Tracxn Research — Fintech India Landscape, October 2016

Fintech India Report – October 2016
Tracxn
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2

Contents
Topic Page No.
Scope of Report 04
Entrepreneur Activity 06
Investment Trend 11
Who is Investing 19
Exit Outlook - IPO, Acquisitions 23
Sub Sector Analysis 25
Consumer Fintech Evolution 46
Interesting Companies 49
Useful Links 67
Company List 70
Team 237

Sector Overview
Scope of report
This report includes all Indian companies under the following subsectors in Fintech
• Payments - Tools which help in the process of payments such as gateways, processors, PoS payment processors, cards, etc.
• Mobile Payments - Mobile based payment tools and solutions such as MPoS, wallets, Payment aggregators, etc.
• Investment Tech - Public and private market investing based solutions such as trading platforms, wealth management tools,
etc. Excludes traditional trading tip providers and brokers
• Insurance Tech - Platforms which help insurance companies by providing risk management tools, distribution platforms, etc.
• Banking Tech - Enabler of banking services via tech solutions, distribution platforms, back end solution providers, etc.
Excludes companies that offer services to financial institutions
• Lending - Platforms that help financial institutions with credit scoring and lead generation. Also includes loan comparison
platforms, peer to peer lending platforms and digital balance sheet lenders
• Consumer Finance - Tools that help consumers in personal finance management, expense splitting, Tax filing etc. Excludes
traditional platforms that offer offline finance management advisory services
• Enterprise Finance – Includes accounting, compliance and taxation tools for enterprises
• Cryptocurrency - Virtual currencies built on blockchain
• Crowdfunding - Platforms which help people raise money by donations, rewards or equity
The report includes all the transactions that have happened in this space till 12th October 2016
The scope of this report includes equity as well as debt funding received by the companies.

Scope of Report
Entrepreneur Activity
Investment Trend
Who is Investing
Exit Outlook - IPO, Acquisitions
Sub Sector Analysis
Consumer Fintech Evolution
Interesting Companies
Useful Links
Company List
Team
5

60 65
108
125
192
374
137
0
80
160
240
320
400
2010 2011 2012 2013 2014 2015 2016
NumberofCompanies
6
YoY – Number of companies founded
Paytm Ezetap MyUniverse Capital Float Lendingkart
EarlySalary
InCred
FreeCharge Citrus Pay Cloud Lending Faircent Razorpay LoanTap
CoinTribe

Large Upcoming Sectors
No. of Companies
Founded
Average
Age
No. of Companies
Funded
Business Model
Total
Funding
Example
75 Sep-2014 23 Lending > Consumer Loans $24M
Faircent
2013, Gurgaon
41 Sep-2014 10 Lending > Commercial Loans $131M
NeoGrowth
2010, Mumbai
51 Aug-2014 8 Mobile Payments > Money Transfer $9M
Chillr
2014, Mumbai
22 Jul-2013 3 Cryptocurrency $4M
Unocoin
2013, Bangalore
48 Feb-2014 10
Investment Tech > Public Market
Investing > Robo Advisor
$33M
FundsIndia
2009, Chennai
159 May-2013 16 Consumer Finance $37M
Cleartax
2010, Delhi

Niche Upcoming Sectors
No. of Companies
Founded
Average
Age
No. of Companies
Funded
Business Model
Total
Funding
Example
19 Aug-2014 11
Lending > Consumer Loans > Purchase
Loans
$10M
Flexmoney
2016, Mumbai
7 Aug-2014 2
Lending > Consumer Loans > Personal
Loans > B2C Marketplace
$1M
IndiaLends
2014, Delhi
3 Aug-2014 2
Lending > Commercial Loans > Direct
Lender
$41M
Capital Float
2013, Bangalore
3 Aug-2014 1
Lending > Commercial Loans >
Working Capital > Direct Lenders
$43M
Lendingkart
2014, Ahmedabad
5 Jul-2014 2
Investment Tech > Public Market
Investing > Trading Platform >
Thematic Investing
Undisclosed
Smallcase
2015, Bangalore
19 May-2014 5
Lending > Consumer Loans > Personal
Loans > P2P Marketplace
$8M
Faircent
2013, Gurgaon
7 Aug-2013 4
Loans > EMI based
$5M
ONEMi
2011, Chennai

Niche Upcoming Sectors
No. of Companies
Founded
Average
Age
No. of Companies
Funded
Business Model
Total
Funding
Example
5 May-2015 1
Lending > Consumer Loans > Student
Loans
Undisclosed
Meritlane
2015, Chennai
3 Apr-2015 2
Loans > Buy Now Pay Later
$2M
ePayLater
2016, Mumbai
7 Jan-2015 5
Loans > Students
$3M
KrazyBee
2016, Bangalore
8 Nov-2014 2
Lending > Commercial Loans >
Working Capital > Alternate Financing
> Discounting
$750K
Kredx
2015, Bangalore
7 Nov-2014 2 Lending > Enabler > Credit Rating $2M
CreditVidya
2012, Mumbai
17 Sep-2014 3
Lending > Commercial Loans > B2C
Marketplace
Undisclosed
UdyogCredit
2016, Mumbai
6 Sep-2014 1
Lending > Consumer Loans > Payday
Loans
$2M
EarlySalary
2015, Pune

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
10

YoY – Number of Rounds and Total Funding
Note: The funding includes debt rounds also.
$58M $62M
$13M
$110M
$77M
$127M
$201M
$1.4B
$512M
7 7 9
20
29
32
45
80
83
0
18
36
54
72
90
0
320
640
960
1280
1600
2008 2009 2010 2011 2012 2013 2014 2015 2016
NumberofRounds
FundingAmount(inMillions)
Funding Amount Number of Rounds

YoY – Number of Rounds by Stage
9
19 19
27
44
51
7
7
10
13
22
20
4
2
2
4
12
7
0
18
36
54
72
90
2011 2012 2013 2014 2015 2016
NumberofRounds
Seed Early Late

YoY – Funding by Stage
$1M $4M $4M $13M $24M $27M$29M $26M $59M $83M
$135M $116M$80M $48M
$63M
$105M
$1.2B
$252M
0
320
640
960
1280
1600
2011 2012 2013 2014 2015 2016
TotalFundingAmount(inMillions)
Seed Early Late

Average Ticket Size – Early Stage
$0.2M $0.3M $0.2M
$0.6M
$1.0M $0.8M
$4.2M
$3.2M $3.2M $3.3M
$5.4M
$4.2M
$6.2M $6.5M
$9.3M
$11.7M
$12.4M
$15.4M
0.0
3.6
7.2
10.8
14.4
18.0
2011 2012 2013 2014 2015 2016
FundingAmount(inMillions)
Seed Series A Series B

Top investments in last one year
Company
Funding
Amount
Round
Name
Date Investors
incred.com
InCred
(Mumbai, 2016)
$74M PE Aug-2016 IDFC, Alpha Capital
paytm.com
Paytm
(Noida, 2010)
$60M Series F Aug-2016 MediaTek
mobikwik.com
MobiKwik
(Gurgaon, 2009)
$50M Series C May-2016 MediaTek, Sequoia Capital, Tree Line Investment Management, GMO Venture Partners
paytm.com
Paytm
(Noida, 2010)
$45M Debt Mar-2016 ICICI Bank
mobikwik.com
MobiKwik
(Gurgaon, 2009)
$40M Series C Aug-2016 NET1
finopaytech.com
FINO PayTech
(Mumbai, 2006)
$38M PE Jul-2016 Bharat Petroleum
neogrowth.in
NeoGrowth
(Mumbai, 2010)
$35M Series D Jul-2016
Omidyar Network, Khosla Impact, India Infoline Asset Management, Aspada
Investments
capitalfloat.com
Capital Float
(Bangalore, 2013)
$25M Series B Apr-2016 Creation Investments, SAIF Partners, Sequoia Capital, Aspada Investments

Top investments in last one year
Company
Funding
Amount
Round
Name
Date Investors
citruspay.com
Citrus Pay
(Mumbai, 2011)
$25M Series C Oct-2015 Ascent Capital, Sequoia Capital, Econtext Asia, Beenos
lendingkart.com
Lendingkart
(Ahmedabad, 2014)
$20M Series B Jun-2016 Bertelsmann India Investments, Mayfield, Saama Capital, India Quotient
deal4loans.com
Deal4loans
(Delhi, 2007)
$15M Series A Jul-2016 Franklin Templeton Investments
transerv.co.in
Transerv
(Mumbai, 2011)
$15M Series C Apr-2016 Nirvana Ventures Advisors, Faering Capital, Micromax Informatics, IDFC Mutual Fund
cleartax.in
Cleartax
(Delhi, 2010)
$12M Series A Jun-2016 SAIF Partners
lendingkart.com
Lendingkart
(Ahmedabad, 2014)
$12M Debt Jun-2016 Bertelsmann India Investments, Mayfield, India Quotient, Saama Capital
qwikcilver.com
QwikCilver
(Bangalore, 2008)
$10M Series B Jul-2016 Sistema, Amazon India, Accel Partners, Helion Venture Partners
razorpay.com
Razorpay
(Bangalore, 2014)
$9M Series A Oct-2015 Tiger Global Management, Matrix Partners India

Funnel view of Sector
Percent of
Previous
18%
47%
38%
38
25
41
107
230
1268
0 280 560 840 1120 1400
M&A & IPO
Late
Series B
Series A
Funded
Founded
Number of Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
18

Most Active Investors in Sector
32
16
10
9 9
8
7
6 6
5
0
7
14
21
28
35
Sequoia
Capital
Accel
Partners
Blume
Ventures
Intel
Capital
SAIF
Partners
Matrix Partners
India
IDG
Capital Partners
Aspada
Investments
Kae Capital India
Quotient
TotalNumberofRounds
MobiKwik Qwikcilver Chillr FINO PayTech ItzCash Fintellix NeoGrowth FortunePay Lendingkart
FreeCharge Coverfox Unocoin Policybazaar
Paytm
Mswipe
Agile Financial
Technologies Capital Float Qubecell MomoeCapital Float

Where are Top Investors investing

Top Investor by Stage of Entry

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
22

Acquisitions in 2016
Date Company Acquirer Deal Size Overview
Total
Funding
Sep-2016 citruspay.com
Citrus Pay
(Mumbai, 2011)
payu.com $130M
Payment gateway and mobile wallet
Sequoia Capital, 91springboard, Ascent Capital, Beenos, Econtext
Asia, Beenext
$32.5M
Aug-2016 sesameindia.com
Sesame Software
Solutions
(Kozhikode, 1993)
speridian.com Undisclosed
Core banking solutions company
Unfunded
Jul-2016 momoe.in
Momoe
(Bangalore, 2014)
shopclues.com Undisclosed
Mobile wallet for payments at offline stores
Jungle Ventures, IDG Capital Partners, India Quotient
$1.2M
Apr-2016 phonepe.com
PhonePe
(Bangalore, 2015)
flipkart.com Undisclosed
UPI based payment app
Unfunded
Apr-2016 instapaisa.com
InstaPaisa
(Delhi, 2015)
incred.com Undisclosed
B2C marketplace for personal loans
Unfunded
Mar-2016 qarth.in
Qarth
(Chennai, 2012)
olacabs.com Undisclosed
Interbank mobile payment service on mobile
Unfunded
Mar-2016 ruplee.com
Ruplee
(Gurgaon, 2014)
paylo.in Undisclosed
Mobile app to make payments at restaurants
Unfunded
Feb-2016 emvantage.com
Emvantage
(Delhi, 2012)
amazon.com Undisclosed
Online payment gateway solution
Unfunded

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
24

October 2016Tracxn BlueBox : FinTech - India
1200+ companies in the sector, 175 funded since 2011, $1.78B invested in 2015/16
25

Top Business Models by Funding
$1.3B
$360M $345M $311M
$115M
$64M $47M $37M $8M $4M
0
280
560
840
1120
1400
Mobile
Payments
Payments Lending Banking
Tech
Insurance
Tech
Software for
Institutional
Investors
Investment
Tech
Consumer
Finance
Enterprise
Finance
Forex
TotalFundingAmount(inMillions)
# Cos. 169 102 195 106 73 56 243 159 72 13
Avg. Age Feb-13 Jul-09 Nov-13 Jun-09 Nov-11 Jan-10 Sep-11 May-13 Jan-11 Jul-13
Paytm
Financial Software
Systems
BankBazaar FINO PayTech Policybazaar
Eka Software
Solutions
FundsIndia Cleartax Chargebee BookMyForex
MobiKwik ItzCash InCred
AGS Transact
Technologies
Coverfox Heckyl MyUniverse Walnut Niyo Solutions Fxkart

Payments – Overview

Mobile Payments – Business Model Description

Mobile Payments – Entrepreneur Activity and
Investment Trend

Mobile Payments – Most Funded Companies

Payments – Business Model Description

Payments – Entrepreneur Activity and Investment
Trend

Payments – Most Funded Companies

SMB Lending – Overview

Consumer Lending – Overview

Lending – Business Model Description

Lending – Entrepreneur Activity and Investment
Trend

Lending – Most Funded Companies

Banking Tech – Business Model Description

Banking Tech – Entrepreneur Activity and
Investment Trend

Banking Tech – Most Funded Companies

Insurance Tech – Business Model Description

Insurance Tech – Entrepreneur Activity and
Investment Trend

Insurance Tech – Most Funded Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
45

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
48

Interesting Unfunded Companies
Company Overview
Business
Model
cashe.co.in
CASHe
(2016, Mumbai)
Short term personal loan platform Lending > Consumer Loans > Personal Loans > Short
Term
CarX
(2016, Bangalore)
Mobile app for tracking driving and vehicle analytics Insurance Tech > Data Providers
novoloans.com
Novoloans
(2016, Mumbai)
Micro-lending marketplace
Lending > Commercial Loans > B2C Marketplace
LegUp
(2016, Mumbai)
Financing for career enhancing activities
Lending > Consumer Loans > Student Loans > Career
Enhancing Activities
MyBanker
(2016, Gurgaon)
AI based Banking assistant
Banking Tech > Back-End Solutions > Customer
Experience
GetHonestPay
(2016, Bangalore)
Healthcare financing options Lending > Consumer Loans > Healthcare
wealthyfox.in
WealthyFox
(2016, Mumbai)
Platform for aggregating & comparing financial analytics companies Investment Tech > Public Market Investing > Data
Platform > Analytics
ReBase
(2016, Bangalore)
Mobile app for payday loans Lending > Consumer Loans > Payday Loans
lastmile.mobi
Lastmile
(2015, Hyderabad)
Platform for last mile payments management
Payments > Technology
Curated list of companies by the sector analyst are defined as Interesting

Interesting Seed Companies

Interesting Series A Companies

Interesting Series B Companies

Interesting Late Stage Companies

Top Funded Deadpooled Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
66

Useful Links
Slide Title Content Platform Link
List of All Companies in readable format Companies Link
Niche Upcoming Sectors Entrepreneur Activity Link
Top investments in last one year Investment Trend Link
Major Acquisitions in last one year Exit Outlook - Acquisitions Link
Top Funded Deadpooled Companies Companies Link

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
69

Fintech India – Company List
Mobile
Payments
Payments Lending Banking Tech Insurance Tech
Software for Institutional
Investors
Investment
Tech
Consumer
Finance
Enterprise
Finance
Forex Cryptocurrency Crowdfunding
230 FUNDED COMPANIES AND 1045 UNFUNDED COMPANIES
COVERS THE FOLLOWING SECTORS

Mobile Payments (1/22)
Company Overview Business Model Total Funding
Happi-Pay
(2016, Hyderabad)
Online payment solution for local merchants
Fedelis
(2015, Gurgaon)
Real time mobile payment system
AppSperts
(2011, Mumbai)
Payments solution providers
Mopaso
(2014, Mumbai)
Carrier billing and storefront creation
Direct Carrier Billing
iPayy
(2013, Bangalore)
Micro-payment solution for digital goods using mobile carrier billing.
Paychamp
(2013, Noida)
Mobile payment service charging users through operator billing
JunoTele
(2011, Bangalore)
Real-time Carrier Billing Platform
QubeCell
(2012, Mumbai)
Mobile Billing Aggregator
Mumbai Angels, Kae Capital, TA Ventures, Blume Ventures Direct Carrier Billing
Go to BM List >> Payments

GiftMate
(2006, Mumbai)
Mobile money voucher gifting service
Gifting
Chillr
(2014, Mumbai)
Smartphone application for P2P money transactions
Sequoia Capital, Mobme, Blume Ventures Money Transfer $8M
NumberMall
(2012, Hyderabad)
Mobile payments platform
SRI Capital Money Transfer $1M
Payio
(2016, Hyderabad)
Money transfer app
Money Transfer
Bille
(2015, Delhi)
Mobile app for paying bills at restaurants
Money Transfer
NoKards
(2016, Pune)
Money transfer app
Money Transfer
Finmo
(2015, Delhi)
Money transfer app
Money Transfer
Click&Pay
(2015, Hyderabad)
Card linked mobile payment and money transfer app
Money Transfer

Alpha Pay
(2016, Mumbai)
App for merchant payments and peer-to-peer money transfer
Money Transfer
Flashpay
(2015, Chennai)
Payment app for online and offline transactions
Money Transfer
ScrewCash
(2015, Delhi)
Mobile payment app
Money Transfer
Shash
(2016, Surat)
Mobile payments company in stealth mode
Money Transfer
Eswipe
(2013, Kolkata)
Money transfer platform
Money Transfer
Track N Pay
(2015, Bangalore)
Mobile invoicing and payment company
Money Transfer
Payjaldi
(2015, Bangalore)
SMS based payment platform
Money Transfer
OTap
(2015, Mumbai)
Mobile payments company in stealth mode
Money Transfer

Payments (1/13)
Mobile Payments << Go to BM List >> Lending

Payments (2/13)

Payments (3/13)

Payments (4/13)

Payments (5/13)

Payments (6/13)

Payments (7/13)

Payments (8/13)

Payments (9/13)

Payments (10/13)

Payments (11/13)

Payments (12/13)

Payments (13/13)

Lending (1/25)
Payments << Go to BM List >> Banking Tech

Lending (2/25)

Lending (3/25)

Lending (4/25)

Lending (5/25)

Lending (6/25)

Lending (7/25)

Lending (8/25)

Lending (9/25)

Lending (10/25)

Lending (11/25)

Lending (12/25)

Lending (13/25)

Lending (14/25)

Lending (15/25)

Lending (16/25)

Lending (17/25)

Lending (18/25)

Lending (19/25)

Lending (20/25)

Lending (21/25)

Lending (22/25)

Lending (23/25)

Lending (24/25)

Lending (25/25)

Banking Tech (1/14)
Lending << Go to BM List >> Insurance Tech

Banking Tech (2/14)

Banking Tech (3/14)

Banking Tech (4/14)

Banking Tech (5/14)

Banking Tech (6/14)

Banking Tech (7/14)

Banking Tech (8/14)

Banking Tech (9/14)

Banking Tech (10/14)

Insurance Tech (1/10)
Banking Tech << Go to BM List >>
Software for
Institutional
Investors

Software for
Institutional
Investors

Software for Institutional Investors (1/7)
Insurance Tech << Go to BM List >> Investment Tech

Investment Tech (1/31)
Software for
Institutional
Investors
<< Go to BM List >> Consumer Finance

Software for
Institutional
Investors

Consumer Finance (1/21)
Investment Tech << Go to BM List >> Enterprise Finance

Enterprise Finance (1/9)
Consumer
Finance
<< Go to BM List >> Forex

Consumer
Finance

Forex (1/2)
Enterprise
Finance
<< Go to BM List >> Cryptocurrency

Forex (2/2)
Enterprise
Finance
<< Go to BM List >> Cryptocurrency

Cryptocurrency (1/3)
Forex << Go to BM List >> Crowdfunding

Crowdfunding (1/8)
Cryptocurrency << Go to BM List >> Miscellaneous

Crowdfunding (2/8)

Crowdfunding (3/8)

Crowdfunding (4/8)

Crowdfunding (5/8)

Crowdfunding (6/8)

Crowdfunding (7/8)

Crowdfunding (8/8)

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
236

Team
237
Prasanna Munot,
Analyst, Fintech India

Tracxn Research — Fintech India Landscape, October 2016

Tracxn Research — Fintech India Landscape, October 2016

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