The Indian Fintech industry is growing exponentially, the market segment is estimated to be worth over $8 billion and projected to grow 1.7 times by 2020 according to the National Association of Software and Services Companies. Here are 10 Indian fintech companies currently making headlines in the industry.
Shiksha Financial offers credit to students from low-income families. The loans range from Rs. 10,000-Rs. 30,050. Usually, the parents take loans to finance their children’s education and repay them within 10 months. Shiksha financial also offers both secured and unsecured loans to private schools.
Catalyst Labs is mobile software that connects small-scale farmers to bulk purchasers of farm produce. The farmers with Catalyst Labs’ app in their handsets can access bulk buyers at the click of a button. Farmers are the greatest beneficiaries because they do not need to go through the chain of middlemen characteristic of the Indian market. Through the app, several small farmers can be aggregated together and negotiate with bulk buyers directly.
Profitbooks is a simple cloud accounting software suitable for accountants of small businesses and individual business owners who have no specialist knowledge in accounts. It offers useful tools that help in recording business expenses, the creation of beautiful invoices, tracking inventory as well as the calculation of taxes. As a result, the user saves up to 240 hours per year. Profitbooks has an integrated gateway that allows fast payment of customers.
StoreKey is a program that aggregates the needs of small retailers and helps them land better deals. The program hopes to digitize all the participating retailers. Using a mobile app provided by StoreKey, the retailers aggregate their procurement needs and place a single order. This gives the stores more market power than could be attained if each of them were to negotiate individually with wholesalers.
GyanDhan is an online platform that offers loan facilities to students based on unique assessment criteria. A student’s creditworthiness is determined by evaluating a number of factors including IQ scores, academic record, and target institutions. The method sharply contrasts with the traditional determinants of creditworthiness that places emphasis on collateral.
Kyash offers a platform for online commercial transactions. Once a consumer selects Kyash as his preferred form of payment, they are given an eight-digit code plus a list of nearby outlets where they can make cash payment. The consumer then goes to a convenience store, gives the code to a cashier and pays the requisite amount. The online merchant is then notified through an API that payment has been effected and processes the order immediately.
Hummingbill is a Gmail extension that increases on-time collection rates by sending automated reminders. It operates by modifying the user’s’ inbox by adding “accounts payable” and “accounts receivable” dashboard.
FineTrain is a platform that enables small lenders assesses the creditworthiness of prospective borrowers at a lower cost. The platform connects small and midsize businesses (SMBs) and lenders. Once registered, an SMB provides its income patterns, compliance readiness, credit history, and business vintage. To determine eligibility, data analytics specific to an SMB’s industry is carried out. If eligible, FineTrain will then select a suitable lending partner for the SMB.
ftcash offers a mobile application that enables small merchants to access digital payment systems. The app is compatible with both android and iOS and allows payments for customers as well as merchants. A customer can find a merchant through the app, order for goods and make payment by entering credit card information into the app.
AirtimUp provides a 2G native app that is simple enough for an inexperienced retailer to top up direct to home (DTH) accounts of users in less than a minute. The platform is integrated with a carrier aggregator providing coverage to all mobile users in India.