantly in fintech.
In the present day, India’s fintech startups have reshaped monetary providers, making them extra accessible, environment friendly, and technology-driven.
India’s fintech success is backed by huge investor curiosity, sturdy authorities help, and a rising digital economic system. Since InMobi, the nation’s first unicorn in 2011, fintech has been on the coronary heart of India’s startup progress story.
Authorities-led initiatives like Startup India (2015) have offered tax incentives, funding applications, and incubation help, fostering a thriving ecosystem. The nation’s fintech business has additionally witnessed a wave of IPOs, mergers, and acquisitions, with offers exceeding USD $4 billion within the final decade.
India Fintech Reaching Unicorn Standing
A significant turning level got here in Might 2022, when neobanking startup Open grew to become India’s a centesimal unicorn after elevating USD $50 million. This milestone was the results of an extraordinary funding surge in 2021, throughout which Indian startups raised USD $42 billionthroughout 1,583 offers, creating 45 new unicorns in a single yr.
In the present day, as of March 2025, India is residence to 27 fintech unicorns. These unicorns additionally embrace one decacorn (valued over USD $10 billion). The nation additionally ranks third globally by way of the quantity of fintech unicorns, trailing solely to the US and China.
The fintech sector now represents 5% of complete revenues generated by all banking, monetary providers, and insurance coverage (BFSI) firms in India. Inside fintech, funds and lending have been probably the most dominant segments, attracting 85% of the capital raised.
The variety of registered fintech startups in India has additionally grown fivefold previously three years. It has risen from 2,100 in 2021 to 10,200 in 2024.
As India continues to steer in digital monetary innovation, its fintech unicorns are increasing their affect throughout all rising monetary providers.
These firms usually are not solely reshaping the monetary panorama domestically however are additionally setting the stage for world fintech management.
To assist our readers to know higher every of those fintech firms in India which have reached its unicorn standing in 2025, we now have divided them into 6 classes. They’re Funds, Lending Tech, Fintech Infra/Saas, InsurTech, WealthTech and Others.
Final Up to date: 24 March 2025
Funds
PhonePE
Based in 2015, PhonePe has turn into India’s largest UPI-based fee platform. It has since enabled seamless financial institution transfers, cell recharges, invoice funds, and digital insurance coverage providers.
Acquired by Flipkart in 2016, PhonePe rapidly gained market dominance and reached unicorn standing in 2018, simply three years after its inception.
As of December 2024, PhonePe processed USD $95.81 million transactions, a 7.8% enhance from the earlier month. With over 400 million customers, the platform continues to develop its choices, together with mutual fund investments and inventory buying and selling.
In a current funding spherical, Flipkart’s Singapore-based mother or father firm invested USD $282 million to gasoline additional progress. The corporate is now valued at USD 12.6 billion, the best and first decacorn on this listing.
Paytm
A pioneer in India’s fintech revolution, Paytm was based in 2010. The corporate began as a cell pockets and has since expanded into banking, lending, insurance coverage, and journey bookings.
Regardless of going through income challenges in current quarters, Paytm has raised a staggering funding of USD $3.48 billion over 16 rounds. The corporate’s largest funding enhance got here in 2017, when it secured USD $1.4 billion from SoftBank. The transfer has pushed its valuation past USD $10 billion, additionally making it a decacorn.
Paytm made historical past in November 2021 with an USD $2.12 million IPO, one in every of India’s largest fintech public choices. The corporate’s valuation stands at USD $15.6 billion however do word that Paytm is now a publicly listed firm after its IPO, and its valuation fluctuates out there.
BillDesk
Based in 2000, BillDesk is one in every of India’s earliest digital fee platforms, specialising in fee gateway providers. The Indian firm took practically twenty years to realize unicorn standing, becoming a member of the elite membership in 2018 after a big funding spherical.
In 2021, world fintech large Prosus (proprietor of PayU) dealed to accumulate BillDesk for USD $4.7 billion, marking one in every of India’s largest fintech offers. Nonetheless, the deal was terminated in October 2022 as a result of unfulfilled circumstances.
As of immediately, BillDesk is valued at USD $1.59 billion as per the most recent accessible filings, making it the third fintech unicorns in India, on this listing for 2025.
Razorpay
Razorpay, launched in 2014, has revolutionised B2B digital funds with its API-driven fee gateway for companies. Initially targeted on on-line transactions, Razorpay has expanded its providers to incorporate payroll administration, SME lending, and banking options.
On December 2021, Razorpay had processed USD $60 billion in complete fee quantity (TPV), with a objective to hit USD $90 billion by the top of 2022.
As of 2025, arguably one of many largest fintech unicorns in India achieved a USD $7.5 billion valuation in its newest funding spherical, having raised a complete of USD $742 million from traders like Sequoia Capital India, Tiger International, MasterCard, and Salesforce, simply to call just a few.
Pine Labs
Based in 1998, Pine Labs is a merchant-focused digital fee options. Its cloud-based platform powers over 140,000 retailers throughout 3,700 cities in India and Malaysia, with a robust presence in point-of-sale (PoS) transactions.
Pine Labs achieved its unicorn standing in 2020, having raised its valuation to USD $1.6 billion thaks to traders equivalent to Flipkart, Mastercard, PayPal Ventures, and Temasek Holdings. In the present day, they’re valued at USD $2.28 billion.
CRED
CRED, based in 2018, has disrupted India’s fintech house with its premium rewards-based bank card invoice fee platform. By providing unique perks for well timed invoice funds, CRED has constructed a distinct segment buyer base of high-net-worth people.
CRED grew to become a unicorn in April 2021, after elevating USD $215 million in Sequence D funding, reaching a USD $2.2 billion valuation the identical yr. Later that yr, it secured USD $251 million in Sequence E funding, pushing its valuation to USD $4 billion. Now it’s valued at roughly USD 6.4 billion.
BharatPe
BharatPe, based in 2018, pioneered India’s first UPI-interoperable QR code for retailers, simplifying digital funds throughout a number of platforms.
The corporate entered the unicorn membership in 2021 after securing USD $370 million in Sequence E funding, led by Tiger International, at a USD $2.85 billion valuation, making it the seventh unicorns in India on this listing as of 2025.
PayU
PayU is a world fee service supplier working in a number of rising markets. Whereas not a conventional startup, PayU has been a key investor in India’s fintech house, crossing the USD $1 billion funding mark in 2021.
Owned by Prosus, PayU features as each a fee gateway and a serious fintech investor, rising by means of strategic mergers and acquisitions. PayU is valued at USD $5.2 billion as per the most recent accessible filings.
Lending Tech
Slice
Based in 2016, Slice targets Indian residents with its bank cards and fee playing cards, providing versatile reimbursement choices and rewards. The startup companions with Visa and SBM Financial institution to concern its credit score line, which ranges from roughly USD $120 to USD $12,000 USD
Slice is the primary in our listing of fintech unicorns in India for 2025 below the lending tech class.
It grew to become a unicorn in 2021 after elevating USD $220 million in its Sequence B spherical, backed by Tiger International, Pegasus Wings Group, and Perception Companions. With over 5 million registered customers and 200,000 bank cards issued per thirty days, Slice has cemented its place in India’s new-age lending ecosystem.
In 2024, Slice merged with North East Small Finance Financial institution (NESFB) to boost its lending capabilities.
Yubi (previously CredAvenue)
Yubi, one in every of India’s debt market, connects enterprises with lenders and traders by means of an end-to-end platform. Based in 2017, the startup facilitates a spread of mortgage and lending options, making institutional borrowing seamless.
Yubi entered the unicorn membership in March 2022, elevating USD $137 million in its Sequence B spherical from Perception Companions, B Capital, and Dragoneer Funding Group. The corporate has since acquired Corpository (a monetary SaaS startup) and Spocto (a digital collections agency) to strengthen its choices.
Oxyzo
Oxyzo, the lending arm of B2B commerce unicorn OfBusiness, was based in 2016. The startup specialises in money circulate and dealing capital financing for SMEs in manufacturing and contracting sectors.
Oxyzo entered the listing of fintech unicorns in India in 2022, elevating USD $201 million in one in every of India’s largest-ever Sequence A spherical, backed by Alpha Wave, Tiger International, and Norwest Enterprise Companions.
The corporate boasts an Property Beneath Administration (AUM) of USD $360 million, with USD $2.6 billion disbursed throughout 40,000+ nodes.
InCred Finance
InCred, based in 2016 operates within the BFSI house by means of three divisions that are InCred Finance (lending), InCred Capital (wealth & asset administration) and InCred Cash (retail bonds & different investments).
InCred’s lending arm, InCred Finance, grew to become a unicorn in December 2023, after elevating a USD $60 million Sequence D spherical, valuing it at USD $1.04 billion. The corporate has witnessed important progress, with internet earnings quadrupling in FY23, and income surging 77%.
The corporate can also be planning an IPO in late 2025, concentrating on a USD $1.8 billion to USD $2.6 billion valuation.
DMI Finance
DMI Finance, an Indian shadow financial institution, has emerged as one of many digital lending options within the nation. The corporate secured recent funding from Japan’s Mitsubishi UFJ Monetary Group (MUFG) in 2024, at a USD $3 billion valuation.
With over USD $338.5 million in investments from MUFG, DMI Finance is aggressively increasing its digital lending footprint. They’re providing tailor-made private loans, BNPL (Purchase Now, Pay Later), and embedded credit score options. It sits within the thirteenth place within the listing of fintech unicorns in India for 2025.
MoneyView
MoneyView operates a one-stop lending platform, providing private loans, credit score monitoring instruments and private finance administration options
The startup joined the unicorn membership in September 2024, elevating USD $4.6 million from Accel India and Nexus Ventures at a USD $1.21 billion valuation.
Fintech Infra/SaaS
Chargebee
Chargebee is a subscription income administration platform that automates the billing and income operations of high-growth SaaS companies. The corporate helps enterprises handle subscriptions, pricing, invoicing, taxes, and income analytics with a seamless, no-code resolution.
Chargebee joined the 2025 listing of fintech unicorns in India again in 2021, after elevating USD $125 million in its Sequence G spherical.
In 2022, the startup doubled its valuation to USD $3.5 billion following a USD $250 million funding spherical led by Tiger International and Sequoia Capital.
Zeta
Zeta is a cloud-native banking and bank card issuance platform. The corporate permits banks, fintech startups, and enterprises to concern and handle digital-first debit, credit score, and pay as you go playing cards.
Zeta entered the unicorn membership in 2021, securing a USD $250 million funding from SoftBank’s Imaginative and prescient Fund. The fintech startup has since raised USD $30 million from Mastercard in 2022 and one other USD $50 million this yr from Optum, elevating its worth to USD $2 billion.
Perfios
Perfios operates within the fintech SaaS house, specialising in real-time credit score decisioning, analytics, and fraud detection. The startup gives AI-powered options for monetary establishments, banks, and NBFCs throughout 18 nations.
Perfios joined the unicorn membership in 2024, elevating USD $80 million from the Academics’ Enterprise Development (TVG), the late-stage funding arm of the Ontario Academics’ Pension Plan.
The corporate is now valued at USD $2.57 billion.
InsurTech
Digit Insurance coverage
Digit Insurance coverage (backed by Fairfax Holdings) is a tech-driven common insurance coverage firm that provides customised insurance policies for well being, auto, journey, and industrial properties.
The insurance coverage firm grew to become India’s first InsureTech unicorn in 2021, after elevating USD $18 million. The transfer was led by A91 Companions, Faering Capital, and TVS Capital at a USD $1.9 billion valuation.
In 2024, the corporate now could be valued at USD $3.79 billion.
Acko Insurance coverage
Acko Insurance coverage is a completely digital insurance coverage supplier, providing auto, well being, and worker insurance coverage. The corporate companions with Zomato and Swiggy to cowl gig employees and has expanded into versatile time period life insurance coverage and continual care administration.
Acko grew to become a unicorn in 2021, elevating USD $255 million in its Sequence D spherical. The transfer was led by Intact Ventures, Normal Atlantic and Multiples Alternate Asset Administration, taking its worth to USD $1.07 billion.
As of 2024, Acko has distributed over 1 billion insurance policies to 78 million prospects, making it one in every of India’s fastest-growing digital insurers.
PB Fintech
PB Fintech or Policybazaar is India’s largest insurance coverage aggregator, providing life, well being, car, and journey insurance coverage. The corporate additionally operates PaisaBazaar, a market for loans and bank cards.
The corporate achieved unicorn standing in 2018, elevating USD $200 million from SoftBank Imaginative and prescient Fund and InfoEdge. The startup then went public in 2021. As of March 2025 PB Fintech has a market cap of USD $8.25 billion.
WealthTech
Zerodha
Transferring on the the wealthtech class for our 2025 listing of fintech unicorns in India, first up we now have Zerodha.
Based in 2010, Zerodha is one in every of India’s largest inventory brokerage agency, identified for its low cost broking mannequin. The platform provides zero-commission inventory buying and selling, direct mutual fund investments, and portfolio administration instruments.
Not like most startups, Zerodha reached unicorn standing in 2021 with out elevating exterior capital, making it a uncommon bootstrapped fintech unicorn, the primary on this listing. It’s now valued at USD $3.6 billion.
Groww
Based in 2017 by a bunch of ex-Flipkart workers, Groww simplifies direct mutual fund investments, inventory buying and selling, ETFs, and gold investments. The platform has gained reputation amongst first-time traders, providing an intuitive, mobile-first expertise.
Groww grew to become a unicorn in 2021, elevating USD $83 million in its Sequence D spherical, led by Tiger International. Then, in 2023, it secured one other USD $251 million in a Sequence E spherical, pushing its valuation to USD $3 billion.
Nonetheless, in November 2024, Groww’s valuation fell under USD $2 billion following its domicile shift from the US to India. The corporate is now getting ready for an IPO within the subsequent 12-18 months, concentrating on a USD $6 billion to USD $8 billion valuation.
Upstox
Upstox began as a proprietary buying and selling agency earlier than increasing into retail stockbroking, mutual funds, and advisory providers. The platform provides commission-free fairness buying and selling, making it a robust competitor to Zerodha and Groww.
Upstox has raised a complete funding of USD $220M over 6 rounds, with its first being in 2016. Its newest funding spherical was a Sequence C spherical in 2022 for an undisclosed quantity from 3 traders.
The corporate is valued at USD $2.98 billion as per the most recent accessible filings.
Others
Open
Open is one in every of India’s neobanking platform, designed to assist small and midsize companies (SMBs) handle banking, funds, and bills in a single interface.
In April 2022, Open grew to become India’s a centesimal unicorn, elevating USD $50 million at a USD $1 billion valuation. Backed by Temasek, BEENEXT, and Trifecta Capital, the corporate has secured round a complete funding of USD $186M over 7 rounds.
OneCard
OneCard provides metallic bank cards with zero becoming a member of charges, versatile EMIs, and personalised rewards. It additionally operates OneScore, a free credit score rating monitoring platform.
The corporate grew to become a unicorn in July 2022, after elevating USD $100 million in a Temasek-led spherical, pushing its valuation to USD $1.25 billion.
OneCard has raised a complete funding of USD $262 million over 9 rounds. Its first funding spherical dates again in 2019. Its newest funding spherical was a Sequence D spherical in 2024 for USD $28.5 million lead by QED Traders.
CoinDCX
CoinDCX grew to become India’s first cryptocurrency unicorn in 2021, after elevating USD $90 million in a Sequence C spherical, backed by B Capital Group and Coinbase Ventures.
In 2024, CoinDCX acquired Dubai-based crypto alternate BitOasis, marking its worldwide growth. The corporate is valued at USD $2.15 billion as of immediately.
CoinSwitch Kuber
CoinSwitch Kuber began as a crypto alternate aggregator earlier than launching its India-exclusive crypto platform in 2020.
The crypto-based firm grew to become India’s second crypto unicorn in 2021. Throughout that point, it has raised USD $260 million at a USD $1.9 billion valuation, led by Andreessen Horowitz (a16z) and Coinbase Ventures.
This marks the listing of all of our 27 fintech unicorns in India that also retain its standing in 2025.
FAQs
What’s a fintech unicorn?
A fintech unicorn is a privately held monetary expertise firm valued at over USD $1 billion. These firms obtain unicorn standing by securing important funding, demonstrating fast market adoption, and driving innovation within the monetary providers sector.
What number of fintech unicorns are in India?
As of 2025, India has 27 fintech unicorns, together with one decacorn valued at over USD $10 billion. The nation ranks third globally by way of fintech unicorns, following the US and China.
What are the highest fintech unicorns in India?
India’s main fintech unicorns embrace PhonePe, Razorpay, Paytm, Slice, Groww, Policybazaar, Digit Insurance coverage, Open, and CoinDCX, amongst others.
These firms function throughout numerous fintech classes, together with funds, lending, insuretech, wealthtech, and neobanking, and play an important position in remodeling India’s digital finance panorama.
Why is Paytm Mall and Mobikwik not included on this listing?
Paytm Mall and Mobikwik as soon as valued as a unicorn, misplaced its USD $1 billion+ valuation. It will probably all be as a result of declining investor confidence, rising competitors, and regulatory challenges. Because of this, it now not qualifies as a fintech unicorn in India.
Why is India a world fintech hub?
India has turn into a world fintech hub as a result of fast digital adoption, sturdy authorities help, and rising investor confidence. Initiatives like Startup India, Digital India, and UPI have offered the mandatory infrastructure for fintech startups to thrive.
Moreover, fintech firms have benefited from a big smartphone consumer base, progressive regulatory insurance policies, and monetary inclusion efforts. In return, it has enabled thousands and thousands of Indians to entry digital monetary providers for the primary time.
Featured picture credit score: Edited from Freepik
