The Federation of Indian Chambers of Commerce & Industry (FICCI) and Boston Consulting Group (BCG) on Saturday unveiled 'India FinTech: A $100 Billion Opportunity' report.
The report details the findings from the study that BCG and FICCI undertook to size the value-creation potential and identify imperatives for India's FinTech growth.
Dilip Chenoy, Secretary General, FICCI said, "The FinTech industry in India has been growing at a fast clip. FinTech players are redefining the business models across different segments of financial services industry, helping improve service delivery and contributing to digital financial inclusion. This is a clear area of focus for us in FICCI and through our multiple initiatives, we will continue to promote this industry both in India and abroad."
India's dynamic FinTech industry has 2100+ FinTechs of which 67 per cent have been set up over the last 5 years alone. The total valuation of the industry is estimated at $50-$60 billion. The industry's growth has been undeterred by the pandemic, as it has seen the emergence of 3 new Unicorns and 5 new Soonicorns (USD 500Mn+ valuation) since January 2020.