In a study released by management consulting firm Zinnov that was based on the fintech startup landscape in India, they found an exponential rise in the number of fintech startups over the last three years with a total investment in the sector crossing over $1.3 billion USD.
The report which looked at over 180 fintech start-ups across India, reveals a lot about fintech sub segments. These include p2p platforms, marketplaces and aggregators, payment start-ups, crowdfunding platforms and financial services. Payments segment has the highest number of start-ups at 33%, followed by aggregators at 29% and by financial services at 15%. P2P platforms, crowdfunding and bitcoin startups account for the rest. The report stated that the mobile wallet startups have received the most funding over the last two years.
As we have previously reported, India has been ripe for growth as more and more bitcoin companies stake their claim in this fast growing economy. There are several bitcoin startups based in India.
One of them being Coinsecure, which is a bitcoin exchange who secured a Series A investment round for $1.2 million in April. The company opened the fund-raising round earlier in January this year. Upon the completion of the ‘Series A’ round, the company has plans to enter the blockchain based enterprise solutions domain.
Another Indian based bitcoin startup is Unocoin, who recently partnered with MobiKwik to help bitcoin user adoption in India. They also launched their own point-of-sale merchant application a couple of months ago.
Zebpay, which started as a bitcoin wallet and later added bitcoin buying and selling, said that they have been processing a record number of transactions over the past year.
As bitcoin is taking hold in different parts of the world, India is one of the top areas that is ready for development. The study goes on to mention that along with the rising number of fintech startups, a number of startup accelerators too have emerged in India over the last three years aiming to create a fintech focused ecosystem.