Are These the Next To-be Unicorns in the Indian Fintech Space?
These five companies have all it takes to make a grand entry into the unicorn club
The boom of the start-up sector in India, bundled along with the government's push for Start-up India, Stand-up India, has led to the rise of many successful start-ups in the country. Hitting headlines far too often is the fintech sector in India, with the potential to become the highest funded sector. From pushing boundaries and disrupting the way we function to going global, fintech start-ups will soon see their names in the next unicorn list from India.
Entrepreneur India takes a look at the next possible unicorns in the Fintech sector in India
Well, no surprises here. Reports suggest that the digital wallet start-up is now in talks to raise $100-$150Mn in the next few months with a valuation of $1Bn thus making its grand entry into the unicorn club of India. These reports come in right after the news of Mobikwik closing its series C funding made headlines. With the fresh funding, the digital wallet company is looking at expanding its user base and bring in competition for its rival Paytm.
In an earlier interview with Entrepreneur India, Vineet Singh, Chief Business Officer, Mobikwik had said, "We are looking to grow our operations. We announced earlier this year that at MobiKwik, we re adding 1000 people this year and expanding our operations beyond NCR. We are also looking to invest 50 Crore in expanding our office in more cities. So far in 2017, we have opened offices in Mumbai Kolkata Bangalore Hyderabad and Pune and wish to expand our base to more cities as well."
A leading online insurance aggregator in the country, Policybazaar is another unicorn in making. Slated to make a revenue of 210cr by the end of the fiscal year 2017, reports suggest that the company also plans to go IPO by 2018. The company is also in talks to raise series E funding.
The saga of the bazaars continue. Bankbazaar, the online loan comparison platform too has made its mark in the Indian start-up ecosystem. Having raised a series C funding in July 2015. The start-up is looking at expanding its international divisions, having recently invested Rs 10 crore into its Singapore office, reports claim. It is also looking at investing Rs 5 crore in Malaysia to expand operations.
In the list of the most funded companies in fintech in India this year so far, Fino PayTech is credited to be creating a branchless banking network in India. They recently raised funding from ICICI Lombard and ICICI Prudential Life Insurance. Now, the company aims at going the Paytm way to launch the next payments bank. With the RBI approvals already on their side, its foray into the banking sector will be called Fino Payments Bank.
Financial Software Systems Pvt Ltd
Claiming to be a global leader in payments technology, Financial Software Systems Pvt Ltd looks at offering business advise and value in the payments and transaction sector. The company is also one of the 17 companies in India that Aziz Premji has invested in. They had earlier secured a funding of Rs 350 crores from Premji Invest. With a global presence in over seven countries, the company has over 2,000 employees.