It is no secret that India, along with the rest of the world, is well and truly in the “startup era”. It is a time for big ideas, bigger goals, and access to a plethora of avenues to raise the capital needed to make those goals a reality.
However, even within this quickly expanding startup ecosystem, one subset of fledgling entities has seen rapid growth in the Indian landscape. The financial technology, or “fintech” industry, has greatly benefited from the “startup culture”, and statistics over the last year back this up. Razorpay, India’s online payment gateway company, took to twitter to introduce its findings on the growth of the fintech ecosystem.
— Razorpay (@Razorpay) February 13, 2020
Popularity of fintech platforms have sky-rocketed in the recent past. Use of plastic cards has dropped from 56% to 46% between 2018 and 2019, while UPI payments soared from 17% to 38% in the same period. Of this, 59% of the transactions took place via Google Pay.
Being the tech capital of India, Bangalore has once again shown its knack of keeping pace with the times, with nearly 24% of the residents using the platform.
Veteran investment firm, Sequoia India has also showed support for the industry recently, backing Bangalore based Rukeep, an online platform for gold loans, described by Sequoia as “an Amazon-like experience [for] India’s gold loan market”.
. @sumitmaniyar's @rupeekapp, which brings an Amazon-like experience to India’s gold loan market, is a great example of how #fintech startups can collaborate w/ banks to create opportunities in spaces that trad'l players find hard to reach: @gvravishankar .https://t.co/C2juR8DsAH
— Sequoia_India (@Sequoia_India) February 13, 2020
The industry has been growing from strength to strength and shows no signs of slowing down, continuing to lead the growth of the startup era