Apna time ayega – Indian Sooonicorns in the wings!
Nov 30, 2022 · 2 mins read
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[Part 1]
The startup ecosystem in the country is the premise on which the future of lasting businesses and the growth of the country will be based upon.
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Indian startups have demonstrated the resilience and vision to create a universe that has holds tremendous market potential with big disruptive businesses.
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Accelerated adoption of technology is transforming Indian Banking & Finance sector with digital solutions helping increase efficiency of financial institutions. The result is quite visible and the stage is set for some big-ticket releases in the coming times!
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There are 103 Soonicorns in India with Fintech way ahead in the race (at 33%) to produce the highest number of future unicorns in India, according to Inc42’s “The State of Indian Startup Ecosystem Report, 2022.”
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The other big share in the pie is being held by the Ecommerce segment at 15.5% that is gearing up to challenge the fintech soonicorn ecosystem in the future.
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Here’s the list of some of the biggest funded Fintech soonicorns that are the shining starts of the glittering startup ecosystem:
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1/ Drip Capital
Founding year: 2015
Total Funding: $375 M
2/ InCred
Founding year: 2016
Total Funding: $254 M
3/ Axio
Founding year: 2013
Total Funding: $201 M
4/ IND Money
Founding year: 2018
Total Funding: $143 M
5/ Finova Capital
Founding year: 2015
Total Funding: $141 M
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6/ Clear
Founding year: 2011
Total Funding: $140 Mn
7/ Bankbazar.com
Founding year: 2008
Total Funding: $115 Mn
8/ Fi
Founding year: 2019
Total Funding: $75 Mn
9/ Cashfree Payments
Founding year: 2015
Total Funding: $41 Mn
10/ Fino
Founding year: 2006
Total Funding: $37 Mn
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According to the Boston Consulting Group and FICCI, the market opportunity for fintech will be $1.3 Tn by 2025 with lendingtech and insurtech poised to have the largest share at a combined 73%.
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PM Modi has announced 75 digital banking units (DBU) across 75 districts of the country to guarantee that banking services reach the last mile, opening new vistas of opportunities for fintech startups to capitalise on.
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