Indian economy benefit to finTech startups-Top 10 Funded in July 2019

10 Indian Fintech startups funded in july 2019 logo.
10 Indian Fintech startups

India is now a rising hub for StartUps activities. The socio-economic status of Indian society was increased after 1990 due to the free market and globalization. The country’s infrastructure was improved, and a big middle and lower middle- class- consumer comes out with the hope of a better life.

Financial services in India were narrowed only up to public banking for many years, but now NBFCs, private banks, many other third parties Fintech Startups grow up with new technology and ideas to provide services to clients as well as to the consumer, and addressing basic problems of Indian society.

Advanced search, Voice Search, Recommendations, low-cost brokerage, P2P lending, and many other Ai supported platforms for financial providers are some of the market segments taken up by the Fintech StartUps.

All these create a reconstruction in many sectors including, Housing loan, Personal loan, Insurance sector, Credit card market, etc.

Four changes in Indian economy benefit to finTech startups

The initiatives are taken by the Government of India also lead the Fintech StartUps activities in India.

  1. Demonetization: This gives support to the Digital India initiative. The use of internet banking improved, and this created a business opportunity for third-party apps and Services.
  2. Pradhan Mantri Jan Dhan Yojana (PMJDY): The initiative is a big revolution in the Indian banking system, and it connects the lower and lower-middle-class population with the banking system. By June 2018, over 318 million new bank accounts were opened and over US$12 billion of amounts were deposited under the scheme in these new accounts.
  3. Health for all schemes: Reforms in social welfare schemes, the government’s support and overall awareness in public about the need for insurance providing support to the financial sector. Fintech startups to support the insurance companies as well as customers to find the best option search, recommendations, and Comparison.
  4. GST Implementation: Implementation of GST gives one more market segment to Fintech startups to provide a solution to create invoices, Returns, GST payment, and many other activities related to the sector.

Top 10 Fintech startups in news and funded in July 2019.

Funding figures of Fintech startups funded in july 2019
Fintech startups funded in july 2019

1. ZetaBengaluru based, Zeta is a B2B solution provider fintech startup founded in 2015 by Bhavin Turakhia-CEO and Ramki Gaddipati-CTO. Zeta redesigned the corporate interface of Payroll Allowances and Claims management, Gifting and Rewards, and Recognition platform. Payroll allowances and claims such as tax-exempted benefits – meal vouchers, fuel cards and more can now be created and managed digitally.

The company claims that over 14,000 businesses use Zeta services and platforms. It makes corporate payments and employee gifting quicker and more efficient.

Zeta has raised a total of $60M in Series C round of funding on Jul 23, 2019. The company has $2M in estimated revenue annually. Zeta competes with MobiKwik, Paytm, and FreeCharge.

2. PayMate: Mumbai bases Fintech startup founded in 2006, by Ajay Adiseshann and Probir Roy. PayMate is a leader in B2B payments for Enterprise and SME across supply chains. PayMate could help to save on old, time-consuming methods and processes with Payment Automation.

Platform features include Procure to Pay automation, credit evaluation, discount marketplace along with APIs for integration into existing accounts/ERP for minimal friction-based deployment. It is cloud-based and accessible across all form factors.

PayMate has raised a total of $40.5 million funding in 4 rounds from 7 investors, including the latest investors Mayfair 101 and Brand Capital.

3. Propelld: Propelld is a student education financing platform founded by ex-I bankers and consultants Victor Senapaty, Bibhu Prasad Das and Brijesh Samantaray of IIT Madras in 2016. Propelld provides loans on the basis of student’s performance with loans up to 80% of course fees.

Propelld has raised a total of $2.5M over 3 rounds from 8 investors including, Raghunandan G and India Quotient are a most recent investor in the startup.

4. Paymart India: Chandigarh based Paymart India is a Merchants-enabled cash withdrawal platform founded in 2015 by Amit Narang. Startups Focus on Merchant Enrolment for adopting Digital Payment Systems for sale of goods and services, thereby promoting a cashless society. myPaymart claims that the company has more than 35000 merchants on board.

Paymart India has raised an undisclosed amount of funding in a Seed round on Jul 24, 2019, from Chandigarh Angels Network.

Payment Products: Money Changing, Domestic Money Transfer, International Money Transfer, Travel.

5. NiYO Solutions: NiYO is a Fintech startup founded in 2015 that offers digital banking solutions. NiYO Bhart Salary account helps salaried employee’s access to company benefits and other financial services.

NiYO Solutions founded by a banking expert Vinay Bagri-CEO, and Virender Bisht-CTO is a product development expert. NiYO Solutions has raised a total of $49.2M in 3 rounds from 5 investors including, Horizons Ventures, JSCapital, Tencent Holdings, Social Capital, and Prime Venture Partners- a seed round investor.

6. Kissht Kissht allows the business to offer Instant and Easy EMI payment options to their customers. Kissht will check eligibility, and provide EMI on purchase. The minimum monthly income should be more than Rs12, 000 to get credit. Kissht App has collaboration with more than 50 online merchants and 3000 offline stores. Its plug and play gateway APIs can be easily integrated into any merchant checkout page for providing access to these loans to consumers.

Word Kissht is traditionally used by Indians means Instalment. Kissht has raised a total of $49.2 million in 6 rounds from 7 investors including, Endiya Partners, Fosun Group, VenturEast, Sistema Asia Fund, BAC Acquisitions (BACQ) and Vertex Ventures.

7. Indifi Technologies : A Gurgaon, Haryana, based B2B Fintech StartUps founded in 2015 by Alok Mittal, Siddharth Mahanot and Sundeep Sahi.Indifi provides an innovative online lending platform that facilitates tailor-made small business loans without security to cater to the financial requirements of small businesses(SMEs).Over 10,000 customers trust Indifi for quick and hassle-free business loans customized to their requirements, with minimal documentation and eligibility criteria.

Indifi Technologies has raised a total of $31.3M in 3 rounds from 12 investors including, the CDC Group and Omidyar Network have led the funding rounds.

Indifi provides Unsecured Terms loans up to 50 lakhs with a 2% processing charge and 1.5% monthly interest rate for up to 3 years’ tenure.  The company will tailor loans for Travel, Hotel, e-Commerce, Restaurant, Trading, and Retail businesses.

8. KredX Early: Bangalore based Fintech Startups Corporate Treasury Management through the Power of Dynamic Discounting. KredX is founded by Manish Kumar in 2017, who won the ‘Entrepreneur of The Year’ in Business Services – Money Services at the 7th Annual Entrepreneur India Awards 2017. KredX Early offers a unique cloud-based technology solution for corporate to deploy their surplus treasury funds for early payments to their own suppliers at a discount, thereby helping corporate make risk-free high returns.

KredX was featured among the top 100 leading global Fintech innovators in the KPMG-H2 Ventures 2017 Fintech100 list. KredX handled more than 2,00,000 Invoices Discounted, 2,000+ Active Suppliers, and 60+ Enterprises on their Platform.

9. Coverfox Insurance: A Mumbai-based fintech startup Coverfox Insurance Broking incorporated in 2012. It provides insurance brokerage services. This means the company is paid by a commission for each insurance policy they sell, by the insurance companies. It offers cars, bikes, health, travel, and home insurance products. Coverfox Insurance raised a total of $47.3 million in 4 rounds from 11 investors, including Transamerica Ventures, Accel India, N.R.Narayana Murthy, Aegon, Catamaran Ventures and from 6 others.

10. Capital Float Capital Float is an online platform that provides working capital finance to SMEs in India. Borrowers can apply online in minutes, select desired repayment terms and receive funds in their bank accounts in 7 days with minimal hassle.

Capital Float has raised a total of $128.6M in 9 rounds from 11 investors. Amazon, Triodos Investment Management, Ribbit Capital, Northern Arc, Creation Investments Capital Management, SAIF Partners, and Sequoia Capital India have led investors of funding rounds. Capital Float provides unsecured loans to SMEs up to Rs.1 Crore and Loan amount disbursed within 72 hours. Capital Float is the trade name of CapFloat Financial Services Private Limited (Formerly known as Zen Lefin Private Limited), a non-banking finance company (NBFC) registered with the RBI.

Prakash Ramchand Belani and Gayathri Satish are the most recent investors. Capital Float has acquired Walnut on Aug 21, 2018. They acquired Walnut for $30M.

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