Private Equity-Venture Capital in

Financial Services & Fintech

April - June 2022

Data powered by
VOLUME 01
ISSUE 01
Table of Contents
Overview - Historical & Quarterly Funding....................................04-08

BFSI & Fintech...................................................................................................05-08

Investments........................................................................................09-19

BFSI............................................................................................................. .........09-13

• Top 10 Investments............................................................................10

• Top Sector Charts...............................................................................11

• Investments By Stage & Deal Size...................................................12

• Investments By Round & Region.....................................................13

Fintech.......................................................................................................... ........14-19

• Top 10 Investments............................................................................15

• Top Sector Charts...............................................................................16

• Unique Sectors....................................................................................17

• Investments By Stage & Deal Size...................................................18

• Investments By Round & Region.....................................................19

Exits....................................................................................................20-22

BFSI and Fintech Exits.......................................................................................21

Top Exits……............................................................................................... .......22

Directory of Key Fintech Companies................................................23-29

Appendix.............................................................................................31-32
 VOLUME 01
ISSUE 01
Preface
Tracking Fintech Investments

In the last few years, India has seen phenomenal adoption of Financial Technology (Fintech).
Many innovations – introduced by the Government as well as the Private Sector – have changed
the way financial transactions take place across the length and breadth of the country. These
projects are widely celebrated and often considered a model for even developed countries to
learn from.

These innovations have been made possible by a robust ecosystem. When it comes to funding
startups that enable ground-breaking innovations, the Private Equity - Venture Capital (PE-VC)
investor community has played a catalytic role in supporting such companies through various
stages – from research & development, to rapid scaling for adoption of products and services.

In this context, the RBIH recognises the need for regulators and other stakeholders to stay
updated on current and emerging trends in the world of PE-VC funding for India’s Fintech
ecosystem. As a result, we have engaged with Venture Intelligence to put together a quarterly
report on the funding scenario for Fintech companies and the overall BFSI industry.

We are excited to release this first of its kind report within the community. We hope you find
value in the same.

We look forward to your suggestions on any improvements.

Sincerely
Rajesh Bansal
Chief Executive Officer
Reserve Bank Innovation Hub

Back to ToC
Overview
Private Equity - Venture Capital (PE-VC) investors have invested
over ₹235,000 Cr in Indian BFSI (Banking, Financial Services, and
Insurance) companies between FY 2019 and Q1 FY23. Fintech
companies attracted over 50% of the investment pie. Trends in the
latest quarter indicate a slower pace of investments - in keeping
with the volatility and liquidity situation in the global markets.
 VOLUME 01
ISSUE 01
Overview – Financial
Services
BFSI Funding BFSI Investments
• The BFSI (Banking, Financial Services, and Amount (₹Cr) Projected
Insurance) industry has attracted 57 PE-VC 1,00,000
No. of Deals Projected
300

(Private Equity - Venture Capital) 90,000

investments worth ₹16,061 Cr (US$2.1 80,000 217

250

Billion) during the first three months of the 199 275

Financial Year 2023. (Note: For the purpose
70,000
200

of this report, “BFSI” investments includes 60,000

Fintech company investments as a subset.) 50,000

172 150

• Assuming historical average growth,

40,000

investments in FY23 are projected to reach

100

30,000
57
₹80,306 Cr ($10.4 Billion) across 213 deals, 20,000

lower than the record figures ₹91,665 Cr

50

10,000

($12.3 Billion) across 275 deals in FY22. 53,096 41,339 32,939 91,665 16,061
- 0

• Between FY 2019 and the first quarter of FY FY 2019 FY 2020 FY 2021 FY 2022 FY 2023*
2023, PE-VC investors have invested over
₹235,000 Cr (about $31.4 Billion) in BFSI Cryptocurrency, Microfinance, Accounting, Risk &
companies. 8,535 4,661
Compliance, 3,684
Brokerage/Trad
NBFC, 52,843
• Within BFSI, NBFCs have attracted the most ing, 10,251

PE-VC funding in recent years. During the Banking,

11,080
period spanning April 2018 to June 2022, Lending,
NBFCs attracted ₹52,843 Cr ($7.4 Billion) 18,547 BFSI Funding
across 139 deals. It was followed by payments By Sector
Amount (INR Cr)
related companies which attracted ₹49,766 Other Financial
Cr ($6.8 Billion) across 121 deals. Services, 18,674 FY19-FY23*
Payments,
• The ₹7,177 Cr ($1 Billion) investment in now 49,766
Savings/Wealth
publicly listed payments company PayTM by Management, 22,888
Alibaba, SoftBank and others in November Insurance,
34,172
2019, was the largest BFSI investment during
the period.

FY 2023* - Data as of June 20, 2022

1 2 3 4 5 5
Overview Investments Exits Directory Appendix
Back to ToC
 VOLUME 01
ISSUE 01
Overview - Fintech
Fintech Funding
Fintech Investments
• The Fintech sector witnessed 44 PE-VC
Amount (₹Cr) Projected
investments worth ₹7,993 Cr ($1 Billion)
No. of Deals Projected
during the first three months of the Financial 70,000 250

Year 2023.
60,000

200

• FY22 was a record year for Fintech 50,000

232
investments with ₹66,565 Cr ($8.9 Billion) 137
132
being invested across 232 deals. Assuming
150

40,000

historical average growth rates, Fintech

investments in FY23 are projected to touch 30,000
122 100

₹39,966 Cr ($5.2 Billion) across 165 deals. 20,000

44
• Between FY 2019 and the first quarter of FY
50

10,000

2023, PE-VC investors have invested almost 14,575 21,998 13,989 66,565 7,993
₹126,000 Cr ($16.9 Billion) in Indian Fintech - 0

companies. FY 2019 FY 2020 FY 2021 FY 2022 FY 2023*

• Payment companies raised the most amount

of funding during the period spanning April
Neo Wealth
2018 to June 2022 [₹48,921 Cr ($6.7 Billion) Tech, 2,419 Risk & Regtech, 1,428
Investment Tech, Banks,…
across 114 deals], closely followed by 5,568 Others, 306
technology-enabled lending companies Fintech SaaS,
[₹31,173 Cr ($4.3 Billion across 253 deals). 6,775

Crypto &… Fintech Funding

• Payment related companies – including Payments,
By Sector 48,921
PayTM and BharatPe and digital payment
Amount (₹Cr)
enablers Pine Labs and RazorPay -
dominated the list of top investments (by Insurtech, FY19-FY23*
15,107
size) during the period.

• In the recent two years, Neo Banks such as

NiYo, Open Financial, and Jupiter Money Lending
have attracted significant interest from VC Tech, 31,173

investors. Since 2021, Cryptocurrency and

DeFi (Decentralised Finance) are garnering
FY 2023* - Data as of June 20, 2022
more VC interest and investments.
1 2 3 4 5 6
Overview Investments Exits Directory Appendix
Back to ToC
 VOLUME 01
ISSUE 01
Quarterly Overview
BFSI Funding
BFSI Investments
• The BFSI industry has attracted 57 PE-VC Amount (₹Cr) No. of Deals
investments worth ₹16,061 Cr ($2.1 Billion)
during the quarter ended June 2022 (
30,000 90

78 76
Q1’FY23). 80

66
25,000

70

• Q1’FY23 investments are 35% lower than 55 57

the ₹24,538 Cr ($3.3 Billion) invested in the
20,000 60

immediate previous quarter (Q4’FY22) and 50

flat when compared to the ₹16,010 Cr ($2.2

15,000

40

Billion) invested in the same period last year. 10,000 30

• The number of deals in the latest quarter fell 20

25% when compared to previous quarter

5,000

10

(Q4’FY22) which witnessed 76 deals and 16,010 26,464 24,653 24,538 16,061
-

represented a 4% increase over the 55 deals

0

Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23*

recorded in Q1’FY22.

• The ₹4,500 Cr ($593 million) acquisition of

IDFC AMC by a consortium comprising
private equity investors GIC, ChrysCapital Brokerage/Trading, 160
Banking, 535 Accounting, Risk &
and others was the largest BFSI investment Compliance, 63
NBFC,…
in Q1’FY23. Other Financial
Services, 687
• Savings/Wealth Management companies Savings/Wealth
Cryptocurrency, Management,
raised the largest amount of funding during 1,247 4,906
the quarter (₹4,906 Cr - $645 million), closely BFSI Funding
followed by lending companies (₹3,941 Cr - Insurance, By Sector
$508 million). Insurance companies with 1,335 Amount (₹Cr)
₹1,335 Cr ($174 million) and Cryptocurrency Q1 FY23
companies with ₹1,247 Cr ($163 million)
were the next favorite designations.
Payments, 2,514
Lending,
3,941

Q1 FY 23* - Data as of June 20, 2022

1 2 3 4 5 7
Overview Investments Exits Directory Appendix
Back to ToC
 VOLUME 01
ISSUE 01
Quarterly Overview
Fintech Funding
Fintech Investments
• The Fintech sector witnessed 44 PE-VC
Amount (₹Cr) No. of Deals
investments worth ₹7,993 Cr ($1 Billion)
25,000 80

during the first quarter of the financial year 70

ending March 2023. 20,000

67 60

• Q1 FY’23 Fintech investments are 47% 62

57
lower than the ₹14,960 Cr ($1.99 Billion)
50

15,000

invested in the immediate previous quarter 46 40

44
and 33% lower than the ₹11,875 Cr ($1.61
10,000

Billion) invested in the same quarter in FY22. 30

• The number of Fintech investments in the

20

5,000

latest quarter witnessed a 29% decline from 10

the 62 deals recorded in Q4’FY22 and a 4% 11,875 19,311 20,419 14,960 7,993
decline from the 46 deals recorded in - 0

Q1’FY22. Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23*

• The ₹1,094 Cr ($140 million) investment in

credit card payments app CRED, ₹1,040 Cr
Investment Tech, 347 Wealth Tech, 47
($136 million) investment in Cryptocurrency Fintech SaaS, 19
exchange CoinDCX, and ₹918 Cr ($120 Neo Banks,…
million) investment in insurance platform
Turtlemint were the largest Fintech deals in Crypto & Web3, Payments, 2,514
the first quarter of FY23. 1,239
Fintech Funding
• Payments startups raised the largest amount By Sector
of funding during the quarter (attracting Amount (₹Cr)
₹2,514 Cr or $324 million), closely followed Q1 FY23
by technology-enabled lending companies
(₹1,959 Cr or $254 million).
Insurtech, 1,335
• Unique Funded Startups: Coinshift (Treasury Lending Tech,
Management for Decentralised Autonomous 1,959
Organisations or DAOs) and Flippy
(cryptocurrency investments clubbed into
thematic baskets). Q1 FY 23* - Data as of June 20, 2022

1 2 3 4 5 8
Overview Investments Exits Directory Appendix
Back to ToC
Investments - Financial Services
The latest quarter saw an increase in the value of investments in
companies in Savings & Wealth Management, Insurance & Lending
companies (excluding MFIs and NBFCs) when compared to the
immediate previous quarter. Investments in Payments-related
companies and NBFCs slowed down when compared to both the
immediate-previous quarter and Q1 FY22. The value of
investments in Cryptocurrency related companies declined by
almost 65% compared to the previous quarter.
 VOLUME 01
ISSUE 01 Top BFSI Investments - By Value - Q1 FY23
Amount Amount
Company Sector Investors Date
(₹Cr) ($M)
IDFC Asset
Management Mutual Fund GIC, ChrysCapital, Others 4,500 593 Apr-22
Company

IIFL Home
Lending ADIA 2,200 282 Jun-22
Finance

Sofina, Alpha Wave Global, Dragoneer

CRED Payments 1,094 140 Jun-22
Investment Group, Tiger Global, GIC

Kindred Ventures, DraperDragon, Republic

Capital, Polychain Capital, Coinbase
CoinDCX Cryptocurrency 1,040 136 Apr-22
Ventures, Pantera Capital, B Capital Group,
Steadview Capital, Others
Marshall Wace, Vitruvian Partners,
MassMutual Ventures, American Family
Turtlemint Insurance Ventures, Susquehanna International Group, 918 120 Apr-22
GGV Capital, Jungle Ventures, Amansa
Capital, Nexus Venture Partners, Others

Kissht Lending SEA Fund, Endiya Partners, Vertex, Others 622 80 Jun-22

Moore Strategic Ventures, Lightspeed

RazorPay Payments 578 75 May-22
Ventures

Digit Insurance IIFL VC, Sequoia Capital India 417 54 May-22

Moore Strategic Ventures, GMO Venture

Slice Payments Partners, Insight Venture Partners, Tiger 388 50 Jun-22
Global

Open Financial 3one4 Capital, IIFL VC, Tiger Global,

Banking 381 50 May-22
Technologies Temasek

1 2 3 4 5 10
Overview Investments Exits Directory Appendix
Back to ToC
 VOLUME 01
ISSUE 01 Financial Services - Top Sectors - Q1 FY23
Savings/Wealth Management Lending*
Amount (₹Cr) No. of Deals No. of Deals
Amount (₹Cr)
7,000 12 4,500 20

4,000 18
6,000
10
11 3,500
16

5,000
16 14
8 3,000
15 18 12
4,000
8 9 2,500
6
2,000
12 12 10

3,000
6 8
4 1,500
2,000 6

4 1,000
4
2
1,000
500
73 6,477 141 4,848 4,906 987 1,972 2,068 3,315 3,941 2

- 0 - 0

Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23* Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23*

Payments Insurance
9,000 Amount (₹Cr) No. of Deals 12
Amount (₹Cr) No. of Deals
3,000 10
8,000

7,000
11 10

2,500
9

6,000
9 9 8
2,000
7

5,000 8 8 7 6
6
4,000
1,500
6 6 6 5

4
3,000 4
1,000
3
2,000
2 500 3 2

1,000
6,489 7,424 7,687 3,668 2,514 1,712 2,782 1,984 640 1,335 1

- 0 - 0

Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23* Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23*

Cryptocurrency NBFC
Amount (₹Cr) No. of Deals Amount (₹Cr) No. of Deals
6,000 12
4,000 10
10
3,500
8 9
5,000 10
7 8
3,000
6 6 7 4,000 7 8
2,500
6

3,000 6
2,000 5
4 7
4
1,500
3
2
2,000 4
3
1,000
2
1,000 2
500
116 963 2,039 3,597 1,247 1
1,285 3,987 4,539 4,972 675
- 0 - 0

Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23* Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23*

* Excluding NBFCs and Microfinance Companies

1 2 3 4 5 11
Overview Investments Exits Directory Appendix
Back to ToC
 VOLUME 01
ISSUE 01 BFSI – By Stage and Deal Size

Investments by Stage
Q1 FY22 (₹Cr) Q1 FY23 (₹Cr)
7,630

5,746

4,804
4,500
3,896

1,919
1,246 1,349
982

VC Growth-PE Late Pre-IPO PIPE Buyout

Note: Please refer to the Appendix for Definitions of Stage of Funding

9
Q1 FY22 Q1 FY23

$200M+ 8

8 8

$100-200M 7

7 7

$50-100M 6

$25-50M 5

5 5

$15-25M 4

4 4 4

$10-15M 3

3 3

$5-10M 2

2 2

<$5M 1

1 1 1

0
0 1 2 3 4 5 6 7

VC Growth-PE Late PIPE Buyout Other

1 2 3 4 5 12
Overview Investments Exits Directory Appendix
Back to ToC
 VOLUME 01
ISSUE 01 BFSI – By Round and Region

Investments by Round - No. of Deals

Q1 FY22 Q1 FY23

20 20

13
11

7 7
6 6
4
3 3 3
2

Seed Series A Series B Series C Series D Series E Series F+ Others

Investments by Region – Amount (₹Cr) – Q1 FY23

Ladakh
Jammu &
Kashmir

Top Cities

Cities Amount (₹Cr)

Mumbai 10,274

Bangalore 4,355

NCR Delhi 795

Chennai 346

1 2 3 4 5 13
Overview Investments Exits Directory Appendix
Back to ToC
Investments - Fintech
The value of investments in all types of Fintech companies (except
InsurTech) declined in Q1 FY23, when compared to the previous
quarter. Credit card payments Unicorn Start-up CRED bagged the
largest investment of over ₹1,000 crore ($140 million) in June 2022.
Neo Banks and Startups that help retail investors make savings &
investments using easy-to-use online platforms, have been gaining
the attention of VC investors.
 VOLUME 01
ISSUE 01 Top Fintech Investments - By Value - Q1 FY23
Amount Amount
Company Sector Investors Date
(₹Cr) ($M)

Sofina, Alpha Wave Global, Dragoneer

CRED Payments 1,094 140 Jun-22
Investment Group, Tiger Global, GIC
Kindred Ventures, DraperDragon, Republic
Crypto Capital, Polychain Capital, Coinbase Ventures,
CoinDCX 1,040 136 Apr-22
Exchange Pantera Capital, B Capital Group, Steadview
Capital, Others
Marshall Wace, Vitruvian Partners,
MassMutual Ventures, American Family
Turtlemint Insurtech Ventures, Susquehanna International Group, 918 120 Apr-22
GGV Capital, Jungle Ventures, Amansa
Capital, Nexus Venture Partners, Others

Kissht Lending Tech SEA Fund, Endiya Partners, Vertex, Others 622 80 Jun-22

Moore Strategic Ventures, Lightspeed

RazorPay Payments 578 75 May-22
Ventures

Digit Insurtech IIFL VC, Sequoia Capital India 417 54 May-22

Moore Strategic Ventures, GMO Venture

Slice Payments Partners, Insight Venture Partners, Tiger 388 50 Jun-22
Global
Open
3one4 Capital, IIFL VC, Tiger Global,
Financial Neo Banks 381 50 May-22
Temasek
Technologies

Ardent Venture Fund, QED Investors, Kaizen

FinancePeer Lending Tech 289 38 Apr-22
PE, FMO, Aavishkaar, Others

Adept Ventures, Village Global, Info Edge,

Recur Club Lending Tech 230 30 Apr-22
Others

1 2 3 4 5 15
Overview Investments Exits Directory Appendix
Back to ToC
 VOLUME 01
ISSUE 01 Fintech - Top Sectors - Q1 FY23
Payments Lending Tech
9,000 Amount (₹Cr) No. of Deals 12 6,000 Amount (₹Cr) No. of Deals 28

8,000
10 22
9 10 5,000 20 23
19
7,000
8 8
6,000 7 8 4,000 15 18

5,000 12
6 3,000 13
4,000

3,000 4 2,000 8

2,000
2 1,000 3
1,000
6,453 7,419 7,687 3,630 2,514 1,904 5,084 3,995 3,330 1,959
- 0 - -2

Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23* Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23*

Insurtech Crypto & Web3

3,000 Amount (₹Cr) No. of Deals 7 4,000 Amount (₹Cr) No. of Deals 10

3,500
8 9
6
2,500
5 5 5 5 7 8
3,000

2,000
5
6 7

2,500
4
5 6

1,500
3 2,000 5

3
4
1,500
1,000
2 2 3
1,000
2
500
1 500
1
512 2,711 1,984 587 1,335 116 992 2,039 3,583 1,239
- 0 - 0

Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23* Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23*

Neo Banks Investment Tech

1,600 Amount (₹Cr) No. of Deals 7 2,500 Amount (₹Cr) No. of Deals 9

1,400
6 7 8

5 2,000
1,200 6 7

5
4 4 6
1,000 3 1,500

4
4

800
4 5

4
3
1,000
600

2
2 3

400
1 500
2

1
200
88
1
1,155 1,363 833 535 769 343 2,120 705 347
- 0 - 0

Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23* Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23*

1 2 3 4 5 16
Overview Investments Exits Directory Appendix
Back to ToC
 VOLUME 01
ISSUE 01
Unique Sectors – Fintech Investments - Q1 FY23
Neo Banks
A neo bank is a digital bank that does not have any branches and is entirely online.

Bengaluru-based neo banking startup Open
raised USD 50 million as part of its Series D
round from IIFL, Temasek, Tiger Global, and
3one4 Capital, giving it a unicorn ($1 Billion)
valuation.
Chennai-based fintech firm Kaleidofin raised close
to USD 15 million in a Series B round by the
Michael and Susan Dell Foundation, Bill & Melinda
Gates Foundations, and other investors.

Securitised Finance for Retail

Financial instruments created by merging or pooling various financial assets.
Bengaluru-based online
Bengaluru-based debt
investment platform Jiraaf
investment platform Wint
raised $7.5 million in a Series A
Wealth raised nearly $15
round led by Accel India,
million in Series A round from
Mankekar Family Office, and
Arkam Ventures, 3one4 Capital,
Aspire Family Office. The
Blume Ventures, Eight Roads
round also saw participation
Ventures, and others.
from angel investors.

Cross-Border Investing

Vested Finance, a broking Bengaluru-based global stocks

platform that enables Indian
investors to invest in the US
stock market, raised $12 million
in Series A funding from Ayon
Capital and existing investors.
investment platform Stockal
raised $9 million (about ₹68.5
crore) in its Series A funding
round from Hashed Venture
Fund, PEAK6, and existing
investors.

1 2 3 4 5 17
Overview Investments Exits Directory Appendix
Back to ToC
 VOLUME 01
ISSUE 01 Fintech – By Stage and Deal Size
Investments by Stage

Q1 FY22 (₹Cr) Q1 FY23 (₹Cr)

7,459

5,265

3,170

1,345 1,169
1,042
204 214

Early Growth Growth-PE Late

Note: Please refer to the Appendix for Definitions of Stage of Funding

9
Q1 FY22 Q1 FY23

$200M+ 8

$100-200M 7

7 7

$50-100M 6

$25-50M 5

$15-25M 4

4 4 4 4

$10-15M 3

3 3 3

$5-10M 2

2 2

<$5M 1

1 1

0
0 1 2 3 4 5 6 7

VC Growth Growth-PE Late

1 2 3 4 5 18
Overview Investments Exits Directory Appendix
Back to ToC
 VOLUME 01
ISSUE 01 Fintech – By Round and Region
Investments by Round - No. of Deals

Q1 FY22 Q1 FY23

20

17

9
8
7
6 6
4
3
2
1

Seed Series A Series B Series C Series D Series E Series F+

Investments by Region – Amount (₹Cr) – Q1 FY23

Ladakh
Jammu &
Kashmir

Top Cities

Cities Amount (₹Cr)

Bangalore 3,975

Mumbai 3,254

NCR Delhi 366

1 2 3 4 5 19
Overview Investments Exits Directory Appendix
Back to ToC
PE-VC Exits
Financial Services companies have historically been among the most
reliable in terms of providing profitable exits to PE-VC investors. In
recent quarters as well, both BFSI and Fintech companies have
provided healthy exits to their investors.
 VOLUME 01
ISSUE 01 Exits (BFSI & Fintech)

BFSI & Fintech - PE-VC Exits

60,0 00

Fintech (₹Cr) Other BFSI (₹Cr) 18

16 Fintech Exits BFSI Exits 16

50,0 00

14 14

13
40,0 00 12

32,992 10

9
20,437
30,0 00

8 8

7 7
20,0 00 6

5
4 4

10,0 00

10,112 2

440 1 18,721 13,762 5,219 4,940

-

637 952 0

Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23

BFSI Exits - By Type (INR Cr) Fintech - By Type (INR Cr)

623 1,618 615 1,714
4,959 184
1,204
767

17,007
4,717 11,502 562
9,475 440
17,387 17,007
3,558 767

11,026

367 1,056
1,204 75
Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23
Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23
Public Market Sale Strategic Sale
Secondary Sale Buyback Strategic Sale Secondary Sale Public Market Sale

1 2 3 4 5 21
Overview Investments Exits Directory Appendix
Back to ToC
 VOLUME 01
ISSUE 01 Top PE-VC Exits – Q1 FY23

BFSI
Amount
Company Exiting Investors Acquirer Date
(₹Cr)

SBI Cards & Payment Services Carlyle Public Market Sale 2,510 Apr-22

British International
IIFL Finance Public Market Sale 527 Jun-22
Investment

Prudent Corporate Advisory TA Associates Public Market Sale 520 May-22

SIDBI VC, Rajasthan

Mosambee Pine Labs 302 Apr-22
VC

Shubham Housing Development Motilal Oswal, Elevar

PremjiInvest, LeapFrog 265 Jun-22
Finance Equity

Fintech
Amount
Company Exiting Investors Acquirer Date
(₹Cr)

Mosambee SIDBI VC, Rajasthan VC Pine Labs 302 Apr-22

Kalaari Capital, Chiratae Ventures, Vertex,

Active.ai Gupshup 229 Apr-22
Dream Incubator, Innocells

Lightspeed Ventures, Alpha Wave Global,

Setu Pine Labs 222 Jun-22
Bharat Innovation Fund
RTP Global, VH Capital, Whiteboard
CRED Capital, Ganesh Ventures, Morningside GIC N.A. Jun-22
Ventures
Insight Partners,
M2P Fintech 8i Ventures 28 Apr-22
Tiger Global

1 2 3 4 5 22
Overview Investments Exits Directory Appendix
Back to ToC
Directory
PE-VC backed Fintech Companies
 Fintech Directory - Key Sectors & Companies
VOLUME 01
ISSUE 01

Payments Lending Tech

Insurtech Crypto & Web3 Fintech SaaS Neo Banks

Investment Tech Wealth Tech Risk &

Regtech

Others

1 2 3 4 5 24
Overview Investments Exits Directory Appendix
Back to ToC
 VOLUME 01
ISSUE 01 Top Funded Companies

Payments
Total Latest
Valuation
Company Select Investors Funding Round Date
(₹Cr)
(₹Cr) (₹Cr)
Saama Capital, Elevation Capital, Alibaba,
PayTM 27,204 1,000 115,510 Nov-19
Berkshire Hathway

Sequoia Capital India, New Atlantic Ventures,

Pine Labs 10,481 50 37,790 Mar-22
Altimeter Capital, Temasek, Mastercard

Sequoia Capital India, Ribbit Capital, DST

CRED 6,194 140 50,000 Jun-22
Global, Alpha Wave Global
Matrix Partners India, Tiger Global, Sequoia
RazorPay 6,123 75 56,800 May-22
Capital India, DST Global
Beenext, Sequoia Capital India, Tiger Global,
BharatPe 4,551 370 21,232 Aug-21
Steadview Capital

Lending Tech
Total Latest
Valuation
Company Select Investors Funding Round Date
(₹Cr)
(₹Cr) (₹Cr)
Alpha Wave Global, Matrix Partners India,
OfBusiness 5,654 187 36,625 Dec-21
Norwest, SoftBank Corp, Tiger Global
Aadhar
Housing Blackstone, IFC 3,324 447 3,179 Jun-19
Finance
Snow Leopard Technology Ventures,
Stashfin 2,440 270 5,864 Jun-22
Uncorrelated Ventures

KrazyBee Mirae Asset Global Investments, PremjiInvest, 1,999 8 N.A. Jun-21

Home First
Bessemer, Tata Capital Growth Fund,
Finance 1,926 115 2,893 Sep-20
TrueNorth, Warburg Pincus
Company

1 2 3 4 5 25
Overview Investments Exits Directory Appendix
Back to ToC
 VOLUME 01
ISSUE 01 Top Funded Companies
Insurtech
Total Latest
Valuation
Company Select Investors Funding Round Date
(₹Cr)
(₹Cr) (₹Cr)
Alpha Wave Global, Chiratae Ventures, IIFL
PolicyBazaar VC, SoftBank Corp, Temasek, Tencent, Tiger 5,297 543 15,053 Mar-21
Global
A91 Partners, Faering Capital, Fairfax
Digit Holdings, IIFL VC, Sequoia Capital India, TVS 4,565 417 30,496 May-22
Capital, Wellington Management
Accel India, Elevation Capital, General
Acko 3,330 1,864 8,251 Oct-21
Atlantic, Lightspeed Ventures, Multiples PE
Blume Ventures, Nexus Venture Partners,
Turtlemint 1,491 918 7,073 Apr-22
Sequoia Capital India
Amicus Capital, Apis Partners, Evolvence
RenewBuy 964 451 N.A. Jan-22
India, IIFL VC, Lok Capital

Crypto& Web3
Total Latest
Valuation
Company Select Investors Funding Round Date
(₹Cr)
(₹Cr) (₹Cr)
Coinbase Ventures, Sequoia Capital India,
Polygon 3,365 3,358 74,630 Feb-22
SoftBank Corp, Tiger Global
Andreessen Horowitz, Coinbase Ventures,
CoinSwitch Ribbit Capital, Sequoia Capital India, Tiger 2,272 1,965 14,089 Oct-21
Global
B Capital Group, Coinbase Ventures, Steadview
CoinDCX 1,867 1,040 16,448 Apr-22
Capital
Coinbase Ventures, Pantera Capital, Valar
Vauld 186 186 N.A. Jul-21
Ventures
Alpha Wave Global, Polygon Studios, Quiet
Coinshift 135 116 N.A. May-22
Capital, Sequoia Capital India, Tiger Global

1 2 3 4 5 26
Overview Investments Exits Directory Appendix
Back to ToC
 VOLUME 01
ISSUE 01 Top Funded Companies
Fintech SaaS
Total Latest
Valuation
Company Select Investors Funding Round Date
(₹Cr)
(₹Cr) (₹Cr)

Zeta SoftBank Corp 1,883 1,883 10,501 May-21

B Capital Group, Sequoia Capital India,

Khatabook 1,384 742 4,450 Aug-21
Tencent, Y Combinator Continuity Fund

Perfios
Bessemer, Warburg Pincus 929 525 3,217 Feb-22
Software
Beenext, Better Capital, Omidyar Network,
M2P Fintech 786 421 4,412 Jan-22
Tiger Global
Lightspeed Ventures, Morningside Ventures,
OkCredit 586 476 N.A. Sep-19
Tiger Global, VH Capital

Investment Tech
Total Latest
Valuation
Company Select Investors Funding Round Date
(₹Cr)
(₹Cr) (₹Cr)
Ribbit Capital, Sequoia Capital India, Tiger
Groww 2,926 1,877 22,515 Oct-21
Global, Y Combinator Continuity Fund

Beenext, Blume Ventures, PremjiInvest,

Smallcase 477 306 1,506 Aug-21
Sequoia Capital India

Navi
Gaja Capital, IFC 414 204 4,258 Apr-20
Technologies

Upstox Kalaari Capital, Ratan Tata, Tiger Global 392 185 25,454 Nov-21

Bitkraft, General Catalyst Partners, Roots

StockGro 277 240 N.A. Jan-22
Ventures, Velo Partners

1 2 3 4 5 27
Overview Investments Exits Directory Appendix
Back to ToC
 VOLUME 01
ISSUE 01 Top Funded Companies
Neo Banks
Total Latest
Valuation
Company Select Investors Funding Round Date
(₹Cr)
(₹Cr) (₹Cr)
Open Financial 3ONE4 Capital, Beenext, IIFL VC, Tiger
1,363 381 7,626 May-22
Technologies Global

3ONE4 Capital, Matrix Partners India, Sequoia

Jupiter Money 1,204 649 5,368 Dec-21
Capital India, Tiger Global

NiYO Accel India, Lightrock India, Tencent 1,083 751 N.A. Feb-22

Alpha Wave Global, B Capital Group, Sequoia

epiFi 554 371 2,335 Nov-21
Capital India
Accel India, Blume Ventures, Lightspeed
Zolve 409 300 1,575 Oct-21
Ventures, Tiger Global

Wealth Tech
Total Latest
Valuation
Company Select Investors Funding Round Date
(₹Cr)
(₹Cr) (₹Cr)
Dragoneer Investment Group, DST Global,
IndMoney Sixteenth Street Capital, Steadview Capital, 1,047 84 4,958 Mar-22
Tiger Global

Accel India, Accel USA, InnoVen Capital,

Scripbox 485 158 N.A. Jan-22
Omidyar Network

Asuka, Beenext, Lightspeed Ventures, Pravega

Property Share 388 371 N.A. Jun-22
Ventures, WestBridge

Fisdom Prosus Ventures, Quona Capital, Saama Capital 272 111 N.A. Jun-22

Alpha Wave Global, Hummingbird Ventures,

Bright Money 238 228 N.A. Sep-21
Sequoia Capital India

1 2 3 4 5 28
Overview Investments Exits Directory Appendix
Back to ToC
 VOLUME 01
ISSUE 01 Top Funded Companies
Risk & Regtech
Total Latest
Valuation
Company Select Investors Funding Round Date
(₹Cr)
(₹Cr) (₹Cr)
Elevation Capital, Founders Fund, Kora
Cleartax.in 1,038 563 5,252 Oct-21
Management, Sequoia Capital India
OneAssist
Lightspeed Ventures, Moonstone Investments,
Consumer 243 40 1,078 Feb-19
Sequoia Capital India
Solutions
Accel India, DMI Group, Tanglin Venture
Credgenics 211 186 N.A. Aug-21
Partners, WestBridge
Beenext, Blume Ventures, Dream Incubator,
IDfy 142 86 492 Sep-21
NB Ventures, NEA

Bureau Identity Blume Ventures, Quona Capital, Village Global 122 91 N.A. Dec-21

Others
Total Latest
Valuation
Company Select Investors Funding Round Date
(₹Cr)
(₹Cr) (₹Cr)
Chiratae Ventures, DMI Group, Dream
GetVantage Incubator, Sony Innovation Fund, Varanium 321 284 N.A. Jun-22
Capital
Accion International, Maj Invest, Michael &
Basix Sub-k
Susan Dell Foundation, Norwegian 143 75 534 Oct-19
iTransactions
Microfinance Initiative

SarvaGram Elevar Equity, Elevation Capital 103 77 217 Feb-21

Accel India, Helion Ventures, Purvi Capital,

Crown-it 88 21 114 Feb-19
Spiral Ventures, Whiteboard Capital
Kalaari Capital, Lok Capital, Omidyar
Affordplan 80 56 153 Mar-18
Network, Prime Venture Partners

1 2 3 4 5 29
Overview Investments Exits Directory Appendix
Back to ToC
About Data Partner

Venture Intelligence, a division of TSJ Media Pvt. Ltd. is the

leading provider of data on private company financials,
transactions and their valuations. Our research is used
extensively by Private Equity – Venture Capital (PE-VC)
industry practitioners, entrepreneurs, CXOs of large
corporations, financial and strategic investors, the media as
well as government and regulatory agencies. Our customers
include leading PE-VC Firms, Industry Associations,
Limited Partners, Investment Banks, Corporate Law Firms,
HR Services Firms, Corporations and Consulting Firms.

Data for this report is drawn primarily from the Venture

Intelligence PE-VC Deal Database, which includes data on
PE-VC investments and exits tracked by Venture Intelligence
since 1998.

www.ventureintelligence.com
Appendix
 Appendix
Definitions of Stage Used
Venture Capital:

Early Stage:

First / Second Round of institutional investments into companies that are:

Less than five years old, AND
Not part of a larger business group, AND
Investment amount is less than $20 M

Growth Stage:

Third / Fourth Round funding of institutional investments OR

First/Second Round of institutional investments for companies that are >5 years
old and <10 years old OR spin-outs from larger businesses, AND
Investment amount is less than $20 M

Private Equity:

PE investment figures in this Report include Venture Capital (VC) type investments.

Growth-PE:

First-to-Fourth Round Investments >$20 M into companies <10 years old, OR

Fifth / Sixth rounds of institutional investments into companies <10 years old

Late Stage:

Investment into companies that are over 10 years old, OR

Seventh or later rounds of institutional investments

PIPEs:

PE investments in publicly-listed companies via preferential allotments / private placements,

Acquisition of shares by PE firms via the secondary market

Buyout:

Acquisition of controlling stake via purchase of stakes of existing shareholders

1 2 3 4 5 32
Overview Investments Exits Directory Appendix
Back to ToC