Indian is the third largest startup ecosystem in the world. The revolution in the Indian financial market and initiative of the government towards Digital India.
The use of innovative technology, the verity of payment options, and a huge retail market will lead the Fintech startups in India.
Here are the hot 7 payment solutions and products in India most useful for retail customers and businesses.
Here are the top 7 hot Fintech Indian startups for payment wallets, UPI apps and providing innovative payment options to retailers and their customers.
A Bengaluru based Instamojo is an on-demand payments platform that enables entrepreneurs to build, manage, and grow their business online.
Instamojo was founded in 2012 by Aditya Sengupta, Akash Gehani, Harshad Sharma, and Sampad Swain.
Instamojo has raised a total of $8.4M in funding over 6 rounds, In the latest funding round startup raised ₹69.9M from Times Internet, a Times of India Group company.
The startup claims that it aids more than 10 lakh businesses in India.
Fintech startup BharatPe founded in 2018 by Ashneer Grover and Shashvat Nakrani.
BharatPe is a QR code-based payment app for offline retailers, and businesses.
It allows merchants to accept UPI payments for ‘FREE’ through the BharatPe QR. It is a single interface for all UPI apps such as PhonePe, PayTM, Google Pay, BHIM and 150+other UPI Apps.
Fintech startup BharatPe provides services to Indian SMEs includes B2B Invoices, easy loans up to 5 lakhs, SMS payment links.
The startup BharatPe claims that more than 30 lakhs Indian merchants use BharatPe as a digital payment option.
BharatPe has raised a total of $141.5M in funding over 4 rounds. Their latest funding was raised on Feb 24, 2020 Series C round, and raised $75M from 5 investors leads by Coatue Management and Ribbit Capital.
BharatPe is multilingual Digital payment option suitable for multidimensional Indian customers.
Fintech startup founded in 2009 by Bipin Singh, Upasana Taku.
MobiKwik has raised a total of $119.9M in funding over 10 rounds from investors, in the latest round startup raised $1.5M from Atma Securities and Angel investor Nicholas Jarroson.
Startup MobiKwik claims that it has a network of over 3 million direct merchants, 140+ billers and 107 million-plus users. It records over 1 million transactions/ day and the company has clocked a 4x growth in transactions on a YoY basis.
MobiKwik provides easy payment options to pay an online bill, Phone and DTH Recharge, ticket booking, get a loan, insurance premium payment, etc in a click.
MobiKwik is the most beneficiary of the Digital India movement.
Razorpay: Razorpay is a digital payment platform that enables businesses to accept, process and disburse payments.
Razorpay has raised a total of $124.7M of funding over 6 rounds. In the latest funding round on Oct 7, 2019, the startup raised $18M from investors.
Fintech startup Razorpay founded in 2014 by Harshil Mathur and Shashank Kumar. It empowers businesses with all the right tools to accept online payments and provide the best customer experience.
Startups Razorpay claims that more than 20 lakhs Indian businesses use its payment platform to run their business digitally.
Fintech Startups Razorpay access to all payment methods including credit card, debit card, net banking, UPI and popular wallets – includes JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money and PayZapp.
BillDesk, a property of IndiaIdeas.com Ltd was invented in early 2000 by Ajay Kaushal to solve the complex problems of payments.
The fintech startup Billdesk has raised a total of $241.4M funds over 4 funding rounds from investors. The latest funding round is on november, 2018, startups raised ₹6B funding from 5 investors lead by Viza.
Its innovative solutions are for simplifying payments and collections and translating to actual customers.
BillDesk is one of the most beneficiaries of the Digital India initiative and the advantage of the Internet.
Pine Labs is a merchant platform company that provides financing and last-mile retail transaction technologies, data analysis and experiences for their shoppers and customers. Pine Labs offer a full-stack merchant platform that is a unique blend of technology and financial solutions.
The fintech startup founded in 1998 by Rajul Gargand Tarun Upaday.
Pine Labs has raised a total of $310.8M over 6 funding rounds from investors. Their latest funding was raised on Jan 24, 2020, from a Corporate Round round from MasterCard.
The Company claims that its platform uses by over 1,00,000 merchants across sectors in 3700+ cities and towns in India and Malaysia.
Incorporated in Singapore, Pine Labs is backed by Sequoia Capital, PayPal, Temasek, Actis Capital, and Altimeter Capital.
Mswipe is a Mumbai based fintech startup founded in 2011 by Manish Patel.
Mswipe is an independent mobile POS merchant acquirer and network provider. Fintech startup Mswipe gives access to retailers to technology-based payment options like POS, Mobile POS, mPOS, Card Payment, Payment Solutions, mQR, QR code, Digital Payments, Card Swipping Machine, NFC Payment.
Mswipe Technologies Private Limited has raised a total of $97.5M in funding over 9 rounds. Their latest funding was raised on May 14, 2019, from a Venture – Series Unknown round from InnoVen Capital.
The company believes in serving the smallest of merchants in India, including rural retail stores.