About Embedded Finance sector in India
The Embedded Finance sector in India comprises 364 companies, including 130 funded companies having collectively raised $2.74B in venture capital money and private equity. Out of these, 60 are Series A+ funded, and 1 has achieved unicorn status.
Embedded Finance sector in India has seen 20 acquisitions and 2 IPOs. This represents almost 6.0% of all such companies - which is higher than the 5.0% exit rate of tech companies in general.
This sector includes companies providing solutions for Non-Financial companies to integrate/embed financial services like banking, payments, lending, etc with their main offerings.
It includes companies that are providing embedded banking, embedded insurance, embedded lending, and embedded investment solutions. It excludes companies that are using embedded finance solutions, payment gateways, banking software suite, Internet First Lenders, Internet First Insurers, and Internet First Bank
Top Embedded Finance Companies in India
There are 364 Embedded Finance startups in India which include Jupiter, Comviva, axio, ZestMoney, Snapmint. Out of these, 130 startups are funded, with 60 having secured Series A+ funding, and 1 achieving unicorn status.
Over the past 10 years, an average of 24 new companies have been launched annually. Notably, several of these startups have been founded by alumni of IIM Ahmedabad, IIT Delhi and IIT Bombay.
Here is the list of top Embedded Finance startups in India
1. Jupiter
Provider of financial platform offering accounts, payments, credit cards, loans, investments. The platform facilitates savings accounts, salary accounts, and corporate salary accounts, alongside payment options including bill payments and UPI. Credit card offerings include various card types with rewards. Loan products encompass personal loans and loans against mutual funds. Investment options feature mutual funds, digital gold, fixed deposits, and recurring deposits.
Key facts about Jupiter
- Founded Year: 2019
- Location: Mumbai (India)
- Stage: Series C
- Total Funding till date: $182M
- Investors: Peak XV Partners, Z47 and 77 Others
- Latest Funding Round: Series C, Oct 30, 2025, $*****
- Tracxn Score: 81/100 What is this?
- Competitors Rank: 1 of 4 Competitors
2. Comviva
Provider of software platforms for telecommunications, digital payments, and digital experiences. The company offers solutions for financial technology, marketing technology, and digital technology. These platforms facilitate digital payments, marketing automation, and business support systems. The business also provides platforms for electronic recharge, voucher management, and network services.
Key facts about Comviva
- Founded Year: 1999
- Location: Gurugram (India)
- Stage: Acquired
- Total Funding till date: $13.5M
- Investors: Sequoia Capital, Cisco and 27 Others
- Latest Funding Round: Series A, 2005, $*****
- Tracxn Score: 77/100 What is this?
- Competitors Rank: 1 of 1,365 Competitors
3. axio
Provider of an online lending platform offering point of sale financing. It offers financing solutions like buy now pay later, credit, and more. It also offers personal finance management tools and enables businesses to onboard customers and manage sales. The app is available on both Android and iOS devices.
Key facts about axio
- Founded Year: 2013
- Location: Bengaluru (India)
- Stage: Acquired
- Total Funding till date: $206M
- Investors: Lightrock India, Ribbit Capital and 32 Others
- Latest Funding Round: Series F, Aug 22, 2024, $*****
- Tracxn Score: 77/100 What is this?
- Competitors Rank: 1 of 135 Competitors
4. ZestMoney
Online platform offering point-of-sale financing. It enables users to purchase products and pay in periodic installments within the partnered merchant network. It facilitates early payments of installments. It provides financing on the basis of bank statements. Users can obtain financing options by completing KYC on the portal. Its app is available for Android and iOS users.
Key facts about ZestMoney
- Founded Year: 2015
- Location: Delhi (India)
- Stage: Acquired
- Total Funding till date: $151M
- Investors: Quona, Goldman Sachs Investment Partners and 33 Others
- Latest Funding Round: Series C, Jul 04, 2023, $*****
- Tracxn Score: 76/100 What is this?
- Competitors Rank: 1 of 38 Competitors
5. Snapmint
Platform providing buy now pay later payment solutions. It enables consumers to split purchases into manageable repayments without using credit cards. The platform supports digital checkout financing for online and in store merchants.
Key facts about Snapmint
- Founded Year: 2015
- Location: Mumbai (India)
- Stage: Series B
- Total Funding till date: $181M
- Investors: Kae Capital, Real and Sons and 156 Others
- Latest Funding Round: Series B, Oct 31, 2025, $*****
- Tracxn Score: 73/100 What is this?
- Competitors Rank: 3 of 87 Competitors
Companies founded year-on-year in the Embedded Finance sector in India
49 Embedded Finance startups in India were founded in 2020 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2026 | - |
2025 | 4 |
2024 | 15 |
2023 | 30 |
2022 | 31 |
2021 | 42 |
2020 | 49 |
2019 | 23 |
2018 | 17 |
2017 | 30 |
Stage-wise distribution of Embedded Finance sector companies in India
Out of the total 364 Embedded Finance companies in India, 130 have secured funding. Among them, 60 have reached Series A or higher, and 38 to Series B or beyond.
Founded - 364
Funded - 130
Series A+ - 60
Series B+ - 38
Series C+ - 27
Company Stage | No. of companies |
|---|---|
Founded | 364 |
Funded | 130 |
Series A+ | 60 |
Series B+ | 38 |
Series C+ | 27 |
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Funding Trends in the Embedded Finance sector in India
Total funding year-on-year in the Embedded Finance sector in India
The Embedded Finance sector in India saw a total funding of more than $2.5B in the last 10 years. The most amount of funding was in 2021 at more than $928M. There has been a total funding of $23.6M in 2026 till date.
- Total Funding
Year | Total Funding |
|---|---|
2026 | $23.6M |
2025 | $284M |
2024 | $250M |
2023 | $85.5M |
2022 | $417M |
2021 | $928M |
2020 | $26.5M |
2019 | $192M |
2018 | $148M |
2017 | $144M |
Recent Funding Rounds in Embedded Finance in India
In the year 2026, till January 2026, Embedded Finance companies in India have raised $23.6M in equity funding across 1 round.
In the same period last year (i.e. till January 2025), Embedded Finance companies in India had raised $256K across 1 round.
So, 2026 has seen a 9120.51% rise in funding in Embedded Finance companies in India as compared to 2025.
Here are some recent, important funding rounds in Embedded Finance companies in India:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Series A | 9159 | Jan 02, 2026 | ||
Series B | 6451 | Oct 31, 2025 | ||
Series C | 1578 | Oct 30, 2025 | ||
Seed | 3218 | Sep 03, 2025 | ||
Series B | 4229 | Aug 27, 2025 |
Top Investors in Embedded Finance in India
Accel is the top investor in Embedded Finance companies in India based on number of companies invested.
Here are some top investors in Embedded Finance companies in India:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Palo Alto (United States) | ||
Menlo Park (United States) | Brahma and RedCarpetUp | |
Bengaluru (India) | ||
Santa Clara (United States) | ||
Mumbai (India) |
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M&A activity in Embedded Finance sector in India
In the year 2025, till October 2025, 3 acquisitions happened in Embedded Finance sector in India. Last year, in 2024, a total of 1 acquisition happened in Embedded Finance sector in India.
Here are some recent, important acquisitions in Embedded Finance sector in India:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Sep 04, 2025 | ||
Business Acquisition | Mar 04, 2025 | ||
Business Acquisition | Feb 25, 2025 | ||
Business Acquisition | Jan 17, 2024 | ||
Acqui-Hired | Sep 21, 2023 |
Acquisition trends in Embedded Finance sector in India
Here are the acquisition trends in Embedded Finance sector in India:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | - |
2025 | 3 |
2024 | 1 |
2023 | 5 |
2022 | - |
2021 | 2 |
2020 | 2 |
2019 | 1 |
2018 | 4 |
2017 | - |
IPOs in Embedded Finance in India
In the year 2023, till July 2023, 1 IPO happened in Embedded Finance sector in India.
Here are some recent, important IPOs in Embedded Finance sector in India:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Jul 05, 2023 | Bombay Stock Exchange (BSE), National Stock Exchange (NSE) | |
Sep 30, 1986 | Bombay Stock Exchange (BSE) |
Colleges which produce the most Embedded Finance companies in India
Companies founded by alumni from top colleges in the Embedded Finance in India
Most number of Embedded Finance startups in India have been founded by alumni from IIM Ahmedabad, IIT Delhi and IIT Bombay.
College | No. of companies |
|---|---|
IIM Ahmedabad | 16 |
IIT Delhi | 14 |
IIT Bombay | 10 |
Stanford University | 9 |
BITS Pilani | 7 |
IIM Bangalore | 7 |
IIT Madras | 7 |
Indian School of Business | 7 |
IIT Roorkee | 6 |
IIM Calcutta | 5 |
Total funding in Embedded Finance companies founded by alumni from top colleges in India
In the last 10 years, BITS Pilani graduates' Embedded Finance companies in India have raised the most funding among top colleges. Stanford University alumni are second, and Stanford Business School alumni are third.
College | Total Funding |
|---|---|
BITS Pilani | $607M |
Stanford University | $411M |
Stanford Business School | $366M |
IIT Bombay | $260M |
IIM Ahmedabad | $203M |
Faculty of Management Studies | $202M |
University of Cambridge | $201M |
IIM Calcutta | $185M |
Indian School of Business | $184M |
IIT Roorkee | $173M |
Top News in Embedded Finance in India
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Aduna and Comviva Partner to Drive Global Enterprise Adoption of Network Intelligence via NGAGE.aiMarTech Series•Nov 24, 2025•Comviva, Aduna
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Kae Capital's maiden fund gains from Porter & HealthKart exitsLivemint•Nov 11, 2025•RecommerceX, HealthKart, CertaSite, Foxtale and 11 others
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Comviva Fintech Platforms processes $1 Bn daily transactions strengthening its fintech dominanceBusiness Review Live•Oct 08, 2025•Comviva
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86400 and Vegapay power the Next Leap in UPI Innovation.The Wire•Oct 01, 2025•Mobileware Tech, VegaPay
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Zopper launches two-year iPhone 17 care plan with damage protectionTech Observer Magazine•Sep 17, 2025•Zopper
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VC-backed Snapmint gears up for big-ticket round; appoints bankerVCCircle•Sep 10, 2025•Anicut Capital, Snapmint
