tracxn research — fintech india landscape, october 2016

Fintech India Report – October 2016

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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 comparisonplatforms, 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. Excludestraditional 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

108125

192

374

137

0

80

160

240

320

400

2010 2011 2012 2013 2014 2015 2016

Nu

mb

er o

f C

om

pan

ies

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 ModelTotal

FundingExample

75 Sep-2014 23 Lending > Consumer Loans $24MFaircent

2013, Gurgaon

41 Sep-2014 10 Lending > Commercial Loans $131MNeoGrowth

2010, Mumbai

51 Aug-2014 8 Mobile Payments > Money Transfer $9MChillr

2014, Mumbai

22 Jul-2013 3 Cryptocurrency $4MUnocoin

2013, Bangalore

48 Feb-2014 10Investment Tech > Public Market Investing > Robo Advisor

$33MFundsIndia

2009, Chennai

159 May-2013 16 Consumer Finance $37MCleartax

2010, Delhi


Niche Upcoming Sectors


Average Age


Business ModelTotal

FundingExample

19 Aug-2014 11Lending > Consumer Loans > Purchase Loans

$10MFlexmoney

2016, Mumbai

7 Aug-2014 2Lending > Consumer Loans > Personal Loans > B2C Marketplace

$1MIndiaLends2014, Delhi

3 Aug-2014 2Lending > Commercial Loans > Direct Lender

$41MCapital Float

2013, Bangalore

3 Aug-2014 1Lending > Commercial Loans > Working Capital > Direct Lenders

$43MLendingkart

2014, Ahmedabad

5 Jul-2014 2Investment Tech > Public Market Investing > Trading Platform > Thematic Investing

UndisclosedSmallcase

2015, Bangalore

19 May-2014 5Lending > Consumer Loans > Personal Loans > P2P Marketplace

$8MFaircent

2013, Gurgaon

7 Aug-2013 4Lending > Consumer Loans > Purchase Loans > EMI based

$5MONEMi

2011, Chennai


Niche Upcoming Sectors


Average Age


Business ModelTotal

FundingExample

5 May-2015 1Lending > Consumer Loans > Student Loans

UndisclosedMeritlane

2015, Chennai

3 Apr-2015 2Lending > Consumer Loans > Purchase Loans > Buy Now Pay Later

$2MePayLater

2016, Mumbai

7 Jan-2015 5Lending > Consumer Loans > Purchase Loans > Students

$3MKrazyBee

2016, Bangalore

8 Nov-2014 2Lending > Commercial Loans > Working Capital > Alternate Financing > Discounting

$750KKredx

2015, Bangalore

7 Nov-2014 2 Lending > Enabler > Credit Rating $2MCreditVidya

2012, Mumbai

17 Sep-2014 3Lending > Commercial Loans > B2C Marketplace

UndisclosedUdyogCredit

2016, Mumbai

6 Sep-2014 1Lending > Consumer Loans > Payday Loans

$2MEarlySalary2015, 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

8083

0

18

36

54

72

90

0

320

640

960

1280

1600

2008 2009 2010 2011 2012 2013 2014 2015 2016

Nu

mb

er of R

ou

nd

sFu

nd

ing

Am

ou

nt

(in

Mill

ion

s)

Funding Amount Number of Rounds


YoY – Number of Rounds by Stage

9

19 19

27

4451

7

710

13

22

20

4

22

4

12

7

0

18

36

54

72

90

2011 2012 2013 2014 2015 2016

Nu

mb

er o

f R

ou

nd

s

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

Tota

l Fu

nd

ing

Am

ou

nt

(in

Mill

ion

s)

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

Fun

din

g A

mo

un

t (i

n M

illio

ns)

Seed Series A Series B


Top investments in last one year

CompanyFunding Amount

Round Name

Date Investors

incred.comInCred

(Mumbai, 2016)$74M PE Aug-2016 IDFC, Alpha Capital

paytm.comPaytm

(Noida, 2010)$60M Series F Aug-2016 MediaTek

mobikwik.comMobiKwik

(Gurgaon, 2009)$50M Series C May-2016 MediaTek, Sequoia Capital, Tree Line Investment Management, GMO Venture Partners

paytm.comPaytm

(Noida, 2010)$45M Debt Mar-2016 ICICI Bank

mobikwik.comMobiKwik

(Gurgaon, 2009)$40M Series C Aug-2016 NET1

finopaytech.comFINO PayTech

(Mumbai, 2006)$38M PE Jul-2016 Bharat Petroleum

neogrowth.inNeoGrowth

(Mumbai, 2010)$35M Series D Jul-2016

Omidyar Network, Khosla Impact, India Infoline Asset Management, AspadaInvestments

capitalfloat.comCapital Float

(Bangalore, 2013)$25M Series B Apr-2016 Creation Investments, SAIF Partners, Sequoia Capital, Aspada Investments


Top investments in last one year

CompanyFunding Amount

Round Name

Date Investors

citruspay.comCitrus Pay

(Mumbai, 2011)$25M Series C Oct-2015 Ascent Capital, Sequoia Capital, Econtext Asia, Beenos

lendingkart.comLendingkart

(Ahmedabad, 2014)$20M Series B Jun-2016 Bertelsmann India Investments, Mayfield, Saama Capital, India Quotient

deal4loans.comDeal4loans

(Delhi, 2007)$15M Series A Jul-2016 Franklin Templeton Investments

transerv.co.inTranserv

(Mumbai, 2011)$15M Series C Apr-2016 Nirvana Ventures Advisors, Faering Capital, Micromax Informatics, IDFC Mutual Fund

cleartax.inCleartax

(Delhi, 2010)$12M Series A Jun-2016 SAIF Partners

lendingkart.comLendingkart

(Ahmedabad, 2014)$12M Debt Jun-2016 Bertelsmann India Investments, Mayfield, India Quotient, Saama Capital

qwikcilver.comQwikCilver

(Bangalore, 2008)$10M Series B Jul-2016 Sistema, Amazon India, Accel Partners, Helion Venture Partners

razorpay.comRazorpay

(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

109 9

87

6 65

0

7

14

21

28

35

SequoiaCapital

AccelPartners

BlumeVentures

IntelCapital

SAIFPartners

Matrix PartnersIndia

IDGCapital Partners

AspadaInvestments

Kae Capital IndiaQuotient

Tota

l Nu

mb

er o

f R

ou

nd

s

MobiKwik Qwikcilver Chillr FINO PayTech ItzCash Fintellix NeoGrowth FortunePay Lendingkart

FreeCharge Coverfox Unocoin Policybazaar

Paytm

MswipeAgile FinancialTechnologies 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 OverviewTotal

Funding

Sep-2016 citruspay.comCitrus Pay

(Mumbai, 2011)payu.com $130M

Payment gateway and mobile walletSequoia Capital, 91springboard, Ascent Capital, Beenos, EcontextAsia, Beenext

$32.5M

Aug-2016 sesameindia.com

Sesame Software Solutions

(Kozhikode, 1993)

speridian.com UndisclosedCore banking solutions company

Unfunded

Jul-2016 momoe.inMomoe

(Bangalore, 2014)shopclues.com Undisclosed

Mobile wallet for payments at offline storesJungle Ventures, IDG Capital Partners, India Quotient

$1.2M

Apr-2016 phonepe.comPhonePe

(Bangalore, 2015)flipkart.com Undisclosed

UPI based payment appUnfunded

Apr-2016 instapaisa.comInstaPaisa

(Delhi, 2015)incred.com Undisclosed

B2C marketplace for personal loansUnfunded

Mar-2016 qarth.inQarth

(Chennai, 2012)olacabs.com Undisclosed

Interbank mobile payment service on mobileUnfunded

Mar-2016 ruplee.comRuplee

(Gurgaon, 2014)paylo.in Undisclosed

Mobile app to make payments at restaurantsUnfunded

Feb-2016 emvantage.comEmvantage

(Delhi, 2012)amazon.com Undisclosed

Online payment gateway solutionUnfunded


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis



Useful Links

Company List

Team

24


October 2016Tracxn BlueBox : FinTech - India1200+ 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

MobilePayments

Payments Lending BankingTech

InsuranceTech

Software forInstitutional

Investors

InvestmentTech

ConsumerFinance

EnterpriseFinance

Forex

Tota

l Fu

nd

ing

Am

ou

nt

(in

Mill

ion

s)

# 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

PaytmFinancial Software

SystemsBankBazaar FINO PayTech Policybazaar

Eka Software Solutions

FundsIndia Cleartax Chargebee BookMyForex

MobiKwik ItzCash InCredAGS 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 OverviewBusiness Model

cashe.co.inCASHe

(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.comNovoloans

(2016, Mumbai)

Micro-lending marketplaceLending > Commercial Loans > B2C Marketplace

LegUp(2016, Mumbai)

Financing for career enhancing activitiesLending > Consumer Loans > Student Loans > Career Enhancing Activities

MyBanker(2016, Gurgaon)

AI based Banking assistantBanking Tech > Back-End Solutions > Customer Experience

GetHonestPay(2016, Bangalore)

Healthcare financing options Lending > Consumer Loans > Healthcare

wealthyfox.inWealthyFox

(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.mobiLastmile

(2015, Hyderabad)

Platform for last mile payments managementPayments > 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

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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 TechSoftware 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 creationDirect Carrier Billing

iPayy(2013, Bangalore)

Micro-payment solution for digital goods using mobile carrier billing.Direct Carrier Billing

Paychamp(2013, Noida)

Mobile payment service charging users through operator billingDirect Carrier Billing

JunoTele(2011, Bangalore)

Real-time Carrier Billing PlatformDirect Carrier Billing

QubeCell(2012, Mumbai)

Mobile Billing AggregatorMumbai Angels, Kae Capital, TA Ventures, Blume Ventures Direct Carrier Billing

Go to BM List >> Payments



GiftMate(2006, Mumbai)

Mobile money voucher gifting serviceGifting

Chillr(2014, Mumbai)

Smartphone application for P2P money transactionsSequoia Capital, Mobme, Blume Ventures Money Transfer $8M

NumberMall(2012, Hyderabad)

Mobile payments platformSRI Capital Money Transfer $1M

Payio(2016, Hyderabad)

Money transfer appMoney Transfer

Bille(2015, Delhi)

Mobile app for paying bills at restaurantsMoney Transfer

NoKards(2016, Pune)


Finmo(2015, Delhi)


Click&Pay(2015, Hyderabad)

Card linked mobile payment and money transfer appMoney Transfer




Alpha Pay(2016, Mumbai)

App for merchant payments and peer-to-peer money transferMoney Transfer

Flashpay(2015, Chennai)

Payment app for online and offline transactionsMoney Transfer

ScrewCash(2015, Delhi)

Mobile payment appMoney Transfer

Shash(2016, Surat)

Mobile payments company in stealth modeMoney Transfer

Eswipe(2013, Kolkata)

Money transfer platformMoney Transfer

Track N Pay(2015, Bangalore)

Mobile invoicing and payment companyMoney Transfer

Payjaldi(2015, Bangalore)

SMS based payment platformMoney Transfer

OTap(2015, Mumbai)

Mobile payments company in stealth modeMoney Transfer



Mobile Payments (4/22)



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



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

https://twitter.com/prasannamunot

https://www.linkedin.com/in/prasanna-munot-24219b5a

http://tracxn.com/login/auth?utm_source=Report&utm_campaign=Last_Page&utm_medium=About_Page&utm_content=About_Page

tracxn research — fintech india landscape, october 2016

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