Top FinTech Startups in India

Top FinTech Startups in India

According to MEDICI India FinTech Report 2020 2nd Edition, India had the second-highest number of new FinTech startups in the last few years, right behind USA. The market in India was valued at Rs 1,920 Billion in 2019 and is projected to reach Rs 6,207 Billion by 2025. 

Out of a total of 21 unicorns in India, around one-third are FinTech companies, Paytm being the highest valued unicorn, at $16 billion. With around 33 deals valued at $647.5 million, India has the highest investment in the FinTech segment compared to China’s $284.9 million during the quarter ended June 30, 2020, according to a research report released by RBSA Advisors. 

In this blog, we explore a few start-ups from the Indian FinTech market developing innovative and disruptive tools to create financial inclusion and make finance management an easier task. 


GyanDhan was founded in 2015 by Ankit Mehra and Jainesh Sinha. The Edu-FinTech was born when Ankit Misha saw that there is a huge hurdle for students to get loans to study abroad. 

Ankit reveals – “Public and private banks lend just Rs 20 lakh when you need about a crore to cover the entire course. Some NBFCs give bigger loans with collaterals, but even that isn’t enough,” 

GyanDhan is an education loans marketplace that curates a variety of lenders — from banks and NBFCs to even individuals — to fund the students through loans or scholarships. 

They offer students collateral-free ‘study abroad loans’. GyanDhan helps students make the right choices while picking a lender who will offer them the lowest rate of interest with maximum chances of approval. 

Their services include: 

  • Admissions counselling 
  • Educational Loans
  • Scholarships
  • Visa Counselling
  • Currency Exchange
  • Travel/Forex Card
  • Accommodation 
  • Networking with Peers
  • Matrix sim card (free international sim card)
  • GIC Account For International Students in Canada

The platform assesses students’ loan eligibility by using a proprietary risk scoring model known as the GyanDhan Score. It analyses the financial and academic data of students and predicts their future employability to assign them a credit score.

The platform takes a cut of the loan amount that banks lend to students on top of the referral fees lenders pay GyanDhan.


Rupifi is a Bengaluru based finance platform that caters to small and medium-sized enterprises (MSMEs). 

The company was founded in 2020 by Anubhav Jain, Ankit Singh and Jawaid Iqbal. 

Rupifi operates as a software-as-a-service (SaaS) firm focusing on financial products for small and medium enterprises in India and Southeast Asia. It offers MSMEs access to multiple lenders in a standardised way on digital business-to-business platforms and marketplaces

The company underwrites the loans offered to MSMEs and provides them with flexible payment options where interest is calculated only on the number of days they use the credit.

Rupifi generates revenue by earning a commission from every deal done through its platform. 


Indifi was founded in 2015 by Alok Mittal and Siddharth Mahanot. Indifi helps formal and informal businesses to access growth finance that otherwise may not receive it. 

The company offers loans to small and medium-sized businesses and also operates an online lending marketplace and also serves as a marketplace for banks and non-banking financial companies to participate in funding loans to small and medium-sized enterprises. 

The technology platform gathers and analyzes the data of businesses from various sources and draws insights to judge their creditworthiness, their past and current performance in the context of the industry they are operating in. 

This helps businesses that are low risk and high on promise with access to short or long term business funding. 


Chqbook was founded in 2017, its founders Mohit Goel, Rajat Kumar, Sachin Arora and Vipul Sharma have built India’s first neobank for Small Business Owners (across SMEs, HoReCa and Kiranas) and their employees.

The fintech startup launched a free online bookkeeping feature called ‘Chqbook Khata’ which helps small business owners manage supplies and orders with ease, all in one place. T

Chqbook uses alternate data and works with credit bureaus, partners and financial institutions to provide financial services to business owners. 


Khatabook founded in 2018 by Ashish Sonone, Dhanesh Kumar, Jaideep Poonia, Ravish Naresh, Vaibhav Kalpe is a SaaS company that enables micro small and medium businesses to increase efficiency and reduce costs through safe and secure business and financial solutions. 

The platform helps businesses manage accounts and also offers reminders through WhatsApp and SMS for collecting money and making due payments. The app includes services like report generation, automatic data back-up, 0% fee on Khatabook QR and 24*7 customer support with over 13 vernacular languages. 


OkCredit founded in 2017 by Aditya Prasad, Gaurav Kumar and Harsh Pokharna. It is a mobile-based solution that enables the recording of credit/payment transactions digitally all across the country.

The manual process of record-keeping not just requires effort, but also has a high margin of error, OkCredit solves this problem by simplifying credit account management for shop owners and their customers. The app allows the end-customer to view his/ her outstanding balance with a particular merchant via a web page link which provides a monthly breakdown of credit purchases

If you are looking to jump on the bandwagon of building the next successful FinTech tool or service, you need an expert team to build your app or software while you focus on developing your core product and business. 
Reach out to our expert team at Getafix.

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