Indian Fintech Kaleidoscope

India fintech
Contents
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Piran
Piran Engineer
Engineer
piran.engineer@clsa.com
piran.engineer@clsa.com
+91 22 6650 5006
+91 22 6650 5006 Executive summary......................................................................................................... 3
Mohit Surana
Mohit
+91 Surana
22 6650 5037 Building blocks firmly in place ...................................................................................... 4
+91 22 6650 5037
Adarsh Parasrampuria
+91 22 6650 5057 Fintech landscape in India ............................................................................................. 7
Shreya Shivani
+91 22 6650 5056 Regulatory developments ............................................................................................ 14
Attending companies - Private-I: Unlisted company research

ACKO ............................. 17 FlexiLoans ...................... 33 Mswipe........................... 48 Signzy ............................. 63
Axio ................................ 19 Gramcover ..................... 35 Nium ............................... 50 Simpl ............................... 65
BharatPe ........................ 21 Incred ............................. 37 OneCard ......................... 52 smallcase........................ 67
Bureau Inc. ..................... 23 Instantpay ...................... 39 Onsurity ......................... 54 Turtlemint ...................... 69
CASHe ............................ 25 InsuranceDekho ............ 41 Open............................... 56 WhatsLoan..................... 71
Cashfree ......................... 27 Jupiter ............................ 43 Razorpay ........................ 58 Zerodha .......................... 73
Chqbook ........................ 29 Kaleidofin....................... 44 Ring (erstwhile Kissht) .. 59 ZestMoney ..................... 75
Dezerv ............................ 31 Mool ............................... 46 Riskcovry........................ 61 Zolve............................... 76
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2 piran.engineer@clsa.com September 2022

Executive summary India fintech
Indian fintech kaleidoscope

India is one of the fast India is blossoming into one of the world’s largest start-up markets, and the fintech
growing fintech markets in space accounts for a meaningful portion of its more than 100 unicorns. Favourable
the world demographics, rising mobile penetration, a deep engineering talent pool and the
unique and collaborative India Stack have created an ideal environment to spawn
rapid development. Regulations have been largely conducive for the sector, though
they have disrupted fintechs operating in “grey” areas.
India Stack is the bedrock of The role of the government and industry bodies in developing the India Stack, which
a digital India enables stakeholders to use an open digital infrastructure, is unique and forms the
bedrock of the nation’s fast-paced fintech evolution. The first two layers - biometric
digital ID (Aadhaar) and Unified Payments Interface (UPI) - have led to rapid
financial inclusion and payment digitisation. We expect the next two layers - safe
data-sharing account aggregators (AA) and the open credit enablement network
(OCEN) - to further encourage advancement by democratising lending. Our
November 2021 Leaps and bounds report provides more details.
The fintech space includes The fintech landscape is expansive, comprising several segments such as payments,
payments, insurtech, neo insurtech, neo banks, digital lenders and wealth-tech. Moreover, the payments space
banks, digital lending and is further divided into various subsegments including app-based platform, point-of-
wealth-tech sale (POS), payment aggregator (PA) and payment issuance players. Most have
differentiated products with distinct target audiences and have created a niche for
themselves in their respective segments.
We expect 27% Cagr in As discussed in our recent Pay attention thematic report on the local payments industry,
digital P2M payments over we expect digital person-to-merchant (P2M) transactions to enjoy a 27% Cagr over the
the next five years next five years, rising to US$1.5tn. UPI is likely to lead this growth, with its share
increasing from 44% in FY22 to 64% in FY27. Spending on QR codes and payment
gateways would outpace those on POS machines, in our view.
The regulator has taken a The regulator has been proactive in the past two years. Recent key regulatory
proactive stance with actions include digital lending guidelines, a discussion paper on charges in payment
respect to lending and systems, data localisation and UPI market-share caps. RBI is also trying to boost
payments digital payments with “card on UPI” transactions. While the finer details are not yet
out, this could result in transactions migrating from UPI to credit cards, if
widespread merchant acceptance is achieved.
We profile 34 companies in Companies profiled in this report

this report
Source: Companies
September 2022 piran.engineer@clsa.com 3

Section 1: Building blocks firmly in place India fintech
We would like to thank Evalueserve for its help in preparing our research reports. Anas Dadarkar (Pharma), Ayush Gandhi (Stra tegy, Economics & Thematic),
Dhaval Parekh (Materials and Consumer Durables), Hemant Kothari (Strategy), Pratik Jain (Auto), Vishesh Verma (Consumer), Zen Javeri (Power, Infra and Cap ital
Goods), and Rucha Somaiya (IT and Internet) provide research support services to CLSA.
Building blocks firmly in place

India is building a digital Over the last several years, India has been quietly building a digital revolution. As
revolution with India Stack the world’s second most populous country with a high number of unbanked
persons, it has been working to solve the problem of financial inclusion. In response,
the government and industry bodies have collaborated to create one of the world’s
most unique public goods - ‘India Stack’.
The four layers of the India India Stack provides a foundation for the Indian fintech sector, supplying the digital
Stack are key to its fintech infrastructure on which most fintech firms have built their offerings. Its ultimate
success aim is to offer digital services by providing solutions to four key challenges of the
Indian ecosystem: customer identity and tedious paperwork, the dominance of
physical cash, data protection and low credit penetration. The first two layers,
which consist of Aadhaar and a unified payments interface (UPI), have led to rapid
financial inclusion and payment digitisation.
Figure 1
India Stack - Building block of the growing digital infrastructure in India
What is it? What is in it?
Open Credit Enablement

Credit Layer Democratizing credit
Network (OCEN)
India Stack
Data empowerment and

Consent Layer Account Aggregators
protection architecture
Electronic payment system which

Cash less Layer UPI, IMPS, AePS
democratize payments
Unique universal digital biometric

Presence less & Aadhaar, e-auth, e-KYC,
identity with open access & digital
Paper less Layer e-sign, digilocker
record keeping /documentation
Source: CLSA
Layer 1: Aadhaar - Presence-less and paperless layer

As of Mar-22, over 90% of The Government of India set up the Unique Identification Authority of India in 2009
the Indian population had a with the objective to give every Indian a universal biometric digital identity, called
biometric digital ID card the “Aadhaar Card”. The 12-digit Aadhaar number is recorded against four key
personal (name, birthdate, gender and email/phone) and biometric details
(photograph, iris scan and thumbprint) for each individual. As of March 2022, over
1.3bn Aadhaar cards have been issued, covering more than 90% of the population.
Includes e-KYC, e- The four main offerings of UIDAI’s Aadhaar - e-authorisation, e-KYC, e-sign and
authorisation, digilocker - have simplified customers’ ability to verify identity, furnish details
e-sign and digilocker digitally and save electronic copies of important documents in cloud storage.

The Aadhaar card is far ahead of peers from developed countries, such as the US
Social Security Network (US SSN) or the UK National Insurance Number (NINO)
in terms of applications, given that neither SSN nor NINO contain biometric
details and their use is restricted to only federal agencies. Malaysia is credited
with having the world’s first biometric identification system when its MyKad was
launched in 2001. However, MyKad is a smart card with a computer chip (data
stored in each card), which is different from the digital Aadhaar in that it has a
centralised government database.
Figure 2 Figure 3
Rapid scale-up of Aadhaar programme Over 90% of population (age 15+) now have bank accounts
Addition of 400m 4G-enabled smartphones in five years
1,400 (m) 1,000 (m) Bank accounts (LHS) (%) 100
No. of Aadhar cards 1,258 1,263 % of population (15+) with bank accounts
91
1,236
1,207 87
900 82 90
1,200 1,133
76
800 73 80
999
1,000 700 64
70
805 55
600 60
800 49
610 500 50
600
400 40
400 300 30
200 20
200
100 10
435 497 587 676 721 791 854 900
0 0 0
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
Source: UIDAI, CLSA Note: % of banked population in age group above 15yrs. Source: UIDAI, CLSA
Layer 2: UPI - Cashless layer

India’s unparalleled UPI National Payment Corporation of India (NPCI), a specialised division of the Reserve
payment system was Bank of India, launched Unified Payments Interface (UPI) in 2016, a mobile-first,
launched in 2016 real-time payment system that is interoperable between banks.
The key players in the UPI architecture are banks, customers and payment/fintech
apps. All payment service providers and issuer banks have a standardised
interface with which they interact with NPCI’s UPI, thus making the system
interoperable. UPI has been a big success for banking transactions because it
requires customers to remember only their UPI ID, eliminating the need to
remember long bank account numbers.
Figure 4 Figure 5
UPI volumes up manifold; more than doubled in FY22 UPI (by value) has grown ~10x in last 3 years
50 (bn) 90 (Rstrn) 84.2
46.0
45 80
40 70
35
60
30
50
25 22.3 41.0
40
20
30
15 12.5 21.3
10 20
5.4 8.8
5 10
0.0 0.9 0.1 1.1
0 0
FY17 FY18 FY19 FY20 FY21 FY22 FY17 FY18 FY19 FY20 FY21 FY22
Source: NPCI, CLSA Source: NPCI, CLSA

Figure 6
UPI P2M is the largest P2M UPI P2M by value has now crossed aggregate of debit card + credit card spends
instrument now 40 (Rstn)
UPI P2M Credit cards Debit cards Wallets BNPL (Digital only) 36
35 3
30 7
25
21 21
10
20 2 2
16
7
15 2 7
11
6
10 7 1 6
7 16
1 5
5 3 6
6
3 5 4
2
0 - -
FY17 FY18 FY19 FY20 FY21 FY22
Source: RBI, NPCI, CLSA
Layer 3: Consent layer - Account aggregator

Empowering customers The India Stack’s third layer (consent) focuses on data empowerment and protection
with legal rights around architecture (DEPA). The Government of India tabled the Personal Data Protection
their data Bill (PDP) in 2019, which would have given Indians four key rights on their data -
right to data confirmation, right to data correction or erasure, right to be forgotten
and right to data portability. Reserve Bank of India also recently created a new class
of financial intermediary called account aggregators (AA), which will act as the
consent manager for the flow of financial data.
Account aggregators are Account aggregators are non-banking financial companies that are licenced by RBI
NBFCs that act as traffic to act as a bridge, collecting data from financial information providers (FIP), such as
police for flow of data banks and mutual funds, and then sharing the data with financial information users
(FIU), such as banks, NBFCs, fintech companies and lending agencies after receiving
consent from the user.
AA is an easy interoperable One of the key advantages of the AA ecosystem is that it is a plug-and-play model.
ecosystem This makes the entire AA ecosystem interoperable by design. Thus, any FIP that has
integrated with an AA app can automatically request data from users from other AA
apps. This seamless ecosystem, in our view, can offer clean data at a faster speed and
thus has the potential to revolutionise small-ticket-sized credit offerings.
Layer 4: Credit Layer - OCEN

Launch of democratised The first three layers of India Stack provide digital identity, secure online payments
credit enablement network and seamless sharing of personal details, which represent almost all the steps of the
loan cycle than can potentially be digitised. However, there is still a gap for a
simplified and interoperable digital marketplace for credit. The launch of the Open
Credit Enablement Network (OCEN), in July 2020 is a step towards setting up this
digital marketplace, which would lead to the democratisation of credit.
OCEN is a set of open APIs to facilitate the various aspects of the lending value
chain. It contains an API for each step of the lending lifecycle, such as loan
origination, user consent for data (AA ecosystem), loan disbursal, customer service
and collections. One of the key challenges faced by fintech players in offering third-
party loan products is the integration of technology and systems with each bank,
NBFC, or lending partner, which makes rolling out of product both time consuming
and costly. With this new network in place, loan-providing fintechs simply need to
plug into the OCEN network to access loan products offered by different banks,
SFBs and NBFCs (who are also plugged into OCEN).

Section 2: Fintech landscape in India India fintech
Fintech landscape in India

Fintechs at different stages The Indian fintech landscape comprises various segments. There are large and
of evolution ubiquitous payment platforms and most fintech unicorns have emerged from this
segment. Payment firms are diversifying into lending, distribution and super apps
to monetise their large customer and merchant bases. Neobanks, which offer
convenience and strong user interfaces, are also expanding the marketplace. In
addition, insurtech firms are innovating product, distribution and underwriting
while wealthtech has gained scale, disintermediating traditional businesses.
Figure 7
Evolving India fintech landscape

Payments
Platforms/Payments
POS players
Payment gateways
Lending
POS/BNPL/Consumer
SME
P2P
Loan marketplace
Neobanks
Consumer focussed
SME focussed
Insuretech
Digital Insurers
Web Aggregators/ Brokers / POSP
Broking and wealth management
Broking
Wealth management
Source: Companies, CLSA

Payments and credit

Multifold growth in India’s India’s payments landscape has evolved over the past decade, driven by
payment sector government policy, innovation by fintechs and events like demonetisation and
Covid-19. The launch of UPI was an inflection point in the country’s payments
history, with total digital payments rising 5x to Rs36tn from Rs7tn over FY17-22.
Figure 8
Total digital payments up 5x over the past five years
Key milestones in India's digital payments space
e-KYC Jan
Government
through Dhan
initiatives
Aadhar launch
UPI and
BBPS UPI
RBI/NPCI Rupay Bharat
(bill pay) Autopay
initiatives launch QR
launch launched
launch
Macro / Demone COVID

Others tization (Mar-20 to Jan-22)
FY20-22:
32% Cagr
FY17-20:
41% Cagr
FY13-17: 35.9
38% Cagr
20.7 21.1
Total P2M
15.9
payments in
10.8
India
7.4
4.5
2.1 2.6 3.3
(Rstn) FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Note: P2M is person-to-merchant; Assuming UPI P2M to be 20% of total UPI transactions for FY17-20; Excludes IMPS, NEFT and RTGS. Source: RBI, NPCI, CLSA
Share of UPI in digital Overall digital payments to merchants grew at a 37% Cagr over the past five years,
payments to merchants helped by ‘zero-cost’ UPI payments (it was cheaper than other payment instruments
have scaled up in past 5 even before 2020 when banks levied a fee on UPI-based transactions). The share
years . . . of UPI in digital transaction payments to merchants swung to 44% from nil over
FY17-22, while non-UPI transactions saw a 22% Cagr over the same period.
. . . further, we expect Given the accelerated adoption among merchants, we expect UPI P2M to continue
strong growth in digital to grow robustly, cannibalising debit card transactions to some extent. BNPL could
payments driven by UPI scale up if execution is good and asset quality aligns with expectations. Digital
over next 5 years
wallets have seen uneven growth (ranging from flat to 50% YoY) over the last few
years. Overall, over the next five years, we expect a 27% Cagr in digital payments,
with the share of UPI P2M rising to 64% from 44%.

Figure 9
We expect a healthy 27% Cagr in digital payments over the next five years
(Rsbn) FY15 FY22 FY23CL FY24CL FY25CL FY26CL FY27CL Cagr (%) Cagr (%)
FY15-22CL FY22-27CL
UPI P2M - 15,977 23,965 33,551 46,972 61,063 76,329 37
Credit cards 1,899 9,718 11,662 13,995 16,794 19,816 23,383 26 19
Debit cards 1,213 7,277 7,859 8,488 9,167 9,625 10,010 29 7
Wallets 213 2,936 3,523 4,228 5,074 6,088 7,306 45 20
BNPL (Digital only) - 383 574 832 1,165 1,572 2,044 40
Total 3,326 36,291 47,583 61,094 79,170 98,165 119,072 41 27
-o/w UPI - 15,977 23,965 33,551 46,972 61,063 76,329 37
-o/w non-UPI 3,326 20,314 23,618 27,542 32,199 37,102 42,744 29 16
(% of total) FY15 FY22 FY23CL FY24CL FY25CL FY26CL FY27CL Incr (%) Incr (%)
FY15-22CL FY22-27CL
UPI P2M 0 44 50 55 59 62 64 48 73
Credit cards 57 27 25 23 21 20 20 24 17
Debit cards 36 20 17 14 12 10 8 18 3
Wallets 6 8 7 7 6 6 6 8 5
BNPL (Digital only) 0 1 1 1 1 2 2 1 2
Total 100 100 100 100 100 100 100 100 100
-o/w UPI 0 44 50 55 59 62 64 48 73
-o/w non-UPI 100 56 50 45 41 38 36 52 27
Note: GMV is gross merchandise value, which is the value of the merchandise for which the payment is made to the merchant. Source: RBI, NPCI, CLSA
Many worlds within payments

The fintech payments The fintech payments industry encompasses several sub-segments based on
industry encompasses business model differentiation. Some players focus only on consumers, while others
several sub-segments concentrate only on merchants. Among consumer-focused fintechs, some operate
just as a platform, while others have their own instrument (eg, wallet). Among
merchant-focused fintechs, some prioritise online merchants while others on
offline merchants. And then, there are some fintechs doing all of the above.
Figure 10
Landscape of payment players in India
Issuers Network Acquirers
Platform/ BNPL/ Foreign Domestic Offline Online

Cards
Wallet lending
Payment
POS QR Code
gateway
Technology providers
Source: CLSA
BNPL - Fast-growing but asset quality key

Use cases for BNPL are Buy Now Pay Later (BNPL) has fast emerged as a new payment mode. Interestingly,
expanding it is also used for small-ticket use cases (Rs3,000-4,000) and not just for big
purchases. Apparel shopping, flight/hotel booking and consumer durables
purchases are some of the use cases of BNPL. Players typically target customers

without a credit card; however, we believe there would be some overlap with card-
equipped customers. The credit period is between 15 days and 12 months,
depending on the ticket size of the purchase.
The digital BNPL market size (excluding loans from NBFCs like Bajaj Finance) likely
stands at US$5bn or Rs380bn. Contingent on good asset quality outcomes, the
segment can deliver a 40% Cagr over the next five years to reach Rs2tn.
Figure 11
Only 40% of prime 60m prime borrowers who do not have a credit card can access BNPL
customers in India have a (m)
credit card Number of credit-active borrowers 200
Prime and above borrowers 100
Carded borrowers 40
Potential Prime borrowers for BNPL 60
Source: Media article, CIBIL, CLSA
Figure 12
BNPL to be the fastest BNPL may deliver a 44% Cagr to Rs2tn by FY27CL
growing payments product 2,500 (Rsbn) (%) 2.0
BNPL spends % of overall digital transactions (RHS)
1.7
1.8
1.6
FY21-27CL
2,000 Cagr: 44% 1.5 1.6
1.4
1.4
1.2
1,500 1.1 1.1 1.2
1.0
1,000 2,044 0.8
1,572 0.6
1,165
500 0.4
832
574 0.2
383
225
0 0.0
FY21CL FY22CL FY23CL FY24CL FY25CL FY26CL FY27CL
Source: CLSA
Personal loans - large pool still in need of credit

There is a big void in India’s The personal loan market in India is skewed, with the top two banks comprising
personal loans market that nearly half of the personal loan industry size and the top five constituting about
fintechs can fill 70%. Moreover, banks and large NBFCs mainly lend to prime category borrowers in
urban areas, leaving a large pool of customers needing credit. Additionally, our
industry interactions suggest that the ticket sizes that banks lend at are much larger
than the needs of smaller borrowers.
Only 20-22m customers While there is no public data, our channel checks suggest that currently, only 20-
have likely taken personal 22m customers have personal loans from the banking system. Assuming that
loans from banks fintechs expand this pie by another 20m, with an average ticket size of Rs100,000,
the lending opportunity could be as high as Rs2tn.
Figure 13
We estimate that lending Personal loan opportunity for fintechs

opportunity for fintechs Personal loan customers currently (CLSA estimate) (m) 20-22
could be as high as Rs2tn Potential new customers from fintechs (m) 20
Average ticket size (Rs’000) 100
Potential personal loans book (Rstn) 2
Source: CLSA

Merchant loans - a new category

Payment fintechs dealing in One of the most significant benefits of digitising merchant payments is the
merchant acquisition have a opportunity to lend to merchants. Before this, banks were unwilling to lend to
natural underwriting merchants as they dealt in cash. To arrive at the potential lending opportunity to
advantage this segment, we assume that India has 65m merchants, of which more than 95%
are small-to-medium sized merchants. We take that 50% of them would need formal
working capital. We do some back-calculations to arrive at the quantum of loans
required per merchant. We consider that a small merchant would be earning at least
Rs15,000 per month. Assuming 5% PAT margins, his monthly turnover would be
Rs300,000. Considering a 15-day average inventory cycle, he would need a working
capital loan of Rs300,000 monthly.
Figure 14
We estimate Rs4.5trn of Our attempt at calculating the lending opportunity for small merchants
lending opportunity for Merchant's monthly profit (Rs'000) 15
small merchants PAT margin (%) 5
Merchant's revenue (Rs'000) 300
Inventory days 15
Working capital requirement (Rs'000) 150
Number of merchant (m) 30
Merchant lending opportunity (Rstn) 4.5
Source: CLSA
Non-payment (Insurtech, Wealth-tech, neo-banking)

Insurtech - Innovation in products, distribution and underwriting
Insurance is a fast growth The Indian insurance space has been a fast growing sector. As of FY22, annual
sector; changing consumer premiums collected totaled US$115bn. Of this total, US$47bn were for private
preferences a boon to tech
insurers, which enjoyed an 18% Cagr over FY16-22. Digital insurance sales are in a
nascent stage, with low-single digit share of overall insurance sales in India (using
various measures). However, the market is quickly picking up, especially in products
linked to protection and prevention. Consumer preference is shifting towards
simpler products with clear communication, seamless online searches and
transactions and hassle-free claims. All of these factors signal significant growth
opportunities for insurtech firms.
Figure 15
Digital insurance sales penetration to rise

Digital Penetration in Insurance
Digital platforms contribute Less than 2%
less than 2% of premiums
collection Share of total premiums
Share of digital platforms in

sales of term life and auto 5-10%
Share of life insurance sum assured
insurance is higher at 5-10%
Share of digital to rise as 40-50% Share of insurance search

40-50% customers prefer to
research and buy online
Source: CLSA

Insurtech ecosystem - Varied business models

ACKO and Go Digit have Digital insurers: These companies are registered as Insurers like ACKO/Digit.
digital insurance Within this, ACKO has a digital-only approach to selling insurance policies and
business model uses no intermediaries while Digit follows a multi-channel digital approach but
has focused on providing its agents a strong interface and digital capability to sell
and service customers.
Policybazaar is the largest Insurance aggregators/marketplace: These companies act as intermediaries/

insurance web aggregator brokers and are price comparison and policy fulfillment platforms with tie-ups
in India with multiple insurance companies. PolicyBazaar is the largest, with a greater-
than-90% share of the insurance marketplace. Other players in the space include
Coverfox, ET insure.
RenewBuy, Coverfox, Distributors - Brokers/POSPs: These companies are intermediaries/ brokers.

Turtlemint are some of the IRDAI regulations in 2015 introduced a new set of intermediaries, point-of-sales-
brokers in the industry persons (POSPs), who could sell basic insurance policies with minimum
qualifications. Companies like RenewBuy and Turtlemint have established a model
of pooling POSPs and digitally enabling them.
ACKO and Toffee sell Bite-sized insurers: Some insurance companies specialise in selling bite-sized
bite-sized insurance insurance, including Toffee (bicycle/pet) and ACKO (Ola rides). They use bite-
sized insurance to better understand the 100m digitally transacting customers
of India. In the long term, this will provide better underwriting capabilities and
a big cross-sell pool.
Wealth-tech businesses have disrupted the mainstream players

Wealth tech spans across Wealthtech refers to digital products or services catering to the investment,
brokers, mutual fund savings and trading needs of customers. It started with the emergence of discount
investments, advisory, etc
brokers that did not have any branches and did everything online. Over time, this
concept has extended to parallel segments such as financial product advisory and
distribution and robo-advisory. Apart from standalone wealthtech players, large
payment companies like Paytm have also ventured into the space.
Zerodha, Upstox and Over the past five years, discount brokers have disrupted the retail equity
Groww have disrupted broking segment with a superior product proposition and differentiated pricing
retail equity broking models. The three largest brokers by active client count are fintechs – Zerodha,
Upstox and Groww.
Figure 16
Surge in the number of Number of demat accounts outstanding

demat accounts over the 120 (m accounts) NSDL CDSL
past 24months
100
80
69.9
60 63.0
40 33.4
21.1
14.8 17.4
20 10.8 12.3
26.7 28.4
17.1 18.5 19.7 21.7
14.6 15.6
0
FY16 FY17 FY18 FY19 FY20 FY21 FY22 4MFY23
Note: NSDL - National Securities Depository Limited, CDSL - Central Depository Services Limited. Source: SEBI, CLSA

Exploring neobanks: Mainly intermediaries

Neobanks are fintechs that digitalise some or all banking services for the customer.
Banks like to tie-up with neobanks so that they can reach the customer in a cost-
efficient manner without the need for branches.
Figure 17
Neobanks are also known Neobanks are branchless banks with no brick-and-mortar presence
as challenger banks in some
Business models:
countries like the UK Products offered:
Neobanks can either be independent

Financial services like payments, bank
(where licensing is allowed) or set up in
accounts and related financial services,
collaboration with traditional banks. In
cards, etc, only through their website or
India, most neobanks are set up in
mobile app
partnership with traditional banks
Neo banks, also known as

challenger banks in some
countries are digital only
banks with no physical
branch presence
Target segments:
Revenue model:
#1 Younger population (appealing and
savvy user interfaces of neobanks)
Neobanks derive commission income
#2 SME / self-employed segments,
from partners on per transaction basis
where neobanks reduce the cost of
as well as distribution fee for financial
delivering banking services through
products sold through their platforms
their digital only models
Source: CLSA
The following details some of the key advantages of neobanks:
Neobanks offer a clutter- User-friendly platform: Neobanks generally offer clutter free, appealing and
free experience . . . personalised user interfaces. In addition, they provide value added services viz. alert
and notifications, online customer support, etc. which improve user experience.
. . . and are more cost Cost and time effective: Due to digital-only models, not only do neobanks have
effective for both providers lower operational and manpower requirements but are also able to process
and customers customer requests in a swifter manner.
Lower fees and charges / higher rewards: Some neobanks charge much lower fees
(like low forex mark-up) and also offer higher rewards like (rewards for cards spends)
due to low delivery cost of their services at a fraction of that of traditional banks.
For traditional banks: Neobanks partnerships enable traditional banks to target

specific customer segments without incurring initial technology and setup costs.
However, in return they do share a part of their revenue in form of commissions.
Neobanks target two main audiences – either consumer or SMEs.
Neobanks are either Consumer-facing neobanks: focus on targeted services, beyond fixed deposits and
consumer-facing (targeting debit and credit cards, they offer tailor made solutions based on your transaction
millennials) or SME focused history.
Business / SME focused neobanks: provide software solutions related to payables

and receivables, services like tax filing, payrolls, and expense management.
Neobanks derive per In terms of revenue model, neobanks derive commission income from partners on
transaction fee as well a per transaction basis as well as distribution fee for financial products sold through
distribution fee their platforms.

Section 3: Regulatory developments India fintech
Regulatory developments

Evolving regulatory The regulatory landscape has evolved in tandem with the evolution of the fintech
landscape for fintech sector sector. RBI has adopted an inclusive approach, balancing innovation and customer
security. Guidelines on digital lending norms, tokenisation of credit cards, data
localisation norms, and caps on UPI market share of third-party apps toward the
central bank's attempts to prevent risks while supporting the sector's growth.
Our note on RBI’s Discussion paper on payment systems

discussion paper on In August 2022, RBI released its much-awaited discussion paper on charges in
payment systems - Aug 22
payment systems. The paper deliberates the pros and cons of various payment
instruments and the logic of charges for the various instruments. RBI has asked
for feedback on various questions from stakeholders and the public by 3 October.
At this stage, it has not taken a view on any of the issues raised. While the RBI is
taking steps in the right direction by deliberating the various aspects, the
discussion paper alone indicates no direction in the future trends for the various
payment charges. The key highlights of the discussion paper for key P2M payment
instruments are as follows:
 UPI: RBI mentioned it does not see any justification in any payment service
being free, unless the system is considered a “public good”. Even though the
document seeks feedback on whether the MDR charges should be levied on
UPI, we believe that given the massive adoption of UPI across the country, the
system could continue to remain free given it is already a public good. The
Ministry of Finance, in a tweet, also mentioned that it is not considering levying
any charge on UPI. RBI has also asked whether MDR, if any, should be levied ad
RBI’s seeks feedback on valorem or as a fixed amount per transaction. It is interesting to note that the
MDR for UPI discussion paper mentions that all stakeholders together incur Rs2 for
processing a UPI P2M transaction on a transaction value of Rs800, ie 25bp.
 Credit cards: The RBI does not regulate MDR or interchange in credit card
transactions. However, it seeks suggestions on whether MDR and/or
interchange should be regulated at all. It also proposed ideas of various
alternate models of monetisation (partly from merchants and partly from
customers). It also asks whether the MDR on credit cards can be made equal
to the MDR on debit card transactions plus the average rate for 30 days credit
of a few large banks.
 Prepaid payment instruments (PPI): Given the MDR for PPI is in line with credit
cards, it may be elevated for a product that does not carry credit risk. Thus, RBI
questions the credibility of such high MDR charges on PPI. If the MDR on PPIs
is capped, there could be a negative impact on Paytm.
RBI has also raised  Convenience fees and surcharges are levied by merchants, service providers
questions around the and online platforms and thus do not fall under the regulation of the RBI. Given
justifiability of convenience few customer complaints on the matter, the RBI now wants to understand its
fees /surcharges
justifiability and whether these charges should be regulated in the future.
Local media outlet Business Standard reported in late August that the NPCI
had asked payment apps to stop charging platform fees on Bharat Bill Pay
System payments.
 Lastly, for payment aggregators and gateways, the RBI notes of several
charges, in addition to MDR, levied by these players. Some of these charges
are not transparently disclosed to the customers. The RBI seeks whether such
charges should be subject to regulations (since those charges do not pertain
specifically to payments)

Wallet and QR interoperability

Interoperability may open In 2020, RBI mandated all Payment System Operators (PSO) to discontinue
up new revenue streams for proprietary QRs and migrate to ‘UPI QR’ or ‘Bharat QR’ that are standardised and
wallet issuers interoperable. Likewise, in 2021, RBI mandated interoperability for wallets. The
move will help expand digital payments penetration, especially in smaller cities
where merchants would have only one company’s QR code.
The key things to consider would be -

 While closed loop wallet transactions happen on the wallet issuer’s rails,
interoperable wallet transfers happen via UPI. In this case, would the merchant
acquirer pay a switching fee to NPCI?
 For interoperable wallet transactions, would the wallet issuer receive an
interchange fee from the merchant acquirer? If the merchant acquirer does not
charge any MDR from the merchant (as is the case today with small merchants),
would it be a loss-making proposition for the merchant acquirer?
Payment Aggregators
RBI issued guidelines for In 2021, RBI issued guidelines for payment aggregators (PA) and payment gateways
payment aggregators and (PG). Under these guidelines, non-bank PAs would require authorisation from RBI
payment gateways in 2021 to carry out PA activities (banks do not require any authorisation). The key
guidelines include -
 Non-bank PAs shall maintain the amount collected by them in an escrow
account with any scheduled commercial bank. An additional escrow account
may be maintained with a different scheduled commercial bank at the discretion
of the PA. Note that PAs currently maintain nodal accounts.
 The amount paid by the customer should be credited to the escrow account on
a T+0/T+1 basis. The payment to the merchant should be credited latest by a
day after the delivery of goods has been completed.
 For PGs, RBI recommended baseline technology-related standards on various
aspects like data security, merchant on boarding and data storage.
Tightening screws on digital lending

RBI introduced guidelines In Aug ‘22, RBI released guidelines on regulations for digital lending in India. A
to make digital lending by sample survey by RBI revealed that digital disbursements jumped 12x over FY17-
fintechs more compliant 20 to Rs1.4tn, of which the share of NBFCs increased from 6% to 30%. Several apps
had cropped up over the years, many of which were illegal. There are now clear rules
on disbursements, collections, reporting to credit bureaus, among others. RBI has
mandated the following -
 All loan disbursals and repayments must happen into and from the customer’s
bank account only and not any other account. It cannot be disbursed into the
customer’s pre-paid instrument (PPI).
 Regulations ensure transparency to the borrower, highlighting product features
and the total cost of the loan in “annualised percentage rate” format. The latter
must be part of the “Key Fact Statement” provided to the borrower before the
loan is executed. Fees payable to the loan service provider would be by the
regulated entity giving the loan (bank/NBFC) and not the customer.
 Automatic increase in credit limit without explicit consent of the borrower is not
permitted.

 All types of loans, both to customers and to merchants, must be reported to the
credit bureaus.
 The earlier recommendation of banning first-loss default guarantee (FLDG) by a
non-regulated entity has been accepted in-principle but the modalities are yet
to be decided.
 The “loan service provider” (app which enables the loan) should store only
minimal personal data of borrowers such as name, address and contact details.
Other regulations
Cards on UPI will boost Cards on UPI: In its Jun-22 monetary policy meeting, RBI proposed to allow the
credit card acceptance linking of credit cards on the UPI platform. To start with, only RuPay credit cards
will enjoy this facility. We believe this move will expand the acceptance network
for credit cards as there are only 6m POS machines versus 50m merchants who
accept UPI payments. This move may be marginally negative for wallet and BNPL
players as credit card holders will be able to use the scan and pay feature to pay for
their physical merchant transactions and avail credit for making such payments.
Understandably, there will be an MDR levied on the merchant whenever such
payment is made via cards on UPI, unlike pure UPI, which is free.
RBI seems uncomfortable RBI bans loading of PPIs via credit lines: Media reports suggest RBI has prohibited
with the model of fintechs prepaid instruments (PPI) loading via credit lines. Some fintechs in the credit card space
in the credit card space were getting a credit line from banks/NBFCs, and providing a prepaid card as a payment
form factor, which was loaded by the credit line to earn the prepaid interchange. This
is now not allowed.
Additional Factor Additional Factor Authentication (AFA): For auto-debit transactions of ticket sizes
Authentication for auto- greater than Rs5000, the credit card issuer must notify the customer 24 hours prior.
debit credit card spends Post approval by the customer, the issuer can debit the transaction amount.
above Rs5,000
Tokenisation: This guideline is to protect against data theft/misuse. Earlier, a
customer could save card details with the merchant to ensure smooth payments for
future purchases. Given the risks associated with keeping card details with a
merchant, RBI has ordered all companies to delete the saved card data from their
Tokenisation is a guideline systems. However, to make the payment experience smooth, the customer can
to prevent customer data consent to ‘tokenise’ the card. Tokenisation is a process that replaces card details
theft/misuse
with an algorithm-generated unique code or token. The token and the
corresponding card details are stored with the network provider in an encrypted
format. The merchant can use the ‘token’ instead of the credit card details for future
transactions. This guideline is applicable from 30 September 2022.
Data localisation: In 2018, RBI mandated all players in the payments ecosystem to
store all payments data in India only within a period of six months.

Private-I
Unlisted company research
ACKO

About the company
A digital-first, direct-to-consumer insurer launched in November 2016, ACKO is a
tech company, solving real-world problems for customers, starting with insurance.
It is India’s first digital-native insurer and has meaningfully redefined the insurance
category. As a new, digital-age brand, ACKO has brought the customer into focus
Pure digital insurer, with fair pricing, convenience, and superior customer experience. Unlike traditional
launched in 2016 players, which are category-first and offer all insurance solutions allowed by their
licenses, ACKO is a customer-first insurance company which has identified its
customers clearly (digitally-savvy customers). The company aims to be the one-stop
destination for all the protection needs of their customers. It is targeted in its
approach and operates in auto insurance, embedded insurance (bite-sized
contextual coverages like mobile insurance), and health insurance. It also plans to
launch life insurance soon.
Founder background
Figure 18
Founder and key management detail

Name Designation Details
Varun Dua Co-founder and Dua is a serial and successful fintech entrepreneur. He has extensive and diverse experience in the
CEO insurance industry spanning over two decades. Prior to this, he was CEO and co-founder of Coverfox
Insurance Broking.
Ruchi Deepak Co-founder Before setting up ACKO, Deepak worked financial services in Bombay and London with organisations
such as Franklin Templeton and venture capital Matrix Partners.
Sanjeev S CBO An industry veteran, Sanjeev S has over two decades of experience working with leading companies such
as ICICI Lombard and ING Vysya Life Insurance, among others. Sanjeev’s last role was the CEO of Bharti
AXA General Insurance.
Vishwanath Chief Technology Ramarao has over two decades of experience and has held leadership positions across several
Ramarao and Product multinationals/internet companies such as Google, Yahoo, and AOL, among others. He has more than
Officer 15 patents - in mail, IM, Communication and search system design.
Source: ACKO
According to management, the insurance industry is run in a very traditional manner

- no customer focus, high intermediation cost, portfolio level underwriting, no
innovation, acting as a liability company (pay to customers if an event happens, else
don’t engage with them), etc. To fill these gaps, Varun Dua started Coverfox
Insurance Broking and soon realised that “insurance manufacturing” was the only
way for him to address all these gaps. In his words, “If you really want to change the
plumbing, you will have to start manufacturing it.” With this philosophy, Varun
started ACKO.
Description of the business model

Key pillars: customer focus  ACKO pioneered the direct-to-consumer auto insurance business model in
and innovation India. The model helps break away from the traditional model dominated by
intermediaries. Unlike traditional players who are category-first and offer all
insurance solutions allowed by their license, ACKO is a customer-first insurance
company which has identified its customers clearly (digitally-savvy customers).
It empowers customers to choose the right product based on their requirements
at the best price, all this at a click of a button with zero paperwork.
Pure digital general insurer  With its focus on innovation, ACKO has created an entirely new embedded
in India, launched in 2016 protection market by identifying uncatered insurance needs such as credit
protection, trip insurance, appliance’s warranty, etc. It offers bite-sized products
at low prices (even Rs10 product) through deep tech partnerships with
category-leading platforms such as Amazon, Ola, etc. It has the largest market
share in this category.
Recipient agrees that (i) CLSA does and seeks to do business with companies covered in its research reports, which might lead to conflicts
of interests and affect the objectivity of this report; and (ii) it will not take legal action against CLSA or any of its affiliates; or any of their
directors/employees/representatives in connection with this report.
Section 4: Company profiles India fintech
 ACKO ventured into the health category two years ago - it launched employee
benefits offerings and partnered with people-centric companies in India to offer
industry-leading health coverage for their employees. ACKO has recently
launched direct-to-consumer health insurance with best-in-class features such
as Rs10m cover, no-copay, no-waiting period, and other unique features
unheard of in this industry.
 It also covers the illness and accidental cover of the delivery workers of
ecommerce players like Swiggy, Zomato, and others to drive inclusiveness in
insurance by serving an underprivileged segment of society.
Key moats /differentiators

 Its business model helps in owning the customer relationship/information and
provides them with a seamless experience, unlike the traditional model where
insurers don’t have any contact with the customer. It offers various kinds of
insurance and also services such as doctor teleconsultation, medicine delivery,
car valuation, RTO information, etc.
 It is meeting the evolving needs of the customers by offering the entire
experience digitally vs the paper-heavy/broken processes of the traditional
insurance industry. It has an agile digital model that eliminates the need for an
elaborate physical infrastructure to scale as compared to the significant physical
presence required by traditional players. It has no recurring
commission/customer acquisition cost, high customer retention, end -to-end
servicing capabilities, etc., making their model sticky and compounding.
Key competitors
Customer NPS: 70+ vs. While ACKO is one among the 33 general insurance players in India, there is no
traditional players operate company with a similar business model in India.
at ~40
Key investors
ACKO has raised over US$450m and is backed by private equity majors such as
General Atlantic and Multiples Private Equity, top venture capitalists such as Accel
Partners, Elevation Capital, and Lightspeed Venture Partners, along with Amazon,
CPPIB, among others. In the last round (October 2021), ACKO was valued at
US$1.1bn.
Business/Financial details
ACKO has issued 900m policies to 76m unique customers.
Figure 19
GWP has grown at 88% ACKO delivered 132% YoY growth in FY22
Cagr over FY19-22 ($m) FY19 FY20 FY21 FY22
Gross written premium 20 50 57 132
Source: ACKO
In the auto business, ACKO In just five years of operations, ACKO is already witnessing similar/better
has 50% quote share in top economics compared to many traditional businesses in mature segments. Currently,
cities ACKO is in a hypergrowth phase and plans to continue investing in the business. Its
model will be significantly profitable at scale, according to management.

Private-I
Axio

About the company
Axio, formerly Capital Float, is one of India's leading digital consumer finance
companies addressing the more than 100m non-credit-carded consumer
opportunity with responsible credit. It offers checkout finance, credit and personal
finance management under one seamless brand experience. On a mission to make
credit worthy for all, Axio leverages technology to deliver innovative financial
products to millions of individuals across the country. Axio is the brand name of
CapFloat Financial Services Private Limited, a non-banking finance company
(NBFC) registered with the Reserve Bank of India.
Founder background
Gaurav Hinduja and Sashank Rishyaringa co-founded Axio in 2013.
Figure 20
Gaurav Hinduja and Founders’ profile

Sashank Rishyaringa co- Name Details
founded Axio in 2013.
Gaurav Before co-founding Axio, Gaurav was the COO of Gokaldas Exports, possessing
Hinduja immense experience in operations and complex supply chain management
Sashank Sashank was a senior engagement manager at McKinsey & Company, where he advised
Rishyaringa several Fortune 500 companies, national governments, and non -profits on business
strategy, product innovation and organisational design.
Source: Axio
When Gaurav and Sashank founded the company, they saw the potential that
technology had in addressing the significant credit gap in the country. Through Axio,
theybelieved that they could leverage technology to serve millions of customers
and create an impact in India. Theymet while pursuing their MBA at Stanford
University and were keen on starting a business together in India.

Serving the digitally native The platform is built for digitally native but financially underserved consumers. It
but financially underserved provides two core credit products, checkout finance and personal credit, which are
segment supported by access to a market-leading personal finance management (PFM)
platform that helps consumers take control of their finances, manage their
repayments and access promotions that save them money.
Merchants help in customer It acquires customers by partnering with merchants and offering consumers access
acquisition to checkout finance. Axio’s underwriting is powered by proprietary technology that
harnesses financial, personal and demographic data to allow accurate affordability
assessments for consumers with limited credit history. The company integrates this
technology seamlessly into merchant checkout processes, enabling it to meet the
consumer’s needs quickly at the point of sale while delivering a first-class customer
experience. This model means customers are acquired at zero cost and are
introduced to credit through small amounts in a controlled way. Once customers
have demonstrated responsible use of the product, Axio will start building their
track record of managing credit effectively, increasing their credit line and providing
access to other products such as personal loans.

Technology integration at Axio is a first-of-its-kind fintech in India’s consumer finance space. It believes that
merchant checkout point customers can benefit from the credit and control their personal finances using
key moat Axio’s services. The firm builds strong relationships with partners by ensuring
onboarding of new merchants within 72 hours and by underwriting customers at
checkout in less than 10 seconds. It integrates technology seamlessly into merchant
checkout processes, enabling consumers’ needs to be met quickly at the point of
sale while delivering a first-class customer experience.
Key competitors
Competitors set to evolve While management believes Axio is sufficiently differentiated in the marketplace, it
as business diversifies sees competition from other buy now, pay later (BNPL) disruptors such as
ZestMoney. Its competitors will continue to evolve as it executes growth strategy
and further diversifies products and services.
Key investors
Axio has raised equity funding of US$160m from marquee investors such as
Elevation Capital (formerly SAIF Partners), Sequoia India, Lightrock, Creation
Investments Capital Management LLC, Ribbit Capital, and Amazon.
 Merchant count: 3000+
Over 3,000 merchants on  Number of credit customers served: 5m+
Axio network
 Number of customers served: 15m
 Trend: Customer count increased by two times over the last two years

Private-I
BharatPe

About the company
BharatPe was established in 2018 with the mission to build a holistic fintech
platform for merchants and small businesses in India. Today, BharatPe offers a suite
of simple, easy-to-use and secure fintech products including payments
(interoperable UPI) QR and POS) and business loans to its merchant partners. It is
a leader in UPI offline transactions, processing 200m+ UPI transactions per month
(annualised transaction processed value of US$19bn in payments). In June 2021,
BharatPe announced the acquisition of PAYBACK India, the country’s largest multi-
brand loyalty programme company. In October 2021, the consortium of Centrum
Financial Services Limited (Centrum) and BharatPe, obtained a small finance bank
(SFB) license from the Reserve Bank of India (RBI). Incorporated as Unity Small
Finance Bank, the new SFB commenced operations in November 2021, and is being
built ground up as India’s first truly digital bank.
Founder background
Shashvat Nakrani is the founder of BharatPe and Suhail Sameer is the CEO.
Figure 21
Key management personnel

Name Designation Background
Shashvat Founder Shashvat Nakrani started his entrepreneurial journey with BharatPe at the age of 19. At BharatPe, Nakrani has
Nakrani spearheaded scale up for a number of new products. In 2020, he launched the POS business for the company in the
middle of the pandemic, and was responsible for scaling this up rapidly to make BharatPe the No.3 privat e POS
player in the country. An alumnus of IIT Delhi, Nakrani was featured in the 2021 list of Fortune 40 Under 40 and
became the youngest self-made individual to feature in the IIFL Wealth Hurun India Rich List 2021.
Suhail CEO Suhail Sameer has close to a decade and half of experience of working with companies from the consumer, energy
Sameer and financial services sectors. He has built businesses from scratch, and helped turn around and grow existing
companies. As the CEO of BharatPe, Sameer is responsible for the overall Business and P&L, Merchant Network
Expansion, Monetisation, Lending, Banking Foray, and the Brand. He works closely with the Board on catapulting
growth across various business lines. An IIM Lucknow and DCE alumnus, Sameer is in the World Economic Forum’s
‘Young Global Leaders Class of 2022’ list and is the winner of ET Most Promising Leaders of Asia and Business
World ‘40 under 40’ in 2019.
Source: BharatPe

Strong network of 8m The core of BharatPe’s business strategy is to leverage UPI QR payments to not
merchants only build a well-entrenched network of merchants, but also monetise through
lending. The company has built a strong network of 8 million merchants on the back
of zero-charge payment acceptance service through interoperable QR code. In line
with its overall strategy, BharatPe ventured into credit in 2019 with the objective
of addressing the US$380bn unmet credit gap among micro, small and medium
enterprises (MSMEs) in India. It assesses the creditworthiness of its merchant
partners based on the insights of their payment flows. The model has proven to be
Emerged as one of the a win-win situation for the merchants as they can get an unsecured loan with daily
largest B2B fintech lenders
repayment option through a 100% digital process. Today, BharatPe is one of the
largest B2B fintech lenders in the country, having facilitated the disbursement of
loans worth Rs70bn to over 400k merchants across the length and breadth of India.

First company to launch  Zero charge Payment Acceptance Service: BharatPe was the first company to
interoperable UPI QR in launch an interoperable UPI QR with zero transaction fees in 2018.
2018 Management claims that BharatPe is the largest offline acquirer for UPI QR
transactions and is also the third largest UPI P2M player in the country.
 Tailor-made credit solutions attuned to the needs of SMEs and offline

merchants: BharatPe, in partnership with NBFCs, has sachetised credit in the
form of fully-digital, small-ticket, short-term loans of up to Rs1m. It facilitates
loans based on the creditworthiness of its merchant partners based on the
insights of their payment flows.
 BharatPe forayed into the BNPL segment in October 2021 with the launch of
its consumer offering “postpe”. Postpe is a BNPL product that offers universal
usage - across QR, card machines and online.
Key competitors
On the payments front, its key competitors are Google Pay, Paytm and PhonePe. In
B2B lending, its key competitors are Indifi, InCred and Capital Float. In the POS
category, companies like MSwipe, Paytm are competitors.
Key investors
In August 21, BharatPe BharatPe became a unicorn in August 2021 when it raised Series E at a valuation of
became a unicorn with a US$2.85bn. The company has raised funds of over US$650m in equity and debt and
US$2.85bn valuation has cash in hand worth close to US$400m. It has global marquee investors including
Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management,
Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia
Capital.
Merchant network has Started in 2018, BharatPe has expanded at a very fast pace. In the first year of
more than doubled in two operation, it offered its services in 10 cities; by the end of the second year, it had
years expanded its reach to 30 cities. The company continued its growth stride and has
its presence in over 300 cities today. The company also expanded its merchant
network from 3.7m in FY20 to 8m in FY22.
Figure 22
BharatPe has rolled out Key business and financial details

+400k loans to merchant Merchant loans to date 400k+
Total loans disbursed (1QFY23) Rs36bn
New-to-credit merchants 20%
Annualised TPV (1QFY23) US$19bn
Monthly TPV - postpe (Jul '22) Rs6.5bn
FY23 TPV target US$30bn
FY23 loans disbursement target US$2bn
FY22 revenue ARR US$110m (up 4x YoY)
Current revenue ARR US$210m
FY23-end revenue ARR target US$300m
Money spent to date US$150-200m
PAYBACK India ARR US$25m
Others Target to achieve profitability by March 2023
Source: BharatPe

Private-I
Bureau Inc.

About the company
Bureau aims to enable frictionless, fraud-free transactions that deliver trust and
security to businesses and consumers alike. Its full-stack identity verification and
fraud prevention platform protects and accelerates onboarding, verification, and
transactions without causing friction to consumers. The platform takes the
complexity out of identity verification by tokenising it behind a phone number.
Founder background
Bureau was founded by a Bureau was founded in 2020 by Ranjan Reddy, a serial entrepreneur with over 17
serial entrepreneur with years of expertise in the mobile and digital space. In 2021, Ranjan founded
over 17 years of experience Qubecell, a mobile payments platform for emerging markets later acquired by Boku
in digital space
(LSE). Before Qubecell, Ranjan led Global Sales at Neomobile, a digital advertising
and monetisation platform.
Ranjan saw that rapid growth in digitalisation of transactions across APAC and India
was trailed only by the rapid growth of fraud and risk. With the pandemic, demand
for safer options was more essential than ever. Hence, Ranjan founded Bureau.
Bureau has a team of tech leaders from Jio, Razorpay, Samsung, etc. Bureau
successfully achieved ISO27001:2013 certification in 2021.

Helps preventing fraud on Bureau offers a range of products aimed at reducing onboarding friction and
digital platforms preventing fraud on digital platforms. All these solutions are delivered through
application programming interface (API) calls to Bureau’s platform. The company
charges its customers per API call. The products offered are broadly categorised as:
a) core IP of Bureau, which have been developed in house, b) access to data
pipelines, sold as point solutions. For the latter, Bureau has supplier partnerships
depending on the use case.

 One-API: Users are verified against 100+ data sources, using just a mobile
number.
 Complete identity orchestration: The benefits of identity with no-code
workflows and real-time risk decisions.
 Trusted network: Each validated customer is added to a growing consortium of
merchants’ data that further strengthens the Bureau database.
 Fraud risk guarantee: Bureau fully underwrites merchants’ fraud risks so
businesses can transact with trust, scale their business, and accelerate the
digital economy in markets where lack of trust has limited potential.
Key competitors
First player in this space Bureau is the first in India to offer a full-stack, no-code identity and risk-
orchestration platform that removes friction and fraud.
Key investors
Bureau has raised US$16m+ since inception, over two rounds. Its key investors are
Quona Capital, Commerce Ventures, Okta Identity, XYZ Ventures, Blume Ventures,
Village Global, EMVC and Sweat Equity Ventures and strategic angels such as Mark
Britto (EVP - Chief Product Officer at Paypal), and Bobby Mehta (Retd President
and CEO of Transunion).
Over 12m verified customer Bureau has 100+ clients and over 12 million verified customer identities. It has
identities completed 20m+ transactions since inception.
Others
Identity theft rate in India is Digital fraud is a growing concern in India. TransUnion India’s analysis shows that
at 88.5% financial services had the highest increase in attempted fraud rates, predominantly,
identity theft at 88.5%. In the wake of increasing data leaks and alarming incidences
of identity theft, ensuring the trust and security of identity will become a focal point
for any business and every user.
As frauds continue to rise, regulations continue to evolve (crypto, betting), and new
industries continue to emerge (web3/Defi), the need for point solutions and
identity orchestration platforms will only grow.
Intelligence and fraud Global and regional companies currently cater to a specific risk vertical, and many
detection models based on of them are Bureau’s partners. Bureau is the first in India to offer a full-scale, no-
billions of data points code Identity and risk orchestration platform that removes friction and fraud. It has
built a network of intelligence of hundreds of unique data signals, combined with
proprietary device intelligence capabilities as well as capabilities from global
partnerships. Its intelligence and fraud detection models have been trained on
billions of data points unique to the Indian market and validated across a network
of clients. Moreover, Bureau’s guaranteed fraud protection is unique in the market
- every decision made on its platform is underwritten by a financial guarantee - that
it reimburses merchants for any fraud losses under its watch.

Private-I
CASHe

About the company
Started in 2016, CASHe is one of India’s AI-driven credit-led financial technology
platform that offers a full spectrum of consumer finance, savings and investment
products designed to help salaried millennials avail of affordable financial services.
It offers hassle-free loans to help people take control of their personal finances.
Headquartered in Mumbai, CASHe has disbursed loans worth over Rs48bn to
500k+ customers. Starting as a personal loan app that has been downloaded over
20 million times, CASHe is now a full-fledged financial services platform that offers
its customers credit, insurance, EMI (equated monthly instalment) shopping and
investment services.
Management details
Founder took inspiration While attending a conference in around 2015, Raman Kumar, founder chairman of
from San Franscisco based CASHe, was impressed with the workings of SoFi, a San Francisco-based personal
SoFi finance company and online bank. SoFi provides financial products, including
student and auto loan refinancing, mortgages, personal loans, etc. It was also a
lender to the top ten percentile of Ivy-League school graduates based on their
employability. Inspired by SoFi’s business model, Kumar wanted to build a similar
business in India.
Figure 23

Mr. V. Founder Raman Kumar is a successful serial tech entrepreneur and private equity investor. He is the founder and former
Raman Chairman Chairman/CEO of Nasdaq-listed M*Modal Inc, a leading voice recognition, healthcare document technology
Kumar company that he took from a start-up to until it was sold to One Equity Partners for over a billion dollars in 2012.
Since then, he has actively invested in a number of ventures across India, the Middle East and USA. He is also a
limited partner in three large international private equity funds. In 2016, Kumar launched CASHe, a fintech
company, which quickly established itself as a leading digital lending platform for salaried millennials.
Mr. Vice- Prior to Joining CASHe, Joginder Rana was the managing director of Bank of Baroda Global Shared Services. Rana
Joginder Chairman & brings in over three decades of global and domestic experience in the banking and ITES industry essentially
Rana MD covering wholesale, retail, rural and FI banking. He has also held senior management positions in le ading banks
such as RBL Bank and Citigroup. At RBL Bank as its COO, he was responsible for transforming the bank’s key
functions covering operations, technology, risk & governance and delivering the highest standard of servic e to all
customer segments. Rana holds a distinguished academic background as an all-India rank holder in CA (Chartered
Accountants), ICWA (Institute of Cost and Work Accountants of India) and CS (Company Secretary). He is also a
Certified Fraud Examiner (CFE) from the USA.
Mr. Dhruv Chief Dhruv Jain brings over three decades of extensive experience in all facets of corporate finance, having worked
Jain Executive with large domestic and multinational conglomerates. Prior to joining CASHe, he was MD - CFO with Altico Capital
Officer India Ltd. Prior to Altico Capital, he held key leadership roles with India Infoline Group, CitiFinancial, Bharti Airtel,
Kotak Securities, and ITC's financial services group. He is a Fellow Chartered Accountant and Licentiate Company
Secretary.
Source: CASHe

AI-driven credit-led CASHe’s business model is simple. A customer applies for a loan on its platform.
financial technology The platform charges processing fees and interest based on the loan availed to
platform with a simple every customer who is offered a loan. The platform uses alternative data and
business model
techniques to make lending decisions. This helps increase approval rates and
provide loans to even those who do not get loans from traditional institutions.
Offers short term personal Loan products available on the platform include short-term personal loans, instant
loans, instant credit line credit line facility, BNPL, and instant loans on Google Pay and Whatsapp. CASHe
facility, BNPL also offers wealth management services and insurance plans to its customers.

Automated and robust CASHe as a fintech company, provides a suite of financial products to its customers.
credit lending system is key With the recent acquisition of Sqrrl, it is able to serve multiple verticals (LendTech,
moat Insurance and WealthTech) across the fintech ecosystem. It has developed an
automated and robust credit lending system and an AI-based algorithm “Social Loan
Quotient (SLQ)” which assesses the risk of a borrower based on the user’s social
and mobile data footprints. This helps young working professionals who are either
near-prime or subprime borrowers with or without a prior credit history get credit.
Key competitors
In the digital lending space, its competitors include EarlySalary, KreditBee, Loan
Tap, Kissht, Navi, Lazy Pay, Stash Fin and Money View. In the WealthTech space, its
competitors are Kuvera, IndWealth and ET Money.
Key investors
The company has raised Rs2.6bn to date, with its latest valuation at Rs5.7bn.
Figure 24
Valued at Rs5.7bn as per Shareholding of CASHe

latest round of fund raising
Others (including
ESOP trust)
25.03%
TSLE Pte Ltd.

Aeries Technology
(Offshore)
Products and
51.13%
Strategies Pvt Ltd
23.84%
Source: CASHe
Figure 25 Figure 26
Key business details Key financials

2,500 (Rsm)
Total loans disbursed (Rsbn) 48 2,302 FY20 FY21 FY22
Total monthly active users (m) 1.6 2,000
Total app downloads (m) 22 1,500 1,330 1,372
1,047
Total loans disbursed (m) 1.2
1,000
Total active customer base ('000) 500 431

500 301 328
Total app downloads in day ('000) 30 89 44
0
Total verified users (m) 3.2 Revenue from EBITDA PAT
operations
Source: CASHe Source: CASHe; Note: FY22 numbers are unaudited and provisional

Private-I
Cashfree

About the company
Cashfree Payments is a leading payment and API banking solutions company. It
provides full-stack payments solutions enabling businesses in India to collect
payments and make payouts via all available methods with simple integration.
Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners,
State Bank of India (SBI), and was incubated by PayPal.
Management details
Founded in April 2016 with The founders of Cashfree Payments are Akash Sinha and Reeju Datta. Upon
a five-member team researching more on the payments industry, they found out that the incumbents
then were not aggressive enough to keep up with the rapidly-evolving use-cases.
Most systems back then were stuck with a one-dimensional flow and were not really
tailored for the Internet economy. This is when they found the trigger to kick-start
their operations with a five-member team, launching Payment Gateway in April
2016 and Payouts in February 2017. A single platform to manage end-to-end
payments seemed interesting to a lot of new online businesses, and this is where
Cashfree Payments’ growth journey began.
Figure 27

Akash Co-founder Before launching Cashfree Payments, Akash worked with ecommerce giants such as Amazon and BankBazaar where
Sinha and CEO he built products as a Software Engineer. With his experience as a programmer and product owner, Akash focuses
on the intersection of technology and business opportunities. He is a graduate of International Institute of Information
Technology – Hyderabad In early 2021, Akash was featured in Forbes India 30 under 30 list.
Reeju Co-founder Prior to starting Cashfree Payments, Reeju has worked in real estate, at online furniture retailer FabFurnish and in
Datta analytics at consulting firm ZS Associates. With a focus on customer experience, marketing, finance, and hiring at
Cashfree Payments, Reeju is enthusiastic about the startup ecosystem and enjoys interacting with businesses that
offer innovative solutions. Reeju graduated from the Indian Institute of Technology Kharagpur.
Source: Cashfree

Holds more than 50% Cashfree Payments’ offerings include an advanced and easy way to integrate
market share among payment gateways, a split payment solution for marketplaces, bank account
payment processors verification API, and Auto Collect (a virtual account solution to match inbound
payments to customers). It is among the leading payment service providers in India
processing transactions worth US$30bn. It has leveraged technology to lead
payment disbursals in India with more than 50% market share among payment
processors. Cashfree Payments enables more than 150,000 businesses with
payment collections, vendor payouts, wage payouts, bulk refunds, expense
reimbursements, loyalty and rewards. Apart from India, Cashfree Payments
products are used in eight other countries including the USA, Canada, and UAE.
Launched 16 products out Since then, the company has grown into a full-stack payments technology company,
of which seven are industry enabling seamless online bulk collections and disbursals in real-time. Pioneering
firsts
bulk payments in India, Cashfree Payments has so far launched 16 products out of
which seven are industry firsts, and continues to innovate to advance digital
payments in India and across the globe. Currently, Cashfree Payments is working
with India’s leading banks to rebuild the payments and banking infrastructure in the
country, resonating with the surge in digital transactions.

Higher degree of innovation Cashfree Payments focuses on the wider payments-related needs of a business.
and wider spectrum of While most of its peers are focused majorly towards payment gateway and related
offerings services, Cashfree offers multiple products such as Payouts, Instant Refunds,
Cashgram, Pre-authorisation, Subscription, Instant Settlements and interoperability
across payment gateways in card tokenisation. To operate effectively in this
dynamic industry, it has developed holistic products from verification suites to API
stacks. It believes in a customer centric approach where it innovates as well as
integrates for its merchants. Major bottlenecks like processing of refunds, salaries,
merchant and vendor payments have been resolved via its product suites
addressing varying needs of the market. Moreover, Cashfree’s products and
services are scalable and resilient. Thus, a higher degree of innovation in its wider
spectrum of offerings is its key moat.
Key competitors
Cashfree’s key competitors are RazorPay and PayU.
Key investors
The company is in talks to Cashfree raised US$35.3m in Series B funding round in 2021 from Apis Partners
raise money at US$1.3bn and State Bank of India at a valuation of US$200m. According to management, the
company is in talks to raise fresh capital at a unicorn valuation of US$1.3bn. Other
key investors of Cashfree include Y Combinator and PayPal.
Below are the key business metrics:
 Cashfree Payments has over 50% market share in Payouts, making it the leading
disbursals solution provider in India
 The company saw a 100% rise in the number of merchants in the last four
months and an increase of 268% in merchant sign-ups. It services 150k+
merchants.
 Processed US$30bn transactions annually and serves 200m+ bank accounts
 Grew employee count by two times and plans to double its employee count by
the end of 2022.
 The company made several strategic decisions including the investment in Telr
which will allow the company to increase its international footprint, starting
with the Middle East and North Africa (MENA) region
 Launched “Accounts”, a BaaS solution, to help neo-banks and fintech platforms
integrate banking services into their products
 The company has partnered with leading brands like Dvara Solutions, Deskers,
Zybra, Shipway, Shyplite, Shoptimize, Hylobiz, Syrow, etc. as well as with leading
internet companies such as CRED, BigBasket, Zomato, HDFC Ergo, Ixigo, ACKO,
Zoomcar, and Delhivery, among others
Figure 28
Revenues is up almost 10x Key financials

in the past two years Rsm FY20 FY21 FY22
Revenue 278 994 2,273
PAT 171 252
Source: Cashfree

Private-I
Chqbook

About the company
Chqbook is one of India’s leading neobanks for small business owners like kiranas,
merchants, chemists, and all others running proprietorship businesses offering
fully-digital current accounts, instant business loans and trader BNPL and small-
ticket insurance. This is offered through a mobile application. Chqbook’s vision is
to simplify the lives of this financially underserved segment by providing them with
a diverse range of digital-first financial products and services.
Founder background
Founders with +20 years of Chqbook is founded by three BFSI veterans each having 20+ years of experience.
experience in BFSI sector What Inspired the team to start Chqbook - India has 64m small business owners
who are the most deserving yet the most underserved; they are considered under
the “‘risk category” by the existing financial institutions. Over the last few years, a
few fintechs have built products for this segment, however, most have been mono-
line businesses thereby not being able to cater to the demands of this segment
holistically. Chqbook has triple growth engines at work, where it provides a digital
current account, lending and insurance to these customers. Its goal is to be the main
banking partner for small businesses in India.
Figure 29

Vipul Founder and At Chqbook, Vipul has established a strong foundation, cemented strategic partnerships across product categories,
Sharma CEO hired leaders and brought in an open and transparent culture. Vipul has 20 years of experience in the banking and
financial industry. He started his career in 2003 as a Management Trainee at ICICI Prudential Life Insurance and then
in sales at Citibank N.A. Later, he was part of the retail assets team at HDFC Bank and was part of the Consumer
Banking leadership team at IndusInd Bank.
Rajat Co-founder Rajat Kumar is the Co-founder & COO at Chqbook. He drives the lending business and is responsible for devising
Kumar and COO the product strategy across the country. A solution evangelist, Rajat has more than 20 years of experience in the
banking and financial industry. Prior to starting Chqbook, Rajat has worked with banks such as IndusInd Bank and
Standard Chartered Bank, at senior roles in product portfolio as well as leading their sales & distribution across the
country.
Mohit Co-founder Mohit Goel is the Co-founder & Chief Marketing Officer at Chqbook. He leads Marketing, Growth, Customer
Goel and Chief Experience, and the Insurance business. Mohit has over two decades of experience in Marketing, Sales, and Digital
Marketing across insurance, asset management, and telecom. Mohit has more than 20 years of experience in the industry and
Officer prior to Chqbook, he has worked with institutions such as ING Vysya, TATA AIG General Insurance, ICICI Prudential
Asset Management and Hutch (now known as Vodafone).
Source: Chqbook

Key revenues drivers are Lending and insurance are the main revenue drivers for Chqbook. Revenue includes
lending and insurance interest income and processing fees in lending, commissions on insurance and float
business
income on current account balances. The digital current account drives customer
acquisition and is the main engagement driver for Chqbook. It provides access to
rich transaction data on a real-time basis on the customer’s business. Technology
helps deliver the other financial services at a low cost.

Access to +5mn customers  It has an omnichannel model for customer acquisition where customers come
through B2B2C through B2B2C partnerships and organically. This helps the company keep the
partnerships
cost of customer acquisition low. The company has access to 5m+ customers
through B2B2C partnerships.
 Its revenue generating businesses (lending and insurance) are both up & running,
thereby delivering customer profitability.
 Its realised lifetime value to customer acquisition cost (LTV/CAC) is 4x.

 The founders have rich experience in running large profitable banking, financial
services and insurance (BFSI) businesses.
Key competitors
Its key competitors include Open, Jupiter, FI, Freo, Niyo and Kaleidofin.
Key investors
Latest valuations pegged at Chqbook has raised US$16.5m of capital between debt & equity. At the last
US$22mn funding, Chqbook was valued at US$22m. The institutional equity investor is
Aavishkaar Capital while key debt investors include Innoven Capital, Trifecta Capital
& Northern Arc.
Figure 30
Customer base up 6x in two Key parameters

years FY20 FY21 FY22
No. of customers ('000) 37.908 147.52 209.554
GMV (Rsbn) 1.27 8.62 42.5
Revenue (Rsm) 128 105 127
Revenue ARR (Rsm) 98 100 232
Ebitda (Rsm) (36) (135) (174)
Net loss (Rsm) (27) (194) (212)
Source: Chqbook
Others
Estimated 70% of MSMEs in India has 64m MSMEs currently, who are expected to increase to 125m by FY26.
India don’t have access to 70% of them do not have access to formal credit while cumulatively they contribute
formal credit
31% to the country’s GDP. Hence, the available market opportunity is extremely
large. Banking, lending and insurance will continue to be the key focus areas for the
company and it aims to be one the leading players in India’s digital banking
spectrum in the future. Its customer growth will be 10x year-on-year for the next
three years and it will launch multiple other banking products over the next three
years to cater to the financial needs of its small business owners holistically.

Private-I
Dezerv

About the company
Dezerv is an expert-led, wealth-creation platform aiming to deliver sustainable
returns to its clients using a unique integrated portfolio approach. It builds multi-
asset portfolios using decades of investing expertise and modern portfolio science.
It also offers a bouquet of alternative investment options to bolster the overall
investments further.
Products that were The company’s mission is to deliver the investment expertise that was earlier only
previously available only to accessible to the ultra-wealthy to Indian working professionals through a seamless
the ultra-wealthy digital experience. It is the only startup operating in the “Do-it-for-me” category.
The target customer is mass-affluent professionals earning upwards of Rs1.5m who

currently struggle to make correct investment decisions due to a lack of expertise
and time, trust issues, and the complexity of current platforms.
Founder background
Founders were part of the Sandeep Jethwani, Vaibhav Porwal and Sahil Contractor are the founders of Dezerv.
founding team at IIFL Before setting it up, they were part of the founding team at IIFL Wealth. The team
Wealth comes with a combined experience of over 50 years. In the previous role, the
founders managed more than Rs500bn for 6500+ wealthy families.
Figure 31
Founders and management team details

Sandeep Co-Founder Responsible for driving the startup's overall technology and customer experience. Sandeep previously
Jethwani founded and led the IIFL-ONE platform at IIFL Wealth, handling over US$4bn in assets. He is passionate
about using technology in wealth management, supporting entrepreneur ship and learning from professionals
across the ecosystem. He is a keynote speaker on wealth management, wealth -tech and entrepreneurship
topics. In addition, he hosts a podcast called ‘Insider Investing’ where he delves into the minds of
entrepreneurs and leaders who share their stories, thoughts, and ideas for the future.
Vaibhav Co-Founder Vaibhav Porwal is responsible for driving the investment strategy for the startup. He is a Chartered
Porwal Accountant with expertise in Asset allocation, Portfolio Management, and Investment solutions. In addition,
he shares his unique take on how global and domestic factors impact investors and portfolio building through
media channels like LinkedIn and Podcasts.
Sahil Co-Founder Sahil Contractor is responsible for driving the Sales function and the HNI business vertical. Sahil started h is
Contractor career with Kotak Wealth Management before joining the founding team of IIFL wealth. Over 13+ years, he
has managed money for some of the wealthiest families in India. He is an alumnus of Cardiff University.
Ankit Head of Prior to joining dezerv, Ankit was a founding partner who led the tech team at Clevertap and was also the
Arora Technology VP of Engineering at HDFC Life.
Sripad Head of product Sripad brings in more than a decade of experience in product management and has built award -winning
Panyam products in his previous ventures. Previously he has also served as the head of product at Urban Company.
Adil Design Head Adil has previously worked as a design lead at PhonePe. Before that, he was a founding member and head of
Siddiqui design at Simpl.
Suhail Head of People Suhail is ex-Head of Talent at Urban Company, now helping us bring access to the best talent across domains.
Vadgaokar and Culture team
Source: dezerv
Members of investment The investment team comprises people across domains like private equity, financial
team previously associated modelling and analytics, trading, etc. The team has worked for leading companies
with JP Morgan, UBS, etc. such as JP Morgan, UBS, Brookfield, BNP and Kotak, etc.

Unique Do-it-for-me (DIFM) Most working professionals do not have the time, inclination, or knowledge to build
business model their portfolios. Additionally, they struggle when dealing with banks and DIY
platforms since decision-making is entirely on them, resulting in poor decisions.
Thus, Dezerv was founded as India's only expert-driven platform offering a
proprietary investment approach built by experts to optimise returns while

controlling the downside. It offers ease and access - reducing the number of
decisions made by the user to create the core portfolio. Dezerv earns
fees/commission across product category. The company earns fees/commission
across the various products sold.

 Product offering: The range of investment products offered is very holistic. It
covers both traditional and alternative investments.
 Team: Dezerv has built a high-quality team across domains and continues to
attract top talent.
Key competitors
Target customer segment is Traditional banks, Independent financial advisors and digital platforms like Scripbox,
between retail and HNI Indmoney are key competitors. Most platforms offer the users do-it-yourself (DIY).
investors However, many customers will move to the do-it-for-me (DIFM) model over time,
according to management. Dezerv positions itself in the middle of the “wealth
spectrum” – above the retail investors, who typically use DIY platforms, but below
the HNI investors who are targeted by wealth managements like IIFL Wealth,
Avendus, etc.
Key investors
Raised US$28m in two Dezerv has raised US$28m to date. It raised seed capital of US$7m in September
rounds in the past year 2021 and Series A of US$21m in August 2022. Marquee investors like Accel,
Elevation Capital, Matrix Partners India, and Whiteboard Capital have invested in
Dezerv.
Dezerv started its operations a year ago and has reached an AUM of Rs8bn with
over 90,000 users onboarded. Other key statistics around social media presence –
 Weekly Newsletter: Total of 56 issues with a reach of ~40k and a high opening
rate of ~34%
 LinkedIn and Instagram: 11.5k and 15.6k followers on LinkedIn and Instagram,
respectively
 The latest ad campaign launched in July 2022 generated over 13 million
impressions in its first week and over one million views on YouTube.
Others
New investors are entering the market, with rising income levels, urbanisation, and
increasing financial literacy. There is more robust regulatory protection, primarily
targeted at safeguarding the wealth of retail investors. Management believes that
mass affluent customers are happy to pay fees for portfolio management, if they
see value in the expert advice.

Private-I
FlexiLoans

About the company
Over 80% of loan proposals from SMEs currently are rejected by institutional
channels on account of inadequate financial history or collaterals. FlexiLoans is an
online lending platform started with an endeavour to solve the problem that SMEs
face in accessing quick, flexible and adequate funds for growing their businesses.
FlexiLoans has created a platform with:
 Digital origination: connecting SME demand ecosystems via partnerships and
an own digital led origination channel
 Underwriting: underwriting small business loans using advanced data-based
models that price loans based on risk.
 Capital: own as well as co-lending
Founder background
Founders had earned their FlexiLoans by founded in 2016 by three individuals:
MBA from ISB
 Deepak Jain: Deepak Jain is in charge of business development, fund raising and
strategy. He has 18+ years of work experience across financial services in
institutions such as ENAM, Axis Bank and JSW Group. He is an MBA from ISB
and a chartered accountant.
 Ritesh Jain: Ritesh Jain is in charge of finance, operations and marketing. He has
over two decades of work experience and was most the CFO of housing.com
prior to this. Prior to housing.com, he worked at Citibank and the Tata Group.
He is an MBA from ISB and a chartered accountant.
 Manish Lunia: Manish Lunia is in charge of legal, credit, collections, human
resources and public relations. He has over two decades of work experience
across M&A and wealth management. He was a founding member of Aditya Birla
Finance and has also worked in the Tat Group. He is an MBA from ISB and a
chartered accountant.

Curated an OCEN-like FlexiLoans has curated an open credit enablement network (OCEN)-like platform
platform providing credit to SMEs. It provides small business loans with an average ticket
size of Rs0.5m digitally to MSMEs across 1600+ locations pan-India without a single
branch. Loan origination is through digital marketing-led origination and through
Disbursed 48k+ loans since partner ecosystems. It offers four products - term loans, drop line overdraft, anchor-
inception based supply chain financing solutions to SMEs and B2B BNPL. The company has
disbursed Rs18bn across 48k+ loans since inception.

 Partnerships with all major ecommerce, foodtech and payments partnerships in
the country to provide B2B credit
 Developed a Proprietary Statistical Credit Underwriting Model proven over
Multiple Cycles (demonetisation, IL&FS, COVID). The model risk-prices every
loan and releases an offer in <24 hours. It has enabled the company to achieve
Industry Best Credit Costs of <5% of AUM.
Asset light capital approach,  Its asset-light capital approach, partnered with seven co-lenders, with
seven co-lending partners sanctioned lines worth US$150m gives it significant growth potential
Key competitors
FlexiLoan’s key competitors include Indifi and LendingKart.
Key investors
Key investors include MAJ Invest, FASANARA Capital, Sanjay Nayar, Falguni Nayar,
Dr Harry Banga, Yogesh Mahansaria, Anil Jaggia, Vikram Sud, Narayan Seshadri,
Gopal Srivivasan, Rajiv Mehta, Sanjay Maliah and Siddhartha Parekh.
Business/financial details
Figure 32
Number of loans have Key business parameters

doubled YoY in FY22 Particulars FY18 FY19 FY20 FY21 FY22
Number of leads 31,492 2,86,605 12,99,592 5,13,977 8,33,963
Disbursements (Rsm) 966 2,330 3,260 2,255 7,293
Number of loans 1,621 6,535 14,826 6,865 13,053
Number of ecosystem partners 10+ 50+ 100+ 100+ 120+
Repeat customers 5% 25% 40% 45% 50%
Disbursement ARR (Rsm) 3,052 3,391 4,883 6,689 12,206
Total ARR (Rsm) 167 388 442 478 1,177
Platform ARR (Rsm) NA NA 1 82 499
Source: FlexiLoans
Figure 33
Turned PPOP-positive in Key financial data

FY22 Key Financials (Rsm) FY21 FY22
Revenue 399 691
PPOP (28) 9
EBTDA (105) (115)
PAT (169) (171)
Source: FlexiLoans

Private-I
Gramcover

About the company
Insurance in India suffers from the twin challenges of low penetration (half of the
global average) and low density (one twelfth of the global average). While this holds
true for India as a country, the problem in rural India is even more severe. Despite
government schemes and regulatory policies, rural India displays limited insurance
presence. Almost 60% of the gross cropped area and almost 90% of the livestock
are not insured. Asset insurance is also extremely limited be it motor insurance,
home insurance, shop insurance etc. Similarly, life insurance policies are either
driven by financial institutions linked to the loans disbursed and are inadequate or
Making insurance accessible
to rural India there is no life insurance. It is in this context that Gramcover intends to make a
difference. The company intervenes across the life cycle of insurance products to
create awareness about insurance product, create outreach through a rural Point of
Sale Partner (POSP) Network, digitise the entire insurance purchase journey and
also provide hand holding at the times of claims settlement process. To do the same,
it leverages technology and a rural POS partner network and makes insurance
accessible to rural India.
Founder background
Jatin Singh - Cofounder and Director at Gramcover is also the co-founder and
Managing Director at Skymet, India's largest private sector weather forecasting
companies. He has first-hand experience of the rural ecosystem and connects with
policy makers and industry.
Dhyanesh Bhatt - Cofounder and Group CEO at Gramcover has over a decade and
half of experience in the Indian Insurance Industry including corporate, rural and
Government insurance programmes. He also has a basic background in agriculture.
He is an alumnus of IIM Ahmedabad.
Founders have past Jatin Singh and Dhyanesh Bhatt knew each other due to the overlap of their
experience in the insurance professional lives while at Skymet and ICICI Lombard respectively. While Dhyanesh
industry and rural
at ICICI Lombard was implementing pilot programmes on weather based crop
ecosystem
insurance in various states, Singh, at Skymet, was involved in setting up of
Automated Weather Stations that would support the insurance programme by
providing real time weather data for claims settlement. While at Skymet, Singh
realised that insurance distribution in rural areas was a challenge and decided to
launch Gramcover as a separate startup with core focus on insurance distribution.
Bhatt, on the other hand, was already working in the rural insurance space at ICICI
Lombard across multiple product categories like crop insurance, low cost health
insurance, livestock insurance, CSC enabled insurance distribution etc. and came
onboard at Gramcover once the regulatory licenses were received.

Leveraging technology and Gramcover has a 360-degree approach to rural Insurance in India. It leverages
rural POSP network to technology and a rural Point of Sale Partner (POSP) network to create insurance
create insurance awareness
awareness, access, and serviceability at the last mile. Its partner application
in rural India
(GCPartnerApp on Google Playstore) is a key enabler in the entire process. The app
digitises and simplifies the customer onboarding process, access to multiple
insurance products and companies, premium payments and policy delivery to the
end consumer. Gramcover follows a synergistic business model that encompasses
government insurance programme (on crop insurance front), rural retail insurance
products for products like crop, motor, livestock and health and group policies in
partnership with rural relevant organisations including financial institutions,

agritechs and other start-ups for products like parametric insurance, benefit health,
livestock etc. to create rural insurance solutions at scale. In the process, Gramcover
is not only creating financial resilience and risk transfer solutions in rural India but
is also creating livelihood opportunities for its POSP network.

Well versed with rural India The team at Gramcover are well-versed not only with insurance but also with rural
and insurance sector India. There is single-minded focus on rural insurance with products such as crop,
livestock, benefit health, parametric etc. It works on an assisted tech model.
Key competitors
There are hardly any players who are completely focussed on rural insurance
singularly. Entities that compete with Gramcover include Policybazaar, Turtlemint,
Girnar, Zoom Insurance Brokers, Prudent Insurance Brokers, etc.
Key investors
Gramcover has raised US$9.5m to date. Key investors include Omnivore Capital,
Flourish Ventures, SIANA Capital, Omidyar Network, Emphasis Ventures (EMVC)
and Inflexor Ventures.
Business/financial details
Figure 34
Premiums have +2x in FY22 Key financial details

on YoY basis FY18 FY19 FY20 FY21 FY22
Premium collected (Rsm) 5 125 536 1,095 2,836
Policy count ('000) 1 160 1,293 1,839 4,107
Revenue (Rsm) 1 26 86 139 441
POS count 100 452 1,800 3,000
Source: Gramcover
Others
Gramcover in the process to The insurance industry in India has been growing at a significant pace over the past
create a scaled and two decades once privatisation was allowed in the sector. Over the last decade, the
sustainable rural insurance
industry has clocked a CAGR of ~17% and yet India remains significantly under-
portfolio
insured. Insurance penetration (as % of GDP) stands at 4.2% which is slightly more
than half the global average. Insurance density (premium paid per person) stands at
$78, which is one twelfth of the global average. With rising economic prosperity
and the use of technology, insurance industry is poised to grow even further with a
lot more growth coming from the rural and “rurban” areas, where insurance
penetration is currently severely limited. Gramcover, with its assisted tech model,
is well poised to contribute to this growth and in the process create a scaled and
sustainable rural insurance portfolio.

Private-I
Incred

About the company
InCred Financial Services Limited is a deposit taking NBFC promoted by the InCred
Group. It is a new-age financial services platform that leverages technology and
data-science to make lending quick, simple, and hassle-free. This is enabled through
end-to-end use of technology to power workflows across the entire value chain
including sourcing (mandatory usage of InCred app by borrower), e-documentation,
real-time underwriting decisioning, and post-disbursal servicing and collections.
InCred Finance has won the prestigious IFTA 2021 award for “Best Business Fintech
Lender” and has a long-term rating of “CARE A+ / Stable”.
Founder background
Incred was founded by Bhupinder Singh, who was previously the co-head of
corporate banking and securities, Asia Pacific at Deutsche Bank.
Figure 35
Summary of key management persons

Name Designation Detail
Bhupinder Founder and CEO Previously worked at Deutsche Bank for 16 years. Alumnus of the IIM Ahmedabad with a global track
Singh record of identifying and building successful businesses across Fixed Income, Credit, Equities and
Investment Banking
Vivek Bansal Group CFO 25+ years of experience and has previously worked as Deputy CFO & Group Head for Finance at Yes
Bank and Director- Finance for Fidelity, Europe
Prithvi Head – PL 25+ years of experience and has previously worked as Business Unit Head at CapitalOne & Analytics
Chandrasekhar Business Senior Expert at McKinsey
Saurabh Head - Education & 20+ years of experience and in his last role before InCred, he was responsible for Corporate & SME
Jhalaria SME Business credit risk management for India & SEA at Deutsche Bank
Ashwin Sekar Chief Technology & 12+ years of experience and has earlier worked with GAIN Credit and Global Analytics at senior tech
Product Officer positions
Kamlesh Group Head - 25+ years of experience and has previously worked as Group President at UTI AMC, Group Chief People
Dangi Human Resource Officer at Religare Ent. & Joint GM at ICICI Bank
Source: InCred

Finances personal loans, InCred Finance is primarily engaged in the business of financing personal loans,
education loans and MSME education loans and MSME loans. Its granular and diversified portfolio is based on
loans robust tech platform and deep domain expertise for each product category it
operates in. The company is focused on diversifying across products and
geographies as it helps to minimise risk, enables a good mix of long-term and short-
term assets, and provides opportunity to grow in white spaces/ underserved
segments. InCred Finance focuses on pricing calibrated to suit the risk profile,
delivering best-in-class risk-reward performance, enabled by machine-learning
based risk and price optimisation algorithms.

Robust technology and  Strong management team – Management team with extensive experience of
management team’s building and scaling businesses
expertise is a key moat
 Technology platform - Robust tech platform for evolved underwriting
procedures leading to low credit costs, even during the pandemic. Use of
technology both to enhance efficiencies as well as an avenue for improving
customer experience
Other differentiating  Superior risk management – Combining the best of digital and physical risk
factors are risk management mechanisms to deliver best-in-class asset quality
management and analytics-
led decision making  Analytics-led decision making - Analytics-led decisioning, especially for positive
selection, risk segmentation, underwriting and fraud prediction
 Strong liability franchise - Diversified liability mix supporting multiple products

across different tenures leading to positive cumulative ALM (asset-liability
mismatch) in all the buckets
Key competitors
Incred’s competitors are largely other retail focused NBFCs. However, only a few of
these players keep technology as one of the central elements to their offering.
Figure 36
Competitors from across Competition landscape

NBFC space Key Competitors
Diversified Monoline
Bajaj Finance Oxyzo Financial Services
Cholamandalam Investment & Finance Avanse Financial Services
Five Star Business Finance Northern Arc Capital Limited
Poonawalla Fincorp Vivriti Capital Private Limited
MAS Financial Services
Source: InCred
Key investors
Valuations as per last round InCred Finance has raised total equity capital of Rs22bn. The last primary fund raise
of funding at Rs21bn was in 2019 at a valuation of Rs21bn and the equity-base increased by Rs12bn post
completion of merger with KKR India (KIFS). However, secondary trades’ valuation
is currently at Rs57bn.
Marquee investors for InCred Finance include KKR, Abu Dhabi Investment
Authority, Teacher Retirement System of Texas, Elevar Equity, Manipal Group, Oaks
Asset Management, Moore Investment Partners, Investcorp.
InCred has over 350k individual borrowers spread across 21 cities. It has a strong
pan India employee strength of 900+ and AUM of over Rs45bn. It is a key player in
lending to micro-finance institutions. It also offers loans to educational institutions
and has extended credit to 11,000+ MSMEs across the country.
Figure 37
ROA has expanded to 4%+ Financial summary of InCred

in 1Q23 Rsm FY20 FY21 FY22 1Q23
Loan book 20,770 26,340 44,170 45,290
Net worth 10,270 10,460 22,190 22,570
Gross NPA 2.90% 3.40% 2.40% 2.40%
Debt to Equity 1.1x 1.6x 1.4x 1.5x
Capital Adequacy Ratio 47% 37% 37% 36%
PBT before ESOP 140 230 730 500
Return on Assets 0.70% 1.00% 2.40% 4.50%
Source: InCred

Private-I
Instantpay

About the company
Instantpay, a business-banking platform, is a one of its kind platform for all types of
businesses, offering current accounts through multiple banking partnerships along
with products such as payouts, collections, expense management, accounting,
vendor management, tax payments and working capital loans all through a single
platform. Enterprise users and startups can access all the services through the
company’s API Banking stack.
Founder background
Supporting the +70mn India is home to 70m+ MSMEs which are largely ignored by traditional banks.
MSMEs of India Digitising business banking for this segment was a priority for the founders. They
started Instantpay with an intent to help small and medium businesses modernise
their banking operations by promoting and developing a business-banking
infrastructure. This further enhanced their capabilities and competitiveness in the
domestic and global landscape.
Figure 38
Key Management personnel

Shailendra Co-founder Shailendra co-founded Instantpay in 2013, soon after his graduation in Computer Science Engineering from Amity
Agarwal and CEO University in 2012. While at Amity University, he was the Student Entrepreneur at 'Amity Innovation Incubator',
an incubator to nuture business ideas of its students.
Amol Co-founder Amol joined Instantpay in 2017. He has nearly two decades of work experience across several Indian and multi-
Sonbarse and CMO national companies such as ValueFirst, PayU and Deutsche Bank. He is an MBA from Welingkar Institute of
Management.
Ajay Co-founder Ajay joined Instantpay in 2016. He has nearly two decades of work experience across several companies such as
Upadhyay and COO Ipay Tech, Travel E-Point, Suvidha Starnet, etc. He is a BA in Economics and has a Post Graduate Diploma in
Management (Marketing & Finance) from Delhi University.
Source: Instantpay

A unified platform for all Businesses can sign-up on Instantpay’s platform through a completely digital
banking needs process. They can apply for a digital current account through multiple partner banks
of the company. They can link existing bank account on the platform as well as carry
out payments, collections, accounting, vendor management, issue expense cards to
employees, avail working capital and overdraft loans. The businesses pay Instantpay
for services utilised on the platform.

 Unified platform for all banking needs
Pay as you go business  No need for businesses to enter into multiple partnerships for banking and
model beyond banking services
 Businesses can track cashflows, pay-ins and payouts, manage expenses
 Pay-as-you-go pricing, no subscription fee or long-term commitments
Key competitors
Open is one of Instantpay’s closest competitors.
Key investors
Valuations as per last round The company raised S$1m (Rs50m) seed funding from Singapore-based RB
of funding at S$7m Investments and Kaleden Holdings at a S$7m pre-money valuation.
Figure 39
Ebitda positive for past two Key business and financial details
years No. of business on the platform 1m
GMV - monthly US$1bn (growing 15% MoM)
Revenue (FY22) US$14m
Ebitda (FY22) US$500k
Others Revenue growing 50% YoY; Ebitda positive for the past
two years
Source: Instantpay
Others
Instantpay targets Post Covid, businesses have digitised and financial services have seen the highest
US$100m revenue in next 3 growth in digitisation. The government has come up with a lot of initiatives to
years further strengthen the ecosystem and extend the reach of financial services. The
regulators have also been open to accepting the innovation fintechs are bringing.
With discussions around the possibility of a digital banking license, the fintech
space is getting exciting. In this evolving landscape, Instantpay targets to become a
US$100m annual revenue business in the next three years.

Private-I
InsuranceDekho

About the company
Launched in 2016, InsuranceDekho is one of India’s fastest growing Insurtechs with
headquarters in Gurugram. Its vision is to transform the insurance buying
experience by building deep distribution, enabling digitisation and leading
An IRDAI-registered broker diversification into new product lines. It is an IRDAI registered Insurance broker for
for both general and life general and life insurance products with a network of 60K+ partners present across
insurance
1300+ cities and tie-ups with 43+ insurance companies.
Founder background
Below are details of key management:
Figure 40

Ankit CEO and co- Ankit Agarwal has 15 years of experience in the financial services, mobility, and insurance sector. He has worked
Agarwal founder as investment banker with marquee financial firms like UBS Investment Bank and Anand Rathi Advisors as well as
leading start-ups like MoveInSync and GirnarSoft. He has helped raise more than $2 bn for marquee companies like
LinkedIn, Pandora etc. and worked on several large M&A deals for companies like eBay etc. during his investment
banking tenure. At GirnarSoft, he laid the foundation of InsuranceDekho and delivered X to 100X growth. His
visionary approach has helped InsuranceDekho become one of the fastest growing insurtech in India providing
micro-entrepreneurship opportunity to 60K+ partners.
Ish CTO and co- Ish Babbar has over two decades of experience across multinational companies such as Aricent, Hughes group, and
Babbar founder Product companies such as IBIBO, Tencent, and Yatra. Under his leadership, InsuranceDekho has built state -of-the
art product stack providing end-to-end seamless digital experience to partners and customers. With 4.4 app rating
on Google Playstore, digital platforms of InsuranceDekho are proven bes t in the industry. At Yatra, Babbar led the
engineering function of Corporate, B2C, and Data science practice. I n the past, he worked on various industry
leading digital solutions and launched consumer apps across the world.
Source: InsuranceDekho

Partnership with 43 general InsuranceDekho is an IRDAI licensed insurtech sourcing motor, health, life and
and life insurance other insurance products on behalf of the insurers through both B2B2C and B2C
companies
channels. InsuranceDekho has provided a full stack digital platform for catering to
all needs of partners from sourcing to fulfilment to post-sales support and help
them scale multifold. The company has partnered with 43 insurance companies
(general and life insurance) and helps them reach newer geographies and
customers. For customers, InsuranceDekho solves for the problem of availability,
right advice and product choice and end-to-end support from insurance plan
selection to claim settlement through various tech and service offerings.

Three-click policy issuance  InsuranceDekho has a strong focus on innovation and digitisation. It has a full
and one-click renewal stack of pre and post-policy customer and partner support backed by a strong
digital platform, AI/ML based self-underwriting, 60-second self-onboarding
flow for partners, instant policy servicing support and end-to-end claim
settlements. With three-click policy issuance and one-click renewal digital flow,
InsuranceDekho has scaled business multifold. Along with revved up digital-first
strategy, InsuranceDekho also has strong fraud control and mis-selling
prevention mechanism in place which has helped maintain best loss ratios across
the industry.
 Deep Distribution is another core moat for InsuranceDekho and the company
has been focusing on expanding the reach of Insurance in “Bharat”. Currently,
83% of partners of InsuranceDekho are present in tier 2-4 cities and towns and
provide insurance to customers in 93%+ pincodes of India. InsuranceDekho has
been focusing on partner empowerment and engagement through a structured

L&D program, industry first loyalty club program, and notable rewards and
recognition plans. This has helped InsuranceDekho achieve best-in-class partner
retention rates.
Insurance partners of  InsuranceDekho has been building its moat on providing best-in-class customer
InsuranceDekho spread experience. It has launched many customer-first services like 24X7 support
across93% pin codes of
assistance, preferred network of hospital & garages, free pick and drop of
India
documents and vehicles for claims etc. It has launched features like
“MyAccount”, which is a one-stop to store, manage and renew all policies.
InsuranceDekho wants to simplify insurance for all, hence there is a “document
decoder” for easier understanding of the purchased policy T&Cs. Riding on the
back of such superior customer experience, InsuranceDekho has achieved a
claims NPS of 90%+ which is one of the highest in the industry.
 InsuranceDekho also has been strongly pivoting partners to cross sell other
products such as Health and Life insurance to increase their income. Seamless
platform experience coupled with various awareness campaigns, expert
masterclasses, and lead conversion support have helped InsuranceDekho claim
industry highest partner cross-sell rates.
Key competitors
First insurtech, as per Turtlemint and RenewBuy are its peers in the B2B2C insurtech space. According to
management, to reach management, InsuranceDekho is the fastest growing Insurtech and is the first
Rs1bn monthly premium
insurtech to reach Rs1bn monthly premium run-rate in record number of years.
run-rate
Having the highest capital efficiency and sales and partner productivity, highest
number of product integrations on the platform, and a strong pre and post policy
support tech stack with several industry first features, InsuranceDekho is one of
the leading players of digital innovations in the insurance world.
Key investors
In advanced stage to raise InsuranceDekho currently is a 100% subsidiary of GirnarSoft Pvt Ltd. The group is
US$110-150m backed by marquee investors like Sequoia, Hillhouse Capital, PingAn Capital,
Advent International to name a few and has recently attained the status of unicorn.
InsuranceDekho is currently in advanced stage to raise US$110-150m from
marquee global and Indian investors.
InsuranceDekho has an annual premium of c.Rs20bn (basis March 2022 run-rate).
It has insured over 3.5m customers to date. At the current scale, it insures 10+
customers every minute of the day. While the current insurance penetration reach
is limited to top 15% of population residing in metros and tier-1 cities,
InsuranceDekho is reaching to “Bharat” with 83% of the partners being present in
tier-2 and beyond towns.

Private-I
Jupiter

About the company
Jupiter is a consumer focused neo-bank with a mission to empower people to drive
financial wellness. It was launched in 2021 and since then has acquired 1.5m
consumers. The key customer segment for Jupiter is mainly millennials to whom it offers
various banking services such as saving account, debit card, investment products etc.
Jupiter also supports its consumer in tracking their finances at a single place.
Founder background
Gupta previously started Jitendra Gupta is the founder and CEO of Jupiter. He is a fintech veteran in India
Citrus Pay which was and has been in the financial services industry for over 20 years. Prior to Jupiter,
acquired by PayU Jitendra founded Citrus Pay, a leading online payments platform in India which was
sold to Naspers-owned PayU in 2016. He has also served as Managing Director for
PayU India and launched India's first pay later product, Lazypay.
Having been in the lending and payments business over the last decade, Gupta
wanted to create a long-term financial services franchise, which, according to
management, is possible only through establishing a trusted relationship via deposits.

Partnered with Federal Jupiter currently provides debit cards and saving accounts in partnership with
Bank to offer debit card and Federal Bank. It earns money on interchange and account origination fees. It has
savings account recently launched an investment platform on its app as well and aims to expand it
to full service investment options. Further, the company is slated to start a lending
business, especially co-branded credit cards and personal loans, through its own
NBFC as well as in partnership with banks.

Jupiter is uniquely positioned to provide banking services to millennials. Features
like spend tracker, tracking all finances (all bank accounts, loans, investments) at
single place, makes it very sticky with consumers. Management views a bank
account more like an operating system of finance, where incoming and outgoing
money flow happens to and from various financial products.
Key competitors
Jupiter key competitors include Kotak 811, Fi and Niyo.
Key investors
Valuations as per last round Jupiter has raised US$160m till date and was last valued at US$710m (in Dec 2021).
of fund raising at US$710m Its key investors are Nubank, Sequoia, Matrix Partners, QED Partners, MUFG Bank
and Tiger Global.
Since its launch in June 2021, Jupiter has acquired 1.5 million customers and
processed payments over US$2.25bn on an annualised basis. Jupiter is adding 140-
150k new consumers on a monthly basis on the platform.
Others
There are no explicit regulations with respect to neo banks in India as consumers
have an account with the partner bank. Jupiter doesn’t touch the consumer’s funds
in any flow. Additionally, Niti Aayog has issued its final recommendations to the
government and RBI to push digital banking licenses in India.
Private-I
Kaleidofin

About the company
Kaleidofin, started in 2017, is a fintech platform with a mission to propel customers
towards their real life-goals by providing intuitive and tailored financial solutions. It
offers simple, well-designed, financial solutions to address the needs of over 600
million underbanked and unbanked Indians engaged in the informal economy. The
primary focus of Kaleidofin’s product lines is to dramatically increase access and
Provides intuitive and usage of formal financial services for informal sector customers in a way that can
tailored financial solutions have a positive impact on customer’s lives.
Management background
Kaleidofin was started by Sucharita Mukherjee and Puneet Gupta. Natasha
Jethanandani and Vipul Sekhsaria were designated co-founders in 2022.
Figure 41

Sucharita Co-founder Sucharita Mukherjee is passionate about access to financial services for all and believes in “finance for
Mukherjee and CEO freedom”. Prior to this, she co-founded the IFMR group and most recently was the group CEO of IFMR
Holdings. She conceptualised and founded IFMR Capital, building capital markets access for financial inclusion
and IFMR Investments, an alternatives fund management platform focused on informal sector finance.
Mukherjee was chosen as one of the “top 40 under forty” business leaders by Economic Times in 2016 and
named amongst India’s top 20 fintech change makers in 2017. She received the IIM Ahmedabad, Young Alumni
Achievers Award in 2017. She was also named amongst India’s top twenty fintech change makers in 2017.
Prior to her move to India, Mukherjee was an investment banker at Morgan Stanley and Deutsche Bank in
London. She graduated with an MBA from IIM Ahmedabad and has an undergraduate degree in economics
from Lady Shri Ram College, Delhi University
Puneet Co-founder Puneet Gupta started Kaleidofin to propel under-banked customers towards meeting their real-life goals by
Gupta providing intuitive and tailored financial solutions. Prior to setting up Kaleidofin, Gupta was a part of the team
that set up the IFMR Trust Group, now Dvara Trust and Northern Arc Capital. As a found ing member of Dvara
Trust, he took up several operating and governance roles at Dvara Group, the last one being that of Group
CFO. Gupta also serves on the Investment Committee at the Incubation Cell at IIT Madras. He began his formal
career with ICICI Bank where he worked for a period of 7 years. He is a commerce graduate with a Master’s
degree in Rural Management from Institute of Rural Management.
Natasha Co-founder Natasha Jethanandani joined Kaleidofin in 2018. After leading teams at Microsoft and Google in USA, she soon
Jethanandani and CTO realised that the focus at Kaleidofin, to build strong tech solutions that allowed the masses to access financial
services, really appealed to her. Her task was to create scalable, flexible systems for multiple pro duct offerings
combining saving, investment and insurance. Natasha and her team developed a platform that seamlessly
analyses user data from myriad sources to give personal ised solution recommendations and helps customers
with KYC, payments and product fulfilment painlessly.
Vipul Co-founder Vipul Sekhsaria joined Kaleidofin in 2017 as the very first team member of the firm. He has been instrumental
Sekhsaria and Chief in creating Kaleidofin’s solutions approach and bringing together the product suite to ensure Kaleidofin offers
Network solutions that are designed for and applicable for the underbanked segment. Before joining Kaleidofin,
Officer Sekhsaria was heading the new business initiatives at IFMR Holdings Ltd. He has also worked for many years
in the insurance sector. His on-ground experience at the grass root level helped him understand the friction
customers face when dealing with formal financial services.
Source: Kaleidofin

Over 1.2m active Kaleidofin’s key product lines are: KaleidoGoals, a goal-based savings solutions;
transacting customers KiScore, a supervised machine learning based automated credit health check for
informal sector customers; KaleidoCredit, a credit as a platform service for lending
and debt capital markets use cases; and KaleidoPay, a suite of inclusive payment
solutions aimed at non-smart phone users who currently cannot make payments
using UPI. The company has over 1.2m active transacting customers across 230
districts and 14 states in semi-urban and rural India.
The company follows two business models for reaching its customers:
Two unique business B2B2C for Kaleidofin Goals: The firm has partnerships with 35 MFIs / NGOs/other
models Kaleidofin Goals partners or other entities. These partners have existing customers and provides the
and KiScore essential last-mile trust network to Kaleidofin to reach its target customer base.
Since Kaleidofin’s solutions are offered on a tech platform, the last-mile connects
helps the firms overcome any technical barrier that may exist with the end-users.
Once a customer signs on Kaleidofin Goals, it charges a nominal fee on the Goal
amount.
KiScore: KiScore, a credit health check/ risk rating solution, is a B2B solution.
KiScore is used by partner MFIs to create an individual risk profile for customers.
The score provides a detailed analysis on customer’s ability to repay and also an
indicative amount that a customer can be given. This helps MFIs in reducing time
taken in underwriting customers with reduced number of physical visits and also
eliminate the need for visits in some cases.

Key moats include financial Its “financial goal” based approach and the technology platform to simplify the
goal-based approach and usage of products are Kaleidofin’s key moats. Most financial services have a product
technology first approach. Companies design products such as savings, mutual funds, etc, or
bundle two products and offer them to masses. Most products are designed for
high-income users and are tweaked for users with lower incomes. Kaleidofin on the
other hand start by understanding the need or the financial goal of a customer and
have built solutions around it. To ensure customers continue to save, Kaleidofin
comes as a bundled solution of four products- saving, investment, credit and
insurance. For instance, if the customer has a sudden need for cash, they can borrow
or withdraw against their savings rather than disturbing their principal amount.
Kaleidofin’s technology platform has been built to work with both B2C segments
as well as B2B partners like NBFCs, MFIs, Banks and Banking Correspondents by
offering them technology-led financial service products that enable them to offer
better designed products. The technology backend has been built to scale. It allows
easy integration with product partners, while keeping pace with the multiple
regulatory environments that the products require. The technology platform is
oriented towards customers. Kaleidofin has always focused on features that will
simplify the application process for end-users. For instance, the platform supports
many voice based instructions for customers.
Key competitors
Only player in its unique While digital financial services have been useful in expanding the reach of financial
segment services in tier-II and tier-III cities, majority of innovations have been around
payments or credit. Not much have changed in the nano-savings or nano-insurance
space. Kaleidofin currently is the only platform that offers a comprehensive set of
solutions.
Key investors
Kaleidofin has raised a total of $23m. Key investors include Michael and Susan Dell
Foundation, The Bill & Melinda Gates Foundation, Oiko Credit, Omidyar Network;
Flourish Ventures; Blume Ventures, angel investor Professor Shlomo Ben-Haim, and
Bharat Inclusion Seed Fund.

Private-I
Mool

About the company
Mool is a neobanking and wealth management company using great design and
technology to offer delightful experiences to the Indian middle class. Mool's goal is
to enable the gradual compounding of wealth for middle income customers in India.
It focuses on a market of about 75m individuals who earn less than Rs50,000 per
month, providing them a seamless cash-to-growth experience.
A neo banking and wealth Current offerings include a co-branded savings account, credit builder card, a
management company network of over 100,000 cash deposit locations, easy investing into diversified
index-based portfolios, sachet insurance options and educational content, all
operating in multiple Indian languages. This approach offers mass reach with
simplified access to savings and wealth management products for 95% of Indian
earners.
Founder background
Mool is led by a team with deep experience in financial services, technology, public
policy and partnerships.
Figure 42
Key management details

Abhinav Nayar Founder/CEO Previously worked at Dalberg Advisors, Facebook and as an Advisor to the Minister of State in
Government of India. He helped financial service businesses grow in emerging markets
Karan Bharadwaj CTO 6+ years of experience in building fintech and blockchain products for banks and other enterprise
clients
Source: Mool
Low fixed cost, high margin, When founder Abhinav Navar's family suffered a bereavement, they discussed the
compounding business experience of managing his parents' savings and how it could be improved. In a
country where 95% of families don't earn a real return on their savings, Mool is
excited by the possibilities of great design, world class technology and enduring
partnerships to build a company that can take 100m families to a great financial
future.

Mool represents a low-fixed-cost, high-margin, compounding business. Its product
is a mobile application that serves as a one-stop solution for saving, investing, and
securing user wealth. Mool has five sources of revenue:
Earns revenue through five  Fees on Account Openings - a one-time fee paid by partner banks to Mool for
points every new account opened
 Float on deposits - a recurring payment based on a percentage of the total float

deposited by Mool customers with the partner bank
 Interchange on card swipes - approximately 1% of total transaction volume
 Fees on mutual fund units - trailing commissions of about 0.8-1.5% of AUM
 Commissions on insurance - typically 35% of the premium amount
In 4Q22, the firm will launch credit by enabling a credit line on existing co-branded
credit cards and earn an origination fee. The loan will be on its partner bank’s book.
Mool leverages physical and digital channels to deepen penetration into remote
regions. With a pan-India network of over 300k Kirana stores, customers can open
accounts, deposit and withdraw cash and even make investment and insurance
transactions. Stationery stores are complemented with a team of roving agents who
will facilitate doorstep banking through a mobile application and POS devices.
Pan India network of 300k Digitally, customers are targeted through advertisements on social media channels
kirana stores as well as banner ads on Google. An iterative approach across social media
platforms has created a powerful marketing funnel. The digital acquisition route has
led to the acquisition of over 100k customers with a cost per lead of Rs5 over the
last six months.

 Multilingual: Its app is available in Hindi and English and will soon expand to
include 12 other local languages and dialects
 Last-mile cash in / cash out: Facilitated through a pan-India network of Kirana
stores. This deepens reach to areas that were difficult to reach previously.
 Advisory-led approach: In contrast to other market players focused on building
marketplaces, Mool’s app cuts through the jargon to recommend the right
portfolio for each user, making it much easier for the end user to put their
money to work.
 Design: The Mool app uses realistic iconography, simpler conversational
language, and local and cultural motifs, creating a friendly and less intimidating
financial application with an indigenous feel.
 Data: By offering a single financial platform for users to save, spend, and invest,
Mool’s platform will have deep visibility into each user’s finances. This will allow
company to hyper personalise financial products, particularly credit, as it
combines user financial data with demographics and behaviour to manufacture
the best-suited product.
Key competitors
Finin, Freo Save, Mahila Money, and MyShubhLife.
Key investors
Latest valuation of The firm has raised US$500k at a US$6.25m valuation cap from the Nilekani Family
US$6.25m
Office, Patni Family Office, Head of Amazon Pay Offline, Eko Financial, IIM
Ahmedabad and the Bill & Melinda Gates Foundation.
Low customer acquisition Mool has acquired over 150,000 users on waitlist over the past three months at a
cost of Rs5 CAC of Rs5, which is significantly lower than the industry standard. It targets to
close its first year with 1m active users and Assets Under Advisement of US$300m.
Others
Mool won the Blue Elephant Award by Kyoorius Creative Awards for Best Digital
Product in 2021. It has also been part of the Last Mile Money accelerator program,
backed by IDEO and the Bill & Melinda Gates Foundation, and the Financial
Inclusion Cohort by CIIE at IIM Ahmedabad.

Private-I
Mswipe

About the company
Mswipe Technologies is an omnichannel digital payments platform providing a host
of offline and online payment acceptance solutions to merchants across categories
in 800 cities of India. Digital lending is offered to merchants through the NBFC arm,
Mcapital, a 100% subsidiary of Mswipe. Under Mcapital, merchants are offered
medium-term unsecured loans of up to Rs2m.
Omni-channel digital Over the last 11 years, Mswipe has been a pioneer in introducing merchants to
payments platform for multiple innovative payment technologies enabling expansion of the digital
merchants payment footprint in the country.
Founder background
Here are details of the key management personnel
Figure 43

Name Designation Detail
Manish Founder and Manish Patel is a qualified doctor turned tech entrepreneur. He has founded multiple start -ups and Mswipe is his
Patel MD fourth, set up in 2011. Manish has helped the company raise over Rs 6bn of capital from savvy investors including
Matrix Partners, Falcon Edge, DSG, B Capital, Epiq Capital, UC RNT and ANI Technologies.
Ketan CEO Ketan Patel has over 22 years of experience. Prior to Mswipe, Patel was a Founder and Managing Director of Ditya
Patel Finance Pvt Ltd. Additionally, he was the CEO and Executive Director of CASHe, a personal loan start -up for
millennials. He has worked for close to 18 years with Kotak Mahindra Bank, spearheading housing financ e, private
banking as well as e-commerce business. Patel has completed his MMS from Mumbai University. He has been
acknowledged with multiple prestigious awards, to name the recent ones, ‘Top 100 CEOs of Asia for 2021 by CEO
Today Asia Awards’, ‘Promising Entrepreneur Award 2020 by Economic Times’.
Rohit CFO He is also the CEO of Ditya Finance Private Limited, a registered NBFC of Mswipe Technologies called Mcapital.
Agrawal Agrawal has more than 18 years of corporate experience. Prior to joining Mswipe, Agrawal was the National Head,
Ecommerce and New Age business at Kotak Mahindra Bank. He is a Chartered Accountant by qualification.
Source: Mswipe

Mswipe’s focus is to help merchants in three key aspects:
Offers a variety of POS  Payments: Omnichannel digital payment solutions through online and offline
devices - MPOS, smart POS, mode. It offers a variety of POS devices including MPOS, smart POS devices,
QR codes, payment QR codes, payment gateway and QR soundbox – sound and display alerts for
gateway and QR soundbox
QR devices to merchants based on their requirement. Each merchant has
different requirements based on their size, category and location and Mswipe
customises the offer to suit their business needs.
 Growth: Mcapital provides seamless digital unsecured loans to contribute to
merchants growth journey be it for procurement, refurbishment, or expansion
of business.
Mswipe’s vision is to  Partnership and engagement: Mswipe strives to be the business partner to the
become a digital bank merchants. With the devices, merchants can manage their business and make
revenue through various value added services like micro-ATMs, insurance
allowing them to earn additional income through their terminals. Smart devices
have an app called Money Store that gives them access to various business
management tools like inventory management, bar code scanning, creating an
e-commerce platform etc.
Mswipe’s vision is to become a digital bank, solely focussed for the convenience
and growth of the merchant community.

Deep integrated payment  On the payment side, Mswipe has a deep integrated payment stack that enables
stack that enables merchant flexibility to on-board merchants for QR or POS, provide complete digital
on boarding flexibility underwriting, disbursement, and collections as well as integrated lending
products. Being a one-stop-shop, Mswipe provides the entire suite of services
that a merchant would need.
 Mswipe is an omnichannel service provider with diversified revenue streams via
payment products and credit solutions, at the same time is a strong partner to
the merchant community that contributes to their day-to-day requirements,
growth and revenue.
Key competitors
Pinelabs, Paytm Business and BharatPe are the few competitors of the company.
Key investors
Mswpie’s valuation in the Mswipe has raised Rs6bn to date. The valuation of the company in the last round
last round was $420m was US$420m. Key investors are B Capital, Falcon Edge, Matrix Partners, DSG
Partners.
With a nearly-650k merchant base across multiple payment solutions, Mswipe has
10% market share in the offline card acceptance industry. Its third-party volume
(TPV) run rate is about US$3bn. The company added 150k merchants over the last
two years and is present in 800 towns and cities.
Figure 44
Losses have reduced over Summary financials

the past two years Rsm FY 20 FY 21 FY 22
Gross Revenue 3490 2130 2380
Net Revenue 1870 1280 1230
Ebitda (990) (130) (140)
Source: Mswipe
Others
Received approval for the Mswipe Technologies has recently received an in-principle payment aggregator (PA)
payment aggregator license license from the RBI. With this approval, Mswipe will be able to develop an in-house
online payment gateway. The PA License will allow company to bridge the gap
between merchants and customers by accepting and processing digital payments.
In the next four quarters, Mswipe plans to provide payment acceptance services to
merchants in Singapore, Indonesia and the UAE.

Private-I
Nium

About the company
Nium, formerly known as InstaRem, is a global platform for money movement. It
provides banks, payment providers and businesses of any size with access to global
payment and card issuance solutions. Its modular platform powers frictionless
commerce, helping businesses pay and get paid across the globe. Once connected
to the Nium platform, businesses are able to pay out in more than 100 currencies
to over 190 countries – 100 of which in real time. Funds can be received in 35
Global platform for money markets, including Southeast Asia, the UK, Hong Kong, Singapore, Australia, India,
movement and the USA. Nium's growing card issuance business is already available in 34
countries, including the Single Euro Payments Area (SEPA), the UK, Australia and
Singapore. The company holds regulatory licenses and authorisations in more than
40 countries.
Founder background
Prajit Nanu is the co-founder and CEO of Nium. Prior to Nium, Prajit held leadership
positions in various global organisations. He was the global sales director at TMF
Group, a multinational professional services firm headquartered in Amsterdam, and
was the vice president of sales and account management at WNS Global Services,
a business process management company.
In 2015, Prajit had a personal challenge sending money from India to friends in
Thailand. Paying back a shared expense was difficult with complicated steps to
send, delays in receiving the money, and expensive fees. Nium was founded shortly
after, with a mission to simplify the cross-border remittance experience.

Platform enables payouts to An aging and inefficient global payments infrastructure has created several
more than 190 countries in opportunities for Nium and its modern money movement approach. Most
100 currencies businesses are forced to cobble together multi-vendor solutions for sending and
receiving funds globally. These solutions for compliance, foreign exchange,
collections, and pay outs must be integrated – burdening already limited resources.
Through a single API connection, Nium provides access to a suite of payment

services for businesses that can scale with the client as their global needs evolve
and progress. The Nium platform enables payouts to more than 190 countries in
100 currencies. In addition to its ability to send payments anywhere in the world, it
offers enhanced real-time payment capabilities in over 100 countries. Underpinning
Nium is a portfolio of licenses with financial regulators in eleven regional
jurisdictions. This combination of regulatory and tech assets is unique to the
company and is at the core of its value proposition. The global reach of these agile
and scalable solutions across the spectrum of payments, issuance, processing, and
collections are what distinguish Nium in a crowded market.
Recently acquired Ixaris, Nium continues to modernise its platform for the future of money movement.
Wirecard Forex, and Socash Recent acquisitions, including Ixaris, Wirecard Forex, and Socash, have added new
platform capabilities, from virtual card issuing for supplier ecosystems such as travel
with Ixaris; consumer travel cards in India from Wirecard Forex; to alternative
payments with Socash. In addition, Nium has unveiled a suite of services to support
the integration of crypto technologies into fintech offerings. Through one API
connection, businesses can add the ability to offer crypto acceptance and crypto
investment services into their core offering.

Nium provides a suite of products across the board for enterprise and retail clients
to fulfil all their global money movement needs. At the core of Nium’s value
proposition is its modern money movement platform, backed by an extensive
portfolio of licenses to allow its 350+ business customers to send money from
130m+ end users across 190+ countries.
Modular and scalable All of the solutions in the Nium platform are highly modular and scalable. Its flexible
solutions offered on its tech stack offers a full suite of payment services to allow banks, enterprises and
platform other financial service providers to anticipate demand and scale up or down as
needed, customise product offering, and enter new markets. Customers can also
pick and choose specific features to fulfil a specific business need, or merge
multiple solutions to create a full-stack solution, if they wish. All fraud control
measures, and compliance requirements are also included in a single platform, so
that customers can start sending, spending, and receiving money quickly.
Key competitors
Rapyd, Railsr, Marqeta, Thunes, dLocal are some of Nium’s key competitors.
Key investors
Valuations as per last round Nium has raised US$300m to date and was most-recently valued at US$2bn. Key
of funding at US$2bn investors include Riverwood Capital, GIC, Temasek, Visa and Vertex Ventures.
Figure 45
Over 130m end customers Key business and financial details

No. of global B2B clients 300+
Countries covered 190+
End customers 130m+
Total virtual cards issued 31m
No. of jurisdiction licenses 11
Annual revenue run rate $100m
Annual growth rate 3x
Source: Nium

Private-I
OneCard

About the company
FPL Technologies (“First Principles Labs”, “FPL”), popularly known as OneCard, was
founded with the mission of re-imagining credit and payments from first principles.
FPL believes consumption credit linked to overall consumption expenditure in India
will grow at a healthy and consistent pace in the next decade backed by growth in
GDP per capita. However, existing credit products need to be more digital, flexible,
transparent, ubiquitous, and fairly-priced to end-customers to build scale. From the
process of researching for a product, to getting it, using it on a day-to-day basis and
Re-imagining credit and finally handling exceptions, the company has set out to re-imagine every aspect
payments from first from first principles using modern technology. Its launch product is a simple, and
principles mobile credit card.
Founders’ background
FPL founders and leadership team are ex-bankers with deep expertise in payments,
credit and building and scaling digital banking businesses.
Figure 46

Name Age Educational Qualification Prior Experience
Anurag Sinha 45 B.Tech. (IIT-BHU Varanasi, 1999); MBA (IIM ICICI Bank (13 years); HCL Infosystems; Walnut (Co-founder)
Bangalore, 2003)
Rupesh Kumar 44 B. Tech. (IIT Delhi, 1999); MBA (ISB Hyderabad, ICICI Bank (14 years); Geometric Software; Dresdner Bank
2004)
Vibhav Hathi 44 B. Tech. (MSU Vadodara 2000); MBA (IIM ICICI Bank (14 years); Reliance Industries
Calcutta, 2003)
Devang Shah 44 CA, ICAI, CISA ICICI Bank (10 years); Experian
Hari Velayudan 41 BCOM ’01; BIMT ’03 ICICI Bank (11 years); PayU, PhonePe
Amod Choudhary 46 B.Tech (BCE); MBA (IIM Bangalore, 2003) Aditya Birla Fashions, Myntra, Aravind Lifestyle (12 years),
J&J, Asian Paints, Marico (seven years)
Source: OneCard

Technology platform FPL is set up as a technology platform company and would manage end-to-end user
company set up to manage experience and would partner with regulated entities like banks to issue the credit
end-to-end user experience cards. To create a consumer-centric experience, the entire user-journey needs to be
reimagined from first principles using modern technology. Also, it is noteworthy
that mobile has emerged as a preferred medium to engage in recent times.
OneScore to provide a FPL has launched a credit score app, OneScore, and aimed to provide a seamless,
seamless, hassle-free access hassle-free access to credit score for consumers. This app aims to create greater
to credit score awareness of credit score and educate consumers on the factors impacting their
credit score to build a good credit culture. Launched in July 2019, it now has close
to 20m+ consumers and growing steadily.
Key competitors
All credit card players.
Key investors
Raised +Rs17bn to date FPL has raised more than Rs17bn from marquee institutional investors such as
Sequoia Capital, Matrix Partners, QED, GIC, Hummingbird. The latest round was led
by Temasek, making FPL a Unicorn.
Over 750k customers OneCard was launched in June 2020 in partnership with banks and now has more
than 750K customers. The overall team is 400+ primarily based in Pune.
Others
New players will play key The credit card market has delivered a 20% Cagr over the last seven years, to 79m
role in expanding credit cards and US$14bn monthly spends. The credit card market is expected to grow to
card market 180-200m credit cards in the next five years. Of the total bureau present population
of over 400m, less than 10% have a credit card, so there is massive headroom to
grow. Another interesting data to note is that the acceptance market has grown
dramatically in the last few years post demonetisation, which provides extra growth
potential for the issuance business. Management believes, while existing issuers
will continue to grow, the existing credit card market is highly concentrated (the top
six issuers have over 80% market share) and new players have to expand the market
to realise the potential of reaching 180-200m credit cards in next five years.

Private-I
Onsurity

About the company
Onsurity is India's first monthly employee health benefits platform for SMEs and
start-ups. Its vision is to democratise employee health benefits by empowering
SMEs with access to high quality tech enabled healthcare and insurtech products.
Onsurity’s mission is to empower SMEs by catering to the holistic healthcare and
wellness needs of employees, that enables them to attract and retain talent..
Founder background
Onsurity was founded by Yogesh Agarwal and Kulin Shah in 2020.
Figure 47
Background details of founders

Name Details Previous association
Yogesh Fellow of the Institute and Faculty of Actuaries – with a Previous roles include Lux Actuaries, Shriram General
Agarwal specialisation in General Insurance from London and Fellow of Insurance Co., KPMG
the Institute of Actuaries of India.
Kulin Shah has primarily worked on launching new business, category Over 15 years’ experience with various corporates like Aditya
Shah and product management, brand development and venture Birla and Reliance-ADAG and startups like FreeCharge and
capital ACKO
Source: Onsurity
Founders’ understanding of Given that founders have been closely associated with SME businesses in the past,
SME businesses gives them they understand the challenges SMEs face first hand. Hence, they decided to start
an edge
Onsurity to help SMEs of India get access to affordable and accessible healthcare
benefits. In order to crack this market, going digital was key. The founders have also
been inspired by how different start-ups and fintech’s have solved the payment and
loan problems for SMEs. However, not many have solved the employee health
insurance problem for SMEs – hence, they decided to go down this route.

Highly affordable product, SMEs can subscribe for Onsurity’s monthly healthcare membership that starts at
membership starts at Rs145 per month, thus making it a highly affordable product. The product contains
Rs145/month
different healthcare and wellness offerings like teleconsultations, health check-ups,
gym memberships along with health insurance, life insurance and accidental
insurance for its members.
Further, employees also receive an option to enhance their benefit by using a super-
app, which traditionally employees did not have an option to choose. On the
Onsurity platform, the employee can enhance membership benefits for their
dependents including in-laws and siblings, access their own health benefits
information, avail claims support on the go and get all telehealth and wellness
products, all under one Onsurity app
Provides healthcare
membership to SMEs with Onsurity is the only platform that is able to provide healthcare membership to SMEs
low employee base too with employee size of as low as three employees. The entire purchase process
requires only two to three minutes, where the employer gives the GSTN number
and selects the plan and receive the benefits. If employers were to do this on their
own, it would take them months to negotiate with insurers. Thus, Onsurity platform
is tailored for SMEs of India, by making it accessible and affordable.
Key competitors
Created a unique position Onsurity is an employee health benefits platform which has aggregated various
for itself in the SME sector standalone healthcare products and services under a single platform. This has
helped Onsurity create a unique position for itself in the SME sector which
continues to remain underserved and underpenetrated.
Key investors
Raised US$16m from Onsurity raised US$16m in a funding round led by leading fintech investor Quona
Quona Capital recently Capital. Other investors include Nexus Venture Partners, Whiteboard Capital.
Supports over 300k It has onboarded +2500 companies in the past one year by democratising
employees of SME healthcare in India through technology related solutions and helped empower over
300k employees of SMEs, start-ups and small businesses with comprehensive
healthcare benefits.
Others
SMEs, especially those with white collar workers, have realised higher valued
benefits than a bare minimum offering, such that in case of hospitalisation, the
benefit is sufficient in all cases. Healthcare benefits are now seen by companies
increasingly as an investment rather than a cost to the organisation, which has
helped several employees move back to offices from their hometowns. Indian start-
ups and MSMEs have also started offering benefit enriched policies with extensive
wellness features for their employees in their corporate healthcare subscription
plans. These include a focus on mental well-being, complete annual health check-
up for employees and their family members, access of healthcare membership for
employee's elderly family members, and segmented OPD (outpatient department)
Plans for the working women population: maternity and IVF treatment-focused
plans. On the blue-collar side, especially from service centres, SMEs are looking for
healthcare benefits that include OPD which covers accidents, and which may not
require hospitalisation.

Private-I
Open

About the company
Open Financial Technologies, is a digital banking enterprise that was founded by
serial fintech entrepreneurs Anish Achuthan and Mabel Chacko, alongside Ajeesh
Achuthan and Deena Jacob in 2017. The company aims solve a series of challenges
faced by SMEs and startups when it comes to managing their business finances. It
is the one of the fastest-growing SME-focused neo-banking platform globally.
Founder background
Figure 48
Founders
Name Designation
Anish Achuthan Co founder & CEO
Mabel Chacko Co founder & COO
Ajeesh Achuthan Co founder & CTO
Deena Jacob Co founder & CFO
Source: Open
Fastest-growing SME- After working closely with SMEs in their previous stint with Citrus (later acquired
focused neo-banking by PayU), Anish Achuthan and Mabel Chacko learnt that business banking was
platform globally broken for small businesses. MSMEs managed multiple platforms starting from a
bank account with a traditional bank, a separate accounting tool, invoicing tool, a
payment gateway to collect online payments, expense management tools,
compliance and other activities. This took away a major chunk of an entrepreneur's
time. That’s when the idea of Open came to life where a unified platform was
created which could help businesses manage everything from banking to
automated accounting, bookkeeping, expense management, payroll and compliance
in one place.

Zwitch allows non-fintech Open has a SaaS (software as a service) based business model where businesses
companies to offer their can choose from a free plan to a paid plan. It launched Zwitch, which is Asia’s end-
own fintech services to end to-end embedded finance platform that allows non-fintech companies to launch
customers
their own fintech services to their customers. The company also launched
BankingStack in 2021, which is a cloud native OS that allows banks and financial
institutions to launch digital banking services for their customers.

Its neo-banking platform Open’s neo-banking platform was the first of its kind in the Indian market that
was the first of its kind in provides businesses with a bird’s eye view of their business finances by enabling
the Indian market them to manage everything from banking to automated accounting, bookkeeping,
expense management, compliance and payroll all in one place.
Zwitch is Asia’s first no-code embedded finance platform that allows non-fintech
companies to launch their own fintech services for their customers.
Key competitors
Open’s closest competitor in the Indian market is RazorpayX. Open also competes
with global neobanks such as Tide, Qonto, Holvi and many more.
Key investors
100th Unicorn of India Open has raised over $190m till date and was valued at $1bn in the last round of
funding in May 2022, making it the 100th Unicorn from India
Over 2.5m business Since its inception, Open has on boarded over 2.5m businesses and has had
partners US$30bn in annualised transactions. The platform onboards more than 100,000
businesses every month. Open has also partnered with over 14 banks across India.
Others
More than 100k business Open has received a go-ahead from the Reserve Bank of India for its new cross-
are onboarded every month border payments product. This came after Open completed the test phase of the
second cohort under the RBI's regulatory sandbox structure themed cross-border
payments. RBI, in its statement, described Open's product as a blockchain-based
cross-border system, leveraging the current infrastructure and ensuring frictionless
and tamperproof monitoring capabilities.

Private-I
Razorpay

About the company
Launched in 2014, Razorpay is a full-stack payments solution that enables
thousands of online and offline SMEs to accept, process and disburse payments on
the web and mobile apps. It functions in the payment aggregation domain.
Founder background
Razorpay was founded by Harshil Mathur and Shashank Kumar.
Figure 49

Harshil Co-founder Harshil Mathur co-founded Razorpay in 2014 to simplify online payments in India. A graduate from IIT Roorkee, he
Mathur and CEO decided to become an entrepreneur to start Razorpay along with his college friend Shashank Kumar. He remains at
the center of all product innovations at Razorpay; which today is backed by Mastercard, Tiger Global, Matrix
Partners and YCombinator. He has overseen the growth of Razorpay's customer base to 100,000 businesses in just
3 years. He has featured in the list of '30 most promising young Indian talents under the age of 30' by Forbes, and
the '35 Under 35' entrepreneurs by Entrepreneur magazine.
Shashank Co-founder Shashank Kumar started Razorpay, along with Harshil Mathur, after discovering the underdeveloped state of online
Kumar and MD payments in India. He graduated from IIT Roorkee and before taking the entrepreneurial plunge with Razorpay,
worked at Microsoft US as a Software Developer. With an idea to change the way online paymen ts function in
India, Kumar quit his full-time job. By early 2014, Razorpay was conceptualised with a vision to simplify online
payments. At Razorpay, Kumar is the proverbial backbone of all things tech, being a hardcore developer himself.
Shashank was featured in the list of “30 most promising young Indian talent under 30” by Forbes Magazine.
Source: Razorpay

Founded in 2014 as full Razorpay aims to efficiently manage the entire payments lifecycle with its product
stack payments solution suite:
 Payment Gateway: Accept payments with multiple payment modes and
seamless checkout.
 Payment Links: Get paid instantly by sharing payment links on the go.
 Invoices: Enable instant invoicing via SMS or email to get paid faster.
 Subscriptions: Automate recurring payments for customers
Functions in payment  Smart collect: Automate reconciliations and accept NEFT (national electronic
aggregation domain fund transfer)/RTGS (real time gross settlement)/IMPS (immediate payment
service) payments seamlessly
 Route: Get full control and complete visibility into multi-party payments
Key competitors
Razorpay’s key competitors include Billdesk, Stripe, Cashfree, PayU, Paytm and
Juspay.
Key investors
Valuation at US$7.5bn Razorpay was most recently valued at US$7.5bn. Its key investors include Sequoia
Capital India, Tiger Global Management, GIC and YCombinator.
Over 1.1m merchant The company has over 1.1m merchants and has serviced over 180m end customers.
partnerships Its annualised gross merchandise value (GMV) is over Rs3.5trn (c.US$45bn).
Others
Received in-principle Razorpay recently received in-principle approval from RBI to be one of the first
approval to become a licensed payment aggregator companies in India.
payment aggregator
Private-I
Ring (erstwhile Kissht)

About the company
Ring, formerly known as Kissht, is one of India’s leading fintech players that
provides transactional credit and credit at point of sale. Ring is focused on the
millennials and GenZ segment and aims to be the preferred payment platform for
the young and aspirational consumers (estimated target market of over 150m).
Provides transactional Users can transact using Ring credit with a 100% digital onboarding process, in
credit and credit at point of under five minutes. This limit can be used for online and offline purchases at
sale merchant partners across the country. The limit can also be used for bill payments
or transferred to friends, family, or own self in the bank account. Ring provides
credit embedded at point of purchase by building a network of over 300k
merchants. A “Credit QR” is installed at its merchant partners for allowing
customers to transact using RING.
Targets millennials and Founder background

GenZ segment Ring was founded by Ranvir Singh and Krishnan Vishwanathan. Other key
management personnel include Sonali Jindal (COO), Karan Mehta (CTO), Neha
Shivran (chief data scientist), and Fahim Saiyyed (chief business officer).
Figure 50
Founder details
Ranvir Singh Co-Founder IIT Bombay graduate and MBA from IIM Bangalore. Before starting R ing, Singh spent 15 years with
McKinsey advising clients in Financial Services space
Krishnan Co-Founder IIT Delhi graduate and MBA from Yale University. Before starting Ring, Vishwanathan spent 18 years with
Vishwanathan McKinsey advising clients in Financial Services space and Deep tech in Silicon Valley.
Source: Ring
As advisors to almost every major bank and large NBFC in India and Asia while at
McKinsey & Co, the co-founders had seen the challenges faced by these institutions
to serve the millennial and new to credit segment. They also realised the immense
opportunity in the segment and thus founded Ring to serve the credit needs of
unserved and under-served Indians.

Value proposition for the Ring provides credit embedded at point of purchase, ie, “Credit at Point of Sale” for
merchants is “Quicker Cash young and aspirational Indians. It has over 300k merchants which are present across
Conversion” many categories (~40% present in F&B and grocery category) and across India
(~60% merchants present in Metros and Tier I). The biggest value proposition for
the merchants is “Quicker Cash Conversion” due to immediate credit provided to
their customers. Anywhere between 5% to 40% of sales made by the merchants are
on credit. In addition to this, the merchants are rewarded and incentivised for
helping Ring acquire new customers.
For end customers, Ring promises a convenient, speedy, and transparent experience
along with flexibility to use the credit across online and offline channels, pay bills
and earn rewards. With this proposition, Ring has become the fastest growing
transaction credit app in India.

Strength is large merchant Ring’s biggest moat is its large merchant network (~300k) and merchant led
network and merchant led customer acquisition. It is acquiring 30-35k customers per day (i.e. more than top
customer acquisition three players combined) and at a very low customer acquisition cost (compared to
industry CAC). Ring’s repeat rate is also considerably higher than market standards,
as per management.
Key competitors
Differentiating themselves Ring is similar to Bajaj Finance in its distribution model i.e. customer acquisition is
from Bajaj Finance merchant led. What differentiates it is: (i) Ring offers credit for purchases across
almost all purchases and not just high-value purchases such as consumer durables;
(ii) Ring is present across 300k merchants, significantly higher than that of Bajaj
Finance; and (iii) Ring has a completely-digital mode with no sales representative
present. Hence, customer onboarding is done 100% digitally using Credit QR.
Ring’s customer acquisition model is different from that of some other fintech
players in the sense that it is via offline merchants for Ring, but via online merchants
for its fintech competitors.
Ring is not a payment QR, thus it does not compete with PhonePe, GooglePay and
BharatPe. It has installed ‘Credit QR’ with its merchants to onboard customers
seeking “Transaction Credit” which is embedded at Point of Sale.
Key investors
Ring recently raised US$80m. Its key investors are Vertex Growth Fund, Brunei
Investment Agency, Vertex Ventures, VenturEast, Sistema Asia Fund, Endiya
Partners.
Figure 51
Turned profitable in FY22 Summary financials

with Rs540m profit Rsm FY21 FY22
Revenue 1,760 5,170
Profit/Loss (550) 540
Source: Ring
 Customer acquisition: 1m customers acquired per month.

 Transaction Value: ~Rs10bn in July 2022
Others
Customer acquisition run Ranvir Singh (Founder and CEO): ‘There are over 150 million people, of which the
rate of 1m per month majority are young millennials, who are either underserved or unserved on
transaction credit. The transaction usage of millennial consumers are constantly
evolving and they always look for ease and convenience. We are offering a one-
stop credit and payment solution, which can be used “anywhere and everywhere”
and change the way people use credit. With these transactions, we want to create
a bond with the customer to help them across other banking needs.’
Krishnan Vishwanathan (Founder & Managing Director): ‘The convenience and

seamless experience that the product will provide will be one of a kind in the
industry. We are excited for the next phase of growth where we focus not only
customer acquisition but also offering a hassle-free experience and increasing
customer delight in every transaction that they make using our platform.’

Private-I
Riskcovry

About the company
Riskcovry is a fast-growing startup in the space of “insurtech infrastructure” in India,
on a mission to enable insurance anywhere. Its aim is to ensure that insurance be
readily available to all end customers, in the form of offering the widest array of
insurance products across the industry across any distribution channel. Riskcovry
wants to make insurance distribution as easy as possible. It enables insurance
Operates in space of anywhere by providing a powerful unified API (application programming interface)
insurtech infrastructure that enables organisations to distribute insurance over multiple channels.
Founder background
Enables insurance anywhere No one actually enjoys buying insurance, it always needs to be “pushed”. So ‘why
by providing a powerful should insurance be enabled anywhere?’ is a natural question. Well, “Why not”, is
unified API what the company intuitively believes in. The founders foresee a world where
insurance is just as ubiquitous as digital payments. Riskcovry has four founders.
Figure 52

Chiranth Co-founder With an MBA from the University of Massachusetts Boston in Finance, Management Information Systems and
Patil and director Bachelor of Engineering in Computer Science from Visvesvaraya Technological University, Chiranth Patil joined
earlier as an EiR, the Head of Ecosystem Development with MEDICI Global from October 2016 ti ll September
2018. Patil initiated his leadership qualities as a Volunteer with Ambertag Analytics Pvt Ltd from August 2015 –
Feb 2018. Before that, he was the CEO of Gito.me from January 2013 – July 2015. He was also associated as a
Partner with Zuna Asset Management in February 2012 – 2013. He paved his way working as a Consultant in
Deloitte Consulting and Strategy and Operations service area with an industry focus on Financial Services (Banking
and Securities) from June 2010 – February 2012.
Sorabh Co-founder Sorabh Bhandari is an experienced Business Head with a tested history of running inside the insurance industry,
Bhandari and director Corporate Finance, and Insure-tech sectors. A Bachelor of Commerce and Economics from Narsee Monjee College
of Commerce and Economics, and an MBA from the University of Warwick - Warwick Business School, Bhandari
had leadership skills as a Business Head with Liberty General Insurance, from Jan 2012 – Dec 2016. Before that,
he joined as the Head for Bank and Affinity from May 2004 to Dec 2011. In his initial days, from March 2002 till
April 2004, Sorabh initiated in taking key responsibilities on the grounds of leadership as a Manager with EY.
Suvendu Co-founder With an MBA in Marketing from Ber hampur University, Suvendu Prusty is vastly into the strategic management
Prusty and director of Insurance commercial enterprise, both Commercial & Retail. He was the founder partner with the Infinity
Business Partners LLP, from Jan 2017 – Mar 2020. He was also actively associated in various positions as the
national head - Broker Relationships and Global Accounts with Liberty Videocon General Insurance Company Ltd
from March 2012 till December 2016, national head – Royal Sundaram Alliance Insurance Company Limited with
Affinity, October 2011 till March 2012 and head - Affinity Partnerships, from September 2004 to September 2011.
Vidya Co-founder With degrees of MBA from Asian Entrepreneurship and Technology Management, NTU Singapore and UC Berkeley
Sridhran and tech and Advanced Management Programme from Haas School of Business, Berkeley, Vidya Sridhran had joined as a
evangelist CTO and Entrepreneur-in-residence in Accel India Portfolio company from 2015 – 2017. Before that, she was
associated as Director and Head Architect - CTO and Information Security Unilever from 2013 – 2015. Sridhran
initiated her journey in this arena as Group Development Manager with Intuit from 2010 – 2012. She later joined
as a Consultant with Ten Innovate, Oct 2013 – 2014. She was associated as the Chief Member of Architecture
Board for CTO and Information Security, providing senior leadership and subject matter expertise in information
security across IT and the business.
Source: Riskcovry

Flexible and customisable Riskcovry’s flexible and customisable insurance-in-a-box, API-based platform
insurance-in-a-box, API- powers businesses and enables insurance distribution via a plug and play model.
based platform The Riskcovry SaaS platform, typically used by large enterprises, can enable any
organisation to customise its insurance workflows by directly integrating into
existing workflows such as HRMS, Lead Management Systems, CRM, or core
banking systems, enabling a seamless flow of data and a smooth customer
experience. The company works on a subscription-based model where it partners
with Banks, NBFCs and anyone who wishes to sell/cross-sell insurance bundled
along with their products.
Earns revenue from set up The company has two major sources of Revenue - 1) Setup Revenue - Revenue that
as well as subscription is charged for initial setup of technology, and 2) Subscription Revenue - Revenue
charges that is charged for using its platform on a monthly basis.

 Riskcovry has an API-first, full stack product approach to a long-standing market
gap of efficient insurance distribution. It caters to all distribution channel use-
cases (assisted, DIY or embedded) and can serve 12+ industries.
 The Insurance-in-a-Box model offers a one-stop-shop platform to cater to any
business's digital insurance needs.
 Being insurer/product/channel/device/compliance-license agnostic, it allows
any business to use Riskcovry's API and SaaS technology to enable insurance
distribution business without the traditional overhead of building
teams/tech/license/processes etc.
 Riskcovry’s simplified single unified API brings standardisation across India's
insurance industry value chain on both the distribution and underwriting sides.
Key competitors
The company believes it is a category-creating space in the insurance infratech
segment, which provides a full stack insurance distribution platform- right from
insurance products and insurer integration, a robust API based platform to build
back-end and front-end solutions.
Key investors
Latest valuations at Riskcovry, last valued at US$18.9m, has raised US$6.78m till date. Some of its
US$18.9m investors are Bharat Innovation fund, Varanium Capital, Omidyar Ventures and
Better Capital.
Gross premium growth of Riskcovry has onboarded over 80+ partners from 12+ industries. Its gross written
89% YoY premium was Rs2.91bn, up 89% YoY.
Others
Here are some trends that can change the insurance penetration in India:
 Embedded Insurance: A remarkable tool for insurers to increase insurance
penetration across rural or other underserviced regions in the country.
 Hyper-personalised insurance: Segregating users and providing insurance
packages specific to their requirements enables insurance businesses to offer
tailored insurance covers for the lowest price.
 Use of technology for insurance underwriting: The large amounts of data
insurer’s process through machine learning can help underwrite with better
precision and apply it to future models. Technology taking over the claim
process can cut down claim timelines and grow business cost-effectively.

Private-I
Signzy

About the company
Signzy is a market-leading digital banking infrastructure provider redefining the
speed, accuracy, and experience of how financial institutions build customer
journeys. Its resources deliver seamless, end-to-end, multi-product user journeys
from "lead to activation" without writing a single line of code. It gives these players
access to an aggregated marketplace of more than 240 bespoke APIs that can be
easily added to any workflow with simple widgets. Although the company has
Market-leading digital clients from multiple aspects of the fintech sphere, it primarily focuses on
banking infrastructure regulatory technology, including KYC, onboarding, etc. In addition, its products help
provider
many enterprises in industries like BFSI and e-commerce.
Founder background
Signzy was founded by Ankit Ratan, Arpit Ratan and Ankur Pandey in 2015. Before
its inception, the trio foresaw the industry's inefficient onboarding and KYC
processes. As they further understood how they could help alter the terrain for the
better with their skills, they ventured on the Signzy initiative. Signzy envisions to
fully digitise and automate all aspects of verifications and onboardings.
Figure 53

Ankit CEO Ankit Ratan has over 12 years of experience in industries like fintech, regtech, IT, and ITES. He graduated from IIT -D
Ratan as a Silver Medalist in 2011 and had worked with Essex Lake Group, Ernst & Young, and many more Fortune 500
companies across India, the USA, and China.
Arpit CBO Arpit Ratan has over a decade of experience in fintech, corporate law, and ITES. An alumnus of ILS Law College and
Ratan Pune University, he has worked in many legal firms and leadership roles. Ankit and he have won numerous awards
from the RBI, Monetary Authority of Singapore, IBM, Thomson Reuters, and Forbes 30 under 30, to name a few.
Ankur CTO Ankur Pandey is the CTO and Co-founder of Signzy, with over 7 years of experience in the sector. His expertise in
Pandey cognitive systems, AI, Blockchain, and Machine Learning over these years has produced excellent results in all the
roles he has held. An alumnus of IIT Kharagpur, he has a keen interest in creating solutions and an intention to create
a trust mechanism in the digital economy.
Source: Signzy

Helps clients seeking Signzy's business model is cognitive and innovative in emphasising simplification
automation solutions in without compromise. Its API resources and other products are available for clients
BFSI and e-commerce seeking automation in onboarding, KYC, etc., solutions in the BFSI and e-commerce
sectors
sectors. Although the company has PSU banks and other major financial institutions
as clients, it also helps in the MSME sector. With a focus on sustained quality and
long-term benefits for the client, it focuses on client satisfaction with the following:
 Plug and play solutions - All Signzy resources are easily accessible for the user
and the client. As it is plug and play, the user can simply drag and drop for
integration or adjustments.
Clients from PSU banking  AI-driven process with no-code - Signzy's solutions require no expertise or
and MSME sectors familiarity with coding from the user. Although formulated with state-of-the-art
AI engines, none of it needs any coding.
 Reduction in processing time – Signzy’s resources drastically decrease the turn-
around time (TAT) for processes with the AI engine and efficient API sources.
 Strict focus on compliance and anti-money laundering - The company ensures
that all processes are fully regulations compliant and prevent fraudulent activity.
It emphasises safety and security.
 Uncompromised Quality UX – Signzy dedicates focus to making the user's and

client's experience using Signzy's resources excellent.

AI driven solutions, Signzy strives to provide its clients with the best resources and experience possible.
customisable resources its Its key distinguishing factors are:
key differentiators
 No-code AI-driven solutions: The lack of coding knowledge is not an
impediment for its clients.
 Fully customisable resources: This helps clients select the exact resources they
need rather than opting for a solution bundle. This reduces cost.
 Requires reduced manpower and resources: As the company focuses on
automating maximum processes, minimal external resources are needed.
 Low expertise required: With optimised and simplified solutions, very little
expertise is needed from the client.
 Excellent GTM results: This results in improved customer interaction and sales.
Key competitors
Some of its key competitors are Socure, Fenergo, Trulioo, Onfido, Hyperverge,
Jumio and Shufti Pro.
Key investors
In the middle of a fund raise The company has raised a total of US$13.5m as quantum capital and are in the
at a valuation of US$150m middle of a US$30m raise at a valuation of US$150m. Its key investors are
Mastercard, Kalaari Capital, Arkam Ventures, Vertex Ventures, and Stellaris Venture
Partners
Signzy has more than 250 customers across the globe today (compared to over 190
customers a year ago).
Figure 54
Revenue up 68% YoY in Key financials

FY21 Rsm FY18 FY19 FY20 FY21
Total Revenue 8.65 66.81 110.19 184.74
D&A 0.30 1.04 2.60 3.04
Ebitda (10.31) 13.73 (6.65) (8.26)
Profit After Tax (10.61) 14.77 (9.26) (11.30)
Source: Signzy

Private-I
Simpl

About the company
The biggest challenges that merchants face in e-commerce are cart abandonment
and inability to convert due to poor user experience at checkout, speed and trust.
In India, consumers still prefer paying cash while transacting online causing
inefficiencies for retailers including high product returns and cart abandonment.
Full-stack e-commerce Simpl is designed to change this equation for its merchant partners in e-commerce.
solutions to merchants Simpl is a consumer experience platform that allows merchants to build trusted
relationships with customers, one transaction at a time. Simpl provides a full stack
e-commerce solution that allows merchants to double order frequency, and
increase order volumes. It provides end-customers a seamless, secure and hassle-
free shopping experience through one-click checkout, buyer protection and pay
later. When consumers are provided such zero-friction shopping experience, they
will want to opt for a one-click checkout instead of cash on delivery. Simpl is on a
mission to further the Digital India charter by simplifying and democratising
payments.
Founder background
Nitya Sharma co-founded Simpl in 2015 to address some key challenges mentioned
above. After having worked on Wall Street for several US-based hedge funds and
financial institutions for over a decade, Nitya returned to India. His application for
a credit card was refused as he was considered a “thin” credit file. This made him
dig deeper into the credit system in India and realise that the vast majority of India
was underserved or unserved as they remained out of the credit requirements
leading him to conceive Simpl, a consumer experience platform that unlocks
multiple benefits for both merchants and their end-customers.

Offers open infrastructure Simpl offers an open infrastructure for merchants with easy integration and
for merchants onboarding. It offers a full stack solution for e-commerce that enables merchants
to double order frequency and increase order volume by 35-40%. Simpl’s easy-to-
integrate SDK (software development kit) enables any online retailer to provide
their customers a one-click checkout and charge after delivery, which significantly
increases conversions and reduces the dependence on ‘Cash on Delivery’.
Simpl opens new opportunities for its merchant partners to leverage the booming
e-commerce segment and tap into the ever-growing digital-first millennials and Gen
Z customer base. Its product lines including Pay Later and Bill Box are designed to
help end-consumers enjoy frictionless e-commerce with convenience, speed and
flexibility. Simpl empowers users to manage their budget efficiently and improve
spend management.

Simpl’s key moats include:
Large merchant network  Artificial Intelligence/Machine Learnings (AI/ML)-based decisioning
and AI/ML-based
decisioning are key  Customised /use case
differentiating factors
 More than 20k Merchant network
 Trust, Speed, Flexibility, and Convenience
Key competitors
High cash on delivery and In ecommerce transactions, customers still prefer cash on delivery (CoD) over digital
low credit card penetration payment modes. According to some reports, nearly 70% of online commerce
a challenge for Simpl transactions are CoD which goes as high as 90% in rural areas clearly implying a
trust deficit. Consumers don’t trust the product quality or service offered. Another
reason for this high CoD is low credit card penetration. In a country with a billion-
plus population, credit card penetration is less than 3%. Digital payments aren’t
hassle-free either given the multiple information layers a consumer has to wade
through before reaching checkout. This creates a break in the consumer journey
and makes for poor user experience. It also leads to inefficiencies for e-
tailers/online merchants including high returns and low transaction volumes and
frequency. All these will kill e-commerce, and these are the challengers for Simpl.
Key investors
Raised over US$110mn Simpl has secured more than US$110m from marquee investors such as Greenvisor
from multiple investors Capital, IA Ventures, Valar Ventures, Recruit Strategic Partners, and FJ Labs, and
garnered investor confidence from the likes of investor Franklin Templeton, Finuvo
LLC and Catalina Finance as well.
User base of 25m pan India The company has onboarded more than 20k merchants and has 25m approved
users pan-India.

Private-I
smallcase

About the company
smallcase operates in the asset and wealth management space and is a wealth-tech
venture. It provides India’s leading direct indexing and model portfolio platform for
stocks, ETFs, REITs. It has created a new category of investment products called
“smallcases” (professionally managed portfolios of securities) and has developed a
fast growing ecosystem of capital market players including leading stock brokers,
India’s leading direct- portfolio managers, investment advisors, asset managers who offer this product
indexing platform class. It also operates the fastest growing information & content portal “Tickertape”
for retail investors to research and analyse across different asset types like stocks,
ETFs, mutual funds and indices.
Founder background
smallcase was founded by Vasanth Kamath, Anugrah Shrivastava and Rohan Gupta.
Figure 55
Founder profiles
Name Deignation Details
Vasanth Kamath CEO First employee at a deal discovery platform startup, MS Economics, IIT Kharagpur ,
Anugrah Shrivastava CPO Ex-Nomura Mumbai (building thematic portfolios & indices for HNIs and institutions), MS Economics,
IIT Kharagpur,
Rohan Gupta CTO Ex-Goldman Sachs (building low latency trading platforms for the US markets), Computer Science &
Engg, IIT Kharagpur.
Source: smallcase
Founders are from IIT The founders realised in 2015 that Indian individuals’ allocation to equities is going
Kharagpur to accelerate in volumes and that direct equities & ETFs are both instruments that
would see massive demand due to growing financial literacy, rapid digitisation of
onboarding and the characteristics of these products being liquid and real-time.
They wanted to build a form factor that helps retail investors understand their
investments in a simple manner yet have a diversified and healthy approach with
professionally managed portfolios.
At the same time, while there were different types of players offering different
services to retail investors around direct equities and ETFs, there was no
infrastructure layer to link and connect these. Hence, every player was building
capabilities outside their core competencies leading to non-optimal user
experiences. Building this glue to bridge these market participants would be key to
enabling more innovation around exchange-traded products.

smallcase has the following key products -
 smallcase Investing Apps are consumer-facing interfaces to help individuals
discover, invest, track and manage (SIP, rebalance) their smallcases portfolio.
 smallcase Publisher is a “SaaS business-in-a-box” solution for investment
advisors & portfolio managers to start, run and grow their smallcase practice &
business
 Brokerage Integrations creates custom pipes for exchange transactions with
deep, non-trivial integrations with brokerage backend systems
 smallcase Gateway is Unified application programming interface (API) and

software development kit (SDK) layer for non-broking apps and fintechs to build
experiences around stocks, ETFs, REITs and smallcases
 Tickertape is a data, information and content portal around multiple asset types
like stocks, ETFs, mutual funds and indices

The deep brokerage integrations along with regulatory compliance process take 4-
6 quarters per broker partner. This is not only tough to replicate but also provides
B2B2C access to 95% of all dematerialised account (demat accounts). The smallcase
brand is now an accepted industry term/vocabulary for portfolios of different
constituents and has spawned a new industry with both emerging and established
players. smallcase Publisher & Gateway are unique platforms on a global level that
have unlocked new business lines and innovation for both financial and non-
financial businesses.
Key competitors
Wealthdesk is one of the biggest competitors of smallcase.
Key investors
Latest valuation of The company has raised over Rs4.5bn across four rounds with its latest valuation
smallcase at Rs15bn being Rs15bn. Marquee investors like Sequoia Capital, Blume Ventures, Faering
Capital, Amazon, Premji Invest, HDFC Bank have invested in smallcase.
Figure 56
Smallcase has gross margins Financial summary

of over 95% Metric FY20 FY21 FY22
Revenue (Rsm) 25 125 350
User base (m) 0.89 2.47 5.56
Ecosystem Partners (no.) 53 123 304
Amount Invested/Transacted (Rsbn) 32 79 276
Source: smallcase
Others
smallcase is helping retail investors take greater control of their portfolios and
exposures enabling responsible self-directed investing and ensuring effective
segregation between research/advice and transactions - both important mandates
from a regulatory perspective.
Some noteworthy global trends:

Direct indexing is just  Direct indexing as a concept is just taking off in developed markets with major
taking off in developed asset managers, wealth managers and brokerages beginning to offer this to their
markets client bases: Schwab Stock Slices, Fidelity Fidfolios, Blackrock (post acquisition
of Aperio), Vanguard (post acquisition of JustInvest), etc.
 ETF based model portfolios have become one of the largest contributors to ETF
flows from retail investors.

Private-I
Turtlemint

About the company
Turtlemint is a technology platform helping financial advisors and institutions go
digital. It has set out to improve insurance penetration in India, which was just at
4.2% of GDP in FY21. Turtlemint built a tech stack that supports customers who
have traditionally found it difficult to zero in on the right insurance policy and
A technology platform that agents who have limited access to digitisation of their work. Turtlemint intends to
intends to revolutionise revolutionise insurance technology, by making the insurance selling and buying
insurance tech process easy.
Founder background
Turtlemint was co-founded by Dhirendra Mahyavanshi and Anand Prabhudesai.
Figure 57

Name Background Details
Dhirendra Over 20 years of experience in the Insurance, e-commerce, and Fintech sector. He is an Focused in redefining the whole
Mahyavanshi alumnus of IIM- Calcutta and has a Bachelor’s degree in Engineering from DJ Sanghvi experience of buying insurance.
College of Engineering.
Anand Over 15 years of experience working with Yahoo, Nokia and Bay Area startups building Leads the product, technology,
Prabhudesai and scaling consumer internet services, and leading cross-functional teams. He has an MBA marketing, analytics and design
with Honours from Chicago Booth School of Business and a B.Tech degre e in Electrical
Engineering from IIT Bombay.
Source: Turtlemint
Founders had experience in Dhirendra with his background in insurance and technology companies, was deeply
insurance and technology aware about the low insurance penetration in India, and believed that the sector
sector
could really benefit from technology. He met Anand at Quikr, and they started
discussing things they could do in the insurance space. They believed that
simplifying the insurance ecosystem through technology and educating the end
users can help in bringing about the change. Technology makes it easier for agents
to sell insurance, by equipping them with the tools that help them in the process.

Company has adopted an Insurance is a high involvement and complex product. Choice and expert advice are
innovative offline-online the two key aspects of a consumer’s insurance buying journey. Turtlemint’s data
model
analysis showed that people do a lot of research about the products online, but
when it comes to purchasing, they still prefer to do it offline. An advisor plays the
role of a facilitator in helping understand the requirement of the customer and
decide on buying the right product.
Hence, in order to improve penetration levels in the country it is imperative to build

a robust ecosystem for the advisors, the primary distributors of insurance. Thus, the
company adopted an innovative offline-online model. The offline model is amplified
by providing the advisors digital and value enhancing tools. These tools help the
advisor fine-tune his skills and knowledge and also suggest the best possible
products to customers with confidence. Additionally, the advisors can leverage
Turtlemint’s tools to further educate the customer about the different policies
available, thereby helping the customer make an informed decision. This offline-
online model has several ramifications. In addition to improving insurance
penetration, it will also stoke the entrepreneurial attitude of people and create new
advisors in geographies where no competitor had a presence.

Pioneers in the POSP Turtlemint has pioneered the point of sales person (PoSP) landscape and elevated
landscape the entire insurance ecosystem by empowering the most essential player, i.e., the
insurance advisor. In India, 90% of the insurance products are sold through some
form of physical assistance. 60% is sold through advisors, while banks form the next
big distribution channel.
Key competitors
Insurtechs having a similar business model are Policybazaar partners,
InsuranceDekho and RenewBuy.
Key investors
Turtlemint has raised close to US$190m from marquee investors including GGV
Capital, American Family Ventures, MassMutual Ventures, SIG, Blume Ventures,
Sequoia Capital India, Nexus Venture Partners, Dream Incubator, Trifecta Capital,
and Jungle Ventures. Amansa Capital, Vitruvian Partners and Marshall Wace were
investors in the latest round of fund raising.
More than 235k POSP Turtlemint has a wide network of over 235,000 insurance advisors (PoSPs) spread
agents and over 3.5m
across more than15,000 pincodes and over 3.5m customers. The company’s annual
customers
revenue run rate in FY22 was US$120m.
Others
Insurtechs are currently in an exciting phase of growth. An accelerating trend
towards the adoption of digital solutions coupled with enabling regulation is
creating a fertile environment for insurtechs to innovate and create customised
solutions for both insurers as well as end consumers. In a large country like India,
access to and awareness about the right insurance products has always been
challenging. Consequently, insurance penetration in India is just about 4.2%
compared to a global average of 7.3%. The pandemic has accelerated the insurance
demand in some form, and there has been a rising demand from even the tier-2 and
tier-3 towns in India.
Insurtechs will play key role Insurtechs can play an important role in empowering insurance advisors and
in empowering insurance enabling access to the right insurance products in a seamless and effective manner.
advisors
However, it is important to highlight that the opportunity for insurtechs does not
simply stop at enabling access. There is also an opportunity to innovate and add
value across multiple aspects of the insurance value chain. Some of the areas where
innovative solutions by fintechs could create tangible value include easing the
claims process, enabling better pricing of insurance products, and creating
customised solutions.

Private-I
WhatsLoan

About the company
WhatsLoan is a neo-lending digital platform that enables instant, digital, secured
loans. It partners with Gramin Banks, public sector banks, NBFCs, HFCs and other
BFSI companies for origination, validation, decisioning, digital documentation
system, which co-work with existing legacy loan origination system (LOS), loan
Neo-lending digital platform management system (LMS) and core banking solutions (CBS) systems.
that enables instant, digital,
secured loans
Founder background
Key management personnel and founders of WhatsLoan have been associated with
leading private banks of India and across multiple domains.
Figure 58

Name Designation Previously associated with Years of experience Domain experience
Timmana Gouda D Co-founder, CEO Axis Bank 25 Multiple
Vidya TG Co-founder, COO CitBank, HDFC Bank 15 Consumer retail Lending
Ajay Kumar K V Chief Business Officer ICICI Bank, Kotak Bank 20 Banking, investments & credit
Shridhar S Chief Marketing Officer Kotak Bank, HDFC Ergo 20 Consumer retail lending,
insurance
Ramesh N Head of Agri & MSME Axis Bank, Kotak Bank, 25 Retail, Agri, MSME lending
Platform Standard Chartered
Source: Whatsloan

Covers microfinance, WhatsLoan is a neo-lending platform that is quickly deployable on the existing
Consumer Loans, AgriLoans system of lenders on pay per customer or pay per loan file basis for small amounts
and MSME Loans
in range of Rs100-1000 across from microfinance, consumer loans, agri loans to
MSME loans with end-to-end digital process. Here are the different models –
 Enterprise Model for monthly revenues greater than US$3,500
 Prepaid Wallet Model: Rs1000-7500 prepaid per month license cum per file fee
 On-cloud and on-premises deployment for large banks

Whatsloan’s deep domain knowledge has helped it build micro services using data
/document access API in India for complex lending workflows with first of its Kind
AgriLoan for large banks in India. Its quickly-configurable micro services help it build
/customise and deploy ten times faster. The company has built platform approach
for three segments of customers - farmer, consumer and business; to lending while
other companies offer project/service and fixed loan product models.
Key competitors
Loan origination system providers with API infra offerings such as Perfios, Lentra,
Scoreme, Kuliza, Decimal, Sysarch are key competitors for WhatsLoan.
Key investors
Bootstrapped company The company is bootstrapped and has been operationally profitable from the first
quarter.
Processed Rs100bn worth Whatsloan has acquired over 20 B2B Customers and has processed more than 200k
of loans till date loan customers, more than 100k farmers and over 100 home buyers for affordable
Housing over last two years. The cumulative loans processed are over Rs100bn. The
company has been operationally profitable from the first quarter. It plans to take
platform fee to 10-20x with one large contract for agri loans with Union Bank of
India. It also has more than 10 banks in pilots over discussions for agri loans,
consumer and MSME loans.
Gross margins of +50% in Over last three years, Whatsloan generated revenues of more than US$500k with
B2B segment gross margins of more than 50% and Ebitda of over 30% on B2B business. Company
expects 5 times revenues from B2B2C business with L&T Group, Botree, and other
AgriTech contracts.
Others
Targets 120m farmers While most fintechs target small ticket loans, WhatsLoan targets large ticket lending
under PM Kisan Scheme and partners with large banks who have legacy banking system. It also targets to
meet needs of 120m farmers under PM Kisan Scheme, who seek Kisan Credit Card
Limits from Banks, Gramin Banks and Private Banks.

Private-I
Zerodha

About the company
Zerodha is a stock broking company that enables transactions in stocks, bonds,
mutual funds, futures and options.
Founder background
Leading discount brokering Zerodha’s founders are Nithin Kamath, Nikhil Kamath and Kailash Nadh. Nithin
platform Kamath and Nikhil Kamath were active traders before starting Zerodha. They are
college dropouts, and have gained all their past experience via hands on trading and
managing a sub-brokerage before starting Zerodha in 2010.
Figure 59

Nithin Co-founder and Managed sub brokerage for Reliance Money between 2006 and 2010. He also ran and managed some of the
Kamath CEO largest stock broking/cap markets social media groups & chat rooms - on Orkut & Yahoo/MSN messengers, which
also came into use for plugging in Zerodha to get the first 1000-2000 clients
Nikhil Co-founder Managed sub brokerage for Reliance Money between 2006 to 2010
Kamath
Kailash CTO Kailash Nadh is a PHD in artificial intelligence, and has always been a hobbyist coder carrying out multiple
Nadh development projects (as a hobby or for Zerodha) throughout his journey. Seeing no tech being used among
brokers/Indian capital markets, Kailash saw it as a big problem to solve and started working with Zerodha in 2013.
Source: Zerodha

Zerodha is a transaction platform enabling transactions in listed stocks, mutual
funds, bonds futures and options. It charges a flat Rs20 or 0.03% brokerage,
whichever is lower, for trades in the F&O and intraday segments. Due to sheer
volumes of transactions in these two segments & the revenues generated from it,
Zerodha is able to provide a nil-brokerage experience in delivery based transactions
and mutual fund segments.

One of the best product Zerodha’s key differentiating factor is having one of the best product experiences
experience in sector for execution of transactions. This along with an ecosystem of startups (which
provide features via Kite connect - like smallcase, streak, sensibull etc.,
Varsity/TradingQNA/ZConnect for educations & discussions), and the support
system along with transparency around the initiatives that Zerodha carries out, all
together bring up a differentiation factor to Zerodha.
Key competitors
Other brokers such as ICICI Securities, HDFC Securities, Groww, Upstox and Angel
One are key competitors.
No investors, all shares are However, it remains to be seen whether brokers stay on as the main competitors or
held by promoters, founders other industry players and platforms emerge as stronger competitors to all brokers
and employees at large. For example, UPI platforms who have large distribution like Google Pay
and PhonePe offering stocks or Futures & Options or even crypto currency
platforms who have an edge over brokers by carrying out activity in a somewhat
unregulated/grey market which brokers and SEBI regulated entities cannot take the
risk to get into.
Key investors
The company is completely held by promoters/founders and employees via
employee stock ownership plans (ESOPs).
Figure 60
Net profit up 3x YoY in Summary financials

FY21 Rsm FY20 FY21
Revenues 11,000 26,560
PAT 4,000 11,300
Source: Zerodha
About 11m customers as of Zerodha’s customer count has increased from 200k in 2017 to 2m in January 2020
August 2022 to 10.5-11m as of August 2022.
Others
Zerodha’s revenues will be Zerodha’s management believes that its business has high beta with how markets
in sync with market perform and thus its revenues would most likely move along with how markets
performance perform or trend in the long run.

Private-I
ZestMoney

About the company
Started in 2015, ZestMoney is one of India’s largest checkout finance companies
that offers credit products to retail customers fulfilling their cash requirement
needs for purchase. It offers financing for both, small-ticket and large-ticket
purchase needs of the customers. The entire loan journey is fully digital.
Founder background
India’s largest checkout Lizzie Chapman, Priya Sharma and Ashish Ananthraman are the co-founders of
finance company ZestMoney. Prior to founding the company, they worked together at Wonga India.
Working there, they had seen the unmet credit demand and were inspired to build
a product to help meet this.
Figure 61
Key management person details

Lizzie CEO  More than 18 years of experience of which over 10 years in Fintech
Chapman  India's female Fintech leader in 2017
 Previous association: India Country Head at Wonga; Launched DBS Digibank (India's 1st mobile only bank);
Board member at IndiaMART and IndiaQuotient; Founding member of Digital Lending Association of India
 Education: CFA, BSc, University of Edinburgh
Priya Sharma CFO and  18+ years of experience of which 9+ years in Fintech
COO  Previous associtaion: Head of Corp Dev, India Execution at Wonga; Investment Banker at Merrill Lynch;
Associate at Deloitte
 Education: MBA, London Business School; B.Tech, IIT BHU
Ashish CTO  22+ years of experience
Anantharaman  Previous association: Head of technology, Wonga; Head of tech at Sportingbet/Betfair
 Implemented world's first online streaming-based betting product;MCP/MCSE/MVP at Microsoft
Source: ZestMoney

Product offerings including ZestMoney is the biggest checkout financing platform in India. It solves all financing
personal loans, EMI use-cases from small ticket to large ticket financing needs of a customer. It has a
products, and interest-free wide range of product offerings including personal loans, EMI products, and
loans interest-free loans (three-month tenures). From customer onboarding to final
checkout, everything is processed digitally via the app.
It is present at 600K merchant partner networks across online and offline channels.
Its biggest strength is being closely integrated with the merchants and its ability to
drive incremental business for the merchants. Due to this, it is promoted by
merchants at no-cost, leading to strong customer acquisition at minimal cost.
ZestMoney has tied up with several lending partners, including both banks and
NBFCs. Some key lending partners include ICICI Bank, HSBC, DCB Bank, CSB Bank,
Aditya Birla Capital, Tata Capital, Piramal Capital and Housing Finance, IIFL Finance
and Hero Fincorp.
Close integration with merchants at checkout point is key differentiation factor for
ZestMoney as merchants become one of the biggest promoters of its products.
Key competitors
Credit card issuers and Bajaj Credit card issuers and point-of-sale NBFCs such as Bajaj Finance are the key
Finance are key competitors competitors for ZestMoney.
for ZestMoney
Key investors
Marquee investors like Ribbit Capital, Goldman Sachs, Quona Capital, Zip, PayU and
Omidyar Network have invested in ZestMoney.
The company has 10m customers and 600k+ merchants.
Private-I
Zolve

About the company
Zolve is building a financial world without borders by developing financial services
for global citizens. Zolve, a neo bank, provides immigrants in the USA with access
to Federal Deposit Insurance Corporation (FDIC)-insured bank accounts, high-limit
credit cards and debit cards without the need for a social security number or US
Developing financial credit score. Zolve's services are available while people are still in their home
services for global citizens country, so that they can move to the new country with confidence.
Founder background
Raghunandan G founded Zolve in 2020. He was the founder and CEO of
TaxiForSure, a taxi-aggregator that revolutionised India’s urban commute and was
later sold to Ola Cabs in 2015 for US$200 million. Post the exit, he has been an
active angel investor in more than 50 startups. He is also a limited partner in
marquee Venture Capital funds such as Accel, Stellaris Venture Partners, Blume
Venture Capital, among others. Raghu is a recipient of “40 Under 40 business
leaders of India (2014)” by Fortune India and IIM-A Young Alumni Achiever Award.

Immigrants face a large Immigrants moving to new country cannot obtain a bank account or a reasonably
waiting period before high-limit credit card without waiting for a time-period in which they establish
obtaining bank accounts or
credit history. This means they are often unable to set up a bank account or access
credit limits
lines of credit, or must accept higher fees when borrowing money and pay more for
essential services like insurance, utilities and car loans. Thus, Zolve (a global neo
bank) provides immigrants in the US with access to FDIC-insured bank accounts,
high-limit credit cards and debit cards without the need for a social security number
or a US credit score. Zolve's services are available while people are still in their
home country, so they can move to the new country with well prepared.
Zolve solves for this issue Zolve plans to expand services to multiple countries providing those thinking of
and offers services while emigrating with not only a functional bank account and a credit card from the home
the immigrant is still in
country, but a myriad of other products in the offering. These geographies include
home country
Australia, Canada, Germany, India, and the UK.
Zolve also facilitates smooth money movement across the globe. Research shows
that immigrants send around US$600bn every year to their families back home.
With Zolve, remittances are competitively low cost and faster.

Offers credit facility to Zolve offers credit facilities to customers without social security number, charges
customers without a social no upfront fees, has high limits on credit card and is a 100% digital or paperless
security number
experience.
Key competitors
Sable, Deserve, Discover, Chime are key competitors for Zolve.
Key investors
 Within two months of being operational, Zolve raised US$15m in a seed-
financing round in February 2021 led by Accel and Lightspeed. Along with a
host of angel investors, the round also saw participation from Founder
Collective, which has backed Airtable and Uber, in what was its first investment
in an Indian startup.
 In October 2021, just eight months after its first fundraise, partners of DST
Global led Zolve’s Series A financing round of US$40m. The round, which now
values Zolve at US$210m also saw participation from Tiger Global and Alkeon
Capital and existing investors Lightspeed Venture Partners and Accel.
Over 310k customers Zolve acquired 310K users to date and has facilitated over US$100m transactions.
acquired in just over a year
Others
Supports immigrants in Zolve has forged partnerships with MasterCard for its credit and debit cards which
more than 100 countries are accepted at all merchant locations in the USA and internationally. It has also
collaborated with the Community Federal Savings Bank as the banking partner in
the USA. It has collaborated with Trulioo, to conduct KYC verification of the
customers in more than 100 countries. Other partnerships include Wise to support
international money transfers in more than 40 countries.
Figure 62
Notable awards earned by Summary of key awards won by company

Zolve in 2022 Awards and Recognitions
Business World Techtors Award 2022
Excellence in Innovation & Tech, ASSOCHAM 2022
Wealth & Finance International - Best Financial Services Provider 2022
Quanti India - Best Fintech with CX and Retention
Best Neobanks by World Future Awards 2022
Source: Zolve

Important disclosures India fintech
Companies mentioned

5Paisa.com (N-R) Betfair (N-R)
Aavishkaar Capital (N-R) Better Capital (N-R)
Abu Dhabi Investment Authority (N-R) Bharat Inclusion Seed Fund (N-R)
Accel (N-R) Bharat Innovation fund (N-R)
Accel India (N-R) BharatPe (N-R)
Accel Partners (N-R) Bharti Airtel (BHARTI IS - RS732.3 - BUY)
ACI Worldwide (N-R) Bharti AXA General Insurance (N-R)
ACKO (N-R) BigBasket (N-R)
ACKO Insurance (N-R) Billdesk (N-R)
Actis Capital (N-R) BillDesk (N-R)
Aditya Birla (N-R) Blackrock (N-R)
Aditya Birla Capital (N-R) Blume Venture Capital (N-R)
Aditya Birla Fashions (N-R) Blume Ventures (N-R)
Aditya Birla Finance (N-R) BNP Paribas (N-R)
Advent International (N-R) Boku (LSE) (N-R)
Aeries Technology Products and Strategies Pvt Ltd (N-R) Botree (N-R)
Affinity (N-R) Brookfield (N-R)
AGS Technologies Limited (N-R) Brunei Investment Agency (N-R)
Airtable (N-R) Bureau Inc. (N-R)
Alkeon Capital (N-R) CapFloat Financial Services Private Limited (N-R)
Altico Capital India Ltd (N-R) CapitalFloat (N-R)
Amansa Capital (N-R) CapitalOne (N-R)
Amazon (N-R) CASHe (N-R)
AmazonPay (N-R) Cashfree (N-R)
Ambertag Analytics Pvt Ltd (N-R) Catalina Finance (N-R)
American Family Ventures (N-R) CC Avenue (N-R)
Amex (N-R) Centrum Financial Services Limited (N-R)
Amplo (N-R) Chime (N-R)
Anand Rathi Advisors (N-R) Chola Inv & Fin (CIFC IN - RS777.8 - O-PF)
Angel One (N-R) Chqbook (N-R)
ANI Technologies (N-R) Cisco (N-R)
AOL (N-R) Citibank (N-R)
Aperio (N-R) Citibank N.A. (N-R)
Apis Partners (N-R) CitiFinancial (N-R)
ApnaPaisa (N-R) Citigroup Global Markets Ltd (N-R)
Aravind Lifestyle (N-R) Citrus Pay (N-R)
Aricent (N-R) Citrus Payment Solutions (N-R)
Arkam Ventures (N-R) Clevertap (N-R)
Asian Paints (APNT IS - RS3,482.6 - O-PF) Coatue Management (N-R)
Avanse Financial Services (N-R) Commerce Ventures (N-R)
Avendus (N-R) Community Federal Savings Bank (N-R)
Axio (N-R) Coverfox (N-R)
Axis Bank (AXSB IB - RS765.0 - BUY) Coverfox Insurance Broking (N-R)
AYE (N-R) CPPIB (N-R)
B Capital (N-R) Creation Investments Capital Management LLC (N-R)
Bajaj Finance (BAF IN - RS7,301.7 - SELL) CRED (N-R)
Bajaj Finserv (N-R) Credable (N-R)
Bank and Affinity (N-R) Credit Suisse (N-R)
Bank of Baroda Global Shared Services (N-R) CSB Bank (N-R)
bankbazaar (N-R) DBS Digibank (N-R)
BankBazaar (N-R) DCB Bank (N-R)
BankingStack (N-R) Decimal (N-R)
Beenext (N-R) Delhivery (N-R)

Deloitte (N-R) First Data Corporation (N-R)

Deloitte Consulting and Strategy (N-R) FIS (N-R)
Deserve (N-R) Fisdom (N-R)
Deskers (N-R) Fiserv (N-R)
Deutsche Bank (N-R) Fiserv (N-R)
dezerv. (N-R) Five Star Business Finance (N-R)
Digit Insurance (N-R) FJ Labs (N-R)
Diners Club International (N-R) Flexiloans (N-R)
Discover (N-R) Flexipay (N-R)
Ditya Finance Pvt Ltd (N-R) Flexmoney (N-R)
dLocal (N-R) Flipkart (N-R)
Dragoneer (N-R) Flourish Ventures (N-R)
Dragoneer Investment Group (N-R) Forbes (N-R)
Dream Incubator (N-R) Founder Collective (N-R)
Dresdner Bank (N-R) FPL Technologies (N-R)
DSG (N-R) Franklin Templeton (N-R)
DSG Partners (N-R) Freecharge (N-R)
DST Global (N-R) FreeCharge (N-R)
Dvara Solutions (N-R) Freo (N-R)
Dvara Trust (N-R) GAIN Credit (N-R)
EarlySalary (N-R) GCPartnerApp (N-R)
eBay (N-R) Geometric Software (N-R)
Economic Times (N-R) GGV Capital (N-R)
EiR (N-R) GIC (N-R)
Elevar Equity (N-R) GIC (N-R)
Elevation Capital (N-R) Girnar (N-R)
Emphasis Ventures (EMVC) (N-R) GirnarSoft (N-R)
EMVC (N-R) GirnarSoft Pvt Ltd (N-R)
ENAM (N-R) Gito.me (N-R)
Endiya Partners (N-R) Global Analytics (N-R)
ePayLater (N-R) Gokaldas Exports (N-R)
Epiq Capital (N-R) Goldman Sachs (N-R)
Ernst & Young (N-R) Google (N-R)
Essex Lake Group (N-R) GooglePay (N-R)
ET Insure (N-R) Gramcover (N-R)
ET Money (N-R) Greenvisor Capital (N-R)
Experian (N-R) Groww (N-R)
EY (N-R) HCL Infosystems (N-R)
Ezetap (N-R) HDFC Bank (HDFCB IB - RS1,511.5 - BUY)
FabFurnish (N-R) HDFC Ergo (N-R)
Faering Capital (N-R) HDFC Life (N-R)
Faircent (N-R) HDFC Securities (N-R)
Falcon Edge (N-R) Henderson Global Investors (N-R)
FalconEdge (N-R) Hero Fincorp (N-R)
Fampay (N-R) Hillhouse (N-R)
FASANARA Capital (N-R) Hitachi (6501 JP - ¥7,036 - BUY)
Fave (N-R) Holvi (N-R)
Fenergo (N-R) housing.com (N-R)
Fi (N-R) HSBC (N-R)
Fidelity Fidfolios (N-R) Hughes group (N-R)
Fidelity, Europe (N-R) Hummingbird (N-R)
Finuvo LLC (N-R) Hutch (N-R)
Finzy (N-R) Hylobiz (N-R)
First Data (N-R) Hyperverge (N-R)

IA Ventures (N-R) Jupiter (N-R)

IBIBO (N-R) Juspay (N-R)
IBM (N-R) JustInvest (N-R)
ICICI Bank (ICICIBC IB - RS885.0 - BUY) Kalaari Capital (N-R)
ICICI Lombard (ICICIGI IN - RS1,289.3 - O-PF) Kaleden Holdings (N-R)
ICICI Lombard (N-R) Kaleidofin (N-R)
ICICI Prudential Asset Management (N-R) Kissht (N-R)
ICICI Prudential Life (IPRU IN - RS576.5 - O-PF) KKR (N-R)
ICICI Securities (N-R) Kotak 811 (N-R)
IFMR Capital (N-R) Kotak Bank (KMB IB - RS1,877.3 - O-PF)
IFMR group (N-R) Kotak Securities (N-R)
IFMR Holdings (N-R) Kotak Wealth Wealth Management (N-R)
IFMR Investments (N-R) KrazyBee (N-R)
IFMR Trust Group (N-R) KreditBee (N-R)
IIFL Finance (N-R) KredX (N-R)
IIFL Wealth (N-R) Kuliza (N-R)
IL&FS (N-R) Kuvera (N-R)
IncomLend (N-R) L & T Group (N-R)
Incred (N-R) Lazy Pay (N-R)
IND Wealth (N-R) Lazypay (N-R)
India Infoline Group (N-R) Lendbox (N-R)
IndiaGold (N-R) LendingKart (N-R)
IndiaMART (N-R) Lentra (N-R)
IndiaQuotient (N-R) Liberty General Insurance (N-R)
Indifi (N-R) Liberty Videocon General Insurance Company Ltd (N-R)
Indmoney (N-R) Lightrock (N-R)
IndusInd Bank (IIB IS - RS1,063.3 - BUY) Lightspeed Venture Partners (N-R)
IndWealth (N-R) LinkedIn (N-R)
Infinity Business Partners LLP (N-R) Loan Tap (N-R)
Inflexor Ventures (N-R) LoanTap (N-R)
Information Security (N-R) Lux Actuaries (N-R)
ING Vysya (N-R) M*Modal Inc. (N-R)
ING Vysya Life Insurance (N-R) MAJ Invest (N-R)
Innoven Capital (N-R) Manipal Group (N-R)
Innoviti (N-R) Marico (MRCO IB - RS516.2 - U-PF)
Insight Partners (N-R) Marqeta (N-R)
Instamojo (N-R) Marshall Wace (N-R)
Instantpay (N-R) MAS Financial Services (N-R)
InstantPay (N-R) MassMutual Ventures (N-R)
InstaRem (N-R) MasterCard (N-R)
InsuranceDekho (N-R) Matrix Partners (N-R)
Intuit (N-R) Matrix Partners (N-R)
Investcorp (N-R) Matrix Partners India (N-R)
Ipay Tech (N-R) Mcapital (N-R)
ITC (ITC IB - RS312.2 - O-PF) McKinsey & Company (N-R)
Ixaris (N-R) MEDICI Global (N-R)
Ixigo (N-R) Merrill Lynch (N-R)
J&J (N-R) Michael and Susan Dell Foundation (N-R)
Jio (N-R) Microsoft (N-R)
JioMoney (N-R) Money View (N-R)
JP Morgan (N-R) Moore Investment Partners (N-R)
JSW Group (N-R) Morgan Stanley (N-R)
Jumio (N-R) MoveInSync (N-R)
Jungle Ventures (N-R) MSN (N-R)

MSwipe (N-R) Prudent Insurance Brokers (N-R)

MUFG Bank (N-R) psbloansin59minutes.com (N-R)
myloancare.in (N-R) QED (N-R)
Myntra (N-R) QED Partners (N-R)
Naspers (N-R) Qonto (N-R)
National Payment Corporation of India (N-R) Qubecell (N-R)
Navi (N-R) Quikr (N-R)
Neogrowth (N-R) Quona Capital (N-R)
Neomobile (N-R) Qwikcilver (N-R)
Net1 (N-R) Railsr (N-R)
Nexus Venture Partners (N-R) Rapyd (N-R)
Nium (N-R) Razaorpay (N-R)
Niyo (N-R) RazorpayX (N-R)
Niyogin (N-R) RB Investments (N-R)
Nokia (N-R) RBI (N-R)
Nomura (N-R) RBL Bank (RBK IN - RS103.1 - U-PF)
Northern Arc (N-R) Recruit Strategic Partners (N-R)
Northern Arc Capital (N-R) Reliance Industries (RIL IB - RS2,613.6 - BUY)
Northern Arc Capital Limited (N-R) Reliance Money (N-R)
NPCI (N-R) Reliance-ADAG (N-R)
Nubank (N-R) Religare Ent. (N-R)
Oaks Asset Management (N-R) Renewbuy (N-R)
Oiko Credit (N-R) RenewBuy (N-R)
Okta Identity (N-R) Ribbit Capital (N-R)
Ola (N-R) Ring (N-R)
Ola Cabs (N-R) Riskcovry (N-R)
OlaMoney (N-R) Riverwood Capital (N-R)
Omidyar Network (N-R) Royal Sundaram Alliance Insurance Company Limited (N-R)
Omidyar Ventures (N-R) RuPAY (N-R)
Omnivore Capital (N-R) Rupeek (N-R)
One Equity Partners (N-R) Sable (N-R)
OneCard (N-R) sahamati (N-R)
Onfido (N-R) SAIF Partners (N-R)
Onsurity (N-R) Samsung (N-R)
Open (N-R) SBI Cards (SBICARD IN - RS957.9 - SELL)
Oxyzo Financial Services (N-R) Schwab Stock Slices (N-R)
paisabazaar (N-R) Scoreme, (N-R)
Pandora (N-R) Scripbox (N-R)
PAYBACK India (N-R) sensibull (N-R)
PayPal (N-R) Sequoia (N-R)
Paytm (PAYTM IN - RS786.2 - SELL) Sequoia (N-R)
Paytm Business (N-R) Sequoia Capital (N-R)
Paytm Postpaid (N-R) Sequoia India (N-R)
PayU (N-R) Shipway (N-R)
PB Fintech (N-R) Shoptimize (N-R)
Perfios (N-R) Shriram General Insurance Co. (N-R)
PhonePe (N-R) Shufti Pro (N-R)
PingAn Capital (N-R) Shyplite (N-R)
Piramal Capital and Housing Finance (N-R) SIANA Capital (N-R)
Policybazaar (N-R) Siemens (N-R)
policyboss.com (N-R) Siemens Nixdorf (N-R)
Poonawalla Fincorp (N-R) SIG (N-R)
Postpe (N-R) Signzy (N-R)
Premji Invest (N-R) Simpl (N-R)

Sistema Asia Fund (N-R) UC RNT (N-R)

Skymet (N-R) Unilever (N-R)
Slice (N-R) Union Bank of India (N-R)
smallcase (N-R) Unique Identification Authority of India (N-R)
Socash (N-R) Unity Small Finance Bank (N-R)
Socure (N-R) Upstox (N-R)
SoFi (N-R) Urban Company (N-R)
Sofina (N-R) UTI AMC (N-R)
Sportingbet (N-R) Valar Ventures (N-R)
Standard Chartered Bank (N-R) ValueFirst (N-R)
Stash Fin (N-R) Vanguard (N-R)
State Bank of India (SBIN IB - RS520.4 - BUY) Varanium Capital (N-R)
Steadfast Capital (N-R) VenturEast (N-R)
Steadview Capital (N-R) Vertex Growth Fund (N-R)
Stellaris Venture Partners (N-R) Vertex Ventures (N-R)
Stockal (N-R) Village Global (N-R)
streak (N-R) Visa (N-R)
Stripe (N-R) Visa (N-R)
Suvidha Starnet (N-R) Vistaar Finance (N-R)
Sweat Equity Ventures (N-R) Vitruvian Partners (N-R)
Swiggy (N-R) Vivriti Capital Private Limited (N-R)
Syrow (N-R) Vodafone (N-R)
Sysarch (N-R) Walnut (N-R)
Tat Group (N-R) Walrus (N-R)
TATA AIG General Insurance (N-R) Wealthdesk (N-R)
Tata Capital (N-R) Whatsapp (N-R)
Tata Group (N-R) WhatsLoan (N-R)
TaxiForSure (N-R) Whiteboard Capital (N-R)
Teacher Retirement System of Texas (N-R) Wirecard Forex (N-R)
Temasek (N-R) Wise (N-R)
Ten Innovate (N-R) WNS Global Services (N-R)
Tencent (N-R) Wonga India (N-R)
Teradata (N-R) XYZ Ventures (N-R)
The Bill and Melinda Gates Foundation (N-R) Y Combinator (N-R)
Thomson Reuters (N-R) Yahoo (N-R)
Thunes (N-R) Yatra (N-R)
Tickertape (N-R) Yes Bank (N-R)
Tide (N-R) Zerodha (N-R)
Tiger Global (N-R) ZestMoney (N-R)
Tiger Global Management (N-R) Zhejiang (N-R)
TMF Group (N-R) Zip (N-R)
Toffee Insurance (N-R) Zolve (N-R)
Transunion (N-R) Zomato (N-R)
Travel E-Point (N-R) Zomato (ZOMATO IN - RS61.5 - BUY)
Trifecta Capital (N-R) Zoom Insurance Brokers (N-R)
Trulioo (N-R) Zoomcar (N-R)
TSLE Pte Ltd (N-R) ZS Associates (N-R)
Turtlemint (N-R) Zuna Asset Management (N-R)
Uber (N-R) Zwitch (N-R)
UBS (N-R) Zybra (N-R)
UBS Investment Bank (N-R)

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Key to CLSA/CLST investment rankings: BUY: Total stock return (including dividends) expected to exceed 20%; O-PF (aka ACCUMULATE): Total expected return below
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