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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

A Silicon Valley-based Artificial Intelligence company has opened an office in <keyword id="30033" type="General" weightage="100" keywordseo="bihar" source="Orion">Bihar</keyword>, making it the first IT company from the US to enter the state. <keyword id="3832067" type="General" weightage="50" keywordseo="tiger-analytics" source="Orion">Tiger Analytics</keyword>, headquartered in Santa Clara, has opened its first office in <keyword id="6358805" type="General" weightage="50" keywordseo="patna" source="Orion">Patna</keyword> this month. "We are hoping that the initial step that we are taking, can lead to a lot of progress down the road," Mahesh Kumar, founder and CEO of Tiger Analytics, told PTI in a recent interview. The company currently has some 4,000 employees in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, but they are mostly in Chennai, Bangalore and Hyderabad. Kumar, who is himself from Bihar, said during the COVID crisis a large number of its employees went back home to Bihar and started working remotely. "We have close to a hundred people between Bihar and Jharkhand right now. They're working remotely and they were happy there, they didn't want to come back," he said. "So, we realised that they're very good talented people, young people, they want to stay close to home but there are no opportunities in Bihar for them to work. Even when we set up this office (in Patna), a lot of social media responses came. People are looking forward to Tiger (Analytics) growing there (in Bihar) so they can go back and work from there," Kumar said. Kumar, who interacts with other successful entrepreneurs from Bihar in Silicon Valley regularly, said their goal is to encourage more like-minded people to come together and use it as an initial seed to grow a bigger ecosystem in Bihar. Tiger Analytics is primarily a consulting company in the field of artificial intelligence and machine learning. "We hope that taking this lead into account, many more companies will come to Bihar in the same way," Sandeep <keyword id="14554511" type="General" weightage="50" keywordseo="poundrik" source="Orion">Poundrik</keyword>, Additional Chief Secretary, Department of Industries, Bihar told PTI. A delegation of senior Bihar officials travelled to Silicon Valley this summer for meetings with Bihar-origin successful tech entrepreneurs. "We are trying to get IT companies to start their operations in Bihar. .... . It's not a very easy task, especially because right now there are not many IT companies in Bihar," said Poundrik who is also CEO of the Bihar Foundation, a state government-supported body for its diaspora community. Thousands of engineering students from Bihar currently seek opportunities outside the state due to the limited presence of IT companies within Bihar, he said. Responding to a question, Poundrik acknowledged that it's a little more challenging to attract investment in Bihar in the IT sector. "Number one.... I would say their perception of Bihar is not very positive, especially outside India. Because they have never heard of Patna or Bihar. So if any IT company wants to start their unit, they only think about Chennai, Bangalore or Hyderabad. They never think about Bihar," he said. "Second, I think the market is not local as far as IT is concerned. We have created the infrastructure. So in addition to whatever infrastructure the government has created for startups and IT companies, there's a lot of private infrastructure which has come up in Patna. About 12 IT towers are being developed in Patna in various stages of construction in the Patliputra industrial area," he said. Encouraged by Tiger Analytics' move, the Bihar government is now planning to organise a <keyword id="507960" type="General" weightage="50" keywordseo="global-investors-summit" source="Orion">Global Investors Summit</keyword> in Patna on December 13 and 14. "One of the key priority areas in that summit is IT. We will try to get IT companies from India and outside India to come and at least look at the opportunities, the strengths of Bihar," he said. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/x-starts-rolling-out-audio-and-video-calls-heres-everything-you-need-to-know/articleshow/104716334.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/x-starts-rolling-out-audio-and-video-calls-heres-everything-you-need-to-know/articleshow/104716334.cms" target="_blank">X starts rolling out audio and video calls – here’s everything you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/best-smartphones-under-rs-50000-in-india-oneplus-apple-and-google-phones-also-in-the-list/slidelist/104699569.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/best-smartphones-under-rs-50000-in-india-oneplus-apple-and-google-phones-also-in-the-list/slidelist/104699569.cms" target="_blank">From Pixel 7 to iPhone 13 – best smartphones under ₹50,000 in India</a><a href="https://www.businessinsider.in/tech/apps/news/how-to-use-two-whatsapp-accounts-on-one-phone/articleshow/104641592.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-use-two-whatsapp-accounts-on-one-phone/articleshow/104641592.cms" target="_blank">How to use two WhatsApp accounts on one phone? A step by step guide</a>

Artificial Intelligence company from Silicon Valley enters Bihar

Almost one in five of India’s future unicorns drop off the race as funding winter bites

<keyword id="2461546" type="General" weightage="20" keywordseo="fintech" source="Orion">Fintech</keyword> company <keyword id="657366" type="General" weightage="100" keywordseo="slice" source="Orion">Slice</keyword> on Monday announced it has become India's new unicorn with raising $220 million in a Series B round, that values it at over $1 billion. The round was led by <keyword id="526777" type="General" weightage="20" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> and New York-based global private equity and venture capital Insight Partners. Slice (Written as slice) is a credit card challenger to pay bills, manage expenses and unlock rewards. "We've kept our heads down in the initial years and focused solely on simplifying the consumer journey and creating a cutting-edge risk underwriting system," said Rajan Bajaj, Founder and CEO. New and existing investors including <keyword id="312345" type="General" weightage="20" keywordseo="advent-international" source="Orion">Advent International</keyword>'s Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, <keyword id="592779" type="General" weightage="20" keywordseo="blume-ventures" source="Orion">Blume Ventures</keyword>, and 8i also participated in the round. Users can sign up with Slice in seconds, quickly get a virtual card (and get a physical card delivered to their home), and enjoy up to 2 per cent cashback on each transaction. Slice, which is shipping over 200,000 cards each month, recently opened doors to the new-to-credit population. They can start their financial journey with the newly introduced card with a limit of Rs 2,000. "Slice has built a product that customers love, which we expect will result in continued growth and market share gains," said Alex Cook, Partner at Tiger Global. Slice said it now has a registered user base of over 5 million and a 40 per cent month-on-month growth rate accompanied by industry-leading risk metrics. Nearly 38 Indian startups have made it to the unicorn list this year, raising more than $32 billion (till October). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/after-coinbase-and-crosstower-singapores-coinstore-is-now-entering-india-despite-fears-of-a-ban-on-crypto/articleshow/87976839.cms">After Coinbase and CrossTower, Singapore’s Coinstore is now entering India despite fears of a ban on crypto</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/comparison-between-airtel-vs-jio-vs-vodafone-idea-prepaid-plans-after-hikes/articleshow/87977165.cms">Airtel vs Jio vs Vodafone Idea: latest prepaid plans and what you will get</a>

Fintech firm Slice becomes India's new unicorn

<ul><li>Tiger Global has invested in three B2B ecommerce platforms <keyword id="8032183" type="General" weightage="20" keywordseo="infra-market" source="Orion">Infra.Market</keyword>, <keyword id="3119222" type="General" weightage="20" keywordseo="moglix" source="Orion">Moglix</keyword> and <keyword id="3259676" type="General" weightage="20" keywordseo="Ofbusiness" source="Orion">OfBusiness</keyword> this year.</li><li>The three players compete with each other in this sub segment of B2B, but the intricacies of their businesses are quite different.</li><li>OfBusiness is a tech-enabled platform that enables small and medium enterprises (SMEs) with procurement of raw materials and credits.</li></ul>OfBusiness, which allows businesses to purchase bulk orders from sellers online, has doubled its valuation to $3 billion in a $207 million fresh funding round led by Tiger Global. The company was valued at $1.5 billion in July, when it raised $160 million from SoftBank, Falcon Edge and Matrix Partners. Softbank, along with Falcon Edge-managed Alpha Wave Incubation, also participated in the latest round with an infusion of $43 million. New York-based Tiger Global — which is also an investor in other business-to-business (B2B) marketplaces Infra.Market and Moglix — has infused $150 million in the New Delhi-based startup. It is likely to infuse another $15-20 million in the coming round. This is the third major funding round closed by OfBusiness this year. In April this year, the company <a href="https://www.businessinsider.in/business/startups/news/sme-financing-platform-ofbusiness-raises-110-million-from-falcon-edge-capital-valuation-hits-800-million/articleshow/81962626.cms">had raised $110 million</a> led by Falcon Edge Capital at a valuation of $800 million. Interestingly, this is also the third unicorn investment made by Tiger Global in the B2B ecommerce space. Infra.Market, Moglix and OfBusiness are competitors in this sub segment of B2B, but the intricacies of their businesses are quite different. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Focus area </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valuation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infra.Market </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Construction material </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">OfBusiness </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manufacturing and infrastructure development material </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Moglix </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Industrial and home products </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.33 billion </td></tr></tbody><tbody></tbody></table> The nearly $3 billion worth <keyword id="6357316" type="General" weightage="20" keywordseo="udaan" source="Orion">Udaan</keyword>, too, is a <a href="https://www.businessinsider.in/business/startups/news/udaan-fires-half-its-contract-employees/articleshow/75357229.cms">prominent player </a>in the B2B ecommerce space. It helps small businesses to procure products — across categories like electronics, home and kitchen, staples, fruit and vegetables, and more — at lower prices. <keyword id="7466761" type="General" weightage="20" keywordseo="zetwerk" source="Orion">Zetwerk</keyword> — valued at $1.33 billion — entered the unicorn club this year, when it raised $150 million in a round led by D1 Capital. It focuses on online sale of manufacturing material. What is OfBusiness up to? Founded by Asish Mohapatra, Bhuvan Gupta, Vasant Sridhar, Ruchi Kalra and Nitin Jain in 2015, the New Delhi-based startup is a tech-enabled platform that enables small and medium enterprises (SMEs) with procurement of raw materials and credits. It has a separate entity, NBFC Oxyzo Financial Services, to offer financing solutions to SMEs. This entity has a loan book of $240 million, with 5,000 borrowers to the list. The company claims to be at an annual revenue run-rate of $1.4 billion. It further plans to increase this with expansion of its operations and acquisition of other businesses, Mohapatra <a href="https://economictimes.indiatimes.com/tech/funding/ofbusiness-valuation-doubles-to-3-billion-after-tiger-global-led-funding/articleshow/86645251.cms">told</a> The Economic Times. It claims to be underway to close several such acquisitions. The company competes with platforms like Moglix, Infra.Market, Zetwerks and others on the B2B ecommerce business fronts. In SME lending, it is competing with other platforms like BharatPe, LendingKart, Aye Finance and many others. OfBusiness, along with its B2B ecommerce rivals mentioned above, are among the 28 startups that entered the unicorn club this year, with a valuation of over $1 billion. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/paras-defence-maruti-suzuki-airtel-vodafone-idea-and-other-top-stocks-to-watch-out-for-on-october-1/slidelist/86670108.cms" data-type="tilCustomLink">Paras Defence, Maruti Suzuki, Airtel, Vodafone Idea and other top stocks to watch out for on October 1</a> <a href="https://www.businessinsider.in/stock-market/news/paras-defence-space-tech-ipo-continues-to-demand-a-premium-of-200-in-grey-market/articleshow/86663834.cms" data-type="tilCustomLink">Paras Defence &amp; Space Tech IPO continues to demand a premium of ₹200 in grey market</a> <a href="https://www.businessinsider.in/business/startups/news/ola-electric-raises-200-million-from-softbank-falcon-edge-at-valuation-of-3-billion/articleshow/86649236.cms">4-year old Ola Electric is now worth over a half of its older sibling Ola</a>

You Searched For "Tiger Global unicorns India" and got 5 results

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

ANI

Artificial Intelligence company from Silicon Valley enters Bihar

PTI

Almost one in five of India’s future unicorns drop off the race as funding winter bites

Katya Naidu

Fintech firm Slice becomes India's new unicorn

IANS

Tiger Global is now an investor in three of the five B2B ecommerce unicorns in India

Kritti Bhalla

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