India fintech report by The Digital Fifth

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RISE OF
INDIAN
FINTECHS
TIME TO GO
GLOBAL

India Reportby The Digital Fifth
FOREWORD
From account opening to insurance underwriting to payments to peer-to-peer lending, FinTechs
are innovating across areas and offering differentiated customer experience. India Fintech
Ecosystem has been growing well over the last five years and many of these successful startups
are now getting ready for international rollouts. To provide holistic view of our dynamic ecosystem,
we have shared in this report:
• Key Fintech trends for next 3 years: Many of The Digital Fifth’s earlier predictions have
come true. This has encouraged us to share trends for next three years.
• News that mattered: With so much change happening on a daily basis, it is difficult to
track the news that matters. News that mattered is a recap of some of those headlines
of the last 12 months that have had significant impact on the ecosystem. This is across
segments - Regulatory, Funding, Mergers and Business.
• Large Funding across segments: We analysed some large deals (above 8 million USD)
and some of the results are surprising. Payments and Insurance sectors have largely
dominated large funding segment, which we normally presume to be loaded towards
lending. We also have found limited co-relation between funding rounds and size. Seven
Series A / Seed funding deals appear in this list of thirty seven deals.
• Unique startups: We are always on a look out for unique business models in startups.
We have collated a set of seven startups, which we believe will create impact on
ecosystem.
• Neo-entrants: Financial services are normally not the primary need of the customer, they
are always linked to a real transaction like buying a house, shopping, education etc. As
Fintech services are available via Open APIs through partners, many large start-ups have
started crossing over to Fintech. We have documented key players, who are entering
fintech ecosystem from agritech, healthtech, e-commerce etc.
• Top 30 Fintech Influencers: We had started sharing India’s Top 30 Fintech Influencers in
2018 and is well followed by the ecosystem. This list has to be read in conjunction with
previous two versions.
This report is built on publicly available data and The Digital Fifth’s understanding of the market.
The Digital Fifth team expresses gratitude to their customers, partners and well wishers, who
have helped in improving our understanding of the market and encouraging us to create this
report.

4India Report
ABOUT US
India’s first Fintech consulting and advisory firm for Banks, NBFCs, Wealth Management, Mutual
Fund and Insurance segments. We are pure play Fintech & Digital Consulting Firm and have
been the go-to solution finders for established BFSI organizations and emerging game-changers
alike.
While the Fintech landscape continues to evolve at a rapid pace, The Digital Fifth empowers
businesses by providing them with tested as well as bespoke solutions for their digital evolution
journey. A niche consulting firm, we focus on Digital Transformation, Strategic Partnerships
between start-ups and banks and Fintech Training. We take pride in delivering consulting
services to create value for our customers
Knowledge Partners for the India Fintech Forum, The Digital Fifth has broken new boundaries
since it’s inception, backed with future-ready know-how and the drive to always stay a few steps
ahead. We support, collaborate and deliver for the entire ecosystem - BFSI customers, Fintechs,
Startups, Technology Firms, Policy makers, Regulators, Bureaus
2017
• Launch of Training Practice: Fintech
Strategy Training, open participation and
corporate training.
• First Consulting assignment: CDO as a
service to a Fintech in SME lending.
• Launch of Fintech Partnership Program:
Fintech Bazaar.
• First Cross Border Partnership
assignment
2018
• Launch of First Industry certification
program on Fintech
• Trained team from one of the largest
global consulting firm on Fintech
• Trained team from leading Digital Bank
(MNC Bank)
• Scaled up Consulting Practice which
includes building payment strategy for
one of the leading bank
• Recognition from Mumbai Fintech Hub (A
Government of Maharashtra Initiative)
• 4 Fintech Bazaar in the year on diverse
topics - Lending, wealth, AIML, Lending
to Lenders
2019
• Launch of Open Banking Masterclass
• Added more clients to consulting
practice (10+)
• Advisor to API sandbox initiatives
• Knowledge Partner (The Digital Fifth) and
Convenor (Sameer Singh Jaini) to India
Fintech Awards (IFTA)
• 3 Fintech Bazaars
• Scaled up partnership program with 6
new clients
Our Journey

Contents
41 About us 206 NeoEntrants
Top Fintech Trends2 6
News that matterd3 12
Unique Start ups5 16
Top 30 Fintech
Influencers
7 24
India Fintech
Landscape
8 26
Our team9 29
Our Services10 31
4 14
Funding Report of
Large Deals

6India Report
Top Fintech Trends
for Next 3 years
Independent B2C
Payment Business
Model will remain
exclusive to large
startups:
As a payment product, UPI will
continue to scale with more
innovative use cases coming in
and will remain default payment
gateway for the country.
While UPI has enabled innovation
in payment space, it has resulted
in larger players taking complete
control of the market. With wallet
business depleting and UPI getting
aggregated with few players, there
may not be many new players
entering this space.
As for remittance business, it would
continue to scale as the market has
remained largely untapped as of
now. India will see emergence of
few large remittance players with
focus on high traffic corridors..
B2B Payment segment
will go through
evolution:
B2B segment has done exceedingly
well over last few years across POS
and Payment Gateway segments
with leaders like Pinelabs and
Razorpay building scalable and
profitable business models.
This segment has primarily
depended on Merchant Discount
Rate for their revenues. In the
budget, government has proposed
that the establishments with annual
turnover more than 50 crore will
offer low-cost digital modes of
payment to customers and no
charges or MDR shall be imposed
on customers or merchants.
This change will impact payment
startups focusing on issuance side
(where they share issuance fees
with banks) and acquirer side. Many
of these startups will start offering
other financial product like lending
to make their business model
viable. This movement is already
visible with many leading players
launching their lending business
based on access to their merchant’s
transaction data::
• Razorpay (Razorpay Capital)
• Pine Labs (Pine Labs Capital)
• CCAvenue
• MSwipe
Many of these platforms may also
gravitate towards neo banking/
accounting segment.
Lending fintechs:
Lending fintechs across retail and
sme segment have attracted a
good chunk of funding over the
last couple of years. Some of these
startups are currently undergoing
tough times due to changes in ekyc
processes, liquidity crunch and
NPAs. This segment is now reaching

a maturity stage with established ones expected to grow well and capital deprived ones either closing down or
merging with banks / stronger fintechs.
Successful startups in this segment will start
• Entering offline business (like Zestmoney)
• Adding new segments (Slice now focusing on millennials)
• Offering their platform as SaaS
• Applying for banking license
• Becoming Neobanks
Wealthtech growth would continue to be a challenge:
Indian Wealthtech / Robo Advisory has grown rather tepidly due to lack of real business models as Indian
customers do not tend to pay for value added services around wealth. In addition, direct mutual funds have
gained ground amongst digitally savvy customers, resulting in low or zero revenues for mutual fund distributors.
To make it more complex, the segment has seen
Over next few years, many
wealthtechs will merge with larger
entities offering wide range of
products and services. These
acquirers may be from fintech
ecosystem or from financial services
ecosystem.
Unique revenue making startups
would continue to scale, which are
not focused purely on mutual fund
distribution.
Entry of Mega funding of players like This change has already
triggered mergers of players
like
Trade Finance will
emerge as a one of
the largest segments:
Trade finance has remained an
under penetrated area for fintechs
due to inherent complexity of the
sector requiring deep knowledge of
business and compliance.
There are multiple areas, where
fintechs can help in simplifying
trade finance including:
• Replacing manual data entry
with data extraction and
processing of trade documents
• Reducing the operational risks
• Applying trade regulations
• KYC
• AML
• Trade Embargoes
Internationally, startups focused
on trade finance like Traydstream,
Coriolis, Intix, Tradeteq are helping
in reducing risks and accelerating
trade processes.

8India Report
For processing trade transactions, Indian banks will have to partner with global consortiums like Marco Polo,
Voltron, Trade Information Network or with Indian consortium of Finacle Trade Connect. There is limited
possibility of any fintech player building the consortium ground-up as it would require immense capital as well as
international rollout.
Consumer focused open banks would find it challenging to build business as they would compete with larger All-
In-One Apps (PayTM, PhonePe) as well as Digital Banks (like Kotak and DBS).
SME focused platforms would do well as
• there is large untapped market
• they are able to build customer focused solutions like invoicing, taxation, accounting, reconciliation etc.
More than 10 well funded startups would be entering the market in next couple of years to tap different
segments of the market.
Consumer
Neobank
SME NeobankAccounting / Bookkeeping
platforms
NeoEntrants:
Financial services are normally not the primary need of the customer and are always linked to real transaction like
buying a house, shopping, education etc. As fintech services are available via Open APIs through partners, many
large startups have started crossing over to fintech including:
Neobanking / Bookkeeping is the new wallet:
The current wave of neobanks and accounting platforms is getting as large as the one we had seen in wallets
business in 2014 / 15. Most of these startups are funded well

This movement will accelerate as these entities
• Have low cost of customer acquisition (as customers are already acquired)
• Have deep insights on customers
• Can simplify customer journeys
Success of PhonePe by Flipkart has already shown what can be achieved by these transitions. Many of these
NeoEntrants may buyout fintech startups to fast-track the movement.
Growth through international expansion:
Many Indian Fintech startups are entering maturity phase in Indian market and are now looking for international
markets. We have seen some movement in this area including:
Many large B2C fintechs as well as unique B2B fintechs would enter international markets. Middle East, Africa and
South East Asia would be the primary target for these startups due to better access to the ecosystem.
Market getting ready for international startups:
In last couple of years, India has seen entry of many international startups, which are in different stages of
expansion.
• Fintech startups like
Indian B2B market is particularly ripe as banking community is now exposed to value of fintechs within India and
has seen international startups in events across the world. We will see entry of nearly 20 to 30 startups and many
of them would become successful with localization of products as well as pricing.
Middle East
Latin America, the United States and Europe UAE
Middle East & Africa Japan
• Fintech enablers like

10India Report
Government Tech will
go through upgrade:
Government has revolutionized
fintech ecosystem through
introduction of government
supported frameworks like
• Aadhaar Authentication
• Aadhaar e-KYC, E-Sign
• IMPS, UPI, AEPS, UPI
• GST
• TReDS
• Government e Marketplace
• Psbloansin59minutes
• MF Utility
• Payment platform for MSMEs
(in progress)
• Sahamati
• Public Credit Registry (in
progress)
• RBI / IRDAI / SEBI regulatory
sandbox
As the country focuses on
becoming a $5 trillion economy
by 2025, we may see newer
government initiatives across areas
like:
• Data aggregation (beyond
financial services like from
ecommerce providers)
• E-Collections
• Fraud Management / Anti
Money Laundering
• Lending enablement
framework
• Trade Finance
• Remittances
These initiatives will have significant
impact on Fintech Ecosystem.
Industry getting used
to AI / ML, RPA, API,
Blockchain:
Fintechs as well as Financial
Institutions have started harnessing
the power of new technologies and
are building their business models
around optimal usage of these
technologies. Usecases of AI / ML
are going beyond just underwriting
with focus shifting towards
customer onboarding, cross-sell,
servicing, fraud management etc.
APIs will become critical for all
providers with forward looking
banks launching their Open API
platforms like RBL Bank, Kotak
Bank, Yes Bank, DCB Bank, Federal
Bank. These API platforms are now
defining the partnership focus of
these banks wrt fintechs as well as
other business partners.
Blockchain Platforms
will finally move to
production:
With RBI / NPCI at the center of
innovation in the country, real
blockchain use cases are getting
initiated by them. NPCI is already
building Resilient, Real Time
and Highly Scalable payment
solution utilizing distributed ledger
technology / Blockchain.
Other cases of banks working with
blockchain solution include:
• Finacle Trade Connect for trade
finance transactions
• J P Morgan’s Interbank
Information Network for cross-
border payments
Many startups are now building
production grade blockchain
solutions, which will accelerate the
adoption.
Launch of SME
Fintech banks by
private sector banks:
With retail digital business getting
overcrowded with fintechs and
digital banks, many banks would
start focusing on SME segment
and launch their own SME Fintech
banks. These banks will offer
services like invoicing, payables,
receivables, tax payments,
reconciliation, lending purely
focused on MSME / SME segments.
These banks will compete with
fintechs offering SME Neo Banking
Services in partnership with banks
and will offer lower rates, faster TAT
and better customer experience.
SME Fintech Banks will run in
parallel with their current business
model and will help in changing
business strategy as well as culture
of the bank. Embedding of bank
in all processes of SMEs will give
them better understanding of the
business and will help in improved
credit scoring & lending thereby
expanding the economy.
Startups acquisition
by Financial
Institutions:
As startup ecosystem goes through
maturity phase in payments,
lending and wealth segments,
many successful startups (and not
overvalued) would get acquired
by financial institutions. The
purpose of acquisition may vary

from kickstarting digital business
to bolstering current business
to changing the culture of the
organization.
Till now, we have seen very few
acquisitions of fintechs by financial
institutions like Freecharge by Axis
Bank, Quantiguous Solutions by
Deutsche Bank. The key challenge
for financial institution has been
valuation, which is now becoming
more realistic. Primary targets
for acquisition would be in B2B
payments, Fintech Lenders (with
books) and wealthtech players with
decent traction.
Technology Leaders in
Board:
80% of Financial Institutions would
add Technology Experts in their
boards to enable better focus
on technology innovation. In last
couple of years, many large banks
have added technology leaders in
their board including HDFC Bank
(Mr. Srikanth Nadhamuni), ICICI
Bank (Ms. Neelam Dhawan) and
Axis Bank (Mr Girish Paranjpe). Even
Small Finance Banks are moving
in this direction with Ujjivan SFB
(Mr Sachin Bansal) and AU Small
Finance Bank (Mr Pushpinder Singh)
leading the change.
Ujjivan has taken this further by
hiring Mr Nitin Chugh as its next
managing director and chief
executive officer. He was earlier
with HDFC Bank as Head of Digital
Banking and had led the digital
transformation of the bank.
Fintech Strategy &
Digital Strategy:
Firms will create board approved
digital strategy & fintech strategy
for acquiring, investing, partnering
and competing with Fintechs.
These strategies would be driven
by the CEO and would be aligned
with business strategy of the
organization. Investors would shift
their focus to digital maturity of
the firm instead of just current
valuation modes.
Insourcing of
Technology will
accelerate:
Financial Institutions have started
moving away from outsourcing
of technology and have started
insourcing across key areas
like Customer Onboarding,
Omnichannel Platform, API
platform, Analytics etc. Many
financial institutions have also
started building core platforms like
loan origination platforms, loan
management platforms, CRM etc.
inhouse to create differentiated
value preposition in the market.
This movement will continue to
accelerate as financial institutions
have realized that technology is the
key differentiator in the ecosystem.
Insourcing helps in building the
IP, retaining employees, reducing
costs and enabling digital culture.
This is akin to the way Fintechs are
creating business by harnessing
technology. DBS Bank has been a
great example of how insourcing of
technology can help in building a
digital bank.
Hiring / Skilling
/ Organization
Structure:
As most financial institutions
would be embarking on their
digital transformation, there
would be dramatic change in their
organization structure. Hiring
would increase across areas like
technology, compliance, data
science, partnerships etc. There
would be rightsizing in the areas of
operations, credit, sales etc, whose
work may be partially automated.
Skills required for running Fintechs
/ Tech powered banks may be
different from skills available within
large organizations across Sales,
Operations, Credit, Technology
etc. To ensure that teams are
getting for the future, training of
resources around Fintech / Digital
Transformation / Open Banking /
Innovation / Change Management
would be the HR theme over next
few years.

12India Report
November’19
• RBI launches Fintech Regulatory
Sandbox with the first cohort
focused on Payments.
• RBI issues Technical
Specifications for all participants
of the Account Aggregator (AA)
ecosystem
• Digital payments platform
Razorpay has acquired cloud-
based payroll management
startup Opfin
• Open partners with Visa to
launch credit card for SMEs /
Startups
• Paytm raises $1B in funding from
Softbank at $16B valuation
• Perfios raises 50 million USD, one
of the largest round of funding
for pure B2B Fintech Enabler
Segment
News that mattered
Best of Fintech News
October’19
• “ RBI offers on-tap authorisation
for the following entities:
-Bharat Bill Payment Operating
Unit (BBPOU).
-Trade Receivables Discounting
System (TReDS).
• C2FO acquires early payment
platform, Priority Vendor
• FASTags will become mandatory
for all vehicles from December
this year.
• Credit Saison India receives the
NBFC licence with a focus on
supporting fintech lenders.
• UPI crosses 1 billion
transactions in a month
September’19
• IRDAI opens applications
for the regulatory sandbox
• RBI releases discussion
Paper on Guidelines for
Payment Gateways and
Payment Aggregators
• RBI releases draft
guidelines for ‘on tap’
Licensing of Small Finance
Banks in the Private Sector
• RBI bars third party agents
from accessing credit
bureau data via Banks and
NBFCs.
• Usage of DSAs by banks
for sourcing loans and
physical verification of KYC
disallowed.
• Sachin Bansal
acquires Chaitanya
Rural Intermediation
Development Services
Private Limited (CRIDS) for
$104 Mn
• NPCI reduces MDR
to encourage digital
payments.
• OkCredit, a bookkeeping
platform, raised $67
million in Series B round.
• Seven Indian banks join
JP Morgan’s blockchain
platform Interbank
Information Network for
cross-border payment.
• Mastercard and R3 ties
up to Develop New
Blockchain-Powered
Cross-Border Payments
Solution
August’19
• RBI gives mobile wallet
providers time till February
28, 2020, to fully comply with
KYC requirement.
• Apple launches its credit card
in tie-up with Goldman Sachs
• Scripbox, amongst the largest
wealthtech in India, acquires
Upwardly
July’19
• Government removes angel
tax, which was creating
discomfort for entrepreneurs
and investors.
• Government proposes Zero
MDR for all businesses with an
annual turnover of more than
₹50 crores.
• RBI removes NEFT, RTGS
payment charges to push
digital transactions
• NPCI introduces RuPay JCB
Global Card
• Visa invests in Indian B2B
payments firm PayMate
• Paytm partners with Clix
Finance to provide digital
loans to consumers and small
businesses.

June’19
• ACI makes a strategic investment
in Mindgate Solutions.
• Fintech Investment and Deals
Platform (FIND) launched for
match-making between investors
and startups by Mumbai Fintech
Hub.
May’19
• Irdai releases draft regulations
for the creation of a regulatory
sandbox in insuretech area.
• SEBI releases a draft
framework for the creation of a
regulatory sandbox.
• Policybazaar enters into UAE
market with offerings across
insurance and lending.
• Fintech Education Platform
(UDAY) launched by Mumbai
Fintech Hub
• Reserve Bank of India publishes
Payment and Settlement
Systems in India: Vision 2019-
2012
April’19
• RBI releases draft
enabling Framework for
Regulatory Sandbox
• RBI approves e-mandate
through Debit card and
Internet banking.
• Chinese Fintech firm
WeCash focused on
consumer lending exits
from India.
• PayU acquires digital
payments company
Wibmo for $70 million
March’19
• Web portal
PSBloansin59minutes.com
emerges as the largest online
lending platform, according to
a report by global financial firm
Credit Suisse
• SBI partners with Hitachi
Payment for establishing
a state-of-the-art digital
payments platform for India
and other countries in the
region
• Policybazaar enters into UAE
market with offerings across
insurance and lending.
• IBM unveils IBM Blockchain
World Wire, a real-time
global payments network for
regulated financial institutions
• IRCTC launches ‘IRCTC iPay’, its
payment gateway
• FIS acquires Worldpay, a
payment processing company.
February’19
• Federal Bank launches open
banking platform to partner
with fintech and customer
ecosystem.
• RBI launches the ombudsman
scheme for digital payments
• Amazon Pay launches UPI
services on Android.
January’19
• Reliance Jio enters POS
business
• Sequoia launches Surge,
a rapid scale-up program
for startups in India and
Southeast Asia.
• Ola applies for NBFC
license to enter into the
lending business.
• Fiserv acquires First Data
in a $22 billion stock deal.
December’18
• Suspension of eSign based
E-Mandate for NACH by NPCI
• RBI initiates the process of
setting up Public Credit Registry
• UK-based fintech startup
Revolut receives the European
banking licence
• Xiaomi launches UPI-powered
Mi Pay

14India Report
Funding Report of
Large Deals
Sl
No
Startup
Name
Found-
ed in
Segment
Fund-
ing
Round
Amount
Raised
(million
USD)
Lead Investors
1 Policybazaar 2008 Insurtech Series F 302 SoftBank Vision Fund, Tencent
2 CRED 2018 Payments Series B 120
Ribbit Capital, Gemini Investments, and
Sequoia Capital
3 Incred Finance 2016 lending Series A 86 FMO
4 Billdesk 2000 Payments Series C 86 Visa, Claymore Investments
5 OkCredit 2017
Accounting /
Neobanking
Series B 82.6
Lightspeed Venture Partners, Tiger
Global, Morningside Venture Capital
6 Razorpay 2014 Payments Series C 75 Ribbit Capital
7 BharatPe 2017 Payments Series B 66
Ribbit Capital, Insight Venture Partners,
Sequoia
8 Acko 2017 Insurtech Series C 65.6
RPS Ventures, Binny Bansal, Intact
Ventures
9 Zeta 2015 Payments Series C 60 Sodexo
10 Perfios 2007 Fintech Enabler Series B 50
Warburg Pincus, Bessemer venture
Partners
11 Niyo Solutions 2015 Payments Series B 35 Horizons Ventures
12 OfBusiness 2015 Lending Series D 34 Norwest Venture Partners
13 Mswipe 2009 Payments Series E 31.5
Falcon Edge, B Capital, Epiq Capital and
DSG Growth Partners
14 Open 2016
Accounting /
Neobanking
Series B 30 Tiger Global anageent
15 Rupeek 2015 Lending Series C 30
Accel Bertelsmann India Investments,
Accel, Sequoia India
16 Lendingkart 2014 Lending Series D 30
Fullerton Financial Holdings Pte Ltd,
Bertelsmann India Investments, India
Quotient
17 Paymate 2006 Payments Series D 25
Recruit Strategic Partners, Brand Capi-
tal, Mayfair 101, Visa
18 Turtlemint 2015 Insurtech Series B 25
Sequoia Capital, Blume Ventures, Nexus
Ventures
19 Khatabook 2017
Accounting /
Neobanking
Series A 25
GGV Capital, RTP Global, Sequoia India
, Tencent
20 Upstox 2009 Wealthtech Series B 25 Tiger Global anageent
21 Drip Capital 2014 Lending Series B 25 Accel
(Deals Above USD 8MN)

Sl
No
Startup
Name
Found-
ed in
Segment
Fund-
ing
Round
Amount
Raised
(million
USD)
Lead Investors
22 True Balance 2015 Payments Series C 23
NH Investment & Securities, IMM Invest-
ment, HB Investment, IBK Capital, D3
Jubilee Partners, SB Partners, Shinhan
Capital
23 Groww 2016 Wealthtech Series B 21.4 Ribbit Capital
24 Scripbox 2012 Wealthtech Series C 21.4
Accel Partners, Omidyar Network, NLI
Investment Fund
25 Indifi 2015 Lending Series C 21 CDC Group
26 Zestmoney 2015 Lending Series B 20 Quona Capital
27 LoanTap 2016 Lending Series B 20 Avaana Capital, 3one4 Capital
28 RenewBuy 2014 Insurtech Series B 19 Lok Capital, IIFL Wealth.
29 Vymo 2013 Fintech Enabler Series B 18 Emergence Capital, Sequoia Capital
30 Vivriti Capital 2017 Lending Series A 15.8 Creation Investments
31
Mymoney-
mantra
1989 Lending Series A 15 Vaalon Capital
32 INDWealth 2018 Wealthtech Seed 15 Tiger Global anageent
33 Chargebee 2011 Payments Series D 14 Steadview Capital
34 ZipLoan 2015 Lending Series B 12.5 SAIF Partners
35 Fisdom 2015 Wealthtech Series C 11 PayU, Saama, Quona
36 Avail 2017 Lending Series A 9 Matrix Partners
37 Mintifi 2017 Lending Series A 8 IFC
Payments
Insuretech
Lending
Accounting / Neobanking
Wealthtech
Fintech Enablers
Total Large Deals
10
4
13
3
5
2
37
535.5
411.6
326.3
137.6
93.8
68
1570
Number of dealsAmount
(Value in USD MN)

16India Report
SETU
Launched in: 2018
Founders: Sahil Kini, Nikhil Kumar
Category: Fintech Enablers
Brief –
Setu is an API infrastructure start-up that provides
a stack of APIs, which enables start-ups to pick and
choose a set of APIs to build fintech solutions to
provide financial services.
Innovation –
Financial institutions systems are designed to build
and produce standard products meeting financial
needs. Setu has built an innovation layer on top
of it to provide API infrastructure to break these
financial products into their fundamental building
blocks, and offer them as APIs to developers and
companies. These Fintechs/startups can then use
and package these APIs into highly customised
apps, tailor-made for their customers to provide
financial services. Setu recently launched ‘Collect’,
a product designed for merchants of all sizes to
collect recurring payments directly from customers’
preferred payment applications.
Funding -
Raised $3.5 million as a part of seed round capital
led by Lightspeed India Partners and Bharat
Inclusion Seed Fund.
The Digital Fifth View:
As the world moves more towards Open Platform
Approach, be it in banking, insurance; companies
would require infrastructure which enables them
to pick and choose set of APIs as per their business
model & customer requirements. We will see more
of such open infrastructure providing a bundle of
APIs mapped to build financial solutions. Setu has
an early mover advantage in providing new-age API
infrastructure to build financial products.
Unique Start ups
OKCredit
Launched in: 2017
Founders: Harsh Pokharna, Gaurav
Kumar, Aditya Prasad
Category: Neobank / Accounting
Brief –
OKCredit is a Bengaluru based Fintech that provides
a mobile app designed for small merchants to keep
track of their receivables and payables. They have 10
million-plus downloads with users across 2800 cities.
Innovation –
OKCredit has attempted to solve receivable and
payables issues for small merchants in a very
simplified and innovative way. They provide small
merchants with a simple mobile APP to keep track of
credit balances, payments and transaction summary
on phone instead of maintaining paper-based
recording. The solution is also designed to protect
data by backing it up online against phone number-
based account and can be recovered by a simple OTP
authentication on a new device later on. The solution
enables merchants to send transaction updates
through SMS or WhatsApp as well send reminders for
pending dues to their customers.
Funding -
Raised funding of $67 Mn in the latest round of
funding from Lightspeed Venture Partners, Tiger
Global and Morningside Venture Capital.
Digitization of MSME and SME especially small
shopkeepers, merchants are key for country growth.
Simplification of book-keeping through mobile app
provides visibility to merchants on its cashflow. This
data receivables and payables will have the potential
for cross-selling & upsell and will enable OKCredit to
bundle financial services such as payments, credit
requirements for the merchant.

OPEN
Launched in: 2017
Founders: Anish Achutan, Mabel
Chacko, Ajeesh Achuthan
Category: Neobank
Brief –
Open is a neo-bank platform that combines
everything from banking to invoicing & automated
book keeping in one place for SMEs and other
businesses.
Innovation –
Managing banking and accounting separately has
always been a major problem for SME/MSMEs.
Open has built a solution that helps merchants
to initiate and make payments as well as collect
payments from the same platform as well as
reconcile financial transactions with receivables
& payables. Earlier, these SME customers had
to do manual reconciliation by pulling financial
statements from banks and book of accounts from
the accounting platform.
Funding -
Raised total funding of $37.4 M from investors like
Tiger Global Management, 3one4 Capital, BEENEXT,
Speed Invest, etc.
Banking has always been the secondary need of
customers as a core requirement of the customers
are always linked to “housing”, “e-commerce”,
“education” etc. This has led to the trend of open
banking platforms that enable customers to do
banking from wherever his business is managed.
Open has bridged this gap by providing banking
services on accounting platform. This trend will see
the extension of financial services to these SMEs
as platform companies like Open will have better
insights into customer’s cash flows and business.
Recko
Launched in: 2017
Founders: Saurya Prakash Sinha,
Prashant Borde
Brief –
Recko has built a SaaS-based reconciliation product
to track of the complete transaction lifecycle and
streamline reconciliation flow.
Innovation –
Recko is solving a complex problem of
reconciliation that most companies are facing with
digital transactions because of sheer volume and
complexity. Reckos automate the entire process
of reconciliation and trace the data throughout
transaction lifecycles. The company connects with
payment gateways, banks and merchant’s order
management system through APIs and helps the
merchant in tracking receivables and identifying
settlement discrepancies. Recko is built on AI-
powered algorithms that are designed for speed,
scaling, and accuracy; which helps them reconcile
transactions in a matter of minutes.
Funding -
Raised total funding of $1 M from investors like
Prime Venture Partners and other marquee angel
investors.
Reconciliation has always been a major
challenge for any company dealing with financial
transactions attached to business transactions
and especially when it involves multiple sources
of data and complex transaction flows. AI-enabled
reconciliation platform mapped with transaction
flow and handling complexity would be in a better
position to sort out reconciliation and flag out
discrepancies.

18India Report
GRAMCOVER
Launched in: 2016
Founders: Jatin Singh, Rishabh Garg, Dhyanesh
Bhatt
Category: Insurtech
Brief –
Bengaluru-based Gramcover is a digital insurance
platform company providing affordable insurance
solutions to the low- and middle-income segments
in India.
Innovation –
Gramcover uses technology-led distribution and
servicing model to reduce the inefficiencies and
transaction costs involved in purchasing insurance
policies. Their innovation lies in building the
platform to cater to the needs of rural customers
and provides support for all kind of insurance
products include life, health, crop, cattle, and motor.
They also have Mobile Insurance Platform enables
their partners to onboard their customers digitally
anywhere, anytime and issuing Insurance Policies
instantly. Technology platform supports multiple
premium collection options well suited for rural
customers. Gramcover’s proprietary algorithms
embedded into their tech platform assists the POS
to identify the right risk cover for their customers.
Funding -
Raised total funding of $1.2 M from Omnivore.
Fintechs will continue to drive innovation to build
solutions designed for specific needs of Rural
India catering all kind of financial needs including
insurance and investments. The rural segment
has its challenges such as non-availability of a
digital footprint, small size tickets, documentation.
Companies working on to address these challenges
through the technology-enabled platform will
make good inroads such as Gramcover addressing
demands of risk management of Rural India.
PERPULE
Launched in: 2016
Founders: Abhinav Pathak, Saketh
BSV, Yogesh Ghaturle
Category: Payments
Brief –
Bengaluru-based start-up Perpule is a retail
technology company providing India’s first self-
checkout enabler and self-ordering solution for
offline stores, food outlets, malls and cafeterias.
They have also launched a next-gen POS billing
solution called UltraPOS.
Innovation –
Perpule is working with the philosophy to make the
retail shopping experience seamless by enabling
cashless and counterless services. Perpule has built
mobile-based checkout solutions aimed for offline
shopping and improving customer experience by
reducing queues at checkouts and making stores
smarter. Perpule also launched UltraPOS which
render traditional billing systems obsolete with in-
built features such as analytics, inventory and staff
management tools. This solution also gives retail
chains a platform to manage orders and inventory
for both e-commerce as well as in-store sales from
the store itself.
Funding -
Raised total funding of $5.3 M from Investors like
Prime Ventures Partners and Kstart.
Offline stores have always struggled for better
customer experience as compared to online stores
for better checkout. Bringing the online experience
of checkout and cashless payment at offline stores
will dramatically change the way offline stores
operate. Perpule is making an effort in this direction
and is likely to scale well.

Credolab
Launched in: 2016
Founders: Peter Barcak
Brief –
Singapore-based Credolab is in the B2B business of selling its credit scoring tool that uses mobile phone metadata
to help those in financial institutions with the underwriting of loans and credit cards.
Innovation –
Credolab develops bank-grade digital scorecards for banks, consumer finance companies, auto lenders, online
and mobile lenders, insurance companies, and retailers from the best alternative data source - smartphone device
metadata. AI-based algorithm crunches over 500,000 features from opt-in smartphone metadata to find the most
predictive delinquent behavioural patterns before converting them into credit scores.
Funding -
Raised total funding of $3.2 M from Investors like Walden International, Fintonia Group and FORUM.
Large section of society across countries always struggle to get credit due to absence of bank driven credit score.
Alternate credit score based on unique algorithm plugs this gap by making such customers be part of formal credit
programs be it a credit card or small loans. Credo labs have uniquely built this solution to help in underwriting to
smaller loans.

20India Report
NeoEntrants
Lateral Movement from Different Sectors into Fintech
Financial services are normally not
the primary need of the customer
and are always linked to a real
transaction like buying a house,
shopping, education etc. As fintech
services are available via Open
APIs through partners, many large
start-ups have started crossing
over to fintech. This movement will
accelerate as these entities
• Have low cost of customer
acquisition (as customers are
already acquired)
• Have deep insights on
customers
• Can simplify customer journeys
Many of these NeoEntrants may
buyout fintech start-ups to fast-track
the movement.
Case Study
– Farmart
Farmart was formed in 2018 to
meet farming needs to farmers be
it requirements of seeds, tractor
for ploughing and other farm
machinery. They help small holder
farmers get access to low-cost
digital credit by providing them with
a virtual credit card through which
they purchase farm inputs at its
offline retail channels.
Farmart business model of
providing small credit to farmers is
built on the direct linkage of credit
with the actual use of credit. They
provide credit lending instead of
cash disbursement to ensure zero
diversion of funds and to enable
a cashless system. For example,
Farmers need to procure seeds and
fertilizers, Farmart enables farmers
to obtain the same from partner
retail outlets and Farmart provides
money to outlets & collect money
from farmers at a later stage.
Farmart introduced the concept of
subscription-based farming services
which works on membership fees
for a season and obtain credit facility
without charges.
Case study –
Stellapps
Founded in 2011, Stellapps
has digitized & optimised Milk
Production, Milk Procurement &
Cold chain Management through
SmartMoo™ platform which helped
dairy farmers and cooperatives
maximize profits while minimizing
effort. Stellapps targeted entire
value chain of milk distribution
by tapping at source in villages at
collection centres till milk reaches
to dairy. They have built IoT (internet
of Things) enabled platform which
analyses and manages complete
information of milk deposits by
farmers including quality and
quantity of milk deposited. Being a
cloud-based platform, it captures
entire historical information on milk
collections from all farmers.
So far, the SmartMoo™ platform
& suite of apps touch over two
billion litres of milk annually. Since
Stellapps touched upon complete
milk distribution value chain and
they have the data of milk production
& collection from each farmer, they
built financial lending services stack
on its platform.
Stellapps mooPay platform brings
attractive financial products
including loan and insurance to the
rural population and optimises the
cost of doing operations in rural
India for financial service providers.
Their value proposition has been
building an alternate credit score for
these small farmers who don’t have
a bank-based credit score. They
have built an algorithm based on
the farmer’s historical data of milk
collection, called MooScore.
Stellapps disburses loans to the
farmers in collaboration with
Jana Small Finance Bank and
Akshayakalpa Organic Milk

Farmers need to procure seeds and fertilizers,
Farmart enables farmers to obtain the same
from partner retail outlets and Farmart provides
money to outlets & collect money from farmers
at a later stage.
Lateral
Movement

22India Report
Case Study –
Practo
Founded in 2008, Practo connects people with
everything they need to take good care of themselves
and their family - assessing health issues, finding
the right doctor, booking diagnostic tests, obtaining
medicines, storing health records or learning new
ways to live healthier. So far, Practo has expanded
into 15 countries, connected with 2 lakhs healthcare
providers and catered 50 M appointments in a year.
Practo has a built-in suite of solutions/services for
patients, doctors as well for hospitals. On strength of
such a large connection base of patients and doctors,
Practo is well placed to get into financial services space
which allows them to bundle their core health services
with financial needs of patients.
Practo has partnered with RBL Bank to launch a co-
branded health-centric credit card – RBL Bank Practo
Plus — powered by Mastercard. Practo card benefits
include unlimited online consultations with doctors
24×7, One free full-body health check-up and for
every INR 100 spent on this card, cardholder earns
one unit of Practo Health Cash, which can be used
while availing Practo services. This provides a good
value proposition to patients in managing their health
profiles along with managing payments through the
card.
Case Study – Arvi
Founded in 2018, Arvi is a healthcare management
platform designed for millennials to actively track, monitor
and improve health outcomes of parents. Arvi is trying to
bridge fragmented gaps among multiple stakeholders –
from doctors to hospitals to diagnostics to insurance to
emergency support through their platform.
Arvi has introduced subscription-based services covering
healthcare monitoring, hospital assistance coupled with
the health insurance package.
The solution breaks down the complexities of insurance
and improves the purchase experience of customers by
directing them to the relevant insurance plan by using
an intelligence layer with the help of AI. Arvi works with
patients to digitise past health records and AI layer works
on the health records of patients. It intelligently uses the
attribute of “mobile chat” based medium to understand
the customers’ needs and recommends them a matching
product.

Founded in 2014, Square Yards offers cutting-edge technology that empowers customers with credible data,
inspiration and knowledge, while connecting them with in-house experts who handhold them from the start of their
home search till property handover. So far, Square Yards has been able to connect with 500+ property developers
and served more than 30K customers. Square Yards is a market leader in real estate distribution, with an annual
Gross Transactional Value (GTV) of over INR 5,000 Cr. (close to US$ 800 Million) in FY 18-19, with a 100% growth
forecast for FY 19-20.
Square Yards announced it’s an aggressive investment in technology for its mortgage advisory platform-Square
Capital intending to become the largest online to offline (O2O) loan aggregator in India. Square Capital, uses its
technology stack to make mortgages easy and convenient for home seekers with completely automated workflows
that include online identity and credit verification. They also launched another product called Square Connect
which is India’s first and largest mobile-only aggregation platform for real estate brokers, financial institutions and
online firms, providing them access to much larger inventory.
Square Yards and Square Capital platform offer an integrated consumer experience that boasts a 17% client repeat
rate and integrates with more than 90 banks and NBFCs.
Walmart owned Flipkart is India’s one of the
largest eCommerce marketplace with over 80
million products. Flipkart has approx. 100 million
registered users while they have 100 thousand
sellers listed on their platform. Flipkart manages
complete customer behaviour by monitoring data
points of visiting customers while also handles
payments records of customers. Flipkart claims
to be tracking 500 to 1,000 data points to gauge a
customer’s ability and intent to repay loans.
Flipkart has already moved into Fintech space with
the acquisition of payment app “PhonePe” which
facilitates payments based on UPI.
Flipkart has also entered into credit segment
by launching its credit card in tie-up with Banks.
Flipkart is developing a video-based know-your-
customer (KYC) solution to offer instant credit to
users purchasing from its platform. It has also been
working with smaller fintech start-ups to offer ‘card-
less credit’ and financing options at the checkout.
Ola is India’s largest mobility platform and one of the
world’s largest ride-hailing companies, serving 250+
cities across India, Australia, New Zealand, and the UK.
The Ola app offers mobility solutions by connecting
customers to drivers and a wide range of vehicles
across bikes, auto-rickshaws, metered taxis, and cabs,
enabling convenience and transparency for hundreds
of millions of consumers and over 1.5 million driver-
partners.
Ola had launched Ola wallet, which allows better
checkout experience to customers. This wallet also
allows payments options similar to other wallets in the
market.
Ola launched Ola Money in 2015 with a short-term
credit offering, called Ola Post-paid, which allows a
customer to pay for expenses at every 15 days.
Ola has also tied up with SBI and VISA to launch its
own branded credit card for which Ola has tied up
with various brands to provide offers to a customer
on its cards and build rewards. The company plans to
issue 1 million cards in the first year, leveraging its 150
million customer base.

24India Report
Top 30 Fintech Influencers
by The Digital Fifth
Akhil Handa
Head (Fintech &
Partnerships, Mobile
Banking): Bank of Baroda
https://www.linkedin.
com/in/akhilh/
Alok Mittal:
CoFounder & CEO, Indifi
com/in/alok-mittal-590a/
Anand Kumar Bajaj
Founder &
CEO Paynearby
com/in/anandkumarba-
jajinnovation/
Anish Achuthan
Co-Founder & CEO
: Open Financial
Technologies Private
Limited
com/in/anishachuthan
Anna Roy
NITI Aayog
https://twitter.com/
annaroy9?lang=en
Ashneer Grover
CEO & Co - Founder at
BharatPe
com/in/ashneer
Ashok Kumar ER
CEO & Co Founder at
Scripbox
com/in/erashok/
Asish Mohapatra
Co-Founder & CEO- Of-
Business
com/in/asish-mohapa-
tra-22685a28/?original-
Subdomain=in
Bhavin Turakhia
Co-founder & CEO, Zeta
India
com/in/bhavin79/?origi-
nalSubdomain=in
Bhupinder Singh
Founder & CEO: Incred
com/in/bhupinders-
ingh-incred/?original-
Subdomain=in
Gowri Mukherjee
Co-Founder at
CreditMantri
https://www.
linkedin.com/in/
gowri-thyagarajan-
mukherjee-4253652/
Harsh Pokharna
Cofounder & CEO
OkCredit
com/in/harsh-pokharna-
58437a45/
Harshil Mathur
: CEO & Co-Founder :
Razorpay
com/in/harshilmathur/
Harshvardhan Lunia
Co-Founder & CEO at
Lendingkart
com/in/harshvardhan-
lunia-1189887/
Lalit Keshre
Cofounder & CEO: Groww
https://www.linkedin.com/
in/lalitkeshre/
Nitin Chugh
CEO, Ujjivan Small
Finance Bank
https://www.
linkedin.com/in/ni-
tin-chugh-b86304a/?orig-
inalSubdomain=in
Nitya Sharma
Co-Founder & CEO
Simpl
com/in/nityasharma1
Prashanth
Ranganathan,
Founder, CEO at
PaySense Pte Ltd
com/in/prashanthr/

Praveena Rai
Chief Operating Officer:
National Payments Cor-
poration Of India (NPCI)
com/in/praveena-rai-
6604b42/
Rajan Anandan
Managing Director,
Sequoia Capital
com/in/rajan-anan-
dan-2481b814/?original-
Subdomain=in
Ravish Naresh
Co-Founder / CEO, Kha-
tabook.com
com/company/khata-
book/
Sachin Bansal
CEO CRIDS
CEO NAVI Financial
Service (Formerly BAC
Acquisitions Pvt Ltd)
com/in/sachinbansal/
Satish Pillai
CEO. TransUnion CIBIL
com/in/satishpillai/
Satyam Kumar
CEO and Co-Founder:
LoanTap
https://www.linkedin.com/in/
satyam-kumar-02385910/?-
originalSubdomain=in
Shivani Siroya
Founder: Tala
com/in/shivanisiroya/
Sujatha Mohan
RBL Bank
Head - Digital and New
Initiatives
com/in/sujathamohan/?-
originalSubdomain=in
Suniti Nanda
Fintech Officer - Gov-
ernment of Maharash-
tra II Leading Mumbai
Fintech Hub
com/in/suniti-nan-
da-67999ba/
Vinay Bagri
CEO Co-founder at Niyo
Solutions Inc
Niyo solutions
com/in/vinayniyo/
Shalini Warrior
Chief Operating Officer:
Federal Bank
com/in/shalini-warri-
er-8a6147171/
Yashish Dahiya
CEO & Co-Founder,
PolicyBazaar.com
linkedin.com/in/yash-
ish-dahiya-89944b198

26India Report
SME LENDING
P2P LENDING
LENDING
MARKETPLACE
CONSUMER
LENDING
2006 - 2010 2011 2012 2013 2014 2015
B2C
PAYMENTS
INSURANCE
INVESTMENT
& PFM
FINANCIAL
INCLUSION
NEO-ENTRANTS
B2B
PAYMENTS
NEO BANK /
ACCOUNTING
FINTECH
ENABLERS
REGTECH
INDIAN FINTECH LANDSCAPE BY TH
Compiled by Sameer Singh Jaini sameer@thedigitalfifth.com https://www.linkedin.com
SME LENDING
P2P LENDING
LENDING
MARKETPLACE
CONSUMER
LENDING
2006 - 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
B2C
PAYMENTS
INSURANCE
INVESTMENT
& PFM
FINANCIAL
INCLUSION
NEO-ENTRANTS
B2B
PAYMENTS
NEO BANK /
ACCOUNTING
FINTECH
ENABLERS
REGTECH
INDIAN FINTECH LANDSCAPE BY THE DIGITAL FIFTH
Compiled by Sameer Singh Jaini sameer@thedigitalfifth.com https://www.linkedin.com/in/ssjaini
SME LENDING
P2P LENDING
LENDING
MARKETPLACE
CONSUMER
LENDING
2006 - 2010 2011 2012 2013 2014 2015 2016 20
B2C
PAYMENTS
INSURANCE
INVESTMENT
& PFM
FINANCIAL
INCLUSION
NEO-ENTRANTS
B2B
PAYMENTS
NEO BANK /
ACCOUNTING
FINTECH
ENABLERS
REGTECH
INDIAN FINTECH LANDSCAPE BY THE DIGITAL FIF

SME LENDING
P2P LENDING
LENDING
MARKETPLACE
CONSUMER
LENDING
2006 - 2010 2011 2012 2013 2014 2015
B2C
PAYMENTS
INSURANCE
INVESTMENT
& PFM
FINANCIAL
INCLUSION
NEO-ENTRANTS
B2B
PAYMENTS
NEO BANK /
ACCOUNTING
FINTECH
ENABLERS
REGTECH
INDIAN FINTECH LANDSCAPE BY TH
Compiled by Sameer Singh Jaini sameer@thedigitalfifth.com https://www.linkedin.com
2013 2014 2015 2016 2017 2018 2019
LANDSCAPE BY THE DIGITAL FIFTH
ifth.com https://www.linkedin.com/in/ssjaini
SME LENDING
P2P LENDING
LENDING
MARKETPLACE
CONSUMER
LENDING
2006 - 2010 2011 2012 2013 2014 2015 2016 20
B2C
PAYMENTS
INSURANCE
INVESTMENT
& PFM
FINANCIAL
INCLUSION
NEO-ENTRANTS
B2B
PAYMENTS
NEO BANK /
ACCOUNTING
FINTECH
ENABLERS
REGTECH
INDIAN FINTECH LANDSCAPE BY THE DIGITAL FIF
SME LENDING
P2P LENDING
LENDING
MARKETPLACE
CONSUMER
LENDING
2006 - 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
B2C
PAYMENTS
INSURANCE
INVESTMENT
& PFM
FINANCIAL
INCLUSION
NEO-ENTRANTS
B2B
PAYMENTS
NEO BANK /
ACCOUNTING
FINTECH
ENABLERS
REGTECH
INDIAN FINTECH LANDSCAPE BY THE DIGITAL FIFTH

Our Team
Recognized among the esteemed Fintech Asia Top 100 by nextmoney.org, Sameer
leads the The Digital Fifth team. A digital enthusiast with over two decades of
experience spanning across Asia, Europe and America, he has won multiple Best
CIO and Innovation Awards, including one for the industry’s First Aadhaar Based
ATM. Sameer has implemented end to end digital banks in Europe and led large
banking initiatives, including turnarounds in the USA and Europe for Finacle.
He has led digital practices (internet banking, mobility, and CRM) at Finacle.
Sameer has been a part of core teams responsible for setting up Kotak Mahindra
Bank and Bharatiya Mahila Bank, as well as leading digital initiatives for Kotak
Mahindra Bank and Citibank. You will often find him sharing his knowledge and
conducting in-depth training sessions at industry events, financial institutions
and educational institutions.
With over 17 years of experience in managing technology set-ups, as well as
security and government functions, Shashank is extremely well versed in the
design and execution of digital strategy and transformation initiatives. He has
managed technology infrastructure, digital banking & governance functions at
banks, and also built an open banking strategy and implementation for the same,
including onboarding of partners.
A winner of the IDC Award for Omni Channel Framework, Shashank has a deep
understanding of banking technologies and is passionate about staying ahead of
the game in the ever evolving fintech space.
He has been responsible for driving revenue through regular inventory sales and
sponsorship sales for large events and has managed and organized large event
in B2B (Industry body events, knowledge sessions) and B2C (lifestyle, fashion
and entertainment) events. Sreekant has managed end to end digital marketing
assignments for varied exclusive clientele in the automobile, consumer durables,
lifestyle products and BFSI sectors; as well as managed the P&L for channels and
digital agencies.
Sameer Singh Jaini
Shashank Shekhar
R Sreekant
CEO & Founder, The Digital Fifth
Co-founder & Head of Consulting
Co-founder & Head of Sales and Partnerships
Sameer Singh Jaini
https://www.linkedin.com/in/ssjaini
Shashank Shekhar
https://www.linkedin.com/in/Iamtheshekhar
Sreekant
https://www.linkedin.com/in/rudrabhatla-sreekant-0b05737

Our Services
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• Business
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• Digital
• Technology
• CTO, CEO, Co-Founder
as a service (CAAS)
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Masterclass
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Masterclass
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• Curated Programs

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Floor, 91Springboard,
Kagalwala House, Behind
Shaman Wheels (Mercedes
Showroom), Kalina, Santacruz
East, Mumbai, Maharashtra
400098
www.thedigitalfifth.com
+91 98671 67676
sreekant@thedigitalfifth.com

India fintech report by The Digital Fifth

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