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New Delhi: The <keyword id="21833060" type="General" weightage="20" keywordseo="Fintech-ecosystem" source="keywords">Fintech ecosystem</keyword> of the country now cumulatively valued at over USD 100 billion, is at a pivotal stage of evolution, with the potential to create two to three times its current value over the next decade, as per a report by <keyword id="20058186" type="General" weightage="20" keywordseo="BCG" source="keywords" meta.keywordsubtype="org" meta.entityname="BCG" meta.hostid="269" meta.entityid="BCG">BCG</keyword> and Z47. The report highlighted that India remains one of the top three global Fintech destinations, with the ecosystem witnessing exponential growth across all levels. It added that over the past four years, the number of <keyword id="22974213" type="General" weightage="20" keywordseo="Minicorns" source="keywords">Minicorns</keyword> (valuation at least USD 1 million but less than USD 1 billion) in the country has increased by 3.5 times, while the number of <keyword id="19944451" type="General" weightage="100" keywordseo="Unicorns" source="keywords">Unicorns</keyword> and Soonicorns (startup that is growing quickly and has the potential to become a "unicorn" valued at USD 1 billion) has tripled. The report noted that in 2023, the country's Fintech market achieved a revenue size of USD 25 billion, marking a 56 per cent year-on-year growth which is a remarkable contrast to the global Fintech growth rate of just 13 per cent during the same period. However, the report also added that despite generating over USD 100 billion in value within the last decade, Indian Fintechs are still considered to be in the "middle" phase of their development, especially when compared to traditional incumbents who have created USD 600 billion+ in value over 30 to 50 years. The report mentioned that now the growth and the further expansion of the fintech ecosystem in the country is expected to come from the Tier 2 cities where majority of the Indian population resides. "With 63 per cent of the Indian population outside the top cities, huge opportunity exists to serve Bharat with next wave of penetration expected to come from Tier 2 cities" the report added. As Fintechs mature, profitability has become a central focus across the sector, with over 40 per cent of founders and CXOs (Chief Experience Officers) prioritizing unit economics alongside market expansion. Those preparing for or currently undergoing the IPO process are increasingly emphasizing governance, investment in infrastructure, and security. The report noted that in a recent survey of over 60 executives from top Fintechs, the majority cited market share expansion and growth as key priorities, especially for early and growth-stage companies. Post-IPO stage Fintechs, however, are placing greater emphasis on profitability and investments in technology, infrastructure, and security. "Mature Fintechs preparing for or in the IPO journey are emphasizing governance, investment in infrastructure, security Across survey of 60+ Executives of top Fintechs, market share expansion &amp; growth emerged as priorities for early and growth stage" added the report. Notably, the report stated that the profitability outlooks are improving year-on-year across all segments, with Neobank and InsurTech showing the most significant positive shifts since 2022. However, the industry is not without its challenges, particularly in the realm of cybersecurity. Over the past two decades, more than USD 20 billion has been lost to cyber and digital attacks.

Minicorns, Unicorns tripled in USD 100 billion Indian fintech ecosystem: BCG, Z47

11 under-30 founders named in Hurun India’s Future Unicorn Index 2024

<ul><li>India retains the third place among the countries with the most number of unicorns.</li><li><keyword id="17199584" type="General" weightage="20" keywordseo="most-unicorns" source="Orion">Most unicorns</keyword> came from fintech, SaaS, e-commerce, AI and healthtech.</li><li>Currently, there are 171 fintech unicorns worldwide, with an increase of 32 from the previous year.</li></ul>The year of 2023 has been a bad year for the once booming startups, as the funding winter has taken a turn for the worse. Startups have also laid off many people, as fewer funds flowed in. However, startups from a few sectors, from where the world’s most successful unicorns come from, are still attracting top young talent and smart capital, says the Hurun Global Unicorn Index 2023. Outside the US and China, India is the leader in terms of countries which have seen a boom in unicorns. India has maintained its position in the top three countries with the highest number of unicorns, which now stands at 68. The most valuable unicorn is BYJU'S, an online education company worth $22 billion, followed by Swiggy, an on-demand delivery <keyword id="138263" type="General" weightage="20" keywordseo="startup" source="Orion">startup</keyword>, and Dream11, a fantasy sports platform, both valued at $8 billion each. Interestingly, India has co-founded 70 unicorns outside of India compared with 68 in India. This takes the number of unicorns Indians have founded across the world to 138. Here are the top sectors from which the unicorns come from. Fintech: Currently, there are 171 fintech unicorns worldwide, with an increase of 32 from the previous year, making it the industry with the highest number of unicorns. Among the fintech unicorns, 20% are related to payment technology. The three most valuable fintech unicorns are Ant Group, valued at $120 billion, followed by Stripe, a payments platform valued at $50 billion, and WeBank, valued at $33 billion. The total value of fintech unicorns is $728 billion, which represents 17% of the total value of all unicorns, highlighting the dominance of fintech in the unicorn ecosystem. SaaS: SaaS is the second industry with the highest number of unicorns, with a total of 136. Among the SaaS unicorns, the most valuable are Canva, an Australia-based company valued at $21 billion, followed by Shanghai-based Xiaohongshu valued at $14 billion, and Munich-based Celonis valued at $13 billion. The total value of all SaaS unicorns is $437 billion. E-commerce: The e-commerce industry has a total of 120 unicorns, with a combined value of $364 billion. The most valuable e-commerce unicorns are apparel retailer Shein, valued at $65 billion, followed by J&amp;T Express, based in Indonesia and valued at $15 billion, and San Francisco-based Faire, valued at $12 billion. The United States has the largest number of e-commerce unicorns, with 35, followed by China with 24 and India with 17. Artificial Intelligence: Artificial Intelligence (AI) is the fourth industry with the highest number of unicorns, boasting a total of 105, which represents an increase of 21 from the previous year. San Francisco-based OpenAI, with a valuation of $20 billion, leads the industry followed by Grammarly, valued at $13 billion, and Talkdesk, valued at $10 billion. HealthTech: HealthTech is the fifth largest sector with 92 unicorns, which is an increase of 12 from the previous year, representing 6.8% of all unicorns. San Francisco has experienced the most unicorn activity in the HealthTech industry and is home to 18 unicorns. The most valuable HealthTech startups are Ro, based in New York, and WeDoctor, based in Hangzhou, both valued at $7 billion each, followed by Hinge Health, valued at $6.2 billion. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/rils-q4-to-be-driven-by-sustained-momentum-in-retail-business-o2c-to-see-modest-growth/articleshow/99629278.cms">RIL’s Q4 to be driven by sustained momentum in retail business, O2C to see modest growth</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/zomatos-cost-control-efforts-are-hurting-the-startup-strike-at-blinkit-to-hurt-revenues-by-1/articleshow/99609906.cms">Zomato's cost control efforts are hurting the startup: Strike at Blinkit to hurt revenues by 1%</a>

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Minicorns, Unicorns tripled in USD 100 billion Indian fintech ecosystem: BCG, Z47

ANI

11 under-30 founders named in Hurun India’s Future Unicorn Index 2024

Kunal Kambli

Startups in these sectors beat funding winter, attract young talent and capital

Anagh Pal

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