- India’s fintech startups within the first six months of 2020 have raised nearly $1.7 billion, double from final 12 months’s $726.6 million, based on a KPMG report.
- Curiously, India’s fintech startups noticed the doubling funding even at a time when the worldwide fintech funding noticed a slowdown.
- India noticed a complete of 70 offers in H12020.
India, which is poised to be the subsequent massive alternative within the web financial system, has seen the likes of Fb, Google commit massive cash in the course of the pandemic. Reaping the advantages of the digital transformation can also be the nation’s fintech startups, who’re accelerating the expansion of funds and monetary providers.
Traders haven’t missed out on this opportunity of digitising and gaining prospects in probably the most populated international locations on the planet. India’s fintech startups within the first six months of 2020 have raised nearly $1.7 billion, double from final 12 months’s $726.6 million throughout the identical interval, based on a report by KPMG. The full variety of offers within the first half of the 12 months stood at 70.
The quick rising Indian fintech scene has additionally seen international gamers make India their focus with the likes of Amazon investing in digital pockets, insurance coverage and most lately, gold funding.
“COVID-19 has in fact fast tracked the digital economy and significant investments are being made by established banks and insurance companies, which can also lead to acquisition and more investments from investors,” Sanjay Doshi, Associate and Head, Monetary Companies, KPMG in India stated in a press release.
Curiously, India’s fintech startup ecosystem has doubled its fundraise at a time when the worldwide fintech funding noticed a slowdown with mergers and acquisitions placed on maintain. In response to KPMG, international fintech funding stood at $25.6 billion by June 2020. However the quantity for the 12 months could possibly be watching a three-year low.
A few of the massive investments that contributed to India’s doubling development have been
|Navi Applied sciences||$398 million|
|Pine Labs||$300 million|
|PaySense||$185 million (acquisition)|
India is at present house to over 2,174 fintech startups.
These are the 20 Indian startups within the CB Insights checklist of 250 world’s most promising fintech firms