India, having overtaken China as the most populated country on Earth with 1.46 billion people, is also one of the world’s biggest startup ecosystems.
According to Startup India, India is currently home to 50,000 startups, of which nearly 20% (8.9k – 9.3k) are technology-led.
And it’s only getting bigger every year.
In fact, according to Inc42’s ‘Indian Tech Startup Funding Report 2024’, Indian startups raised over $12 bn in funding in 2024, a 20% increase from the $10 bn raised just one year prior.
This growth shows real investor confidence in the country.
What Sectors Are Leading The Charge in India’s Startup Economy?
According to the same report, in 2024, fintech, consumer services, enterprise tech and ecommerce sectors led the funding charge – accounting for two-thirds of funds raised.
When it came to deals made, ecommerce took the top spot with 203 deals followed by enterprise tech (167 deals) and fintech (162).
And with 118 startup unicorns in its border, 24 of which are fintechs, India shows no signs of slowing down.
In fact, according to IBEF, India now ranks third globally in the number of fintech unicorns, following the United States and China. But who are the companies shaping India’s fintech economy? Here, we take a look…
Razorpay
Razorpay is a payment and neobanking company, allowing businesses to make payments online, track spending and ensure they stay compliant.
With different products for enterprises, investors, startups and entrepreneurs, it’s an all-in-one finance platform that services over 13,000 stores across India.
CRED
CRED is a rewards-based credit card app that allows credit-worthy users to unlock benefits for spending money responsibly through their card.
Only available for those with credit score of 750 and above, it partners with companies all over the country to encourage spending through bonus incentives, cashback and more. With 13 million active users and named as one of the country’s fintech unicorns, it’s certainly making a big splash amongst India’s affluent population.
Fi (formerly epiFi)
Fi is a money management app designed to help people open savings accounts and invest more easily.
With the ability to connect multiple bank accounts through their system, Fi encourages saving and investing through rewarding good financial habits.
With over 3 million users and counting, it’s setting out to completely revolutionise the way the next generation of Indians handle their money.
Paytm
Whilst Paytm is technically no longer a startup, it is a huge fintech giant in India, with services spanning across areas like payments, insurance and lending.
Marketed as a digital payment app, it allows users to make payments online, send money to contacts and invest in stocks and funds. With 300 million people in India using their services, it’s only of the biggest players in India’s fintech market.
Slice
Slice is an online bank, reimagining how banking looks in India. Focusing on young people in the country, it provides an easier and more intuitive financial experience for millennials and Gen Z.
With easy ways to make payments, access credit and track expenses, it has already attracted over 11 million users and millions of dollars in funding.
Groww
Groww is an online stock broker, that has made investing in India as easy as ordering food online.
With an easy-to-use app and simplicity at its core, it has encouraged millions of people across India to start investing. Through Groww, people can invest in assets like Indian markets, US stocks, gold and more. And with over 13 million active users, it’s helping more people across the country ‘Groww’ their wealth.
KreditBee
Kreditbee is a personal loans company, helping people access money they need, and fast.
Marketed as an inclusive loans provider, Kreditbee makes the entire process easy and fast – completing within an average of 10 minutes.
With transparent terms and quick approvals, it’s helping more people across India access loans when they need them most.
