Fintech Report: Indian Fintech Companies Receive $2.7 Billion Worth Investments In 2020
According to a report, venture capital funds pumped $2.7 billion into Indian fintech companies in 2020.
Despite the COVID-19 induced disruptions, Indian fintech companies received this huge amount of investments from the VCs.
Recently, India has also emerged as Asia’s biggest destination for financial technology (fintech) deals, leaving behind China in the quarter ended in June 2020.
As per the data collated by KPMG India, the global fintech investments stood at a whopping $105 billion across 2,861 deals in the year, making it the third-highest annual total ever.
The investment by the venture capital funds in Indian fintechs in 2020 is the second-highest fund infusion into the fintech sector since 2019 when it reached $3.5 billion.
Investments In Indian Fintech Companies In 2020
Bengaluru-based payments firm Navi Technologies received the highest investment at $397.9 million from angel funds.
Noida-based Pine Labs attracted $300 million from private equity players, and Razorpay received $100 million from GIC of Singapore, Sequoia and others, making it a unicorn.
Sanjay Doshi of KPMG India expects the fintech investment to remain robust in 2021.
Backed by the increase in demand for digital payments, contactless payments and e-commerce platforms, Sanjay expects the sector to remain strong.
Also, with domestic banks taking the digital path, Sanjay said it is creating a big growth area for investments as banking-as-a-service platforms.
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