Total Indian FinTech Investments and Segment-Wise Analysis [Infographic]

By LTP

There are around 600+ FinTech startups in India and more than half are more than PowerPoint startups. Out of the 600 FinTech startups in India, around 65+ have raised funding (some of them very recently). There is money pouring in with some big investments to be announced in next two quarters. Also, there have been few good exits.

Before I go ahead, let me say this first, loud and clear – funding is not directly proportional to long-term success. We have seen that movie many times, including the Bollywood version of it. But at the same time let’s not be jealous of others who have raised money. ? Being sufficiently funded does give wings to your imagination.

1. Payments is amongst the top two segments in terms of funding

• Paytm has raised around $890 Mn in total since its inception. It is one of the leaders in the payments segment.
• MobiKwik has raised around $86.8 Mn in total since its inception.
• mSwipe has raised around $35 Mn in total since its inception.

• Ezetap has raised around $35 Mn in total since its inception.
• Citrus Pay has raised around $34.5 Mn in total since its inception (recently exited).
• Money on Mobile has raised around $29.7 Mn in total since its inception.
• Suvidhaa has raised around $25 Mn in total since its inception.
• Prizm has raised around $15 Mn in total since its inception (was bought by Hitachi a few years ago).
• Transerv has raised around $15 Mn in total since its inception.
• Paymate has raised around $14 Mn in total since its inception.
• RazorPay has raised around $11.6 Mn in total since its inception.
• Chillr has raised around $7.5 Mn in total since its inception.
• JusPay has raised around $5.9 Mn in total since its inception.
• Onemi has raised around $5 Mn in total since its inception.
• Mobile Wallet has raised around $5 Mn in total since its inception.
• Paynear One has raised around $2.5 Mn in total since its inception.
• Freecharge raised a lot of money ($120 Mn) before getting acquired by Snapdeal for $400 Mn

2. Personal Finance Management is expected to be a very interesting segment in the coming months.

I am waiting for more clarity on RBI’s Account Aggregation license and when that happens, it will be a great time for those that can get AA (and bank data feeds hopefully).

• BankBazaar has raised around $79 Mn in total since its inception and is technically a comparison site or kind of a Google to find financial products. I reluctantly put them into the Personal Finance Management segment. While they are not like Mint in many ways, they are a great company just like NerdWallet in the US.
• MoneyView has raised around $10.1 Mn in total since its inception.
• MyUniverse has raised around $10 Mn in total since its inception. But it’s an Aditya Birla group company, so differently placed.
• CreditMantri has raised around $2.5 Mn in total since its inception. Again, they are blurring the lines between Mint and NerdWallet and have both the features as well.

3. Lending is amongst the top two segments in terms of funding

For lending companies, one needs to keep in mind that the funding raised could be used for increasing the loan base (to give out loans to consumer or businesses) or to develop company capabilities – product development, market expansion, etc.

• Vistaar has raised around $72 Mn in total since its inception. It is a lesser known company based out of Bengaluru which follows the traditional branch-based approach with a high focus on customer management and growing SME segment. Vistaar focuses on providing mortgage and hypothecation loans targeted to the SME market.
• NeoGrowth has raised around $43.6 Mn in total since its inception.
• Capital Float has raised around $42 Mn in total since its inception.
• LendingKart has raised around $42 Mn in total since its inception.
• Five Star Business has raised around $25 Mn in total since its inception.
• Apna Paisa has raised around $20.2 Mn in total since its inception.
• Cloud Lending Solutions has raised around $8 Mn in total since its inception.
• Fai₹cent has raised around $6.8 Mn in total since its inception.
• Rubique has raised around $3 Mn in total since its inception.
• I2i Funding has raised around $0.3 Mn in total since its inception.

4. The InsurTech Segment is a fairly new segment in India with comparison sites and more depth and context than what a Google search can provide.

In the future, as we have seen in other parts of the world, we will see companies that can help large insurance companies with distribution and digital onboarding or by using IOT/sensors for premium management and better claims management –or perhaps directly serve the customers.

• PolicyBazaar has raised around $69.7 Mn in total since its inception. It is one of the leaders in the InsurTech segment.
• CoverFox has raised around $14 Mn in total since its inception.
• Agile has raised around $5.7 Mn in total since its inception.
• Easypolicy has raised around $2.2 Mn in total since its inception.

5. The Banking Technology Segment

(Ten years ago, this was what we use to call ‘FinTech.’ Now the definitions have changed.)

• FINO has raised around $65 Mn in total since its inception. It is one of the leaders in the Banking Technology segment.
• EKO has raised around $5.5 Mn in total since its inception.

6. Prepaid & Gift Cards Segment

• ItzCash has raised around $50.6 Mn in total since its inception. It is one of the leaders in the Prepaid segment.
• Qwikcilver has raised around $20 Mn in total since its inception.

7. RegTech Segment

• Fintellix has raised around $27.4 Mn in total since its inception. The company is one of the leaders in the RegTech segment.
• ComplyGlobal has raised around $3.8 Mn in total since its inception.

8. Investment Platform Segment (wealth management, investments, etc.)

• FundsIndia has raised around $15.4 Mn in total since its inception. The firm is one of the leaders in the Investment Platform segment.
• BankerBay has raised around $5 Mn in total since its inception.
• Heckyl has raised around $4.7 Mn in total since its inception.
• RKSV has raised around $4 Mn in total since its inception.
• Scripbox has raised around $3.2 Mn in total since its inception.
• 5nance has raised around $3 Mn in total since its inception.

9. CustomerXPs has raised around $4 Mn in total since its inception. CustomerXPs is a provider of customer experience management and enterprise fraud management software & services for the banking, retail and telecom sectors.

10. ‘Other’ Segment

• Loylty Rewardz has raised around $24 Mn in total since its inception.
• ClearTax has raised around $15.4 Mn in total since its inception.
• Chargebee has raised around $6.2 Mn in total since its inception.

Many people have asked this question: “Is the VC funding drying up?” What we are seeing is that there is a cautious optimism. ‘Unit economics’ is the new buzzword in India after the challenging times in e-commerce and FoodTech. But in FinTech, there were even 2–3 deals very recently in the $10–40 Mn range.

First appeared at LTP