India's fintech sector runs on scale: UPI processed 2,366 crore transactions in July 2026 alone, its highest monthly volume yet. This list covers ten fintech companies that lead in payments, broking, insurance distribution and credit, using the latest revenue, user and merchant figures they or reputable outlets have published. It is a reference guide for founders, buyers and job seekers, not a ranking or investment advice.
How we chose these companies
We looked for companies that are currently operating, regulated or partnered with regulated entities, and large enough to have published audited results or official user numbers. Scale was judged on revenue, registered users, merchants or active clients, depending on the business. We also wanted spread across payments, broking, insurance and credit so the list reflects the whole sector rather than one segment.
Every figure comes from company filings, company announcements or reputable business media, and we name the year each number refers to. Where a founding year or metric could not be verified, it was left out. The order is not a ranking, and nothing here is a recommendation to buy or sell any listed share.
The list
Paytm is the consumer and merchant payments brand of One 97 Communications. It offers UPI payments, QR codes, soundboxes and card machines for shops, a payment gateway for online businesses, and distribution of loans, insurance and investment products through regulated partners.
- Founded in August 2010 by Vijay Shekhar Sharma and headquartered in Noida, Uttar Pradesh.
- Parent One97 Communications listed on 18 November 2021 after an IPO of ₹18,300 crore.
- Recorded gross merchandise value of ₹13.2 lakh crore in FY2022-23.
PhonePe is a Walmart-majority-owned payments company that runs one of India's most used UPI apps and a large merchant acceptance network. It also distributes insurance, mutual funds and loans, and has filed an updated draft red herring prospectus with SEBI ahead of a planned listing.
- Over 65 crore registered users and 4.72 crore registered merchants as of 30 September 2025.
- Handled over 47% of UPI transactions by volume, per NPCI data cited in March 2025.
- Incorporated in December 2015; Walmart holds majority ownership.
Razorpay provides online payment acceptance for Indian businesses through its payment gateway, along with payment links, subscriptions, payouts and business banking tools. Its clients range from early-stage startups to large e-commerce companies, and its gateway accepts cards, UPI, net banking and wallets in one integration.
- Revenue of ₹3,783 crore in FY2025, up 65% from ₹2,296 crore in FY2024.
- Gross profit of ₹1,277 crore in FY2025, up 41% from ₹906 crore.
- Founded in 2014 by IIT Roorkee alumni Shashank Kumar and Harshil Mathur.
Zerodha is a discount stockbroker that made low, flat-fee broking mainstream for Indian retail investors. It offers equity, derivatives, commodity and mutual fund investing through its own platforms, and the founders built the company without venture capital funding.
- Founded in August 2010 by brothers Nithin Kamath and Nikhil Kamath.
- Revenue of ₹8,868.2 crore and net profit of ₹4,236.7 crore in FY2025.
- 7.89 million NSE active clients at the end of FY2025, a 16.0% share.
Groww is an investment platform for stocks, mutual funds, ETFs, IPOs and derivatives, with credit products offered through its subsidiary Groww Creditserv Technology. It became the largest broker in India by NSE active clients and went public through an IPO in November 2025.
- Largest NSE broker by active clients in FY2025, with 12.92 million and a 26.3% share.
- Revenue from operations of ₹3,901.72 crore in FY2025.
- IPO of ₹6,632.30 crore launched on 4 November 2025 at ₹95 to ₹100 per share.
PB Fintech runs Policybazaar, an online marketplace where people compare and buy insurance, and Paisabazaar, a marketplace for loans and credit cards. Buyers can compare plans from more than 40 insurers, and the group has been listed on the NSE and BSE since November 2021.
- Revenue from operations of ₹4,977 crore and profit after tax of ₹353 crore in FY2025.
- Over 16.6 million unique insurance buyers since inception, as of the end of FY2024.
- IPO raised ₹5,625 crore; shares began trading on 15 November 2021.
CRED began as a rewards platform for paying credit card bills and has expanded into personal loans with lending partners, rent and education payments, a co-branded RuPay credit card and merchant payments. It received RBI authorisation to operate as a payment aggregator in March 2026.
- Operating revenue of ₹2,735 crore in FY2025, up 16% year on year.
- 1.26 crore monthly transacting users reported alongside FY2025 results.
- Founded by Kunal Shah in 2018; valued at $6.4 billion in its June 2022 round.
Pine Labs builds point-of-sale terminals, merchant commerce software, gift card and prepaid programmes, and online payment tools for retailers and brands. Its devices are used mainly by merchants in India, the UAE and Malaysia, and the company is listed on the NSE and BSE.
- Founded in 1998 by Lokvir Kapoor and Rajul Garg.
- Revenue of ₹2,274 crore in FY2025.
BharatPe serves small merchants and kirana stores with a single QR code for UPI acceptance, card machines, merchant loans and the Payback loyalty programme. It has also added secured two-wheeler loans and loans against mutual funds through partner companies.
- Revenue from operations of ₹1,667 crore in FY2025, up 16.9% from ₹1,426 crore.
- NBFC revenue rose to ₹211 crore in FY2025 from ₹165 crore in FY2024.
- Raised $370 million in a 2021 Series E round at a $2.85 billion valuation.
MobiKwik runs a consumer payments app with wallet, UPI and bill payments, and offers credit and investment products through partners. It also provides payment services to merchants. Its parent, One MobiKwik Systems, listed on Indian exchanges after an IPO in December 2024.
- Founded in April 2009 by Bipin Preet Singh and Upasana Taku.
- Revenue from operations of ₹1,192.49 crore in FY2025, up 33.9%.
- Customer base of 176.4 million and 4.59 million merchants reported for FY2025.
Listed in no particular order based on public information as of November 2026. XDQ Labs is not affiliated with these companies.
Quick comparison
The table below summarises each company's base, main segment and one headline figure. Figures refer to FY2025 unless stated otherwise. Compare them with care: a broker's profit, a gateway's revenue and an app's registered users measure very different things, so the table is a quick orientation rather than a like-for-like scorecard.
| Company | HQ | Founded | Main segment | Headline figure |
|---|---|---|---|---|
| Paytm | Noida | 2010 | Payments, merchant devices | ₹18,300 crore IPO (2021) |
| PhonePe | Bengaluru | 2015 | UPI payments, distribution | 65 crore+ registered users |
| Razorpay | Bengaluru | 2014 | Online payment gateway | ₹3,783 crore revenue |
| Zerodha | Bengaluru | 2010 | Discount broking | ₹4,236.7 crore net profit |
| Groww | Bengaluru | 2016 | Investing platform | 12.92 million NSE active clients |
| Policybazaar (PB Fintech) | Gurugram | 2008 | Insurance and credit marketplace | ₹4,977 crore revenue |
| CRED | Bengaluru | 2018 | Card payments, rewards, credit | ₹2,735 crore revenue |
| Pine Labs | Noida | 1998 | Merchant POS and commerce | ₹2,274 crore revenue |
| BharatPe | New Delhi | 2018 | Merchant QR and lending | ₹1,667 crore revenue |
| MobiKwik | Gurugram | 2009 | Wallet, UPI, credit | 176.4 million customers |
Market context: why Indian fintech is so large
The base layer is UPI. Annual UPI volume rose from 1.78 crore transactions in 2016-17 to over 24,162 crore in 2025-26, while annual value grew to around ₹314 lakh crore. The number of banks live on UPI went from 44 to 703 over the same period, which gave apps like PhonePe and Paytm a shared rail to build on.
Investing has followed a similar path. NSE active clients reached 49.20 million in FY2025, up about 21% in a year, and the top four brokers, Groww, Zerodha, Angel One and Upstox, held 63.3% of them. On the startup side, the government reported 3,085 DPIIT-recognised fintech startups as of April 2023 and 22 fintech unicorns.
How to choose a fintech partner
If you are picking a payments, lending or investing partner for your business, start with regulation. Check whether the company holds the relevant RBI, SEBI or IRDAI licence or works through a regulated partner. Then compare pricing, settlement times, API quality, uptime history and the support you get when a transaction fails.
Teams building their own products on top of these providers usually need integrations, reconciliation and reporting that fit their workflows. XDQ Labs builds web apps, integrations and AI agents for fintech and lending teams that need this kind of glue work done properly.
- Confirm the licence or regulated partner behind the product
- Ask for pricing in writing, including refunds and chargebacks
- Test the sandbox and API documentation before signing
- Check settlement timelines and reconciliation reports
- Review data storage, consent and security practices
Frequently asked questions
Which is the biggest fintech company in India?
It depends on the measure. PhonePe leads on reach, with over 65 crore registered users in September 2025 and about 47% of UPI volume. Zerodha reported a net profit of ₹4,236.7 crore in FY2025, and Groww had the most NSE active clients that year with 12.92 million.
How many fintech startups are there in India?
The government told Parliament that 3,085 fintech startups were recognised by DPIIT as of 30 April 2023. The same reply noted 22 fintech unicorns in India. The real number of fintech businesses is higher, because many companies never apply for DPIIT recognition.
Which Indian fintech companies are listed on the stock market?
Several companies on this list are listed in India. One97 Communications (Paytm) and PB Fintech (Policybazaar) listed in November 2021, One MobiKwik Systems listed after its December 2024 IPO, Groww launched its IPO in November 2025, and Pine Labs trades on the NSE and BSE.
Is this list a recommendation to invest in these companies?
No. This list is for information only and is based on public data as of November 2026. It is not investment advice and not a ranking. Anyone considering shares in a listed fintech should read the company's filings and consult a SEBI-registered adviser.
Sources
- PhonePe clocks 600 mn registered users, adds 100 mn in past 16 months, Business Standard, 2025
- PhonePe, Wikipedia, 2026
- PhonePe's merchant network crosses 47 million businesses ahead of IPO, YourStory, 2026
- Razorpay revenue soars 65% in FY25; gross profit crosses Rs 1,200 Cr, Entrackr, 2025
- Zerodha, Wikipedia, 2026
- Zerodha FY25 revenue and net profit, Indian Startup News, 2025
- Groww files RHP to launch ₹6,632.30 crore IPO on November 4, Groww, 2025
- NSE active clients see 21% rise in FY25, Groww cements lead with 36% growth, Business Standard, 2025
- Paytm, Wikipedia, 2026
- Policybazaar, Wikipedia, 2026
- Policybazaar's parent PB Fintech profit jumps 184% to Rs 171 crore in Q4FY25, Indian Startup News, 2025
- Cred (company), Wikipedia, 2026
- CRED reports Rs 2,735 Cr revenue in FY25; operating losses fall 51%, Entrackr, 2026
- Pine Labs, Wikipedia, 2026
- BharatPe, Wikipedia, 2026
- BharatPe turns EBITDA profitable in FY25, revenue touches Rs 1,667 Cr, Entrackr, 2025
- MobiKwik, Wikipedia, 2026
- MobiKwik revenue up 34% in FY25, Business Standard, 2025
- UPI completes 10 years, clocks nearly 13,000-fold rise in transaction volume, YourStory, 2026
- India home to 3,085 DPIIT-recognised fintech startups: Govt, Inc42, 2023