Fintech start-ups in the country has seen a large growth in recent times in India. At a time when the government has been aggressively pushing for digital payments and bringing into a formal ID system, increased funding and tax reliefs have pushed such start-ups. There are currently 72 start-ups working across the lending, payments, insurance and banking space in India, according to a CB Insights report.
“A host of global corporations and their venture arms have entered the fray, eager to reach India’s mostly unbanked population and profit from the country’s tech-friendly regulatory environment,” said the report.
In the Merchants Services category the government supported Unified Payments Interface (UPI) has helped push the segment forward. Ezetap, which offers an end-to-end payment system that includes mobile point-of-sale kiosks, raised $24 million in a 2015 Series C from investors including Social Capital and Helion Venture Partners.
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In this category there are several players such as BillDesk, ItzCash, Mswipe, Ftcash, among others.
In the lending and banking category LendingKart, which provides working capital financial solutions to MSMEs, raised a $32 million Series B in Q2 2016.
In the tax segment Cleartax has received $15.4 million in five rounds of funding. While in the insurance segment PolicyBazaar has raised $70 million in total funding to provide a personal insurance product comparison platform.
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