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Fintech aims to touch US$ 150 bn by 2025

BNE News Desk


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Guwahati: Pankaj Chaudhary, Minister of State for Finance, has stated that India's fintech sector is likely to reach $150 billion in valuation by 2025, owing to the expansion of India's fintech businesses.

Chaudhary stated at an ASSOCHAM industry event that the business has emerged as one of the country's fastest-growing industries.

"A majority of Indian fintech businesses are not even a decade old," added the Minister, "yet the progress and growth displayed by these enterprises have been exponential over the previous few years." The Indian fintech sector is anticipated to be worth $150 billion by 2025."

He also mentioned that India's adoption rate is 87 percent, which is far higher than the worldwide average of 64 percent.

Paytm Vice President Dharmender Jhamb remarked at the same gathering that smartphone penetration in the nation had aided the industry's rapid growth.

He went on to say that, due to rising smartphone penetration, the government's digitalization objective will be met in more than 3,000 Indian cities by 2025.

Since 2014, Indian financial businesses have garnered more than $22 billion in financing. There are now 21 unicorns and 31 soonicorns in the landscape, with a total worth of more than $74 billion.

Nine of the 21 unicorns are payment unicorns (Paytm, BharatPe, PhonePe, and Pine Labs), and five are investing unicorns (Zerodha, Groww), and three are insurtech unicorns (Digit Insurance, Acko, and Policybazaar).

However, in the quarter ending March 2022, Indian fintech only raised roughly $1.77 Bn in capital, over 45 percent less than the $3.2 Bn raised in Q4 2021.

BNE News Desk