Fintech Emerges as the Fastest Growing Sector in India By Rajan Sarma

Fintech Emerges as the Fastest Growing Sector in India

Rajan Sarma | Friday, 12 March 2021, 13:49 IST

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In recent times, Fintech companies in India have grown a staggering 13 times to 70 timesin a matter of just two years. This is according to a latest Deloitte report. The aggregated revenue of the top 10 FinTech companies in India hasgrown up from about INR 21 crore to just under INR 400 crore between the 2018 to 2020 period, the Deloitte report further added. For instance, Bengaluru-based gold loan startup, Rupeek, and digital credit solution startup, Zestmoney, emerged as the fastest growing technology companies in India, on the basis of percentage revenue growth over the past three financial years, according to the report from Deloitte.

While announcing the 50 fastest growing technology companies, of its ‘Technology Fast 50’ India 2020 report, Deloitte India further said that fintech emerged as the dominant sector in this year’s rankings with four of the top six fastest growing companies being from this domain alone.

Apart from the top 10, companies ranked from 11 to 20 have also grown by approximately four times in terms of their revenue in the past two years, with an aggregate revenue of more than INR 1,500 crore. Further, according to Deloitte India, the year 2021 has also seen a diverse sectoral representation with several companies across data analytics, digital transformation, digital marketing, and other emerging sectors which are likely to see continued growth in the near future.

The city of Bengaluru continues to be the key hub for the startup ecosystem, being the most-represented city in the Deloitte India’s rankings. Around 18 of the total 50 fastest growing startups were from Bengaluru itself. On the other hand, Close to 12 companies from the list were based in the Delhi NCR region.

Despite the pandemic-affecting venture capital funding in the first half of the previous year, the fintech sector still managed to attract close to around $2.7 billion in equity funding. This is according to a recent report published by management consultancy KPMG. It is the second-highest such fund infusion into the FinTech sector since 2019 when it had peaked at $3.5 billion.

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