Back in 2013, venture capitalist Aileen Lee introduced the term “unicorn” to describe the rarity of startups achieving a valuation of over USD $1 billion. A decade later, unicorns in India have become a defining symbol of the country’s booming startup ecosystem, particularly in fintech.
Today, India’s fintech startups have reshaped financial services, making them more accessible, efficient, and technology-driven.
India’s fintech success is backed by massive investor interest, strong government support, and a growing digital economy. Since InMobi, the country’s first unicorn in 2011, fintech has been at the heart of India’s startup growth story.
Government-led initiatives like Startup India (2015) have provided tax incentives, funding programs, and incubation support, fostering a thriving ecosystem. The country’s fintech industry has also witnessed a wave of IPOs, mergers, and acquisitions, with deals exceeding USD $4 billion in the last decade.
India Fintech Achieving Unicorn Status
A major turning point came in May 2022, when neobanking startup Open became India’s 100th unicorn after raising USD $50 million. This milestone was the result of an extraordinary funding surge in 2021, during which Indian startups raised USD $42 billionacross 1,583 deals, creating 45 new unicorns in a single year.
Today, as of March 2025, India is home to 27 fintech unicorns. These unicorns also include one decacorn (valued over USD $10 billion). The country also ranks third globally in terms of the amount of fintech unicorns, trailing only to the United States and China.
The fintech sector now represents 5% of total revenues generated by all banking, financial services, and insurance (BFSI) companies in India. Within fintech, payments and lending have been the most dominant segments, attracting 85% of the capital raised.
The number of registered fintech startups in India has also grown fivefold in the past three years. It has risen from 2,100 in 2021 to 10,200 in 2024.
As India continues to lead in digital financial innovation, its fintech unicorns are expanding their influence across all emerging financial services.
These companies are not only reshaping the financial landscape domestically but are also setting the stage for global fintech leadership.
To help our readers to know better each of these fintech companies in India that have reached its unicorn status in 2025, we have divided them into 6 categories. They are Payments, Lending Tech, Fintech Infra/Saas, InsurTech, WealthTech and Others.
Last Updated: 24 March 2025
Payments
PhonePE
Founded in 2015, PhonePe has become India’s largest UPI-based payment platform. It has since enabled seamless bank transfers, mobile recharges, bill payments, and digital insurance services.
Acquired by Flipkart in 2016, PhonePe quickly gained market dominance and reached unicorn status in 2018, just three years after its inception.
As of December 2024, PhonePe processed USD $95.81 million transactions, a 7.8% increase from the previous month. With over 400 million users, the platform continues to expand its offerings, including mutual fund investments and stock trading.
In a recent funding round, Flipkart’s Singapore-based parent company invested USD $282 million to fuel further growth. The company is now valued at USD 12.6 billion, the highest and first decacorn on this list.
Paytm
A pioneer in India’s fintech revolution, Paytm was founded in 2010. The company started as a mobile wallet and has since expanded into banking, lending, insurance, and travel bookings.
Despite facing revenue challenges in recent quarters, Paytm has raised a staggering funding of USD $3.48 billion over 16 rounds. The company’s largest funding boost came in 2017, when it secured USD $1.4 billion from SoftBank. The move has pushed its valuation beyond USD $10 billion, also making it a decacorn.
Paytm made history in November 2021 with an USD $2.12 million IPO, one of India’s largest fintech public offerings. The company’s valuation stands at USD $15.6 billion but do note that Paytm is now a publicly listed company after its IPO, and its valuation fluctuates in the market.
BillDesk
Founded in 2000, BillDesk is one of India’s earliest digital payment platforms, specialising in payment gateway services. The Indian company took nearly two decades to achieve unicorn status, joining the elite club in 2018 after a significant funding round.
In 2021, global fintech giant Prosus (owner of PayU) dealed to acquire BillDesk for USD $4.7 billion, marking one of India’s largest fintech deals. However, the deal was terminated in October 2022 due to unfulfilled conditions.
As of today, BillDesk is valued at USD $1.59 billion as per the latest available filings, making it the third fintech unicorns in India, on this list for 2025.
Razorpay
Razorpay, launched in 2014, has revolutionised B2B digital payments with its API-driven payment gateway for businesses. Initially focused on online transactions, Razorpay has expanded its services to include payroll management, SME lending, and banking solutions.
On December 2021, Razorpay had processed USD $60 billion in total payment volume (TPV), with a goal to hit USD $90 billion by the end of 2022.
As of 2025, arguably one of the biggest fintech unicorns in India achieved a USD $7.5 billion valuation in its latest funding round, having raised a total of USD $742 million from investors like Sequoia Capital India, Tiger Global, MasterCard, and Salesforce, just to name a few.
Pine Labs
Founded in 1998, Pine Labs is a merchant-focused digital payment solutions. Its cloud-based platform powers over 140,000 merchants across 3,700 cities in India and Malaysia, with a strong presence in point-of-sale (PoS) transactions.
Pine Labs achieved its unicorn status in 2020, having raised its valuation to USD $1.6 billion thaks to investors such as Flipkart, Mastercard, PayPal Ventures, and Temasek Holdings. Today, they are valued at USD $2.28 billion.
CRED
CRED, founded in 2018, has disrupted India’s fintech space with its premium rewards-based credit card bill payment platform. By offering exclusive perks for timely bill payments, CRED has built a niche customer base of high-net-worth individuals.
CRED became a unicorn in April 2021, after raising USD $215 million in Series D funding, reaching a USD $2.2 billion valuation the same year. Later that year, it secured USD $251 million in Series E funding, pushing its valuation to USD $4 billion. Now it is valued at roughly USD 6.4 billion.
BharatPe
BharatPe, founded in 2018, pioneered India’s first UPI-interoperable QR code for merchants, simplifying digital payments across multiple platforms.
The company entered the unicorn club in 2021 after securing USD $370 million in Series E funding, led by Tiger Global, at a USD $2.85 billion valuation, making it the seventh unicorns in India on this list as of 2025.
PayU
PayU is a global payment service provider operating in multiple emerging markets. While not a traditional startup, PayU has been a key investor in India’s fintech space, crossing the USD $1 billion investment mark in 2021.
Owned by Prosus, PayU functions as both a payment gateway and a major fintech investor, growing through strategic mergers and acquisitions. PayU is valued at USD $5.2 billion as per the latest available filings.
Lending Tech
Slice
Founded in 2016, Slice targets Indian citizens with its credit cards and payment cards, offering flexible repayment options and rewards. The startup partners with Visa and SBM Bank to issue its credit line, which ranges from approximately USD $120 to USD $12,000 USD
Slice is the first in our list of fintech unicorns in India for 2025 under the lending tech category.
It became a unicorn in 2021 after raising USD $220 million in its Series B round, backed by Tiger Global, Pegasus Wings Group, and Insight Partners. With over 5 million registered users and 200,000 credit cards issued per month, Slice has cemented its position in India’s new-age lending ecosystem.
In 2024, Slice merged with North East Small Finance Bank (NESFB) to enhance its lending capabilities.
Yubi (formerly CredAvenue)
Yubi, one of India’s debt marketplace, connects enterprises with lenders and investors through an end-to-end platform. Founded in 2017, the startup facilitates a range of loan and lending solutions, making institutional borrowing seamless.
Yubi entered the unicorn club in March 2022, raising USD $137 million in its Series B round from Insight Partners, B Capital, and Dragoneer Investment Group. The company has since acquired Corpository (a financial SaaS startup) and Spocto (a digital collections firm) to strengthen its offerings.
Oxyzo
Oxyzo, the lending arm of B2B commerce unicorn OfBusiness, was founded in 2016. The startup specialises in cash flow and working capital financing for SMEs in manufacturing and contracting sectors.
Oxyzo entered the list of fintech unicorns in India in 2022, raising USD $201 million in one of India’s largest-ever Series A round, backed by Alpha Wave, Tiger Global, and Norwest Venture Partners.
The company boasts an Assets Under Management (AUM) of USD $360 million, with USD $2.6 billion disbursed across 40,000+ nodes.
InCred Finance
InCred, founded in 2016 operates in the BFSI space through three divisions which are InCred Finance (lending), InCred Capital (wealth & asset management) and InCred Money (retail bonds & alternative investments).
InCred’s lending arm, InCred Finance, became a unicorn in December 2023, after raising a USD $60 million Series D round, valuing it at USD $1.04 billion. The company has witnessed significant growth, with net profits quadrupling in FY23, and revenue surging 77%.
The company is also planning an IPO in late 2025, targeting a USD $1.8 billion to USD $2.6 billion valuation.
DMI Finance
DMI Finance, an Indian shadow bank, has emerged as one of the digital lending solutions in the country. The company secured fresh funding from Japan’s Mitsubishi UFJ Financial Group (MUFG) in 2024, at a USD $3 billion valuation.
With over USD $338.5 million in investments from MUFG, DMI Finance is aggressively expanding its digital lending footprint. They are offering tailored personal loans, BNPL (Buy Now, Pay Later), and embedded credit solutions. It sits in the 13th place in the list of fintech unicorns in India for 2025.
MoneyView
MoneyView operates a one-stop lending platform, offering personal loans, credit tracking tools and personal finance management solutions
The startup joined the unicorn club in September 2024, raising 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 revenue management platform that automates the billing and revenue operations of high-growth SaaS businesses. The company helps enterprises manage subscriptions, pricing, invoicing, taxes, and revenue analytics with a seamless, no-code solution.
Chargebee joined the 2025 list of fintech unicorns in India back in 2021, after raising USD $125 million in its Series G round.
In 2022, the startup doubled its valuation to USD $3.5 billion following a USD $250 million funding round led by Tiger Global and Sequoia Capital.
Zeta
Zeta is a cloud-native banking and credit card issuance platform. The company enables banks, fintech startups, and enterprises to issue and manage digital-first debit, credit, and prepaid cards.
Zeta entered the unicorn club in 2021, securing a USD $250 million investment from SoftBank’s Vision Fund. The fintech startup has since raised USD $30 million from Mastercard in 2022 and another USD $50 million this year from Optum, raising its value to USD $2 billion.
Perfios
Perfios operates in the fintech SaaS space, specialising in real-time credit decisioning, analytics, and fraud detection. The startup provides AI-powered solutions for financial institutions, banks, and NBFCs across 18 countries.
Perfios joined the unicorn club in 2024, raising USD $80 million from the Teachers’ Venture Growth (TVG), the late-stage investment arm of the Ontario Teachers’ Pension Plan.
The company is now valued at USD $2.57 billion.
InsurTech
Digit Insurance
Digit Insurance (backed by Fairfax Holdings) is a tech-driven general insurance company that offers customised policies for health, auto, travel, and commercial properties.
The insurance company became India’s first InsureTech unicorn in 2021, after raising USD $18 million. The move was led by A91 Partners, Faering Capital, and TVS Capital at a USD $1.9 billion valuation.
In 2024, the company now is valued at USD $3.79 billion.
Acko Insurance
Acko Insurance is a fully digital insurance provider, offering auto, health, and employee insurance. The company partners with Zomato and Swiggy to cover gig workers and has expanded into flexible term life insurance and chronic care management.
Acko became a unicorn in 2021, raising USD $255 million in its Series D round. The move was led by Intact Ventures, General Atlantic and Multiples Alternate Asset Management, taking its value to USD $1.07 billion.
As of 2024, Acko has distributed over 1 billion policies to 78 million customers, making it one of India’s fastest-growing digital insurers.
PB Fintech
PB Fintech or Policybazaar is India’s largest insurance aggregator, offering life, health, automobile, and travel insurance. The company also operates PaisaBazaar, a marketplace for loans and credit cards.
The company achieved unicorn status in 2018, raising USD $200 million from SoftBank Vision 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
Moving on the the wealthtech category for our 2025 list of fintech unicorns in India, first up we have Zerodha.
Founded in 2010, Zerodha is one of India’s largest stock brokerage firm, known for its discount broking model. The platform offers zero-commission stock trading, direct mutual fund investments, and portfolio management tools.
Unlike most startups, Zerodha reached unicorn status in 2021 without raising external capital, making it a rare bootstrapped fintech unicorn, the first on this list. It is now valued at USD $3.6 billion.
Groww
Founded in 2017 by a bunch of ex-Flipkart employees, Groww simplifies direct mutual fund investments, stock trading, ETFs, and gold investments. The platform has gained popularity among first-time investors, offering an intuitive, mobile-first experience.
Groww became a unicorn in 2021, raising USD $83 million in its Series D round, led by Tiger Global. Then, in 2023, it secured another USD $251 million in a Series E round, pushing its valuation to USD $3 billion.
However, in November 2024, Groww’s valuation fell below USD $2 billion following its domicile shift from the US to India. The company is now preparing for an IPO in the next 12-18 months, targeting a USD $6 billion to USD $8 billion valuation.
Upstox
Upstox started as a proprietary trading firm before expanding into retail stockbroking, mutual funds, and advisory services. The platform offers commission-free equity trading, making it a strong competitor to Zerodha and Groww.
Upstox has raised a total funding of USD $220M over 6 rounds, with its first being in 2016. Its latest funding round was a Series C round in 2022 for an undisclosed amount from 3 investors.
The company is valued at USD $2.98 billion as per the latest available filings.
Others
Open
Open is one of India’s neobanking platform, designed to help small and midsize businesses (SMBs) manage banking, payments, and expenses in a single interface.
In April 2022, Open became India’s 100th unicorn, raising USD $50 million at a USD $1 billion valuation. Backed by Temasek, BEENEXT, and Trifecta Capital, the company has secured around a total funding of USD $186M over 7 rounds.
OneCard
OneCard offers metal credit cards with zero joining fees, flexible EMIs, and personalised rewards. It also operates OneScore, a free credit score tracking platform.
The company became a unicorn in July 2022, after raising USD $100 million in a Temasek-led round, pushing its valuation to USD $1.25 billion.
OneCard has raised a total funding of USD $262 million over 9 rounds. Its first funding round dates back in 2019. Its latest funding round was a Series D round in 2024 for USD $28.5 million lead by QED Investors.
CoinDCX
CoinDCX became India’s first cryptocurrency unicorn in 2021, after raising USD $90 million in a Series C round, backed by B Capital Group and Coinbase Ventures.
In 2024, CoinDCX acquired Dubai-based crypto exchange BitOasis, marking its international expansion. The company is valued at USD $2.15 billion as of today.
CoinSwitch Kuber
CoinSwitch Kuber started as a crypto exchange aggregator before launching its India-exclusive crypto platform in 2020.
The crypto-based company became India’s second crypto unicorn in 2021. During that time, it has raised USD $260 million at a USD $1.9 billion valuation, led by Andreessen Horowitz (a16z) and Coinbase Ventures.
This marks the list of all of our 27 fintech unicorns in India that still retain its status in 2025.
FAQs
What is a fintech unicorn?
A fintech unicorn is a privately held financial technology company valued at over USD $1 billion. These companies achieve unicorn status by securing significant investment, demonstrating rapid market adoption, and driving innovation in the financial services sector.
How many fintech unicorns are in India?
As of 2025, India has 27 fintech unicorns, including one decacorn valued at over USD $10 billion. The country ranks third globally in terms of fintech unicorns, following the United States and China.
What are the top fintech unicorns in India?
India’s leading fintech unicorns include PhonePe, Razorpay, Paytm, Slice, Groww, Policybazaar, Digit Insurance, Open, and CoinDCX, among others.
These companies operate across various fintech categories, including payments, lending, insuretech, wealthtech, and neobanking, and play a crucial role in transforming India’s digital finance landscape.
Why is Paytm Mall and Mobikwik not included in this list?
Paytm Mall and Mobikwik once valued as a unicorn, lost its USD $1 billion+ valuation. It can all be due to declining investor confidence, rising competition, and regulatory challenges. As a result, it no longer qualifies as a fintech unicorn in India.
Why is India a global fintech hub?
India has become a global fintech hub due to rapid digital adoption, strong government support, and increasing investor confidence. Initiatives like Startup India, Digital India, and UPI have provided the necessary infrastructure for fintech startups to thrive.
Additionally, fintech companies have benefited from a large smartphone user base, progressive regulatory policies, and financial inclusion efforts. In return, it has enabled millions of Indians to access digital financial services for the first time.
Featured image credit: Edited from Freepik
