About FinTech sector in Mumbai, India
The FinTech sector in Mumbai, India comprises 2.58K companies, including 619 funded companies having collectively raised $9.25B in venture capital money and private equity. Out of these, 225 are Series A+ funded, and 6 have achieved unicorn status.
FinTech sector in Mumbai, India has seen 91 acquisitions and 28 IPOs. This represents almost 4.6% of all such companies - which is higher than the 3.8% exit rate of tech companies in general.
This sector includes companies providing tech-enabled financial services and IT infrastructure and software for offering and managing financial services.
FinTech sector is also known as BFSI Tech.
Companies providing tech solutions to provide financial services like lending, banking, fundraising, insurance, etc are included in this sector. Companies offering traditional financial services like Banks, NBFCs, Insurance Carriers, etc are excluded.
Top FinTech Companies in Mumbai, India
There are 2,577 FinTech startups in Mumbai, India which include CoinDCX, Turtlemint, InCred, Jupiter, Dezerv. Out of these, 619 startups are funded, with 225 having secured Series A+ funding, and 6 achieving unicorn status.
2026 has seen the creation of 57 FinTech startups in Mumbai, India. Over the past 10 years, an average of 137 new companies have been launched annually. Notably, several of these startups have been founded by alumni of IIT Bombay, IIM Ahmedabad and IIM Calcutta.
Here is the list of top FinTech startups in Mumbai, India
1. CoinDCX
Operator of a cryptocurrency exchange platform providing users with a secure environment to trade, invest, and manage digital assets. The platform offers a range of financial services, including spot trading, lending, and staking, designed to facilitate participation in the digital currency market.
Key facts about CoinDCX
- Founded Year: 2018
- Location: Mumbai (India)
- Stage: Series D
- Total Funding till date: $247M
- Investors: Bain Capital Ventures, Polychain and 32 Others
- Latest Funding Round: Series D, Oct 15, 2025, $*****
- Tracxn Score: 83/100 What is this?
- Competitors Rank: 4 of 5,444 Competitors
2. Turtlemint
Provider of platform for comparing and purchasing insurance, loans, and funds. It offers tools for advisors to manage clients and grow their businesses. The platform provides access to insurance, investment, and credit products. It also delivers training and support for advisors, including product information and sales skills development. The platform further offers solutions for banks, e-commerce businesses, and insurers.
Key facts about Turtlemint
- Founded Year: 2015
- Location: Mumbai (India)
- Stage: Public
- Total Funding till date: $220M
- Investors: Peak XV Partners, Nexus Venture Partners and 15 Others
- Latest Funding Round: Series E, Apr 29, 2022, $*****
- Tracxn Score: 82/100 What is this?
- Competitors Rank: 1 of 174 Competitors
3. InCred
Provider of financial services specializing in personal, education, and business loans. The platform utilizes technology and data science for its suite of offerings. It provides loans tailored to meet financial needs within the lending industry. The company also offers resources related to regulatory compliance and consumer education.
Key facts about InCred
- Founded Year: 2016
- Location: Mumbai (India)
- Stage: Series D
- Total Funding till date: $320M
- Investors: Paragon Partners, FMO and 130 Others
- Latest Funding Round: Conventional Debt, Jul 04, 2025, $*****
- Tracxn Score: 82/100 What is this?
- Competitors Rank: 2 of 2,129 Competitors
4. Jupiter
Online platform offering a suite of financial services. It offers a range of services, including banking, credit cards, lending, and investments. It allows users to manage all aspects of their money in one place.
Key facts about Jupiter
- Founded Year: 2019
- Location: Mumbai (India)
- Stage: Series C
- Total Funding till date: $201M
- Investors: Peak XV Partners, Z47 and 80 Others
- Latest Funding Round: Series C, Oct 30, 2025, $*****
- Tracxn Score: 80/100 What is this?
- Competitors Rank: 3 of 1,932 Competitors
5. Dezerv
Wealth management platform offering financial planning and advisory service. It offers analysis and improvement of existing investments. It provides actively managed strategies across multiple asset classes. Dedicated client partners offer tailored solutions and keep clients updated. It offers portfolio management services, utilizing unbiased data to make investment decisions and actively manage portfolios.
Key facts about Dezerv
- Founded Year: 2021
- Location: Mumbai (India)
- Stage: Series C
- Total Funding till date: $100M
- Investors: Premji Invest, Accel and 50 Others
- Latest Funding Round: Series C, Oct 07, 2025, $*****
- Tracxn Score: 79/100 What is this?
- Competitors Rank: 1 of 3,911 Competitors
Companies founded year-on-year in the FinTech sector in Mumbai
57 new startups have been founded so far in 2026 in the FinTech sector in Mumbai. 239 FinTech startups in Mumbai were founded in 2021 - 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 | 57 |
2025 | 77 |
2024 | 134 |
2023 | 108 |
2022 | 130 |
2021 | 239 |
2020 | 196 |
2019 | 156 |
2018 | 131 |
2017 | 151 |
Stage-wise distribution of FinTech sector companies in Mumbai
Out of the total 2,577 FinTech companies in Mumbai, 619 have secured funding. Among them, 225 have reached Series A or higher, and 172 to Series B or beyond.
Founded - 2,577
Funded - 619
Series A+ - 225
Series B+ - 172
Series C+ - 148
Company Stage | No. of companies |
|---|---|
Founded | 2,577 |
Funded | 619 |
Series A+ | 225 |
Series B+ | 172 |
Series C+ | 148 |
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Funding Trends in the FinTech sector in Mumbai
Total funding year-on-year in the FinTech sector in Mumbai
The FinTech sector in Mumbai saw a total funding of more than $8.3B in the last 10 years. The most amount of funding was in 2021 at more than $1.29B. There has been a total funding of $576M in 2026 till date.
- Total Funding
Year | Total Funding |
|---|---|
2026 | $576M |
2025 | $997M |
2024 | $1.27B |
2023 | $786M |
2022 | $1.24B |
2021 | $1.29B |
2020 | $423M |
2019 | $875M |
2018 | $479M |
2017 | $370M |
Recent Funding Rounds in FinTech in Mumbai
In the year 2026, till September 2026, FinTech companies in Mumbai have raised $526M in equity funding across 38 rounds.
In the same period last year (i.e. till September 2025), FinTech companies in Mumbai had raised $446M across 72 rounds.
So, 2026 has seen a 18.01% rise in funding in FinTech companies in Mumbai as compared to 2025.
Here are some recent, important funding rounds in FinTech companies in Mumbai:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Series A | 5459 | Sep 08, 2026 | ||
Angel | 4437 | Sep 01, 2026 | - | |
Series A | 8630 | Aug 18, 2026 | ||
Seed | 5180 | Aug 13, 2026 | ||
Series A | 6071 | Aug 04, 2026 | and 4 more |
Top Investors in FinTech in Mumbai
Lightspeed Venture Partners is the top investor in FinTech companies in Mumbai based on number of companies invested.
Here are some top investors in FinTech companies in Mumbai:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Menlo Park (United States) | ||
Mumbai (India) | ||
London (United Kingdom) | - | |
Mumbai (India) | ||
London (United Kingdom) | - |
M&A activity in FinTech sector in Mumbai
In the year 2026, till July 2026, 2 acquisitions happened in FinTech sector in Mumbai. Last year, in 2025, a total of 5 acquisitions happened in FinTech sector in Mumbai.
Here are some recent, important acquisitions in FinTech sector in Mumbai:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Jul 09, 2026 | ||
Business Acquisition | Feb 12, 2026 | ||
Business Acquisition | Nov 19, 2025 | ||
Business Acquisition | Nov 07, 2025 | ||
Business Acquisition | Sep 18, 2025 |
Acquisition trends in FinTech sector in Mumbai
Here are the acquisition trends in FinTech sector in Mumbai:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | 2 |
2025 | 5 |
2024 | 4 |
2023 | 13 |
2022 | 9 |
2021 | 9 |
2020 | 5 |
2019 | 8 |
2018 | 12 |
2017 | 10 |
IPOs in FinTech in Mumbai
In the year 2026, till August 2026, 3 IPOs happened in FinTech sector in Mumbai.
Here are some recent, important IPOs in FinTech sector in Mumbai:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Aug 31, 2026 | Bombay Stock Exchange (BSE), National Stock Exchange (NSE) | |
Jun 29, 2026 | Bombay Stock Exchange (BSE), National Stock Exchange (NSE) | |
May 08, 2026 | Bombay Stock Exchange (BSE), National Stock Exchange (NSE) | |
Sep 30, 2025 | Bombay Stock Exchange (BSE), National Stock Exchange (NSE) | |
Aug 21, 2023 | National Stock Exchange (NSE) |
Colleges which produce the most FinTech companies in Mumbai
Companies founded by alumni from top colleges in the FinTech in Mumbai
Most number of FinTech startups in Mumbai have been founded by alumni from IIT Bombay, IIM Ahmedabad and IIM Calcutta.
College | No. of companies |
|---|---|
IIT Bombay | 59 |
IIM Ahmedabad | 35 |
IIM Calcutta | 31 |
IIT Delhi | 30 |
Indian School of Business | 30 |
IIM Bangalore | 24 |
BITS Pilani | 18 |
IIT Roorkee | 17 |
IIT Kanpur | 14 |
IIT Kharagpur | 13 |
Total funding in FinTech companies founded by alumni from top colleges in Mumbai
In the last 10 years, IIT Bombay graduates' FinTech companies in Mumbai have raised the most funding among top colleges. IIM Ahmedabad alumni are second, and IIT Delhi alumni are third.
College | Total Funding |
|---|---|
IIT Bombay | $1.85B |
IIM Ahmedabad | $959M |
IIT Delhi | $835M |
Indian School of Business | $548M |
IIM Calcutta | $493M |
Stanford University | $458M |
University of Chicago | $343M |
Booth School of Business | $337M |
IIM Bangalore | $313M |
IIT Madras | $293M |
Top News in FinTech in Mumbai
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WazirX Crypto Sees 100% Growth in Monthly Trades Since Restart, Customer Satisfaction Over 90%Deccan Herald•Oct 26, 2026•WazirX
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WazirX AMA addresses recovery, but 34% INR freeze timeline remains unclearThe Crypto Times•Sep 02, 2026•WazirX
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REITs Emerge as Latest Mutual Fund Bet as Fund Houses Expand OfferingsMoneycontrol•Sep 02, 2026•Edelweiss Asset Management
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Centrum-backed Modulus Alts closes third private credit fundVCCircle•Aug 26, 2026•Centrum, Modulus Alternatives
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WazirX Launches AI Trading Co-Pilot for Crypto Research and ExecutionBusiness Line•Aug 25, 2026•WazirX
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JioBlackRock AMC launches first ETF, JioBlackRock Nifty 50 ETF, opening for subscriptionMoneycontrol•Aug 04, 2026•JioBlackRock
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Edelweiss Mutual Fund launches India's first REITs-based index fundMoneycontrol•Jul 25, 2026•Edelweiss Asset Management
