India is undoubtedly a tech innovation hub. With nearly 1.6 lakh startups, the country now ranks as the world’s third-largest startup ecosystem, and the fintech industry has taken centre stage in this innovation. From digital payments and lending to neobanking, a new wave of homegrown companies is driving this momentum, and several have crossed the billion-dollar valuation mark. Along with such impressive numbers, fintech companies are transforming the way financial services operate for millions of users.
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.
List of top fintech unicorns in India
With 26 fintech unicorns, the combined market value stands at $90 billion. This is a clear indication of the country’s thriving digital finance ecosystem. Some top fintech companies leading this transformation are PhonePe, Razorpay, Pine Labs, Policy Bazaar, and more.
Here’s the list of top fintech unicorn companies sourced from the JM Financial report:
Sr.no.
Company
Category
Founded in
1
PhonePe
Payment
2015
2
Paytm
Payment
2010
3
Razorpay
Payment
2014
4
PayU
Payment
2002
5
Pine Labs
Payment
1998
6
Cred
Payment
2018
7
BillDesk
Payment
2000
8
BharatPe
Payment
2018
9
Slice
Lending Tech
2016
10
Yubi
Lending Tech
2020
11
Avanse
Lending Tech
2013
12
Oxyzo
Lending Tech
2016
13
InCred Finance
Lending Tech
1995
14
DMI Finance
Lending Tech
2008
15
Chargebee
Fintech Infra
2011
16
Zeta
Fintech Infra
2015
17
Perfios
Fintech Infra
2008
18
KFin Tech
Fintech Infra
2017
19
Digit
InusureTech
2016
20
Policy Bazaar
InusureTech
2008
21
Acko
InusureTech
2016
22
Zerodha
WealthTech
2010
23
Upstox
WealthTech
2009
24
Groww
WealthTech
2016
25
Open
Others
2017
26
OneCard
Others
2019
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.
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.