Company lists
The India edition · 2026

Paymentscompanies in India

Online payments, bill payments, payments banks, POS & cards, business payments and more: the companies building payments in India, with their founders, funding, team size and business models.

1,715 company profiles516 with reported revenue203 with recorded fundingSeptember 2026 edition
India · Photo: Wikimedia Commons (CC BY-SA 4.0)

Recent payments business events in India

Funding, M&A, contract wins and launches involving 2,854 payments companies in India, last 24 months: 75 M&A deals · 63 Contracts · 57 funding rounds · 42 launches. Newest first; companies and investors link to their Fliar profiles. Latest event in our news feed: Jun 2026.

FundingSeries Funding

Paytm

Digital payments major Paytm is looking at raising another round of funding of $1 billion, and is in discussion with multiple investors, including former UK Prime Minister David Cameron,…

Investors David Cameron
Digital payments
M&AAcquisition · Completed

Elevation capital acquires One97 communications

Elevation Capital V Limited has made a sale of equity shares of One97 Communications Limited (parent company of PayTM) on the NSE and BSE for an aggregate consideration of ₹963.6 crore.

M&AAcquisition · Completed

Ran Ventures acquires Zaggle

RAN Ventures purchased 1 Lakh equity shares of Zaggle from the open market on May 18, taking its stake in the company to 44.23% from 44.15%.

Fintech SaaS
M&AAcquisition · Announced

Zaggle Prepaid Ocean Services acquires Dice

Zaggle Prepaid Ocean Services Ltd, a spend management solutions company, has said that its board has approved the transaction structure for the strategic acquisition of DICE. Zaggle has…

AI Spend Management Platform
M&AAcquisition · Completed

Pine labs acquires Shopflo Technologies

Obhan Mason, a leading law firm, was lead legal counsel to Pine Labs, a leading merchant commerce platform, on its acquisition of Shopflo Technologies, a SaaS-based online checkout…

SaaS-based online checkout platform
M&AAcquisition · Announced

Pine labs acquires Shopflo

Pine Labs’ ₹88 crore acquisition of Shopflo

Fintech
LaunchIntegration with Banking Connect

Decentro

Decentro is ready to launch its integration with Banking Connect—the netbanking payment framework offered by NPCI Bharat BillPay Ltd— designed to simplify netbanking workflows while…

Netbanking payment integration
ContractService

Zaggle Prepaid Ocean Services · client: Generali Central Insurance Company

Generali Central Insurance Company will now have access to the Zaggle Zoyer platform, thanks to an arrangement announced by Zaggle Prepaid Ocean Services.

Spend management
LaunchPayment Aggregator

Cred

Recently, CRED received a nod from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA), enabling the company to onboard merchants, collect payments on their behalf…

Payment service
Funding

M-pesa

Vodacom has invested $28m to upgrade technology for its M-Pesa platform in Tanzania.

Investors Vodacom
Fintech (Mobile Money)
M&AAcquisition · Announced

BLS E-Services acquires Atyati technologies

BLS E-Services on Monday said it will acquire a 100 per cent stake in Atyati Technologies for Rs 154 crore.

Technology platforms for financial inclusion
Funding

Sign3

Gurugram-based fraud intelligence startup Sign3 has raised $1.5 million in a funding round led by early-stage venture firm Cedar Hill Capital.

Investors Cedar Hill Capital, Smile group, Rajesh Sawhney, Dinesh Agarwal
Fraud detection / Financial technology
ContractService

Experience commerce · client: Fiat Payments

Experience Commerce, a full-service digital marketing agency and part of the Cheil SWA Group, has secured the annual social media mandate for Fiat Payments Private Limited (FiatPe)…

Digital marketing
ContractService

Vakrangee · client: Bajaj General Insurance Limited

Mumbai-based software player and white-label ATM operator Vakrangee Ltd on Saturday said it has entered into a corporate agency arrangement with Bajaj General Insurance Limited to…

Insurance
Funding

Scapia

Scapia, a Bengaluru-based travel fintech that issues co-branded credit cards, is in talks to raise US$50‑60 million in a round led by US VC General Catalyst, people familiar with the…

Fintech
ContractInfrastructure

Cowrks · client: Cashfree payments

New Delhi: Real estate firm COWRKS, which provides managed office spaces, has leased 80,000 sq ft area in Bengaluru to Cashfree Payments.

Real Estate
LaunchWorld’s First Agent Studio

Razorpay

Razorpay announced the launch of the “World’s First Agent Studio”, built using the Claude Agent SDK from Anthropic, at Razorpay’s flagship event, FTX’2026, in India on 12 March 2026.

B2B agent marketplace and builder platform
LaunchNGAGE for Enterprises

Comviva

Comviva has announced the launch of NGAGE for Enterprises, a next-generation communications platform as-a-service (CPaaS) platform designed to help enterprises deliver seamless, secure,…

Communications platform as a service (CPaaS)
Funding

Innoviti

Another notable deal came from fintech startup Innoviti, which secured $11.4 million in funding from investors including Bessemer Venture Partners, along with several angel investors and…

Investors Bessemer venture partners, Several angel investors, Family offices
Fintech
FundingDebt

Mintoak

Merchant SaaS platform Mintoak is set to raise Rs 80 crore in debt from BlackSoil to fund the acquisition of Dubai-based customer loyalty management platform Innovative Consumer Concepts…

Investors Blacksoil
Merchant SaaS platform
FundingSeries M

Innoviti

Fintech soonicorn Innoviti has closed its Series M funding round at ₹104 Cr ($11.4 Mn).

Investors Bessemer venture partners, Ola Electric backer Ashutosh Joshi, Arihant Patni of Patni Family Office, JuliaHub cofounder Deepak Vinchhi
Fintech
Funding

Xflow

Notably, earlier this week, General Catalyst also led a $16.6 million funding round in B2B cross-border payments startup Xflow.

B2B cross-border payments
LaunchJioFinance

Jio financial services

Jio Financial Services Ltd on Friday launched an online marketplace for financial products through its new app JioFinance.

Online Marketplace for Financial Services
M&AAcquisition · Announced

Billdesk acquires Worldline India business

Mumbai-headquartered digital payments processor Billdesk is set to acquire the India business of French payments giant Worldline for an estimated equity value of $70 million.

Payments
FundingSeed

Reload

Reload, an innovative AI workforce management platform, has secured $2.275 million in seed funding while unveiling its flagship product, Epic.

AI Workforce Management
Funding

Tonetag

Bengaluru-based Tonetag, a deeptech startup which focusses on sound-based payment systems, has raised Rs 35.16 crore ($3.8 million) from Qualcomm Ventures, according to documents…

Payments
M&AAcquisition · Announced

BLS E-Services acquires Atyati technologies

BLS E-Services Limited (BLSe), a digital service provider to governments and financial institutions, has signed a binding term sheet to acquire a 100% equity stake in Atyati Technologies…

Financial Inclusion Technology
LaunchUnified Digital Distribution Management System

Comviva

Comviva, the global leader in customer experience and data monetization solutions, today announced the launch of its next-generation Digital Distribution Management System for channel…

Digital Distribution Management System
FundingSeries D Follow-on

Juspay

Bengaluru-based payments infrastructure firm Juspay has secured $50 million in a Series D follow-on round led by WestBridge Capital, valuing the company at $1.2 billion.

Payments infrastructure
FundingSeries C

Xoxoday

Xoxoday, a global rewards, incentives, and Loyalty technology company, has raised a Series C round backed by its existing investors – Apis Partners & 57 Stars, marking a key milestone as…

Rewards, Incentives & Loyalty technology

Payments companies in India, by revenue

Browse payments companies in India 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 516 payments companies in India 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

App-based platform for consumer bill payments

Payments
₹28,681.64 crFY 2024-25
-2%2024–2025
758-2% 12 mo to Aug 2024recorded Aug 2024
26 yr2000
0none in 3 months

Provider of online platform for payments, recharges, financial, and travel services

Payments
₹7,624.90 crFY 2024-25
-28%2024–2025
5,111-18% 12 mo to Jul 2024LinkedIn · Jul 2026
26 yr2000
122postings · last posted Sep 2026

Provider of digital payment processing services for online business transactions

Payments
₹5,596.51 crFY 2024-25
+22%2024–2025
1,675-45% vs previous recordrecorded
15 yr2011
9postings · last posted Sep 2026

Provider of payment gateway solutions, invoice payments, and subscription management

Payments
₹4,065.72 crFY 2024-25
+28%2024–2025
9-5% 12 mo to Jun 2023LinkedIn · Jul 2026
25 yr2001
0none in 3 months

Provider of payment and business banking solutions for enterprises

Payments
₹3,932.11 crFY 2024-25
+60%2024–2025
4,052LinkedIn · Jul 2026
12 yr2014
24postings · last posted Sep 2026

Provider of digital payment solutions and enterprise software platforms globally

Payments
₹3,199.17 crFY 2023-24
Not reported
780+6% 12 mo to Aug 2024LinkedIn · Jul 2026
19 yr2007
9postings · last posted Sep 2026

Provider of financial products including UPI, loans, insurance, and mutual funds

Payments
₹2,689.14 crFY 2024-25
-4%2024–2025
3,276-8% 12 mo to Aug 2024LinkedIn · Jul 2026
14 yr2012
44postings · last posted Sep 2026

Fintech platform that rewards users for paying credit card bills on time

Payments
₹2,473.39 crFY 2023-24
+67%2023–2024
2,280-9% 12 mo to Sep 2024LinkedIn · Jul 2026
8 yr2018
5postings · last posted Sep 2026

Provider of an online payment gateway platform

Payments
₹2,446.19 crFY 2023-24
-12%2023–2024
788-1% 12 mo to Sep 2024LinkedIn · Jul 2026
26 yr2000
0none in 3 months

Payment processing solutions for merchants

Payments
₹2,236.45 crFY 2024-25
+47%2024–2025
999+31% 12 mo to Aug 2024LinkedIn · Jul 2026
7 yr2019
0none in 3 months

Provider of metal credit cards with a mobile application interface

Payments
₹1,908.51 crFY 2024-25
+30%2024–2025
997+24% 12 mo to Sep 2024recorded Sep 2024
7 yr2019
0none in 3 months

Provider of technology solutions and services for banking and financial sectors

Banking tech
₹1,864.43 crFY 2024-25
+25%2024–2025
6,198-10% 12 mo to Sep 2024LinkedIn · Jul 2026
20 yr2006
0none in 3 months

Provider of in-store and online payment, prepaid, and financial solutions

Payments
₹1,743.27 crFY 2023-24
+31%2023–2024
6,050-76% 12 mo to Sep 2024LinkedIn · Jul 2026
28 yr1998
29postings · last posted Sep 2026

Provider of payment solutions, lending, and investment opportunities for businesses

Payments
₹1,733.60 crFY 2024-25
+17%2024–2025
4,026-14% 12 mo to Sep 2024LinkedIn · Jul 2026
8 yr2018
6postings · last posted Aug 2026

Provider of end-to-end payment processing solutions for merchants and businesses

Payments
₹1,508.77 crFY 2023-24
Not reported
3,197-15% 12 mo to Mar 2024LinkedIn · Jul 2026
24 yr2002
0none in 3 months

Diversified payment acceptance solution for businesses

Payments
₹1,475.12 crFY 2024-25
+25%2024–2025
57+3% 12 mo to Sep 2024LinkedIn · Jul 2026
17 yr2009
1postings · last posted Jul 2026

Provider of payment solutions, communication services, and IoT-enabled RFID technologies

Payments
₹1,473.62 crFY 2024-25
Not reported
397-25% 12 mo to Nov 2018LinkedIn · Jul 2026
33 yr1993
0none in 3 months

Platform designed to streamline business spends, payments, and rewards through automated and innovative workflows

Hrtech
₹1,330.53 crFY 2024-25
+69%2024–2025
523+50% 12 mo to Sep 2024LinkedIn · Jul 2026
15 yr2011
0none in 3 months

Provider of digital payment services for mobile and utility bills

Payments
₹1,192.49 crFY 2024-25
+34%2024–2025
1,590+30% 12 mo to Feb 2024LinkedIn · Jul 2026
17 yr2009
7postings · last posted Sep 2026

A fintech company offering banking networks and smart card manufacturing solutions

Payments
₹1,120.27 crFY 2024-25
+7%2024–2025
444LinkedIn · Jul 2026
18 yr2008
0none in 3 months · last posted Jun 2026

Provider of rewards, recognition, loyalty, incentives, and payout program solutions

Hrtech
₹993.46 crFY 2024-25
+12%2024–2025
700-17% 12 mo to Aug 2024LinkedIn · Jul 2026
14 yr2012
20postings · last posted Aug 2026

Digital payment solution provider

Payments
₹923.36 crFY 2024-25
-2%2024–2025
1,385+22% 12 mo to Aug 2024recorded Aug 2024
11 yr2015
0none in 3 months

Provider of personal line of credits for consumers

Payments
₹867.83 crFY 2022-23
Not reported
143-27% 12 mo to Sep 2024recorded Sep 2024
11 yr2015
0none in 3 months

Digital payment solutionprovider

Payments
₹898.51 crFY 2024-25
+2%2024–2025
1,873+3% 12 mo to Aug 2024recorded Aug 2024
11 yr2015
0none in 3 months

Provider of payment technology solutions for card issuance and management

Payments
₹894.66 crFY 2024-25
-9%2024–2025
3,114LinkedIn · Jul 2026
35 yr1991
0none in 3 months
50 of 1,715 companies shown here · the full list is on Radar
Fliar Radar

Explore all 1,715 payments companies in India on Radar

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

Open payments in India on Radar
  • Every company, not just 50All 1,715 payments companies in India, 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 payments companies in India by what you are looking for

Browse payments companies in India, from online payment and digital payments companies to bill payment apps and payment gateways. Find top payments companies for UPI, wallets, POS terminals and business payouts.

9 ways to explore payments in India

Online payment & payment gateway companiesBill payment & recharge appsPayments banks & banking technologyPOS terminals, payment cards & retail paymentsBusiness payments, payouts & spend managementSchool & college fee payment platforms

Online payment & payment gateway companies

Gateways and platforms that let businesses accept online and digital payments.

  1. Bijli Mitra

    App-based platform for consumer bill payments

    Payments
    See in list
  2. One97 Communications

    Provider of online platform for payments, recharges, financial, and travel services

    Payments
    See in list
  3. PayU

    Provider of digital payment processing services for online business transactions

    Payments
    See in list
  4. CCAvenue

    Provider of payment gateway solutions, invoice payments, and subscription management

    Payments
    See in list
  5. Razorpay

    Provider of payment and business banking solutions for enterprises

    Payments
    See in list

Bill payment & recharge apps

Apps for paying utility bills, recharges and everyday consumer payments.

  1. Bijli Mitra

    App-based platform for consumer bill payments

    Payments
    See in list
  2. One97 Communications

    Provider of online platform for payments, recharges, financial, and travel services

    Payments
    See in list
  3. CRED

    Fintech platform that rewards users for paying credit card bills on time

    Payments
    See in list
  4. OneCard

    Provider of metal credit cards with a mobile application interface

    Payments
    See in list
  5. Fino Paytech

    Provider of technology solutions and services for banking and financial sectors

    Banking tech
    See in list

Payments banks & banking technology

Payments banks and firms providing banking APIs and digital banking platforms.

  1. Razorpay

    Provider of payment and business banking solutions for enterprises

    Payments
    See in list
  2. Fino Paytech

    Provider of technology solutions and services for banking and financial sectors

    Banking tech
    See in list
  3. NSDL Payments Bank

    Platform offering digital banking solutions for consumers

    Payments
    See in list
  4. M2P Fintech

    Provider of APIs enabling banking, lending, and payment financial services

    Payments
    See in list
  5. Spice Money

    Digital payment and banking service provider in rural areas

    Payments
    See in list

POS terminals, payment cards & retail payments

Card machines, POS software and prepaid or corporate card providers.

  1. OneCard

    Provider of metal credit cards with a mobile application interface

    Payments
    See in list
  2. Manipal Payment and Identity Solutions

    A fintech company offering banking networks and smart card manufacturing solutions

    Payments
    See in list
  3. slice

    Provider of personal line of credits for consumers

    Payments
    See in list
  4. Mswipe

    Provider of payment technology solutions for retail and online businesses

    Payments
    See in list
  5. ShakePe

    Provider of spend management suite

    Payments
    Website

Business payments, payouts & spend management

Tools for invoices, vendor payouts, expenses and accounts payable and receivable.

  1. Razorpay

    Provider of payment and business banking solutions for enterprises

    Payments
    See in list
  2. Zaggle

    Platform designed to streamline business spends, payments, and rewards through automated and innovative workflows

    Hrtech
    See in list
  3. Xoxoday

    Provider of rewards, recognition, loyalty, incentives, and payout program solutions

    Hrtech
    See in list
  4. EnKash

    Provider of a platform for business spend management and payment solutions

    Finance & accounting tech
    Website
  5. Zyro

    Provider of suit solutions for accounting and finance management for small and medium businesses

    Payments
    Website
761 companies in India

School & college fee payment platforms

Platforms that collect school and college fees and manage education finance.

  1. GrayQuest

    Provider of educational financing services through integrated fee collection platform for educational institutions

    Higher education tech
    Website
  2. Onfees

    Provider of software for educational institutions to manage fees and admissions

    K-12 edtech
    Website
  3. QuikFee

    Online fee payment platform for schools, electricity providers, and utility bills

    K-12 edtech
    Website
  4. I-MADE

    Wallet app for students

    Payments
    Website
  5. LEO 1

    Provider of alumni network platform with banking, rewards, and connection features

    Payments
    Website

Lending marketplaces & payment security

Loan comparison apps, credit providers and payment fraud prevention.

  1. Navi

    Provider of financial products including UPI, loans, insurance, and mutual funds

    Payments
    See in list
  2. MobiKwik

    Provider of digital payment services for mobile and utility bills

    Payments
    See in list
  3. MyMoneyMantra

    Provider of various loan products and credit cards from multiple institutions

    Alternative lending
    See in list
  4. Paisabazaar

    Online financial marketplace that offers a range of personal loan and credit card options to consumers

    Alternative lending
    See in list
  5. BankBazaar

    Online platform providing tools for comparing and applying for financial products

    Banking tech
    See in list

Payments startups in India

Newer payments companies founded in the last few years.

  1. AP Money

    Agent-enabled payment solution for consumers and businesses

    Payments
    Website
  2. Vidcom

    Wallet-enabled domestic money transfer and bill payment solutions

    Payments
    Website
  3. CardBuzz

    Customized card solutions for consumers and businesses

    Payments
    Website
  4. CheQ

    Provider of digital credit card bill payment and management services

    Payments
    Website
  5. SuperPe

    Online platform offering cross-border payment solutions using credit cards

    Payments
    Website
442 companies in India

Payments companies hiring in India

Payments companies with open jobs right now.

  1. One97 Communications

    Provider of online platform for payments, recharges, financial, and travel services

    Payments
    See in list
  2. PayU

    Provider of digital payment processing services for online business transactions

    Payments
    See in list
  3. Razorpay

    Provider of payment and business banking solutions for enterprises

    Payments
    See in list
  4. Infibeam Avenues

    Provider of digital payment solutions and enterprise software platforms globally

    Payments
    See in list
  5. Navi

    Provider of financial products including UPI, loans, insurance, and mutual funds

    Payments
    See in list
50 companies in India
Mobile reach

Top 10 payments apps from India

The most-installed Android apps published by payments companies headquartered in India — 1254.7M installs between them. 379 companies on this page publish at least one app; each company (legal entity) appears once, with its most-installed app.

1 of 10
1

Paytm: Secure UPI Payments

by Paytm

Installs724.4M
Rating4.7723.8M ratings
Installs, year on year+15%
Last updatedMay 2026
View on Google Play ↗
Paytm: Secure UPI Payments screenshot 1Paytm: Secure UPI Payments screenshot 2Paytm: Secure UPI Payments screenshot 3Paytm: Secure UPI Payments screenshot 4Paytm: Secure UPI Payments screenshot 5Paytm: Secure UPI Payments screenshot 6
2

Navi: UPI, Payments, Insurance

by Navi

Installs178.6M
Rating4.475.6M ratings
Last updatedMay 2026
View on Google Play ↗
Navi: UPI, Payments, Insurance screenshot 1Navi: UPI, Payments, Insurance screenshot 2Navi: UPI, Payments, Insurance screenshot 3Navi: UPI, Payments, Insurance screenshot 4Navi: UPI, Payments, Insurance screenshot 5
3

CRED: Credit Cards, Bills, UPI

by CRED

Installs68.7M
Rating4.753.0M ratings
Installs, year on year+24%
Last updatedMay 2026
View on Google Play ↗
CRED: Credit Cards, Bills, UPI screenshot 1CRED: Credit Cards, Bills, UPI screenshot 2CRED: Credit Cards, Bills, UPI screenshot 3CRED: Credit Cards, Bills, UPI screenshot 4CRED: Credit Cards, Bills, UPI screenshot 5CRED: Credit Cards, Bills, UPI screenshot 6
4

FamApp by Trio: UPI & Card

by FamApp

Installs61.3M
Rating4.152.9M ratings
Last updatedJun 2026
View on Google Play ↗
FamApp by Trio: UPI & Card screenshot 1FamApp by Trio: UPI & Card screenshot 2FamApp by Trio: UPI & Card screenshot 3FamApp by Trio: UPI & Card screenshot 4FamApp by Trio: UPI & Card screenshot 5FamApp by Trio: UPI & Card screenshot 6
5

super.money - UPI by Flipkart

by Super.Money

Installs52.2M
Rating4.372.2M ratings
Last updatedMay 2026
View on Google Play ↗
super.money - UPI by Flipkart screenshot 1super.money - UPI by Flipkart screenshot 2super.money - UPI by Flipkart screenshot 3super.money - UPI by Flipkart screenshot 4super.money - UPI by Flipkart screenshot 5super.money - UPI by Flipkart screenshot 6
6

BharatPe for Business

by BharatPe

Installs42.4M
Rating4.25970K ratings
Installs, year on year+24%
Last updatedMay 2026
View on Google Play ↗
BharatPe for Business screenshot 1BharatPe for Business screenshot 2BharatPe for Business screenshot 3BharatPe for Business screenshot 4
7

slice: UPI credit card & bank

by slice

Installs42.2M
Rating4.41770K ratings
Installs, year on year+62%
Last updatedJun 2026
View on Google Play ↗
slice: UPI credit card & bank screenshot 1slice: UPI credit card & bank screenshot 2slice: UPI credit card & bank screenshot 3slice: UPI credit card & bank screenshot 4slice: UPI credit card & bank screenshot 5slice: UPI credit card & bank screenshot 6
8

Paisabazaar: Credit Score App

by Paisabazaar

Installs33.9M
Rating4.561.6M ratings
Installs, year on year+25%
Last updatedMay 2026
View on Google Play ↗
Paisabazaar: Credit Score App screenshot 1Paisabazaar: Credit Score App screenshot 2Paisabazaar: Credit Score App screenshot 3Paisabazaar: Credit Score App screenshot 4Paisabazaar: Credit Score App screenshot 5Paisabazaar: Credit Score App screenshot 6
9

OneCard: Credit Card & UPI

by OneCard

Installs32.3M
Rating4.61611K ratings
Installs, year on year+24%
Last updatedJun 2026
View on Google Play ↗
OneCard: Credit Card & UPI screenshot 1OneCard: Credit Card & UPI screenshot 2OneCard: Credit Card & UPI screenshot 3OneCard: Credit Card & UPI screenshot 4OneCard: Credit Card & UPI screenshot 5OneCard: Credit Card & UPI screenshot 6
10

POP: Pay, Earn & Shop

by Popclub

Installs18.6M
Rating—
Installs, year on year+91%
Last updatedJun 2026
View on Google Play ↗
POP: Pay, Earn & Shop screenshot 1POP: Pay, Earn & Shop screenshot 2POP: Pay, Earn & Shop screenshot 3POP: Pay, Earn & Shop screenshot 4POP: Pay, Earn & Shop screenshot 5
The business behind the activity

Payments financials in India

Revenue, profit and growth from the filed annual accounts of 435 payments companies in India for FY24-25 — 588 of the 1,715 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 60% of the revenue, so medians describe the typical company better than totals.

combined revenue, FY24-25₹74,184.28 cr

435 companies filing accounts

combined net profit−₹6,349.20 cr

-8.6% aggregate margin

are profitable53%

229 of 435 companies

median revenue~₹4.1 cr

the typical company

median revenue growth+23%

into FY24-25

earned by the top five60%

revenue concentration

Six-year view

Combined revenue of filing companies

₹39,017.42 crFY19-20273 filers
₹43,577.48 crFY20-21313 filers
₹51,389.22 crFY21-22360 filers
₹60,860.99 crFY22-23405 filers
₹80,992.22 crFY23-24445 filers
₹74,184.28 crFY24-25435 filers

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

Like-for-like

The same 323 companies over three years

+24%
FY22-23₹52,247.15 cr−₹1,770.97 cr net
FY23-24₹60,208.27 cr−₹2,446.01 cr net
FY24-25₹64,577.64 cr−₹5,302.28 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 cr13633% profitable
₹1–10 cr13055% profitable
₹10–100 cr10966% profitable
₹100–1,000 cr4871% profitable
Over ₹1,000 cr1250% profitable

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

Momentum

How fast revenue moved into FY24-25

Shrinking138
0–20%50
20–50%51
50–100%53
Doubled+96

388 companies with accounts for both years; median growth +23%.

Profitability

Profit is concentrated at the top

229profitable
206loss-making
-8.6%aggregate margin
0.1%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
Aceware TechnologiesACEWARE FINTECH SERVICES PRIVATE LIMITED₹24.07 cr
PayomatixPAYOMATIX TECHNOLOGIES PRIVATE LIMITED+590%₹49.78 cr
CheQCHEQ DIGITAL PRIVATE LIMITED₹86.14 cr
PiceNANOSECOND TECHNOLOGIES PRIVATE LIMITED+369%₹42.05 cr
MedPayMEDWAY TECHNOLOGIES PRIVATE LIMITED+329%₹10.85 cr
Bachat CardsEARNEST DATA ANALYTICS PRIVATE LIMITED+328%₹52.90 cr
Profit leaders · ₹10 cr+ revenue

Highest net margins, FY24-25

CompanyMarginRevenue
Pay10PAY10 SERVICES PRIVATE LIMITED
BonusHubBONUSHUB DIGITAL SOLUTIONS PRIVATE LIMITED37.5%₹40.25 cr
MintoakMINTOAK INNOVATIONS PRIVATE LIMITED
CAMSPayCOMPUTER AGE MANAGEMENT SERVICES LIMITED32.1%₹1,375.45 cr
Olive CryptoOlive Crypto Systems Private Limited₹66.11 cr
Paramotor Digital TechnologyPARAMOTOR DIGITAL TECHNOLOGY LIMITED26.0%₹112.33 cr
Inside the industry

Sub-sectors compared, FY24-25

Sub-sectorCompaniesRevenueMedian revenueProfitableMargin
Payments365₹68,609.56 cr~₹3.8 cr53%-9.0%
Alternative lending5₹1,453.68 cr~₹31.3 cr40%-6.8%
Banking tech20₹1,280.34 cr~₹24.1 cr70%1.2%
K-12 edtech7₹6.93 cr~₹19 lakh57%18.6%
Leaders

Largest payments companies by revenue, FY24-25

Company · legal entityRevenueNet resultMarginGrowth
Bijli MitraJAIPUR VIDYUT VITRAN NIGAM LIMITED₹28,681.64 cr−₹706.49 cr-2.5%-2%
One97 CommunicationsONE 97 COMMUNICATIONS LIMITED₹6,141.50 cr−₹789.00 cr-12.8%-25%
PayUPAYU PAYMENTS PRIVATE LIMITED₹3,971.91 cr−₹3,567.80 cr-89.8%+16%
CCAvenueAVENUESAI LIMITED₹3,774.62 cr₹160.00 cr4.2%+27%
SBI Payment ServicesSBI PAYMENT SERVICES PRIVATE LIMITED₹2,236.45 cr₹138.90 cr6.2%+47%
OneCardFPL TECHNOLOGIES PRIVATE LIMITED₹1,908.51 cr−₹297.57 cr-15.6%+30%
SeshaasaiSESHAASAI TECHNOLOGIES LIMITED₹1,472.35 cr₹222.21 cr15.1%-6%
CAMSPayCOMPUTER AGE MANAGEMENT SERVICES LIMITED₹1,375.45 cr₹441.02 cr32.1%+27%
ZaggleZaggle Prepaid Ocean Services Limited₹1,327.16 cr₹87.48 cr6.6%+69%
MobiKwikONE MOBIKWIK SYSTEMS LIMITED₹1,194.38 cr−₹122.37 cr-10.2%+35%
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

Accounting and Tax Software Industry Landscape of India

The financials above are one chapter. The full payments landscape of India 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 payments landscape of India
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

Payments funding and M&A across India

903 recorded equity rounds have gone to 2,854 payments companies in India — how much, at which stage, into which sub-sectors, from whom, and how India compares. Debt, IPO and grant rounds are excluded.

equity rounds, last 12 months20

US$177.58m

equity rounds, last 24 months64

US$644.45m

raised over five yearsUS$5.51bn

373 rounds in India

M&A deals, India75

last 24 months

Capital by year

Equity funding into payments in India

amount rounds
$600m201854
$1.4bn201973
$1.0bn202090
$2.9bn2021125
$930m202292
$825m202350
$245m202453
$479m202541
$128m202612

Bars show US$ raised; the number under each year is equity rounds. 2026 is year to date. The peak year was 2021, with US$2.90bn across 125 rounds.

The funding ladder · five years

Rounds and typical cheque by stage

AngelUS$24.49m48 rounds · median US$182k
SeedUS$310.62m184 rounds · median US$871k
Series AUS$531.68m48 rounds · median US$7.44m
Series BUS$371.75m31 rounds · median US$5.00m
Series CUS$460.67m17 rounds · median US$21.63m
Series D+US$3.79bn43 rounds · median US$22.26m
Where the money went · five years

Most-funded sub-sectors

PaymentsUS$4.90bn273 rounds · 124 companies
Banking techUS$241.06m29 rounds · 15 companies
HrtechUS$130.69m11 rounds · 4 companies
In store retail techUS$123.55m10 rounds · 2 companies
Digital remittanceUS$38.20m5 rounds · 3 companies
Finance & accounting techUS$25.16m7 rounds · 3 companies
Higher education techUS$18.27m4 rounds · 1 companies
Corporate activity · last 24 months

M&A in India

68Acquisition
7Merger

Most active acquirers

  1. Zaggle Prepaid Ocean Services23
  2. BLS E-Services4
  3. Digispice technologies4
  4. Payu4
  5. Jio financial services4

Most acquired or merged

  1. One97 communications5
  2. Mobileware technologies4
  3. Na3
  4. MindGate Solutions3
  5. Dice2

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

Payments funding in India

203 payments companies in India have recorded equity funding, US$10.45bn in total. Totals and round dates describe the historical record; they are not current valuations.

Founders and momentum in India

Meet the people behind payments companies in India. 735 of 1,715 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.

Explore India payments companies by sub-sector

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

Keep exploring payments in India and nearby markets.

Coming soon