Company lists
The Mumbai edition · 2026

Paymentscompanies in Mumbai

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

217 company profiles95 with reported revenue54 with recorded fundingOctober 2026 edition
Mumbai · Photo: Wikimedia Commons (Creative Commons Attribution-ShareAlike 4.0)

Recent payments business events in Mumbai

Funding, M&A, contract wins and launches involving 322 payments companies in Mumbai, last 24 months: 50 Contracts · 39 M&A deals · 18 funding rounds · 5 launches. Newest first; companies and investors link to their Fliar profiles. Latest event in our news feed: May 2026.

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
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
Funding

M-pesa

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

Investors Vodacom
Fintech (Mobile Money)
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
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
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
FundingSeries A

Mintoak

Mintoak ’s $6 million Series A, with backing from Pravega Ventures and PayPal , reinforces a growing truth in fintech: the next generation of winners will likely be boring on the surface…

FinTech
ContractInfrastructure

Au small finance bank · client: Zaggle Prepaid Ocean Services

AU Small Finance Bank has announced a strategic partnership with Zaggle Prepaid Ocean Services Ltd, India’s leading spend management company.

Financial Services
ContractService

Mastercard Asia Pacific Pte. Ltd · client: Zaggle Prepaid Ocean Services

the company said it has "entered into an agreement" with Mastercard Asia Pacific Pte. Ltd to launch and promote co-branded domestic prepaid cards on the Mastercard network.

Prepaid card
M&AAcquisition · Announced

Payu acquires MindGate Solutions

Digital payments major PayU has acquired an additional 27% in Mindgate Solutions, increasing its stake in the Mumbai-based payment processing company to a majority 70%.

M&AAcquisition · Announced

Payu acquires Mindgate

PayU, the payments and FinTech arm of Prosus, has increased its stake in Mindgate, an innovator in real-time payments technology, moving from a minority position to a majority…

Payments Technology
Funding

Jio financial services

Jio Reinsurance Ltd will invest an amount of Rs 2.50 lakh towards initial subscription of 25,000 equity shares of…

Investors Jio Reinsurance Ltd
M&AAcquisition · Announced

ALT5 Sigma Corporation acquires Mswipe

The company also announced the finalization of the acquisition agreements for Mswipe, a new generation payment solution provider.

Payment solution provider
M&AAcquisition · Terminated

Ecr minerals acquires Maximus

In March, ECR said it would buy Maximus for £500,000.

ContractService

Grant Thornton Bharat · client: Zaggle Prepaid Ocean Services

Under the terms of the agreement, Grant Thornton will act as a channel partner, offering Zaggle's flagship Spend Management platform to its roster of corporate clients and large enterprises.

Fintech
M&AAcquisition · Announced

PayU Payments acquires MindGate Solutions

Cyril Amarchand Mangaldas advised PayU Payments Private Limited (“PayU”), the payment and fintech business of Amsterdam-based global consumer internet group and technology investor…

Payment and fintech
M&AAcquisition · Rumored

Patanjali group acquires India transact services

Debt-ridden ATM player AGS Transact Technologies is in talks to sell a majority stake in its digital payment subsidiary India Transact Services (ITSL) to Patanjali group, sources said,…

LaunchBRISKPE Launchpad

Briskpe

BRISKPE Launchpad, a bold new initiative aimed at transforming how Indian sellers expand globally.

FundingStrategic investment

Mobileware technologies

Mobileware Technologies, a digital payments infrastructure company, has secured Rs 7.25 crore in a strategic investment from Zaggle, bringing the total investment raised to Rs 22.85 crore.

Investors Zaggle
Digital payments infrastructure
M&AAcquisition · Announced

86400 acquires Mobileware technologies

The spend management company had acquired a 26% stake in Mobileware Technologies (now known as ‘86400’) for INR 15.6 Cr in September last year.

Digital payments service provider
FundingAcquisition

MindGate Solutions

Prosus-backed fintech company PayU acquired a 43.5 percent stake in payments infrastructure company Mindgate Solutions for an undisclosed amount.

Fintech
ContractService

Allianz · client: Jio financial services

Reliance's Jio Financial Services has a preliminary agreement with Allianz SE to start an insurance business in India.

Insurance
ContractTechnology

Strada, HCM and financial management solutions · client: Zaggle Prepaid Ocean Services

Zaggle Prepaid Ocean Services Limited has announced that it has contracted with Strada, HCM and financial management solutions, to deliver a unified payroll and spend management solution…

Payroll and spend management
ContractService

Strada · client: Zaggle Prepaid Ocean Services

Zaggle Prepaid Ocean Services Limited, a leading B2B SaaS FinTech company, has announced that it has contracted with Strada, a leader in end-to-end payroll, HCM and financial management…

LaunchBRISKPE Unified Platform for Cross‑Border Payments

Briskpe

BRISKPE, a PayU-backed cross‑border payment platform, has introduced a game‑changing solution designed specifically to meet the needs of micro, small, and medium enterprises (MSMEs).

Cross‑border payment platform
FundingEquity investment

Mobileware technologies

Zaggle recently acquired 98 per cent controlling stake in Span Across IT Solutions (TaxSpanner) through an investment of ₹32 crore and also picked up a 26 per cent stake in Mobileware…

Investors Zaggle
ContractService

Mastercard · client: Zaggle Prepaid Ocean Services

Zaggle Prepaid Ocean Services hit an upper circuit of 5% at Rs 490.65 after the company has entered into an agreement with Mastercard Technology (MasterCard) for 7 years. The terms and…

Fintech

Payments companies in Mumbai, by revenue

Browse payments 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 95 payments 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 an online payment gateway platform

Payments
₹2,446.19 crFY 2023-24
-12%2023–2024
802-1% 12 mo to Sep 2024LinkedIn · Oct 2026
26 yr2000
0none in 3 months

Payment processing solutions for merchants

Payments
₹2,236.45 crFY 2024-25
+47%2024–2025
1,068+31% 12 mo to Aug 2024LinkedIn · Oct 2026
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
6,337-10% 12 mo to Sep 2024LinkedIn · Oct 2026
20 yr2006
0none in 3 months

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

Payments
₹1,508.77 crFY 2023-24
Not reported
3,181-15% 12 mo to Mar 2024LinkedIn · Oct 2026
24 yr2002
0none in 3 months

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

Payments
₹1,473.62 crFY 2024-25
Not reported
403-25% 12 mo to Nov 2018LinkedIn · Oct 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
547+50% 12 mo to Sep 2024LinkedIn · Oct 2026
15 yr2011
0none in 3 months

Agent-based payment solutions

Payments
₹819.66 crFY 2024-25
+2%2024–2025
7LinkedIn · Oct 2026
8 yr2018
0none in 3 months

Platform offering digital banking solutions for consumers

Payments
₹719.69 crFY 2023-24
+33%2023–2024
176+24% 12 mo to Sep 2024recorded Sep 2024
11 yr2015
0none in 3 months

A next-generation online payment gateway that enables transactions across various platforms, channels, and devices

Payments
₹726.43 crFY 2024-25
+5%2024–2025
—Not available
13 yr2013
0none in 3 months

Provider of end-to-end ATM outsourcing, digital payment, and platform solutions

Payments
₹421.34 crFY 2024-25
-3%2024–2025
322+22% 12 mo to Sep 2024LinkedIn · Oct 2026
15 yr2011
0none in 3 months

Provider of technology solutions for loyalty programs, travel, and payments

Loyalty software
₹409.08 crFY 2024-25
-35%2024–2025
357+2% 12 mo to Sep 2024LinkedIn · Jul 2026
12 yr2014
0none in 3 months

Provider of payment technology solutions for retail and online businesses

Payments
₹341.85 crFY 2024-25
+21%2024–2025
2,414+11% 12 mo to Jun 2024LinkedIn · Oct 2026
15 yr2011
0none in 3 months · last posted Jul 2026

Provider of payment processing software for card issuance and switching

Payments
₹330.92 crFY 2024-25
+27%2024–2025
1,484+6% 12 mo to Sep 2024LinkedIn · Oct 2026
22 yr2004
0none in 3 months

Digital platform providing range of payment and digital banking services

Banking tech
₹310.12 crFY 2024-25
-17%2024–2025
1,503-16% 12 mo to Jul 2024LinkedIn · Oct 2026
10 yr2016
0none in 3 months · last posted Sep 2022

Agent-based platform offering correspondent banking solutions

Payments
₹259.03 crFY 2024-25
+21%2024–2025
1,462-9% 12 mo to Mar 2024LinkedIn · Oct 2026
36 yr1990
0none in 3 months

Provider of omnichannel payment gateway solutions and financial service platform

Payments
₹213.13 crFY 2024-25
+66%2024–2025
738LinkedIn · Oct 2026
14 yr2012
0none in 3 months · last posted Jun 2026

Provider of digital financial services and retail solutions via agent network

Banking tech
₹201.94 crFY 2024-25
+32%2024–2025
657+94% 12 mo to Sep 2024LinkedIn · Oct 2026
19 yr2007
0none in 3 months · last posted Jun 2026

A digital payment solution provider offering recharge services for mobile phones, DTH services, and utility bills

Payments
₹185.84 crFY 2024-25
+38%2024–2025
4LinkedIn · Oct 2026
11 yr2015
0none in 3 months

Closed wallet for money transfer and bill payments

Payments
₹176.27 crFY 2023-24
-9%2023–2024
19-13% 12 mo to Sep 2024LinkedIn · Oct 2026
12 yr2014
0none in 3 months

NTT data payment services to boost their businesses

Payments
₹166.58 crFY 2024-25
+38%2024–2025
291+72% 12 mo to Sep 2022recorded Sep 2022
20 yr2006
0none in 3 months

Operator of a platform facilitating bill payment across multiple categories

Payments
₹164.89 crFY 2024-25
+68%2024–2025
174LinkedIn · Jul 2026
13 yr2013
0none in 3 months

Provider of financial services to the underbanked via online platform

Payments
₹157.98 crFY 2024-25
+32%2024–2025
175+22% 12 mo to Sep 2024recorded Sep 2024
7 yr2019
0none in 3 months

Provider of payment gateway solutions, transaction processing, and data security

Banking tech
₹121.02 crFY 2024-25
+10%2024–2025
465+3% 12 mo to Sep 2024recorded Sep 2024
18 yr2008
0none in 3 months

Agent-based payment solutions for consumers and businesses

Payments
₹117.89 crFY 2024-25
+20%2024–2025
164+6% 12 mo to Aug 2024recorded Aug 2024
8 yr2018
0none in 3 months

Mobile-based payments processing solutions with QR-code, and virtual POS

Payments
₹112.33 crFY 2024-25
+232%2024–2025
38LinkedIn · Jul 2026
10 yr2016
0none in 3 months
50 of 217 companies shown here · the full list is on Radar
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Open payments in Mumbai on Radar
  • Every company, not just 50All 217 payments companies in Mumbai, filterable by stage, funding, team size, revenue model and age.
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Explore payments companies in Mumbai by what you are looking for

Find top payments companies in Mumbai, from online payment gateways and digital wallets to payment banks and POS providers. Browse fintech payments startups in Mumbai and listed payments companies.

9 ways to explore payments in Mumbai

Online payment gateways & digital paymentsBill payment & agent-based payment servicesPayments banks & digital banking technologyPOS terminals, wallets & prepaid cardsBusiness payments, spend management & corporate cardsPayment fraud detection & regtech companies

Online payment gateways & digital payments

Gateways and platforms for online, UPI and digital payments.

  1. BillDesk

    Provider of an online payment gateway platform

    Payments
    See in list
  2. Airpay

    Provider of omnichannel payment gateway solutions and financial service platform

    Payments
    See in list
  3. Oyepe

    A digital payment solution provider offering recharge services for mobile phones, DTH services, and utility bills

    Payments
    See in list
  4. Ongo

    Closed wallet for money transfer and bill payments

    Payments
    See in list
  5. Concerto

    Provider of payment gateway solutions, transaction processing, and data security

    Banking tech
    See in list

Bill payment & agent-based payment services

Utility bill payment, agent banking and retail payment networks.

  1. Fino Paytech

    Provider of technology solutions and services for banking and financial sectors

    Banking tech
    See in list
  2. PayNearby

    Digital platform providing range of payment and digital banking services

    Banking tech
    See in list
  3. Vakrangee

    Agent-based platform offering correspondent banking solutions

    Payments
    See in list
  4. Pay Point India

    Provider of digital financial services and retail solutions via agent network

    Banking tech
    See in list
  5. Oyepe

    A digital payment solution provider offering recharge services for mobile phones, DTH services, and utility bills

    Payments
    See in list

Payments banks & digital banking technology

Digital banking platforms, payments banks and core banking providers.

  1. Fino Paytech

    Provider of technology solutions and services for banking and financial sectors

    Banking tech
    See in list
  2. NSDL Payments Bank

    Platform offering digital banking solutions for consumers

    Payments
    See in list
  3. PayNearby

    Digital platform providing range of payment and digital banking services

    Banking tech
    See in list
  4. Vakrangee

    Agent-based platform offering correspondent banking solutions

    Payments
    See in list
  5. Finacus

    Provider of banking and finance software solutions as a service

    Payments
    See in list

POS terminals, wallets & prepaid cards

Providers of POS devices, mobile wallets and prepaid or payment cards.

  1. Mswipe

    Provider of payment technology solutions for retail and online businesses

    Payments
    See in list
  2. Evolute

    Provider of hardware and software solutions for different industries

    Payments
    See in list
  3. Finacus

    Provider of banking and finance software solutions as a service

    Payments
    See in list
  4. PayCraft

    Provider of payment platforms and card solutions for various applications

    Payments
    See in list
  5. Intelligent Payment

    Provider of prepaid card issuance and management platform

    Payments
    See in list

Business payments, spend management & corporate cards

Platforms for B2B payments, expense management and corporate cards.

  1. Zaggle

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

    Hrtech
    See in list
  2. EnKash

    Provider of a platform for business spend management and payment solutions

    Finance & accounting tech
    See in list
  3. Nimbbl

    Provider of one-click checkout and payment solutions for online businesses

    Payments
    See in list
  4. Kodo

    Intake-to-pay, corporate cards, and accounts payable automation solutions

    Payments
    Website
  5. Fetch My Payment

    Invoicing and payment solutions for businesses

    Payments
    Website

Payment fraud detection & regtech companies

Fraud prevention, risk management and compliance technology.

  1. Drona Pay

    Cloud based financial fraud solution provider

    Security & surveillance technology
    See in list
  2. Frog 8 Technology Services

    Integrated payment solutions for businesses

    Payments
    Website
  3. iAcuity

    Fraud detection solutions

    Cybersecurity
    Website
  4. Quotientica

    AI-enabled financial risk management platform

    Regtech
    Website
  5. Bankiq

    Provider of real-time fraud detection and prevention solutions for financial institutions

    Security & surveillance technology
    Website

Listed payments companies

Publicly traded payments companies in Mumbai.

  1. AGS Transact Technologies

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

    Payments
    See in list
  2. Seshaasai

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

    Payments
    See in list
  3. Zaggle

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

    Hrtech
    See in list
  4. Vakrangee

    Agent-based platform offering correspondent banking solutions

    Payments
    See in list
  5. Jio Financial Services

    Provider of loans, insurance brokerage, and payment services

    Alternative lending
    See in list
7 companies in Mumbai

Payments startups in Mumbai

Newer payments and fintech companies founded recently.

  1. Nupay

    Provider of digital payment solutions and corporate expense management tools

    Payments
    See in list
  2. Drona Pay

    Cloud based financial fraud solution provider

    Security & surveillance technology
    See in list
  3. VegaPay

    Provider of technology to build and launch banking and credit products

    Payments
    Website
  4. Akshar

    It offers fee financing solutions for educational institutes

    Payments
    Website
  5. BriskPe

    Provider of international payment solutions for businesses and service professionals

    Digital remittance
    Website
44 companies in Mumbai

Payments companies hiring in Mumbai

Payments companies in Mumbai with open roles.

  1. Mswipe

    Provider of payment technology solutions for retail and online businesses

    Payments
    See in list
  2. PayNearby

    Digital platform providing range of payment and digital banking services

    Banking tech
    See in list
  3. Airpay

    Provider of omnichannel payment gateway solutions and financial service platform

    Payments
    See in list
  4. Pay Point India

    Provider of digital financial services and retail solutions via agent network

    Banking tech
    See in list
  5. Evolute

    Provider of hardware and software solutions for different industries

    Payments
    See in list
18 companies in Mumbai
Mobile reach

Top 10 payments apps from Mumbai

The most-installed Android apps published by payments companies headquartered in Mumbai — 44.6M installs between them. 48 companies on this page publish at least one app; each company (legal entity) appears once, with its most-installed app.

1 of 10
1

Jupiter: Cards, UPI, Banking

by Jupiter

Installs14.9M
Rating4.31607K ratings
Installs, year on year+31%
Last updatedMay 2026
View on Google Play ↗
Jupiter: Cards, UPI, Banking screenshot 1Jupiter: Cards, UPI, Banking screenshot 2Jupiter: Cards, UPI, Banking screenshot 3Jupiter: Cards, UPI, Banking screenshot 4Jupiter: Cards, UPI, Banking screenshot 5Jupiter: Cards, UPI, Banking screenshot 6
2

PayNearby - Aadhaar ATM, DMT

by PayNearby

Installs14.4M
Rating3.67247K ratings
Installs, year on year+16%
Last updatedJun 2026
View on Google Play ↗
PayNearby - Aadhaar ATM, DMT screenshot 1PayNearby - Aadhaar ATM, DMT screenshot 2PayNearby - Aadhaar ATM, DMT screenshot 3PayNearby - Aadhaar ATM, DMT screenshot 4PayNearby - Aadhaar ATM, DMT screenshot 5PayNearby - Aadhaar ATM, DMT screenshot 6
4

BharatNXT: Business Payments

by BharatNXT

Installs2.5M
Rating—
Installs, year on year+20%
Last updatedJun 2026
View on Google Play ↗
BharatNXT: Business Payments screenshot 1BharatNXT: Business Payments screenshot 2BharatNXT: Business Payments screenshot 3BharatNXT: Business Payments screenshot 4BharatNXT: Business Payments screenshot 5BharatNXT: Business Payments screenshot 6
5

Mswipe Merchant App

by Mswipe

Installs1.8M
Rating3.5612K ratings
Last updatedApr 2026
View on Google Play ↗
Mswipe Merchant App screenshot 1Mswipe Merchant App screenshot 2Mswipe Merchant App screenshot 3Mswipe Merchant App screenshot 4Mswipe Merchant App screenshot 5Mswipe Merchant App screenshot 6
6

Pay1 Merchant

by Pay1

Installs1.3M
Rating4.1112K ratings
Last updatedMay 2026
View on Google Play ↗
Pay1 Merchant screenshot 1Pay1 Merchant screenshot 2Pay1 Merchant screenshot 3Pay1 Merchant screenshot 4
7

Zaggle

by Zaggle

Installs631K
Rating4.289K ratings
Last updatedJun 2026
View on Google Play ↗
Zaggle screenshot 1Zaggle screenshot 2Zaggle screenshot 3Zaggle screenshot 4Zaggle screenshot 5
8

Pay Point

by Pay Point India

Installs628K
Rating—
Installs, year on year+19%
Last updatedJun 2026
View on Google Play ↗
Pay Point screenshot 1Pay Point screenshot 2Pay Point screenshot 3Pay Point screenshot 4Pay Point screenshot 5Pay Point screenshot 6
9

Biznext: AEPS | DMT | Recharge

by Biznext

Installs620K
Rating4.074K ratings
Installs, year on year+84%
Last updatedMay 2026
View on Google Play ↗
Biznext: AEPS | DMT | Recharge screenshot 1Biznext: AEPS | DMT | Recharge screenshot 2Biznext: AEPS | DMT | Recharge screenshot 3Biznext: AEPS | DMT | Recharge screenshot 4Biznext: AEPS | DMT | Recharge screenshot 5Biznext: AEPS | DMT | Recharge screenshot 6
The business behind the activity

Payments financials in Mumbai

Revenue, profit and growth from the filed annual accounts of 78 payments companies in Mumbai, Maharashtra for FY24-25 — 100 of the 217 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 64% of the revenue, so medians describe the typical company better than totals.

combined revenue, FY24-25₹10,350.77 cr

78 companies filing accounts

combined net profit₹465.21 cr

4.5% aggregate margin

are profitable55%

43 of 78 companies

median revenue~₹6.7 cr

the typical company

median revenue growth+25%

into FY24-25

earned by the top five64%

revenue concentration

Six-year view

Combined revenue of filing companies

₹8,501.01 crFY19-2065 filers
₹8,276.78 crFY20-2174 filers
₹9,992.99 crFY21-2277 filers
₹10,472.88 crFY22-2375 filers
₹13,193.53 crFY23-2483 filers
₹10,350.77 crFY24-2578 filers

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

Like-for-like

The same 64 companies over three years

+49%
FY22-23₹6,033.27 cr₹169.47 cr net
FY23-24₹7,795.75 cr₹341.54 cr net
FY24-25₹8,995.19 cr₹559.18 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 cr2030% profitable
₹1–10 cr2236% profitable
₹10–100 cr1669% profitable
₹100–1,000 cr1788% profitable
Over ₹1,000 cr3100% profitable

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

Momentum

How fast revenue moved into FY24-25

Shrinking24
0–20%10
20–50%15
50–100%11
Doubled+15

75 companies with accounts for both years; median growth +25%.

Profitability

Profit is concentrated at the top

43profitable
35loss-making
4.5%aggregate margin
0.3%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
Paramotor Digital TechnologyPARAMOTOR DIGITAL TECHNOLOGY LIMITED+232%₹112.33 cr
ZaggleZaggle Prepaid Ocean Services Limited+69%₹1,327.16 cr
Bharat ConnectNPCI BHARAT BILLPAY LIMITED+68%₹164.89 cr
AirpayAirpay Payment Services Private Limited+67%₹215.12 cr
JRI TechnologiesJRI TECHNOLOGIES PRIVATE LIMITED
MfinsMFINS SERVICES PRIVATE LIMITED
Profit leaders · ₹10 cr+ revenue

Highest net margins, FY24-25

CompanyMarginRevenue
MintoakMINTOAK INNOVATIONS PRIVATE LIMITED
Paramotor Digital TechnologyPARAMOTOR DIGITAL TECHNOLOGY LIMITED26.0%₹112.33 cr
1Pay1PAY MOBILEWARE PRIVATE LIMITED
Fino PaytechFINO PAYTECH LIMITED15.8%₹19.39 cr
SeshaasaiSESHAASAI TECHNOLOGIES LIMITED15.1%₹1,472.35 cr
Bharat ConnectNPCI BHARAT BILLPAY LIMITED14.3%₹164.89 cr
Inside the industry

Sub-sectors compared, FY24-25

Sub-sectorCompaniesRevenueMedian revenueProfitableMargin
Payments58₹7,951.99 cr~₹6.3 cr55%4.9%
Banking tech7₹666.03 cr~₹19.4 cr86%4.8%
Leaders

Largest payments companies by revenue, FY24-25

Company · legal entityRevenueNet resultMarginGrowth
SBI Payment ServicesSBI PAYMENT SERVICES PRIVATE LIMITED₹2,236.45 cr₹138.90 cr6.2%+47%
SeshaasaiSESHAASAI TECHNOLOGIES LIMITED₹1,472.35 cr₹222.21 cr15.1%-6%
ZaggleZaggle Prepaid Ocean Services Limited₹1,327.16 cr₹87.48 cr6.6%+69%
RupeebizTRUEHOST IT SERVICES PRIVATE LIMITED₹819.66 cr₹27.29 lakh0.0%+2%
PaynimoWORLDLINE EPAYMENTS INDIA PRIVATE LIMITED₹726.43 cr−₹22.53 cr-3.1%+5%
Electronic Payment and ServicesELECTRONIC PAYMENT AND SERVICES PRIVATE LIMITED₹421.34 cr₹37.80 lakh0.1%-3%
VernostVERNOST TECH VENTURES PRIVATE LIMITED₹341.49 cr₹21.69 cr6.4%-44%
PayNearbyNEARBY TECHNOLOGIES PRIVATE LIMITED₹308.27 cr₹11.17 cr3.6%-17%
MswipeMSWIPE TECHNOLOGIES PRIVATE LIMITED₹276.82 cr−₹6.71 cr-2.4%+2%
AirpayAirpay Payment Services Private Limited₹215.12 cr₹28.26 cr13.1%+67%
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

AdTech Industry Landscape of Mumbai

The financials above are one chapter. The full payments 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 payments landscape of Mumbai
For investors and data teams

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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 Mumbai compares. Debt, IPO and grant rounds are excluded.

equity rounds, last 12 months17

US$150.28m

equity rounds, last 24 months60

US$640.20m

raised over five yearsUS$5.51bn

373 rounds in India

M&A deals, Mumbai39

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 Mumbai

39Acquisition

Most active acquirers

  1. Zaggle Prepaid Ocean Services23
  2. Payu4
  3. Jio financial services4
  4. Ran Ventures1
  5. Billdesk1

Most acquired or merged

  1. Mobileware technologies4
  2. MindGate Solutions3
  3. Dice2
  4. Na2
  5. Effiasoft2

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

Payments funding in Mumbai

54 payments companies in Mumbai have recorded equity funding, US$1.35bn in total. Totals and round dates describe the historical record; they are not current valuations.

Founders and momentum in Mumbai

Meet the people behind payments companies in Mumbai. 137 of 217 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.

Explore Mumbai payments companies by sub-sector

The most common specialisations among payments companies in Mumbai. 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