According to the report titled ‘100 Unicorns: India’s changing corporate landscape’, Indian fintechs have attracted close to $10 billion in equity capital funding over the past decade.

Digital payments and lending startups were the largest recipients in this sector, as per the report by Credit Suisse, a global wealth management firm.

According to Credit Suisse, digital payments have witnessed exponential growth in India, growing almost 10.5 times over the past five years to an annual payment run-rate of $450 billion, constituting close to 30% of retail transactions.

The report added that India is home to the third-largest set of unicorns globally, behind the US and China, which hold a total valuation of $90 billion.

Ashish Gupta, Head of Asia Financials Securities Research and head of India Securities Research, Credit Suisse, said,

“Indian fintech companies have attracted $10 billion of capital and are now at the forefront of India’s startup ecosystem. Digital payments are primarily leading the fintech scaleup in India and have grown 10 times over the last five years, now having a 30% share totaling $450 billion.”

According to the report, the digital payments landscape in India continues to grow, with over 200 million active users and acceptance at more than 30 million merchants.

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