Indian FinTech Coming of Age

Research evidence excerpt

Indian FinTech Coming of Age

Insights with Experts

July 14, 2026

India | Financials

EXPERT STUDIESIndian FinTech Coming of Age

India's Fintechs across Payments, WealthTech, LendTech, InsurTech, Neo- GUEST SPEAKER

Banks & SaaS generated Rs1tn in revenues & valued >$100bn. We profile Aparajit Bhandarkar

56 Fintechs. Sector delivered strong growth over past 5 years & FY25 was Partner, Varanium Capital

first year of profits. Payments lead revenue-pie & WealthTechs drive profit- Aman Jain

pool. Near-term profit may be impacted by regulation, but over FY25-30e, Vice President, Varanium Capital

we see 18% Cagr in revenues & op leverage-led profits. Now valuations are

also more realistic. HOSTED BY

Prakhar Sharma

Monetisation to gain traction as growth is normalising. After witnessing significant growth Equity Analyst, Jefferies India

over past five years, we believe Indian digital platforms should see normalisation in the growth

rate. Over FY20-25, online payments rose at 48% Cagr, P2M part rose at 36%, digital insurance

at 28%, digital lending at 18% and digital trading platforms grew at 64%. Going forward over Exhibit 5 - Summary of companies profiled

FY25-30, we expect growth normalizes to healthy levels of 15-27%, with InsurTech & Payments Segments profiledCompanies(#) Revenue(Rsbn) Adj(Rsbn)Ebitda (Rsbn)PAT Valuation(Rsbn)

leading. This should drive efforts among fintechs to monetise their customers, and those who PaymentsLending Tech 1914 347158 52(7) (21)12 2,388902

can't may be forced to consolidate or merge. NeoInsurtechBanks 34 782 (5)2 (5)1 159961

Wealthtech 8 226 104 74 2,858

Profit pools are emerging. Good news is that leaders are successful at transitioning from . SaaSTotal&companiesOthers 568 84029 146(0) 55(5) 7,763496