Volume 1 Issue 04

FINANCIAL
SERVICES
OVERVIEW
Private Equity - Venture Capital (PE-VC)
investors have invested $8 Billion in
Indian BFSI (Banking, Financial Services,
and Insurance) companies in FY 2023.
Fintech companies grabbed about 49% of
the value pie.

7 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Overview — Historical Funding

BFSI
BFSI Funding BFSI Investments

• Financial services related companies (including Amount ($ Mn)

in fintech startups) attracted $8 Billion PE-VC
No. of Deals
investments during FY23. The investment figure was
down 37% from the peak of $12.7 Billion registered in 316
FY22.

• Overall PE-VC investments in India - across all

sectors excluding Real Estate - fell by almost 52% 217 205
207
during FY23 to $35 Billion (from the $72.6 Billion raised 181
in the peak year of FY22).

• Despite the fall in PE-VC investments - triggered

by rising interest rates and other macroeconomic
and global uncertainties - the Indian financial
7,362 6,014 4,524 12,698 7,972
services and fintech sectors continue to present
investors with attractive opportunities. FY19 FY20 FY21 FY22 FY23*

• Global Venture Capital firm Bessemer Venture

Partners (BVP), for instance, has gone as far as to say
that “investing in fintech infrastructure at this 0.7%
moment is a once-in-a-lifetime opportunity”. NBFC

Banking
• In a new report titled “Fintech for all in India”, the 22.0%
firm says “Financial services is the largest sector with Lending
over 24% of the country’s market capitalisation. We
Payments
estimate that by 2030, domestic credit will double and BFSI funding
by sector
become a $5.5 Trillion market; mutual fund assets Amount ($ Mn) Savings/Investment
under management (AUM) will grow 5x from $400
19.2% Insurance
Billion to $2 Trillion; and insurance will grow from $100 FY23*
Billion to $500 Billion. Even then, the industry will have Other Financial Services
just scratched the surface with each of these
sectors.” 18.3% Cryptocurrency

Accounting, Risk &

Compliance

FY23* — Data as of March 20, 2023

8 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Overview — Historical Funding

FINTECH
Fintech Funding Fintech Investments

• Between FY 2019 and FY 2023, PE-VC investors have

invested almost $21 Billion in Indian fintech
companies. Amount ($ Mn) No. of Deals
277
12,000 300

• Payment and lending tech companies raised the most

amount of funding during the period spanning April
10,000 250

2018 to March 2023, with $7.3 Billion (127 deals) and

$6.2 Billion (292 deals) respectively.
8,0 00 200

173
151 144
135
• The fintech sector witnessed 173 PE-VC investments
6,00 0 150

worth $3.9 Billion in the Financial Year 2023.

4,0 00 100

• This financial year has seen about 10 deals in $100

million+ deal size segment. The list was dominated
2,000 50

by lending tech with 4 deals and payment-related 2,296 3,116 2,123 9,578 3,888
companies with 3 deals.
- 0

FY19 FY20 FY21 FY22 FY23*

• Recovery from slowdown of investments due to

funding winter was seen in most of the sectors.

Lending Tech

Payments

Insurtech
Fintech funding
by sector 43.1% Neo Banks
11.3% Amount ($ Mn)
Crypto & Web3
FY23*
Fintech SaaS

Others
25.6%
Savings Tech

FY23* — Data as of March 20, 2023

9 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

INVESTMENTS -
FINANCIAL
SERVICES

10 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

INVESTMENTS -
BFSI
Banking and Lending segments
witnessed growth in value terms
compared to the immediate previous
year. After the mega fundraise of $1.1
Billion by YES Bank, the second largest
investment was $593 Million buyout of
IDFC Asset Management Company by
GIC, ChrysCapital and Others.

11 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Investments — BFSI

TOP 10 INVESTMENTS
Amount Amount
Company Sector Investors Date
($M) (Cr)
YES Bank Banking Advent International, Carlyle 1,100 8,900 Jul-22

IDFC Asset Savings/Investment GIC, ChrysCapital, Others 593 4,500 Apr-22

Management Company

Poonawalla Housing NBFC TPG Capital 473 3,900 Dec-22

Finance

PhonePe Payments General Atlantic, Ribbit 450 3,732 Jan-23

Capital, TVS Capital, Tiger
Global

Vistaar Finance NBFC Warburg Pincus 300 2,430 Oct-22

IIFL Home Finance NBFC ADIA 282 2,200 Jun-22

Stashfin Lending Altara Ventures, Uncorrelated 270 2,111 Jun-22

Ventures, Abstract Ventures,
Snow Leopard Technology
Ventures, Others

Shriram General Insurance KKR 236 1,800 Apr-22

Insurance

InsuranceDekho Insurance Avataar Venture Partners, 150 1,243 Jan-23

InvestCorp Group, LeapFrog,
TVS Capital, Goldman Sachs,
Others

CRED Payments Sofina, Alpha Wave Global, 140 1,094 Jun-22

Dragoneer Investment Group,
Tiger Global, GIC

12 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Investments — BFSI

Amount ($ Mn)
TOP SECTORS No. of Deals
2,500 80

Sub Sector - NBFC: 68 70

2,000

• NBFC (Auto Finance, School Financing, SME & MSME 60

loans, EV financing, Personal loans) 1,500

50
• Housing Finance Companies
50

• Microfinance Institutions 38 40

1,000

27 25
The largest investment of $472 Million was raised by
30

Poonawalla Housing Finance, followed by $300 Million

500

20

by SME loans-focussed Vistaar Finance. 2,028 2,304 1,560 2,299 1,751

- 10

FY19 FY20 FY21 FY22 FY23*

Amount ($ Mn)
No. of Deals
18
1,800 20

Sub Sector - Banking: 1,600

18

16

• Banks
1,400

13 13
• Small Finance Banks 12
14

1,200

• Neo Banks 11 12

1,000

10

The latest year saw more than 100% growth in banking-

800

related companies investment value compared to the 600

last year. Mainly gaining supported from $1.1 Billion 400

investment in Mumbai-based YES Bank, from private

4

equity funds Carlyle Group and Advent International.

200

288 189 354 621 1,533

2

- 0

FY19 FY20 FY21 FY22 FY23*

Amount ($ Mn)
Sub Sector - Lending: No. of Deals
1,600 80

• Loans Marketplace (Personal, Education, MSME, 70

Electric Vehicle, Agri & Gold Loans)
1,400 70

• Lending Software 1,200 60

1,000

42 44 50

Investor interest was noticed in the consumer loans 40

segment (Personal, Edcation & Gold Loans) in the latest
800

35 40

financial year. Consumer-focussed businesses have 600 30

raised over $1 Billion in FY23. 400 20

The largest investment of $270 million in the sector was 200 10

268 490 399 1,342 1,459

raised by digital lending platform StashFin. - 0

FY19 FY20 FY21 FY22 FY23*

FY23* — Data as of March 20, 2023

13 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Amount ($ Mn)
3,50 0
No. of Deals 45

38
42

3,200

2,900
39

36
Sub Sector - Payments:
2,600

33

27 • Payment Gateway, PaaS, Billing Solution, Agent-based

26
2,300 30

27

payment solutions and Credit Card Rewards

22
2,000

24

1,700

17
21

1,400

18
Digital payments startup PhonePe raised the largest
1,100 15

investment of $450 million (part of $1 Billion fundraise

800
12

plan) in two tranches from General Atlantic, Ribbit

Capital, TVS Capital and Tiger Global in FY23.
9

500

925 1,470 675 3,410 959

6

200

(100) 0

FY19 FY20 FY21 FY22 FY23*

Amount ($ Mn)
No. of Deals
Sub Sector - Savings/Investment:
1,100 55

990
49 52

49 • Micro-savings, Digital Gold, Trading & Mutual Fund

investing platforms, and Fractional Property
46

880

43

770
40

37
Ownership
28
34

660

31

25 28

Some of the top investments in this sector includes

21
550

$47 Million investment in Fractional Property Ownership

25

22

15
440

company Property Share and digital gold startup Jar ($23

19

16

330

Million).
13

10

220

612 327 646 2,259 819

4
110

- -2

FY19 FY20 FY21 FY22 FY23*

Amount ($ Mn)
No. of Deals Sub Sector - Insurance:
2,500 35

• General Insurance Companies

29
26
30

• Marketplace
• Enterprise Software
2,000

25

21
Largest investment of $236 Million was raised by
1,500

17 16
20

Shriram General Insurance, followed by Insurtech

platform InsuranceDekho with $150 Million.
15

1,000

10

500

2,316 905 426 985 788

- 0

FY19 FY20 FY21 FY22 FY23*

14 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Investments — BFSI

INVESTMENTS BY STAGE & DEAL SIZE

Investments by Stage

FY22 ($ Mn)
FY23* ($ Mn)
6,933
7,500

6,50 0

5,500

4,50 0

3,206
2,913
3,50 0

1,334
2,500

1,607 1,414
1,500
931 704 841 788

500

VC Growth-PE Late PIPE Buyout

(500 )

Note: Please refer to the Appendix for Definitions of Stage of Funding

9

FY22
$200M+ 8

FY23*
$100-200M 7

$50-100M 6

$25-50M 5

$15-25M 4

$10-15M 3

$5-10M
2

<$5M
1

0
0 1 2 3 4 5 6 7

VC Growth-PE Late PIPE Buyout

15 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Investments — BFSI

INVESTMENTS BY ROUND & REGION

Investments by Round - No. of Deals

112
FY22
FY23*

72 72
60

36 34
19 18 14 22
13 11 13 11 10
4

Seed Series A Series B Series C Series D Series E Series F+ Other

Investments by Region – Amount ($M) – FY23*

Top Cities
Cities Amount
($M)

Mumbai 4,068

Bangalore 1,684

Delhi 814

Pune 552

Gurgaon 386

16 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

INVESTMENTS -
FINTECH
The value of investments in most types of
fintech companies witness a decline in
FY23 compared to the previous year.

Digital payments startup PhonePe

bagged the largest funding of $450
Million (part of $1 Billion fundraise plan)
in two tranches from General Atlantic,
Ribbit Capital, TVS Capital and Tiger
Global.

17 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Investments — Fintech

TOP 10 INVESTMENTS
Amount Amount
Company Sector Investors Date
($M) (₹Cr)
PhonePe Payments General Atlantic, Ribbit Capital, TVS 450 3,732 Jan-23
Capital, Tiger Global

Stashfin Lendingtech Altara Ventures, Uncorrelated 270 2,111 Jun-22

Ventures, Abstract Ventures, Snow
Leopard Technology Ventures, Others

InsuranceDekho Insurtech Avataar Venture Partners, InvestCorp 150 1,243 Jan-23

Group, LeapFrog, TVS Capital,
Goldman Sachs, Others

CRED Payments Sofina, Alpha Wave Global, Dragoneer 140 1,094 Jun-22
Investment Group, Tiger Global, GIC

CoinDCX Crypto & Web3 Kindred Ventures, DraperDragon, 136 1,040 Apr-22
Republic Capital, Polychain Capital,
Coinbase Ventures, Pantera Capital,
B Capital Group, Steadview Capital,
Others

KreditBee Lendingtech Advent International, Others 120 987 Jan-23

Turtlemint Insurtech Marshall Wace, Vitruvian Partners, 120 918 Apr-22

MassMutual Ventures, American
Family Ventures, SIG Venture Capital,
GGV Capital, Jungle Ventures, Amansa
Capital, Nexus Venture Partners,
Others

Mintifi Lendingtech PremjiInvest, Norwest, IFC, Elevation 110 902 Mar-23

Capital

OneCard Lendingtech QED Investors, Hummingbird 101 803 Jul-22

Ventures, Matrix Partners India,
Sequoia Capital India, Temasek,
Others

Fibe Lendingtech Piramal Enterprises, TPG Growth, 97 776 Aug-22

Norwest

18 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Investments — Fintech

TOP SECTORS
Lending Tech Payments
Amount ($ Mn)
No. of Deals
4,0 00 90

2,50 0
83 90

Amount ($ Mn) No. of Deals 80

3,50 0

80

70

3,00 0

2,00 0

58
70

53
60

54
2,500

60

1,50 0

44 50

38
50

2,000

40

40

26
1,500
1,00 0

30 25 22
30

20
1,000

16 20

500

500

805 785 643 2,379 1,619

10

857 1,449 675 3,410 959

10

- 0 - 0

FY19 FY20 FY21 FY22 FY23* FY19 FY20 FY21 FY22 FY23*

Insurtech Neo Banks

Amount ($ Mn) No. of Deals 500
Amount ($ Mn) No. of Deals 35

27
900 30

450

30

24
800

400

25

25

70 0

350

15
20

600 20

15
300

14
15

500

13 15
250

9 9 10

400

4
200

300 10
3 5

150

0
200

100

100

455 358 325 821 426 -5

6 119 15 463 186

50

- 0

- -10

FY19 FY20 FY21 FY22 FY23* FY19 FY20 FY21 FY22 FY23*

Crypto & Web3 Fintech SaaS

Amount ($ Mn) No. of Deals
30 Amount ($ Mn) No. of Deals
800 35

1,000 30

900 27
30 33

31

70 0

29

800 24

600
25 27

25

70 0 21

23

18
500

21

600 18

19

500 15
400
15 17

15

400

9 10 12
13

9
300

11

300 9

5
200

4
7

200 6

100

16 203 264 712 164

3

5 11 65 929 185
100 3

- -1

- 0

FY19 FY20 FY21 FY22 FY23* FY19 FY20 FY21 FY22 FY23*

FY23* — Data as of March 20, 2023

19 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Investments — Fintech

INVESTMENTS BY STAGE & DEAL SIZE

Investments by Stage

FY22 ($ Mn)
FY23* ($ Mn)
6,715

2,797
1,957

813 567 88 94 429

Early Growth Growth-PE Late

Note: Please refer to the Appendix for Definitions of Stage of Funding

FY22
$200M+ 8
FY23*

$100-200M 7

$50-100M 6

$25-50M 5

$15-25M 4

$10-15M 3

$5-10M
2

<$5M 1

0
0 1 2 3 4 5 6 7

VC Growth-PE Late PIPE Buyout Other

20 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Investments — Fintech

INVESTMENTS BY ROUND & REGION

Investments by Round - No. of Deals

110 FY22
FY23*

72 69

51

32
27
17 14 16
12 11 8 3 6 1 1

Seed Series A Series B Series C Series D Series E Series F+ Other

Investments by Region – Amount ($M) – FY23*

Top Cities
Cities Amount
($M)

Mumbai 1,379

Bangalore 1,318

Delhi 401

Pune 310

Gurgaon 174

21 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

PE-VC EXITS
Financial Services companies have
historically been among the most
favorable sector of PE-VC investors for
providing profitable exits.

FY23 saw $3.5 Billion worth of exits. A

majority of Financial Services exits during
the period were through sale of stakes
in mature companies via the public
markets.

The largest BFSI exit was Bain Capital

partial exit of $412 Million in Axis Bank via
public market sale.

22 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Exits

BFSI & FINTECH

BFSI & Fintech - PE-VC Exits

Fintech ($ Mn) BFSI- Excluding fintech ($ Mn)

Fintech Exits BFSI Exits
8,0 00 65

63

61

59

57

55
7,000

55

53

51

49

47
6,00 0

47

45 45

42
43

41

5,00 0

39

37

35

4,737
33

4,0 00

31

29 29

27

25

3,00 0

23

20
21

19

17
2,322
17

2,469 2,999
2,000

15

13
1,514
13

11

9 9

6
1,000
7

473 413 151 2,231 1,112

3

- -1

FY19 FY20 FY21 FY22 FY23*

BFSI Exits - By Type ($M) Fintech - By Type ($M)

Public Market Sale Strategic Sale Strategic Sale Secondary Sale

Secondary Sale Buyback Public Market Sale Buyback
1 32 8 1
102 74
334 345 67
187 505 1,598 359
1,384 182
29 244
183 1,544 773
125
279 2,818
5,156 2,724
1,130
35
1,176 222 169 515
304
25
171
FY19 FY20 FY21 FY22 FY23* FY19 FY20 FY21 FY22 FY23*

23 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Exits

TOP EXITS
BFSI

Amount
Company Exiting Investors Acquirer Date
($M)

Sale via Public

412 Nov-22
Axis Bank Bain Capital Markets

Sale via Public

SBI Cards & Payment Services Carlyle Markets 330 Apr-22

PayTM SoftBank Corp Sale via Public

200 Nov-22
Markets

Sequoia Capital India, Norwest, Sale via Public

Five Star Business Finance Matrix Partners India, TPG Capital Markets 196 Nov-22

Sale via Public

KFin Tech General Atlantic Markets 181 Dec-22

Fintech

Amount
Company Exiting Investors Acquirer Date
($M)

Sale via Public

PayTM SoftBank Corp Markets 200 Nov-22

PolicyBazaar Tiger Global Sale via Public 151 Nov-22

Markets

24 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

DIRECTORY
PE-VC backed Fintech Companies

25 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Directory

DIRECTORY OF KEY FINTECH COMPANIES

Top Fintech Companies – By PE-VC Funding Raised

Payments Leading Tech Insurtech

26 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Top Fintech Companies – By PE-VC Funding Raised

Crypto & Web Fintech SaaS Investment Tech

27 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Top Fintech Companies – By PE-VC Funding Raised

Neo Banks Risk & Regtech Savings tech

Others

28 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Top Fintech Companies – By Size and Status

Unicorn Soonicorn Listed

Payments Lending Tech Payments

Pine Labs DMI Finance PayTM
CRED Stashfin
RazorPay KreditBee
BharatPe Insurtech
PolicyBazaar
Insurtech
Lending Tech Turtlemint
OfBusiness
CredAvenue
Fintech SaaS
Khatabook
Insurtech M2P Fintech
Digit Perfios Software
Acko

Investment Tech
Fintech SaaS Navi Technologies
Zeta

Neo Banks
Crypto & Web3 NiYO
Polygon Jupiter Money
CoinSwitch Fi.Money
CoinDCX

Wealth Tech
Investment Tech IndMoney
Groww
Upstox
Risk & Regtech
Clear
Neo Banks
Open Financial
Technologies

29 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

TOP FUNDED COMPANIES

Payments
Total
Latest Valuation
Company Select Investors Funding Date
Round ($M) ($M)
($M)

PayTM Saama Capital, Elevation Capital,

4,106 1,000 16,094 Nov-19
Alibaba, Berkshire Hathway

Pine Labs Sequoia Capital India, New Atlantic

Ventures, Altimeter Capital, Temasek, 1,438 50 4,988 Mar-22
Mastercard

CRED Sequoia Capital India, Ribbit Capital,

DST Global, Alpha Wave Global 841 140 6,197 Jun-22

RazorPay Matrix Partners India, Tiger Global, 832 75 6,521 May-22

Sequoia Capital India, DST Global

BharatPe Beenext, Sequoia Capital India, Tiger

620 370 2,850 Aug-21
Global, Steadview Capital

Lending Tech
Total
Latest Valuation
Company Select Investors Funding Date
Round ($M) ($M)
($M)
OfBusiness Alpha Wave Global, Creation
Investments, SoftBank Corp, Tiger 766 187 4,962 Dec-21
Global

KreditBee Arkam Ventures, Shunwei Capital, MUFG

Innovation Partners, Mirae Asset Global 480 120 668 Jan-23
Investments, Newquest, PremjiInvest

DMI Finance Burman Family Office, NIS New

Investment Solutions, NXC Corp 371 123 1,059 Apr-20

Stashfin Abstract Ventures, Altara Ventures,

RAAY Global Investments, Snow Leopard
315 270 749 Jun-22
Technology Ventures, Uncorrelated
Ventures

CredAvenue B Capital Group, Creation Investments,

Lightrock India, Lightspeed Ventures, 239 137 1,281 Mar-22
Sequoia Capital India

30 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Insurtech
Total Latest
Company Select Investors Funding Round Valuation Date
($M) ($M) ($M)

Alpha Wave Global, Chiratae Ventures,

PolicyBazaar IIFL VC, SoftBank Corp, Temasek, 770 *N.A. 4,035 Apr-22
Tencent, Tiger Global

A91 Partners, Faering Capital, Fairfax

Digit Holdings, IIFL VC, Sequoia Capital India,
627 54 3,966 May-22
TVS Capital, Wellington Management

Accel India, Elevation Capital, General

Acko Atlantic, Lightspeed Ventures, Multiples
462 255 1,129 Oct-21
PE

Turtlemint Blume Ventures, Nexus Venture 201 120 950 Apr-22

Partners, Sequoia Capital India

Avataar Venture Partners, InvestCorp

InsuranceDekho Group, LeapFrog, TVS Capital 150 150 N.A. Jan-23

*N.A.-Share-swap deal

Fintech SaaS
Total
Latest Valuation
Company Select Investors Funding Date
Round ($M) ($M)
($M)
Zeta SoftBank Corp
270 260 N.A. Oct-21

B Capital Group, Sequoia Capital India,

Khatabook Tencent, Y Combinator Continuity Fund 187 100 600 Aug-21

3i Infotech Apax Partners

136 136 136 Dec-20

Perfios Bessemer, Warburg Pincus

127 70 429 Feb-22
Software

Beenext, Better Capital, Omidyar

M2P Fintech Network, Tiger Global 109 4 549 Jan-22

Note: Please refer to the Appendix for Definitions of Stage of Funding

31 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Crypto & Web3

Total
Latest Valuation
Company Select Investors Funding Date
Round ($M) ($M)
($M)

Coinbase Ventures, Sequoia Capital

Polygon India, SoftBank Corp, Tiger Global 451 450 10,000 Feb-22

Andreessen Horowitz, Coinbase

CoinSwitch Ventures, Ribbit Capital, Sequoia Capital 302 260 1,864 Oct-21
India, Tiger Global

B Capital Group, Coinbase Ventures,

CoinDCX Steadview Capital 248 136 2,150 Apr-22

Coinbase Ventures, Pantera Capital,

Vauld Valar Ventures 25 25 N.A. Jul-21

Pillow Jump Capital, Quona Capital, Accel India,

21 18 N.A. Oct-22
Elevation Capital

Investment Tech
Total
Latest
Company Select Investors Funding Valuation Date
Round ($M)
($M) ($M)
Groww Ribbit Capital, Sequoia Capital India, Tiger
Global, Y Combinator Continuity Fund 393 251 3,010 Oct-21

Dragoneer Investment Group, DST Global,

IndMoney Sixteenth Street Capital, Steadview 144 W 86 652 Jan-22
Capital, Tiger Global

Scripbox Accel India, Accel USA, InnoVen Capital,

67 21 N.A. Jan-22
Omidyar Network

Smallcase Beenext, Blume Ventures, PremjiInvest,

Sequoia Capital India 66 42 205 Aug-21

Navi
Technologies Gaja Capital, IFC 57 27.28 569 Apr-20

32 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Neo Banks
Total
Latest Valuation
Company Select Investors Funding Date
Round ($M) ($M)
($M)

Open Financial 3ONE4 Capital, Beenext, IIFL VC, Tiger

Technologies Global 185 50 1,015 May-22

NiYO Accel India, Lightrock India, Tencent 179 30 501 Jul-22

Jupiter Money 3ONE4 Capital, Matrix Partners India, 166 4 N.A. Apr-22
Sequoia Capital India, Tiger Global

Fi.Money Alpha Wave Global, B Capital Group,

Sequoia Capital India 146 71 539 Aug-22

Accel India, Blume Ventures, Lightspeed

Zolve Ventures, Tiger Global 55 40 210 Oct-21

Risk & Regtech

Total
Latest Valuation
Company Select Investors Funding Date
Round ($M) ($M)
($M)
Elevation Capital, Founders Fund, Kora
Cleartax.in Management, Sequoia Capital India 141 75 813 Oct-21

OneAssist
Consumer Lightspeed Ventures, Moonstone 38 6 154 Feb-19
Solutions Investments, Sequoia Capital India

Signzy Arkam Ventures, Stellaris Venture

38 26 N.A. Sep-22
Partners, Kalaari Capital

Tookitaki Illuminate Financial, Rebright Partners, 20 12 N.A. Nov-19

Jungle Ventures, Blume Ventures

IDfy Beenext, Blume Ventures, Dream 20 12 66 Sep-21

Incubator, NB Ventures, NEA

33 Private Equity-Venture Capital in Financial Services & Fintech

 Volume 1 Issue 04

Savings Tech
Total
Latest Valuation
Company Select Investors Funding Date
Round ($M) ($M)
($M)

WEH Ventures, Arkam Ventures,

Jar App rocketship.vc, Capier Investments, Tiger 60 23 300 Aug-22
Global

Asuka, Beenext, Lightspeed Ventures,

Property Share Pravega Ventures, WestBridge 49 47 172 Jun-22

Siply Qi Ventures, Earlsfield Capital 19 19 60 Jun-22

Strata Sabre Partners, Mayfield, Kotak

7 6 18 Jun-21
Investment Advisors, Elevation Capital

Growx Ventures, IIFL VC, Blume

Multipl Ventures 3 3 6 May-22

Others
Total
Latest Valuation
Company Select Investors Funding Date
Round ($M) ($M)
($M)
Elevar Equity, Elevation Capital,
SarvaGram Temasek 54.13 40 94 Jan-23

Solv SBI Ven Capital, StanChart PE 47 40 N.A. Jun-22

Basix Sub-k Norwegian Microfinance Initiative,

iTransactions Accion International 21 11 75 Oct-19

WaterBridge Ventures, General

OneCode Catalyst Partners, Nexus Venture 19 13 N.A. Mar-22
Partners, Sequoia Capital India

Beyond Next Ventures, Dream

Impact Guru Incubator, HealthQuad, Apis Partners 17 15 54 Apr-21

34 Private Equity-Venture Capital in Financial Services & Fintech