Despite a clear funding slowdown across global markets, India’s fintech sector continues to command significant capital, ranking as the third-highest funded fintech ecosystem globally after the United States and the United Kingdom.
While the overall funding dropped from the 2021–2022 peaks, the sector remains resilient, with a handful of dominant players consistently attracting investor attention. These frontrunners reflect both the maturity and evolving priorities of India’s digital finance landscape.
Previously, I have shared on Indian fintech companies that have so far made the list into the unicorn hall of fame, as of 2025. In this article, however, I would like to discuss the top Indian fintech companies in 2025, that receive the most funding, based on cumulative capital raised.
They can either have reached unicorn status or not.
The data is aggregated from credible industry sources including Tracxn and Inc42, offering a snapshot of the most funded fintech companies in India and how they are shaping the country’s digital financial future.
Last Updated: 14 April 2025
A List of All the 10 Most Funded Fintech Companies in India
Paytm – USD $3.48 Billion
One of India’s original fintech pioneers, Paytm has been a household name since the early days of mobile wallets and QR-code-based payments.
Headquartered in Noida under parent company One97 Communications, it has steadily expanded into a full-stack financial services ecosystem—encompassing payments banking, digital lending, insurance, and wealth management.
Paytm’s funding story is nothing short of massive. Backed by global heavyweights like SoftBank, Ant Group, and Berkshire Hathaway, the company raised over USD $3.48 billion prior to its IPO. While its public market journey has been turbulent, few doubt its strategic positioning or enduring relevance.
In many ways, Paytm remains one of the most funded fintech startups in India, straddling both consumer and merchant markets.
PhonePe – USD $2.29 Billion
Founded in 2015 and headquartered in Bengaluru, PhonePe has emerged as the dominant force in India’s UPI ecosystem. Its rise has been both rapid and expansive—transforming from a mobile payment app into a full-fledged super app offering services like mutual fund investments, bill payments, gold purchases, and insurance.
With Walmart as its largest shareholder and major investments from Ribbit Capital and General Atlantic, PhonePe’s funding rounds have consistently ranked among the largest in the Indian fintech scene.
A standout USD $658 million Series D in 2023 signalled continued investor confidence. Although exact cumulative funding figures are undisclosed, industry estimates place PhonePe firmly in the multi-billion-dollar club, ahead of nearly every competitor. They currently have around USD $2.29 billion of funding raised.
Its aggressive expansion into wealth, credit, and commerce signals a vision that goes far beyond payments and secures its place on any Indian fintech unicorn list.
Pine Labs – USD $1.32 Billion
Pine Labs has long been a quiet workhorse in India’s fintech scene. Founded in 1998 and based in Noida, the company focuses on merchant commerce—providing POS terminals, Buy Now Pay Later (BNPL) services, and digital credit tools tailored for retailers across India and Southeast Asia.
Backed by Mastercard, Temasek, and Peak XV Partners, Pine Labs has raised roughly USD $1.32 billion in over 14 rounds, including a notable USD $600 million in private equity funding. It has leveraged this capital to deepen its product suite and expand internationally, launching in markets like Malaysia and the UAE.
Unlike some flashier names, Pine Labs has quietly built essential infrastructure powering offline-to-online commerce across the region.
DMI Finance – USD $1.13 Billion
Based in New Delhi and operating since 2008, DMI Finance is not your typical consumer-facing fintech brand. It’s one of the most heavily funded. The company plays across a wide spectrum of financial services, including MSME lending, consumer credit, and housing finance.
Its embedded finance model has allowed DMI to scale rapidly without needing to build direct-to-consumer distribution from scratch. Their products mainly integrate with platforms like Samsung, Google Pay, and Airtel.
The firm raised USD $334 million in 2024 from investors including MUFG and Sumitomo Mitsui, pushing its total funding above USD $1.13 billion.
DMI Finance is the third on this list and the last one that reached a total of at least USD $1 billion in total funding.
CRED – USD $867 Million
CRED burst onto the scene in 2018 with a bold mission—to reward India’s most creditworthy consumers.
Headquartered in Bengaluru, the company began as a bill-payment platform for credit card holders. However, it has since evolved into a multi-faceted fintech ecosystem encompassing lending, commerce, and lifestyle services.
The company’s curated approach to user acquisition—targeting high-credit-score individuals—has helped it build a loyal, affluent customer base. CRED has raised an estimated USD $867 million from investors including Peak XV Partners, Ribbit Capital, and GIC.
While questions around its monetisation persist, its brand cachet and user engagement levels remain exceptionally high.
Razorpay – USD $741 Million
Razorpay has been a foundational force behind India’s digital business infrastructure. Established in 2014 and based in Bengaluru, the company offers a full-stack payments platform and business banking services through RazorpayX.
With over 10 million merchants in its network, Razorpay has raised around USD $741 million. Most of it is anchored by a USD $375 million Series F round led by GIC and Tiger Global. The firm recently moved into FX and launched tools for direct-to-consumer brands, expanding its relevance beyond pure payments.
If India’s startups run on digital rails, I would say that Razorpay has laid down a significant portion of the track.
BharatPe – USD $604 Million
Launched in 2018, BharatPe focuses on India’s unorganised merchant segment. If you don’t really know what they are, think of neighbourhood Kirana stores, street vendors, and small shopkeepers. Headquartered in Gurugram, the company provides UPI QR solutions, card acceptance, and merchant credit.
BharatPe has raised USD $604 million in equity funding from top-tier VCs including Ribbit Capital and Tiger Global. With over 10 million merchants onboarded and a growing POS terminal network, BharatPe remains a central player in offline digitisation.
Chargebee – USD $475 Million
Chargebee is a subscription revenue management platform that automates billing and revenue operations for high-growth SaaS businesses. The company enables enterprises to manage subscriptions, flexible pricing models, invoicing, tax compliance, and revenue analytics—all through a seamless, no-code cloud-based solution.
The company is headquartered in Bethesda, United States, but maintains deep operational and investor roots in India. It joined the Indian fintech unicorns list in 2021 following a USD $125 million Series G round that marked its entry into the billion-dollar club.
Chargebee has raised a total of USD $475 million across 11 rounds. The most recent funding came in the form of a USD $5 million extension round in March 2024.
Digit Insurance – USD $467 Million
Bengaluru-based Go Digit General Insurance is a full-stack digital insurer that has managed to win both market share and regulatory approval. Launched in 2016, Digit offers over 50 product lines. Their insurance covers health all the way to travel.
Having raised about USD $467 million from investors such as Fairfax Financial and Peak XV Partners, Digit went public recently. The company is now preparing to enter the life insurance market through a new subsidiary.
Its growth in market share (from 1.2% to over 2% in recent years) highlights a growing appetite for tech-driven insurance in India.
Acko Insurance – USD $458 Million
Acko Insurance is a fully digital insurer that has swiftly gained prominence by offering tailored auto, health, and employee coverage through a tech-first approach. Launched in 2016, Acko has set itself apart by embedding insurance into popular consumer platforms.
It partners with companies like Zomato and Swiggy to insure gig workers and has recently expanded into flexible-term life products and chronic care management.
Acko entered the Indian fintech unicorns list in 2021. The company raised a total of USD $458 million across seven rounds, most recently in June 2023. It is the tenth most funded fintech company in India for 2025.
Beyond the Capital
Together, these ten companies offer more than just big funding figures. They represent the evolving architecture of India’s financial ecosystem—from consumer credit to merchant payments, digital insurance to SME financing. While funding has clearly shifted toward later-stage companies with proven models, the appetite for innovation remains intact.
More importantly, the investment patterns reflect a transition in the sector. With IPOs cooling and M&A picking up steam, the focus has shifted from blitz-scaling to consolidation and strategic exits.
As India’s fintech sector enters this next phase of maturity, the most well-funded players will be the ones laying the groundwork. It is not just for their growth but for the sector as a whole.
Backed by global capital and steeped in local relevance, these companies are not merely startups anymore. They are becoming the infrastructure of India’s financial future.
Featured image credit: Edited from Freepik.
