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The Indian fintech landscape has emerged as the world’s third-largest fintech market, trailing only the United States and China, with 26 unicorns and 120 potential soonicorns (soon to become unicorn), boasting a combined market value of over $120 billion. The nation is standing on the cusp of the next wave of fintech growth, with 1,400 companies raising more than $31 billion and most of them are moving forward toward going public, according to a report by JM Financial.
As many as 20 fintechs launched their IPOs in the past 2 decades, with their market cap growing from $2 billion in 2010 to $46 billion by 2023, as per the report titled "India's Fintech Journey: From Evolution to Mega Public Listings".
The pipeline remained robust, with more than 50 fintech companies, including PhonePe, Pine Labs, Razorpay, PayU, bankBazaar, are “most likely” to launch their IPOs over the next 3-5 years.
July 2025
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The report highlights that new age companies such as Paytm, Policy bazaar, Zaggle, Fino, Tracxn and Veefin cumulatively raised $3 billion via IPO, around 70% of the total money raised by listed fintech entities, displaying growing acceptance from public market funds to invest in disruptive fintech businesses in India.
“Listed Fintech market cap has grown by 100% over the last 1 year owing to new listings, significant liquidity in capital markets & stellar financial performance of the following companies: Aurionpro (577%), Angel One (168%), CDSL (94%), BSE (308%), Newgen (289%), Intellect (148%), 5Paisa (111%), NPST (108%) and Ugro Capital (130%),” the report notes.
“The performance of the 25+ companies that have gone public over the past 15 years is a testament to the strength and resilience of India’s fintech ecosystem and its capacity for sustained growth,” it adds.
As per the report, the future of India’s fintech sector is even more promising, particularly with the widespread adoption of Artificial Intelligence (AI) across the industry. "As banks increasingly collaborate with Fintechs, and as Fintechs secure necessary licenses, the industry is becoming more robust in terms of compliance. Key areas such as payments, lending, insurance, wealth, neo banks, and financial infrastructure are all poised to benefit from the ongoing digitisation of the country and the financialisation of spending, investing, and saving.”
“We anticipate that India will have 150 fintech unicorns with a combined market cap of $0.5 trillion over the next seven years, establishing itself as a global leader in financial innovation,” read the report.
(DISCLAIMER: The views and opinions expressed by investment experts on fortuneindia.com are either their own or of their organisations, but not necessarily that of fortuneindia.com and its editorial team. Readers are advised to consult certified experts before taking investment decisions.)
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