Company lists
The Mumbai edition · 2026

Financial servicescompanies in Mumbai

Asset-management, accounting, investment-banks, lending, brokers and more: the companies building financial services in Mumbai, Maharashtra, with their founders, funding, team size and business models.

1,960 company profiles669 with reported revenue79 with recorded fundingSeptember 2026 edition
Mumbai · Photo: Wikimedia Commons (Creative Commons Attribution-ShareAlike 4.0)

Recent financial services business events in Mumbai

Funding, M&A, contract wins and launches involving 2,241 financial services companies in Mumbai, last 24 months: 364 M&A deals · 123 funding rounds · 115 Contracts · 87 launches. Newest first; companies and investors link to their Fliar profiles. Latest event in our news feed: Jun 2026.

M&AAcquisition · Completed

Life insurance corporation of india acquires NHPC

Life Insurance Corporation of India (LIC) has increased its holding in state-owned hydropower major NHPC Ltd by acquiring a 0.76 per cent stake through open market transactions on June…

Hydropower
M&AAcquisition · Announced

Mirae asset mutual fund acquires Equitas small finance bank

It has informed that the Reserve Bank of India has granted approval to Mirae Asset Mutual Fund to acquire a stake of up to 9.5% in the bank's paid-up capital or voting rights.

Banking
M&AAcquisition · Announced

Na acquires Central bank of india

Khaitan & Co, acted as legal counsel to the Broker, Goldman Sachs (India) Securities Private Limited, in relation to the offer for sale of equity shares of Central Bank of India held by…

Banking/Financial Services
M&AAcquisition · Completed

Lic acquires Central bank of india

In an exchange filing, the Central Bank of India said LIC acquired 26.26 crore equity shares, representing 2.901% stake in the public sector lender, through market purchases on May 22.

Banking
M&AAcquisition · Completed

Authum investment & infrastructure acquires Prataap Snacks

Promoter Authum Investment & Infrastructure has acquired 3.11 lakh shares (1.3 percent) in Prataap Snacks for Rs 31.26 crore at Rs 1,004.38 per share.

Snack food manufacturer
M&AAcquisition · Announced

Emirates NBD Bank acquires Rbl bank

The proposed investment, by way of primary infusion of approximately USD 3 billion (about 26,850 crore) represents one of the largest international investments in the Indian banking sector.

Banking
ContractGovernment

Dynacons Systems and Solutions · client: Reserve bank of india

after the IT infrastructure company announced it has secured a Rs 750.82 crore order from the Reserve Bank of India to set up and manage private cloud infrastructure across the central…

IT infrastructure
ContractInfrastructure

Dynacons Systems & Solutions · client: Reserve bank of india

Dynacons Systems & Solutions Ltd has secured a major contract from the Reserve Bank of India worth ₹750.82 crore for building private cloud infrastructure for its data centres.

Banking
M&AAcquisition · Completed

Barclays acquires Tesco’s banking arm

Barclays’ £600m takeover of Tesco’s banking arm last year.

Retail banking
ContractService

Welspun enterprises · client: Indo Global Soft Solutions and Technologies Pvt Ltd

In March 2026, Welspun Enterprises Ltd had leased 4.5 lakh sq ft of commercial office space in Radius IT Park in Pune's Hinjewadi for over ₹82 crore, according to property registration…

Real Estate
M&AAcquisition · Announced

National bank for agriculture and rural development (nabard) acquires 24×7 Moneyworks Consulting Pvt. Ltd

The National Bank for Agriculture and Rural Development (NABARD) has acquired equity stake in 24×7 Moneyworks Consulting Pvt. Ltd, a next-generation agri-fintech venture.

Agri-fintech
FundingPrivate Placement NCD

Aditya birla capital

Aditya Birla Capital has raised Rs 200 crore through allotment of Non-Convertible Debentures (NCDs) on private placement basis.

Investors Na
Financial services
LaunchGenAI-Powered Conversational Agents

L&t finance

In collections, L&T Finance has transitioned from traditional NLP bots to GenAI-powered conversational agents, enabling over 7.2 million customer interactions across 10 Indic languages.

Collections chatbot
Funding

Axis finance

Axis Finance has secured ₹750 crore in primary capital from private equity firm Kedaara Capital for a 5.08% stake, the non-banking financial company's parent Axis Bank said in a…

Investors Kedaara capital
Financial Services
M&AAcquisition · Announced

360 one acquires Bharti Group

When a 15% stake sale to 360 One implied valuation of 3,000 crore, or about 1.1 times the embedded value (EV).

Insurance
Funding

Hdb financial services

HDB Financial Services has raised Rs 300 crore through the allotment of 30,000 Secured Redeemable Non-Convertible Debentures (NCDs) of face value of Rs 1,00,000 each on private placement…

Investors Na
Financial Services
Contract

Indo Global Soft Solutions and Technologies Pvt Ltd · client: Welspun enterprises

In March 2026, Welspun Enterprises Ltd had leased 4.5 lakh sq ft of commercial office space in Radius IT Park in Pune's Hinjewadi for over ₹82 crore, according to property registration…

ContractService

State bank of india · client: Singareni Collieries Company Limited

The Singareni Collieries Company Limited (SCCL) on Thursday signed a new insurance agreement with State Bank of India (SBI) to enhance financial security for its employees and their…

Insurance
LaunchTenzorX 2026

Poonawalla fincorp

Additionally, Poonawalla Fincorp has introduced TenzorX 2026, a national AI hackathon, aimed at driving innovation and offering a platform for students to showcase their creative AI…

AI Hackathon
LaunchPRISM

Axis Trustee Services

Axis Trustee Services Limited, a wholly owned subsidiary of Axis Bank, has launched PRISM, a digital-first platform aimed at strengthening its transition into a FinTech‑led trustee…

Trustee services platform
Contract

Welspun enterprises · client: Na

Welspun Enterprises Limited has leased 4.57 lakh sq ft of office space at Radius IT Park in Pune, according to registration documents accessed by realty intelligence firm Propstack. The…

Office Real Estate
Contract

Indo Global Soft Solutions & Technologies · client: Welspun enterprises

MumbaI: Welspun Enterprises Ltd has picked up over 4.5 lakh sq ft of office space in Pune’s key information technology hub Hinjewadi through a long-term lease, marking one of the larger…

Information Technology
FundingPrivate Placement

Aditya birla housing finance

New Delhi: Aditya Birla Capital on Friday said its housing finance subsidiary has raised Rs 2,750 crore by selling 14.29 per cent stake to Indriya Ltd, an arm of PE investor Advent…

Investors Indriya
Housing Finance
ContractService

Novus loyalty · client: Central bank of india

Novus Loyalty has executed a Service Level Agreement (SLA) with Central Bank of India for providing Loyalty Rewards Program for various Digital Channels including Debit Card, UPI,…

Financial Services
LaunchMyLIC

Life insurance corporation of india

Life Insurance Corporation of India (LIC) has launched the two new mobile applications. This two applications are MyLIC for customers and Super Sales Saathi for the intermediaries.

ContractGovernment

National asset reconstruction · client: Mcleod Russel India

The Khaitan family, promoters of McLeod Russel India Ltd, have secured a reprieve through a debt restructuring deal with the National Asset Reconstruction Company Ltd.

LaunchLeadHerShip

Aditya birla capital

Aditya Birla Capital Limited, has introduced ‘LeadHerShip’, a women-to-women mentorship and incubation initiative under its flagship fintech engagement platform, InFiniTe.

Women entrepreneurship mentorship and incubation initiative
FundingQualified Institutions Placement (QIP)

Poonawalla fincorp limited

Poonawalla Fincorp Limited has raised approximately ₹2,500 crore from a qualified institutions placement (QIP) of equity shares.

Consumer and MSME financing, general insurance services

Financial services companies in Mumbai, by revenue

Browse financial services companies in Mumbai by reported revenue, one-year revenue growth, revenue model, age and stage. The 50 companies below are the largest by their most recent reported revenue among 669 financial services companies in Mumbai, Maharashtra that have filed a figure in the last four years. Every figure keeps its own reporting period, so compare periods before comparing amounts.

Showing 25 of 50

Provider of commercial banking and financial services

Banks
₹594,574.90 crFY 2023-24
Not reported
235,858-1% 12 mo to Mar 2023recorded Mar 2023
220 yr1806
0none in 3 months

Provider of commercial banking services

Banks
₹236,037.73 crFY 2023-24
Not reported
182,064+6% 12 mo to Jun 2024LinkedIn · Jul 2026
32 yr1994
0none in 3 months · last posted Jun 2026

Banking regulatory authority

Financial regulatory authorities
₹160,112.13 crFY 2021-22
Not reported
12,276+1842% vs previous recordrecorded
91 yr1935
3postings · last posted Aug 2026

Provider of housing finance solutions

Consumer and sme loans
₹135,968.08 crFY 2021-22
Not reported
11,888+23% 12 mo to Mar 2024LinkedIn · Jul 2026
49 yr1977
23postings · last posted Aug 2026

Provider of a commercial banking services

Banks
₹94,273.91 crFY 2023-24
Not reported
87,012-29% 12 mo to Sep 2024LinkedIn · Jul 2026
41 yr1985
0none in 3 months

Commercial bank

Banks
₹67,306.47 crFY 2023-24
Not reported
51,825recorded
120 yr1906
1postings · last posted Jul 2026

Commercial bank

Banks
₹43,478.30 crFY 2024-25
+20%2024–2025
52,464-14% 12 mo to Aug 2024LinkedIn · Jul 2026
29 yr1997
698postings · last posted Sep 2026

Provider of loans, investments, insurance, UPI, and bill payment services

Consumer and sme loans
₹40,723.75 crFY 2024-25
+18%2024–2025
32,090-96% 12 mo to Aug 2024LinkedIn · Jul 2026
19 yr2007
0none in 3 months

Commercial bank

Banks
₹37,075.62 crFY 2024-25
+12%2024–2025
40,199+6% 12 mo to Sep 2024LinkedIn · Jul 2026
22 yr2004
153postings · last posted Sep 2026

Commercial bank

Banks
₹35,561.98 crFY 2023-24
Not reported
30,770+2% 12 mo to Mar 2023recorded Mar 2023
115 yr1911
—No postings tracked

Diversified non-banking financial company

Consumer and sme loans
₹28,369.87 crFY 2024-25
+56%2024–2025
25,287+54436% 12 mo to Jul 2024LinkedIn · Jul 2026
19 yr2007
1,007postings · last posted Sep 2026

Diversified lending NBFI for consumer and business loans

Consumer and sme loans
₹28,110.70 crFY 2024-25
+3%2024–2025
2,341-0% 12 mo to Sep 2024recorded Sep 2024
37 yr1989
2postings · last posted Jul 2026

Provider of life, health, and general insurance services

Insurance carriers
₹18,870.57 crFY 2022-23
+12%2022–2023
15,950+11% 12 mo to Sep 2024LinkedIn · Jul 2026
25 yr2001
1postings · last posted Sep 2026

Provider of non-banking financial services

Consumer and sme loans
₹16,300.27 crFY 2024-25
+15%2024–2025
60,856-74% 12 mo to Jul 2024LinkedIn · Jul 2026
19 yr2007
56postings · last posted Sep 2026

Provider of vehicle, rural and construction equipment loans

Consumer and sme loans
₹15,940.98 crFY 2024-25
+13%2024–2025
9-12% 12 mo to Oct 2023LinkedIn · Jul 2026
32 yr1994
3postings · last posted Aug 2026

Commercial bank

Banks
₹15,453.75 crFY 2023-24
Not reported
15,991+13% 12 mo to Mar 2024LinkedIn · Jul 2026
83 yr1943
0none in 3 months · last posted Jun 2026

Provider of credit union banking services

Banks
₹13,842.30 crFY 2024-25
+12%2024–2025
1,968LinkedIn · Jul 2026
29 yr1997
0none in 3 months

Provider of consumer & SME loans

Consumer and sme loans
₹12,832.40 crFY 2022-23
Not reported
12,297+1% 12 mo to Sep 2024LinkedIn · Jul 2026
35 yr1991
0none in 3 months

Provider of stock exchange services

Financial exchanges
₹12,765.36 crFY 2022-23
Not reported
5,750+34% 12 mo to Jul 2024LinkedIn · Jul 2026
34 yr1992
0none in 3 months

Price watchlist for bullion trading

Brokers and dealers
₹11,894.90 crFY 2024-25
+189%2024–2025
—Not available
19 yr2007
0none in 3 months

Provider of online gold, home, personal & business loans

Consumer and sme loans
₹10,490.47 crFY 2023-24
Not reported
16,076-4% 12 mo to Aug 2024recorded Aug 2024
31 yr1995
23postings · last posted Sep 2026

Provider of diverisifed loans for inidivuals and businesses

Consumer and sme loans
₹10,611.86 crFY 2024-25
+4%2024–2025
200+4% 12 mo to Sep 2024recorded Sep 2024
19 yr2007
3postings · last posted Sep 2026

Provider of consumer and SME loans

Consumer and sme loans
₹9,918.30 crFY 2023-24
Not reported
75,643-18% 12 mo to May 2024recorded May 2024
47 yr1979
—No postings tracked

Diversified lending NBFI

Consumer and sme loans
₹8,725.79 crFY 2022-23
Not reported
668-36% 12 mo to Sep 2024recorded Sep 2024
20 yr2006
—No postings tracked

Provider of wealth management services

Asset management
₹7,130.52 crFY 2023-24
Not reported
7,917+24% 12 mo to Sep 2024recorded Sep 2024
19 yr2007
0none in 3 months
50 of 1,960 companies shown here · the full list is on Radar
Fliar Radar

Explore all 1,960 financial services companies in Mumbai on Radar

This page shows the top 50. Radar has the complete, filterable list with contacts and live company signals.

Open financial services in Mumbai on Radar
  • Every company, not just 50All 1,960 financial services companies in Mumbai, filterable by stage, funding, team size, revenue model and age.
  • Founders and decision-makersLeadership teams with roles and verified LinkedIn profiles, ready for outreach.
  • Live signalsFunding rounds, hiring, launches and M&A as they happen, with alerts on the companies you follow.
  • Save and exportBuild lists, compare companies side by side and export them from your Radar account.

Explore financial services companies in Mumbai by what you are looking for

Mumbai's financial services sector covers asset managers and investment advisors, accounting and consulting firms, lenders and NBFCs, and the banks, brokers and insurers that serve retail and corporate customers. Search by the type of financial services company you need.

9 ways to explore financial services in Mumbai

Asset management & wealth management firmsAccounting, tax & management consulting firmsInvestment banks & advisory firmsLoans, NBFCs & lending companiesBrokers, dealers & trading platformsBanks & insurance companies

Asset management & wealth management firms

Firms that manage mutual funds, portfolios and private wealth for investors.

  1. Motilal Oswal Private Wealth

    Provider of wealth management services

    Asset management
    See in list
  2. SBI Mutual Fund

    Provider of mutual fund investments, retirement planning, and wealth creation services

    Asset management
    See in list
  3. HDFC Mutual Fund

    Provider of mutual fund services focused on investment management

    Asset management
    See in list
  4. ICICI Prudential Asset Management Company

    Real estate fund focused on multiple strategies

    Asset management
    Website
  5. InCred Group

    Provider of asset management services for enterprises

    Asset management
    See in list

Accounting, tax & management consulting firms

Firms providing accounting, tax filing, payroll and business consulting services.

  1. RSM India

    Provider of tax and auditing services

    Finance & accounting services
    Website
  2. Practus

    Provider of business transformation and implementation-focused consulting services

    Management consulting services
    Website
  3. Uniqus

    Provider of accounting, risk, governance, environmental, social, and technology consulting

    Management consulting services
    Website
  4. Aurtus Consulting

    Provider of tax, transaction, and regulatory consulting services

    Finance & accounting services
    Website
  5. Spiraea

    Provider of outsourced accounting, compliance, and IT services

    Management consulting services
    Website

Investment banks & advisory firms

Firms providing investment banking, deal advisory and services to the investment industry.

  1. JM Financial

    Investment bank firm focused on multiple sectors

    Investment banks
    See in list
  2. Centrum

    Regional investment bank

    Investment banks
    See in list
  3. Skothari

    Provider of financial advisory services

    Services for investment industry
    Website
  4. NeoMile Capital

    Provider of growth capital and multi-strategy asset management advisory services

    Asset management
    Website
  5. WhiteOak Capital Asset Management

    Provider of investment management and advisory services for indian equity

    Services for investment industry
    Website

Loans, NBFCs & lending companies

Non-banking lenders and platforms offering consumer, SME and alternative loans.

  1. HDFC

    Provider of housing finance solutions

    Consumer and sme loans
    See in list
  2. Aditya Birla Capital

    Provider of loans, investments, insurance, UPI, and bill payment services

    Consumer and sme loans
    See in list
  3. LIC Housing Finance

    Diversified lending NBFI for consumer and business loans

    Consumer and sme loans
    See in list
  4. L&T Finance

    Provider of vehicle, rural and construction equipment loans

    Consumer and sme loans
    See in list
  5. Mahindra Finance

    Provider of consumer & SME loans

    Consumer and sme loans
    See in list

Brokers, dealers & trading platforms

Stockbrokers, dealers and platforms for trading shares, commodities and other securities.

  1. NSE

    Provider of stock exchange services

    Financial exchanges
    See in list
  2. Sanghavi Bullion

    Price watchlist for bullion trading

    Brokers and dealers
    See in list
  3. HDFC securities

    Online trading and investment platform

    Brokers and dealers
    See in list
  4. StockHolding Corporation of India

    Provider of financial and e-governance solutions for individuals and businesses

    Financial exchanges
    Website
  5. SPV GLOBAL TRADING

    SPV Global Trading is a non-banking financial company.

    Brokers and dealers
    Website

Banks & insurance companies

Commercial banks, insurers and the service providers that support them.

  1. SBI

    Provider of commercial banking and financial services

    Banks
    See in list
  2. ICICI Bank

    Provider of commercial banking services

    Banks
    See in list
  3. Kotak Mahindra Bank

    Provider of a commercial banking services

    Banks
    See in list
  4. Bank of India

    Commercial bank

    Banks
    See in list
  5. IDFC First Bank

    Commercial bank

    Banks
    See in list

Financial services startups in Mumbai

Newer financial services companies set up in the last five years.

  1. National Asset Reconstruction

    Non-banking financial institution tasked with cleaning up legacy stressed assets

    Service providers to banks
    Website
  2. Torroz

    Provider of curated investment opportunities in diverse financial securities

    Services for investment industry
    Website
  3. Edelweiss

    Alternative platform for impact investments

    Asset management
    Website
  4. Goodflow Securities

    A securities firm that provides market trading services

    Asset management
    Website
  5. LGT Wealth India

    Provider of multi family offices investments services

    Asset management
    Website
225 companies in Mumbai

Financial services companies hiring in Mumbai

Banks, asset managers and lending companies in Mumbai that are actively hiring.

  1. ICICI Bank

    Provider of commercial banking services

    Banks
    See in list
  2. Reserve Bank of India

    Banking regulatory authority

    Financial regulatory authorities
    See in list
  3. HDFC

    Provider of housing finance solutions

    Consumer and sme loans
    See in list
  4. Bank of India

    Commercial bank

    Banks
    See in list
  5. IDFC First Bank

    Commercial bank

    Banks
    See in list
52 companies in Mumbai

Publicly listed financial services companies in Mumbai

Banks, insurers, asset managers and lenders listed on Indian stock exchanges.

  1. SBI

    Provider of commercial banking and financial services

    Banks
    See in list
  2. ICICI Bank

    Provider of commercial banking services

    Banks
    See in list
  3. HDFC

    Provider of housing finance solutions

    Consumer and sme loans
    See in list
  4. Bank of India

    Commercial bank

    Banks
    See in list
  5. IDFC First Bank

    Commercial bank

    Banks
    See in list
134 companies in Mumbai
Mobile reach

Top 10 financial services apps from Mumbai

The most-installed Android apps published by financial services companies headquartered in Mumbai — 406.3M installs between them. 252 companies on this page publish at least one app; each company (legal entity) appears once, with its most-installed app.

1 of 10
1

Yono Lite SBI - Mobile Banking

by SBI

Installs95.1M
Rating3.32.7M ratings
Installs, year on year+12%
Last updatedMay 2026
View on Google Play ↗
Yono Lite SBI - Mobile Banking screenshot 1Yono Lite SBI - Mobile Banking screenshot 2Yono Lite SBI - Mobile Banking screenshot 3Yono Lite SBI - Mobile Banking screenshot 4Yono Lite SBI - Mobile Banking screenshot 5Yono Lite SBI - Mobile Banking screenshot 6
3

Kotak Bank: 811 Mobile App

by Kotak 811

Installs49.2M
Rating4.711.4M ratings
Last updatedMay 2026
View on Google Play ↗
Kotak Bank: 811 Mobile App screenshot 1Kotak Bank: 811 Mobile App screenshot 2Kotak Bank: 811 Mobile App screenshot 3Kotak Bank: 811 Mobile App screenshot 4Kotak Bank: 811 Mobile App screenshot 5Kotak Bank: 811 Mobile App screenshot 6
4

IDFC FIRST Bank: MobileBanking

by IDFC First Bank

Installs40.7M
Rating4.862.7M ratings
Installs, year on year+45%
Last updatedMay 2026
View on Google Play ↗
IDFC FIRST Bank: MobileBanking screenshot 1IDFC FIRST Bank: MobileBanking screenshot 2IDFC FIRST Bank: MobileBanking screenshot 3IDFC FIRST Bank: MobileBanking screenshot 4IDFC FIRST Bank: MobileBanking screenshot 5IDFC FIRST Bank: MobileBanking screenshot 6
7

HDFC Bank App: Banking & Cards

by HDFC Bank

Installs21.4M
Rating4.821.2M ratings
Last updatedMay 2026
View on Google Play ↗
HDFC Bank App: Banking & Cards screenshot 1HDFC Bank App: Banking & Cards screenshot 2HDFC Bank App: Banking & Cards screenshot 3HDFC Bank App: Banking & Cards screenshot 4HDFC Bank App: Banking & Cards screenshot 5HDFC Bank App: Banking & Cards screenshot 6
8

Shriram One: FD, UPI, Loans

by Shriram Finance

Installs21.2M
Rating3.75186K ratings
Installs, year on year+24%
Last updatedMay 2026
View on Google Play ↗
Shriram One: FD, UPI, Loans screenshot 1Shriram One: FD, UPI, Loans screenshot 2Shriram One: FD, UPI, Loans screenshot 3Shriram One: FD, UPI, Loans screenshot 4Shriram One: FD, UPI, Loans screenshot 5Shriram One: FD, UPI, Loans screenshot 6
10

MO RIISE: Stocks, IPO & Demat

by Motilal Oswal

Installs16.2M
Rating3.73143K ratings
Installs, year on year+44%
Last updatedMay 2026
View on Google Play ↗
MO RIISE: Stocks, IPO & Demat screenshot 1MO RIISE: Stocks, IPO & Demat screenshot 2MO RIISE: Stocks, IPO & Demat screenshot 3MO RIISE: Stocks, IPO & Demat screenshot 4MO RIISE: Stocks, IPO & Demat screenshot 5MO RIISE: Stocks, IPO & Demat screenshot 6
The business behind the activity

Financial services financials in Mumbai

Revenue, profit and growth from the filed annual accounts of 566 financial services companies in Mumbai, Maharashtra for FY24-25 — 768 of the 1,960 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 48% of the revenue, so medians describe the typical company better than totals.

combined revenue, FY24-25₹142,908.86 cr

566 companies filing accounts

combined net profit₹26,852.23 cr

18.8% aggregate margin

are profitable74%

414 of 566 companies

median revenue~₹10.9 cr

the typical company

median revenue growth+19%

into FY24-25

earned by the top five48%

revenue concentration

Six-year view

Combined revenue of filing companies

₹101,151.82 crFY19-20532 filers
₹115,457.72 crFY20-21564 filers
₹117,006.74 crFY21-22590 filers
₹164,717.77 crFY22-23618 filers
₹157,354.15 crFY23-24616 filers
₹142,908.86 crFY24-25566 filers

The number of companies filing changes each year; the three-year cohort below compares like with like.

Like-for-like

The same 504 companies over three years

+56%
FY22-23₹87,654.90 cr₹18,052.52 cr net
FY23-24₹106,840.27 cr₹22,049.28 cr net
FY24-25₹137,050.21 cr₹29,882.08 cr net

Companies with accounts for all three years, so growth is not an artefact of who filed.

Scale and profit

Bigger companies are far more often profitable

Under ₹1 cr11146% profitable
₹1–10 cr16372% profitable
₹10–100 cr18684% profitable
₹100–1,000 cr8386% profitable
Over ₹1,000 cr2374% profitable

Companies by FY24-25 revenue. Bars show how many companies sit in each band.

Momentum

How fast revenue moved into FY24-25

Shrinking159
0–20%117
20–50%132
50–100%59
Doubled+72

539 companies with accounts for both years; median growth +19%.

Profitability

Profit is concentrated at the top

414profitable
145loss-making
18.8%aggregate margin
8.9%median margin

The aggregate margin is pulled up by a few large filers; the median shows the typical company.

Growth leaders · ₹10 cr+ revenue

Fastest growing, FY24-25

CompanyGrowthRevenue
Royal India CorporationROYAL INDIA CORPORATION LIMITED₹222.73 cr
Fort CapitalFORT CAPITAL INVESTMENT ADVISORY PRIVATE LIMITED+564%
Kanji ForexKANJI FOREX PRIVATE LIMITED+480%₹72.08 cr
RespoRESPO FINANCIAL CAPITAL PRIVATE LIMITED+444%
SpiraeaQUANTUMX GLOBAL PRIVATE LIMITED
PSB AlliancePSB ALLIANCE PRIVATE LIMITED+361%₹62.25 cr
Profit leaders · ₹10 cr+ revenue

Highest net margins, FY24-25

CompanyMarginRevenue
NCDEXNATIONAL COMMODITY AND DERIVATIVES EXCHANGE LIMITED₹44.76 cr
Kanji ForexKANJI FOREX PRIVATE LIMITED₹72.08 cr
3A Financial Services3A CAPITAL SERVICES LIMITED79.5%
Gandhi Securities & InvestmentGANDHI SECURITIES AND INVESTMENT PRIVATE LIMITED
Parag Parikh Financial Advisory ServicesPARAG PARIKH FINANCIAL ADVISORY SERVICES LIMITED75.1%₹45.63 cr
AequitasAEQUITAS INVESTMENT CONSULTANCY PRIVATE LIMITED71.6%₹491.96 cr
Inside the industry

Sub-sectors compared, FY24-25

Sub-sectorCompaniesRevenueMedian revenueProfitableMargin
Consumer and sme loans70₹36,648.91 cr~₹13.1 cr59%-6.9%
Financial exchanges12₹22,119.97 cr~₹35.7 cr75%55.7%
Banks6₹20,060.83 cr~₹1,058.9 cr100%10.9%
Brokers and dealers49₹19,414.04 cr~₹33.6 cr82%10.2%
Asset management155₹19,148.76 cr~₹9.9 cr75%45.1%
Service providers to banks33₹5,989.99 cr~₹8.1 cr73%20.2%
Insurance distribution50₹4,100.58 cr~₹11.8 cr86%7.8%
Services for investment industry67₹3,462.76 cr~₹6.7 cr73%11.2%
Leaders

Largest financial services companies by revenue, FY24-25

Company · legal entityRevenueNet resultMarginGrowth
NSENATIONAL STOCK EXCHANGE OF INDIA LTD.₹19,823.26 cr₹11,245.70 cr56.7%+33%
HDB Financial ServicesHdb Financial Services Limited₹16,300.27 cr——+15%
Citicorp FinanceCITICORP SERVICES INDIA PRIVATE LIMITED₹13,842.30 cr₹1,308.50 cr9.5%+12%
Sanghavi BullionSANGHAVI BULLION PRIVATE LIMITED₹11,894.90 cr₹20.62 cr0.2%+189%
Tata Capital Housing FinanceTATA CAPITAL HOUSING FINANCE LIMITED
ICICI Prudential Asset Management CompanyICICI PRUDENTIAL ASSET MANAGEMENT COMPANY LIMITED+32%
SBI Mutual FundSbi Funds Management Limited
AFLAXIS FINANCE LIMITED₹652.47 cr15.9%+30%
BNP Paribas India SolutionsBNP PARIBAS INDIA SOLUTIONS PRIVATE LIMITED
HDFC securitiesHDFC SECURITIES LIMITED
Some figures are available to Radar members.Log in to Radar to see every figure

Standalone annual accounts filed with the Ministry of Corporate Affairs. Brands that share one legal entity are shown together and counted once.

Industry landscape report

Financial Services Industry Landscape of India

The financials above are one chapter. The full financial services landscape of Mumbai maps the whole industry — every segment, the capital behind it, the talent market and where the next opportunities are.

  • Market map of every sub-sector
  • Funding & company formation by year
  • Revenue, profit & financial strength
  • Digital footprint: traffic, apps, releases
  • Hiring, skills & pay
  • Founders & leaders
  • News & sentiment
  • Where demand runs ahead of supply
Read the financial services landscape of Mumbai
For investors and data teams

Put this intelligence into your own tools

The figures on this page come from Fliar’s company, funding and MCA filings data. Use it through the Investor Intelligence API and MCA financials feeds, or explore every company, filing and investor in Radar.

Capital & corporate activity

Financial services funding and M&A across India

1,188 recorded equity rounds have gone to 9,984 financial services companies in India — how much, at which stage, into which sub-sectors, from whom, and how Mumbai compares. Debt, IPO and grant rounds are excluded.

equity rounds, last 12 months18

US$267.14m

equity rounds, last 24 months74

US$1.20bn

raised over five yearsUS$7.49bn

432 rounds in India

M&A deals, Mumbai364

last 24 months

Capital by year

Equity funding into financial services in India

amount rounds
$1.3bn2018100
$1.8bn2019100
$1.1bn202069
$1.4bn202197
$1.7bn2022110
$1.4bn202376
$2.2bn202486
$639m202552
$190m202611

Bars show US$ raised; the number under each year is equity rounds. 2026 is year to date. The peak year was 2024, with US$2.15bn across 86 rounds.

The funding ladder · five years

Rounds and typical cheque by stage

AngelUS$57.23m55 rounds · median US$470k
SeedUS$267.35m125 rounds · median US$977k
Series AUS$657.41m74 rounds · median US$5.77m
Series BUS$1.35bn65 rounds · median US$12.03m
Series CUS$1.49bn39 rounds · median US$24.00m
Series D+US$2.69bn61 rounds · median US$29.23m
Private equityUS$976.72m13 rounds · median US$53.65m
Where the money went · five years

Most-funded sub-sectors

Consumer and sme loansUS$4.12bn189 rounds · 83 companies
MicrofinanceUS$824.55m35 rounds · 15 companies
Alternative lendingUS$529.89m27 rounds · 11 companies
BanksUS$520.04m16 rounds · 6 companies
Asset managementUS$504.18m47 rounds · 22 companies
Insurance carriersUS$359.00m10 rounds · 8 companies
Service providers to banksUS$153.11m36 rounds · 16 companies
Corporate activity · last 24 months

M&A in Mumbai

324Acquisition
31Merger
3Undisclosed

Most active acquirers

  1. Sbi mutual fund17
  2. Authum investment & infrastructure12
  3. Life insurance corporation of india10
  4. Barclays10
  5. Saraswat co-operative bank9

Most acquired or merged

  1. Yes bank18
  2. Rbl bank11
  3. Shriram finance8
  4. Reliance capital7
  5. State bank of india6

Each deal appears in the events strip at the top of the page.

Financial services funding in Mumbai

79 financial services companies in Mumbai have recorded equity funding, US$3.52bn in total. Totals and round dates describe the historical record; they are not current valuations.

Founders and momentum in Mumbai

Meet the people behind financial services companies in Mumbai. 860 of 1,960 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.

Explore Mumbai financial services companies by sub-sector

The most common specialisations among financial services companies in Mumbai. Open a company to see what it sells, who runs it and how far it has come.

Keep exploring financial services in India and nearby markets.

Coming soon