Beyond IPO: Fintech Report 2025 (Inc42)

Summary

• India's fintech landscape counts 850+ funded fintech startups, $32 Bn+ in total funding raised, 24 unicorns, 10 listed fintechs and 12 upcoming fintech IPOs.p.8
• India's fintech industry eyes $250 Bn revenue by 2030, with lending tech projected to exceed 53% of it, surpassing $133 Bn.p.15
• India's UPI handles more than 640 Mn transactions each day, and more than 65 Mn merchants use UPI.p.17
• Between calendar year 2019 and 2024, the number of credit cards doubled from 55 Mn to 108 Mn (14% CAGR), while debit cards grew from 805 Mn to 991 Mn (4% CAGR).p.18
• India's insurtech total addressable market is projected to reach $307 Bn by 2030, expanding at a 17% CAGR from $139 Bn in 2025.p.20
• India's demat accounts grew from 41 Mn in FY20 to 192 Mn in FY25, a five-year CAGR of 36%.p.21

Key insights

1. Lending tech accounted for 37% of total fintech funding between 2020 and Q3 2025, compared with 27% during 2014-2019, when banking dominated with 57%.p.14
2. Between fiscal year 2022 and 2025, credit card transaction value and volume grew at a CAGR of 19% and 27% respectively, while debit cards saw declines of -20% in value and -36% in volume.p.19
3. Household debt is 41% of GDP in India versus 69% in the USA, and insurance premium is 3.7% of GDP versus about 11-12% in the USA.p.22
4. Paytm's 32% rally made it the best-performing fintech stock of 2025.p.31
5. Paytm's revenue fell 31%, from ₹9,978 Cr in FY24 to ₹6,900 Cr in FY25.p.37
6. Policybazaar's revenue rose from ₹1,425 Cr in FY22 to ₹4,977 Cr in FY25, a CAGR of 52%.p.47
7. Insurance commission made up 86.0% of Policybazaar's FY25 revenue, versus 69.6% in FY24.p.48