Top Fintech Companies in India 2026: Who Leads and Why

On the Ring Road textile markets in Surat, a saree wholesaler can close a day's trading without touching cash. Retail buyers scan a QR code taped to the counter, a speaker box reads out each credit in Gujarati, bulk orders go through a card terminal on the desk, and by evening the wholesaler is checking a mutual fund SIP on a phone app. Each of those steps belongs to a different Indian fintech company, and in 2026 several of them are public, profitable and arguing over who gets to keep the customer.

How we chose these companies

We picked the companies below using measurable criteria as of October 2026: scale (UPI share, users, customer assets), reported revenue and profit, listing status, funding and valuation, and breadth of regulated products. They are grouped by business type rather than ranked, because a payments app, a stockbroker and an insurance marketplace cannot sensibly be ranked against one another on a single number. Every figure is dated and linked to the source that reported it.

The backdrop is the payments rail itself. UPI processed 24.07 billion transactions in September 2026, or about 802 million a day on average, the first month above 800 million, according to NPCI figures reported by StartupTalky. Because the rail is largely free to use, most Indian fintechs earn elsewhere: lending, broking, insurance, devices or software. Our UPI explainer covers how it works.

Who leads UPI payments in India in 2026?

PhonePe is the largest UPI app in India in 2026, with 45.64% of transaction volume in August 2026, followed by Google Pay at 32.26% and Paytm at 8.03%, per NPCI data cited by StartupTalky. Together the top three handled about 86% of volume. Their grip is loosening slowly: PhonePe and Google Pay combined fell below 80% for the first time in May 2026.

The concentration story matters because NPCI has a standing rule that no single third-party app should exceed 30% of UPI volume, and the deadline for compliance was pushed to 31 December 2026, as Business Today reported when the extension was announced at the end of 2024. That date is now less than three months away, and as of mid-October 2026 we found no NPCI announcement of a further extension or of how the cap will be enforced.

PhonePe

The Walmart-backed app is India's biggest payments brand by volume and has been preparing a listing for over a year. It filed confidentially in September 2025 and filed updated papers in March 2026, but the plan stalled; Inc42 reported in September 2026 that it is now targeting a February to March 2027 listing at roughly $10 billion. In FY26 its operating revenue rose 11.5% to Rs 7,920.5 crore, while net loss widened 62% to Rs 2,792 crore.

Google Pay and the challengers

Google Pay is not Indian, but no honest map of UPI can leave it out. Behind the two leaders, a group of newer apps is chipping away. Outlook Business reported in June 2026 that Navi and super.money together had reached about 5.5% of volume roughly two years after launch, and that the government's own BHIM app had grown fivefold to about 1% share. These are distribution plays, buying users on the rail to sell them credit later.

Which Indian fintech companies are listed, and how are they doing?

As of October 2026, India's listed fintech group includes Paytm (One97 Communications), Groww (Billionbrains Garage Ventures), Pine Labs and PB Fintech, the parent of PolicyBazaar. All four reported a profit for the quarter ended June 2026. Groww and Pine Labs listed in November 2025, during a run of five fintech IPOs in the second half of 2025, according to Tracxn data reported in July 2026.

Paytm

Paytm has completed a turnaround that few investors priced in two years ago. In Q1 FY27 it reported operating revenue of Rs 2,448 crore, up 28%, and profit after tax of Rs 220 crore, up 79%, with a record quarterly EBITDA of Rs 203 crore, according to the company's results release. It had 8 crore monthly transacting users and 1.57 crore merchants paying for devices such as soundboxes. Financial services revenue, mostly loan distribution, grew 45% to Rs 814 crore, which tells you where the margin really lives.

GRGroww

Groww's parent raised about $752 million in its IPO and closed its first trading day, 12 November 2025, up about 31% with a market value of roughly $9.1 billion, Bloomberg reported. In Q1 FY27 it earned Rs 735 crore of net profit on Rs 1,501 crore of revenue, per YourStory, with 2.2 crore transacting users and Rs 3.6 lakh crore of customer assets.

PLPine Labs

Pine Labs is the merchant-side counterweight to the UPI apps: card terminals, checkout software and issuing technology for banks and brands. It listed on 14 November 2025 after a Rs 3,900 crore IPO and closed its debut at a market value of about Rs 28,937 crore, per Business Standard. In Q1 FY27 operating revenue rose 20% to Rs 736.9 crore and net profit reached Rs 19.6 crore on gross transaction value of about Rs 4.22 lakh crore, Inc42 reported.

PFPB Fintech (PolicyBazaar)

The insurance and credit marketplace has quietly become one of the most consistent earners in Indian fintech. Q1 FY27 operating revenue rose 40% to Rs 1,888.3 crore and net profit nearly doubled to Rs 162.9 crore, on Rs 8,372 crore of insurance premium, according to Inc42.

Which private fintechs are the largest in India?

The largest private Indian fintechs in 2026 are Zerodha, the discount broker that remains the most profitable fintech in the country, payment gateway Razorpay, which plans to list within FY27, credit card rewards app CRED, valued at about $4.5 billion in June 2026, and payment orchestration company Juspay, which became a unicorn in 2025 and was valued at about $1.2 billion in January 2026.

Zerodha

Zerodha has never raised outside capital and still earns more than any listed peer. Its net profit was Rs 4,283 crore in FY26, up about 1% from Rs 4,231 crore, on revenue roughly flat with FY25's Rs 8,847 crore, per YourStory and Inc42. Zerodha shares indicative figures rather than audited filings at that point, so treat them as approximate. SEBI's tighter derivatives rules have flattened the top line, and its share of NSE active clients slipped to about 14.9% in July 2026. It is a cash machine that has stopped growing.

Razorpay

Razorpay is a payment gateway for online businesses that has added SME accounts, payroll and lending. Its FY25 operating revenue rose 65% to Rs 3,783 crore, but one-time ESOP and tax costs tied to moving its domicile back to India pushed it into a loss, according to Inc42's October 2025 report. Its CFO said a listing within FY27 is the goal, which would put it in the same IPO window as PhonePe.

CRCRED

CRED raised $900 million in a Series H led by Meta in June 2026 at a post-money valuation of about $4.5 billion, Inc42 reported. In FY25 it posted Rs 2,735 crore of operating revenue, up 16%, and cut its operating loss by 51% to Rs 298 crore. Its affluent card-holder base suits lending and bill payment products.

JUJuspay

Juspay builds payment orchestration and checkout infrastructure used by more than 500 enterprises and banks, and says it processes over 300 million transactions a day with annualised volume above $1 trillion, per Entrackr's January 2026 report of a $50 million round at about $1.2 billion. FY25 revenue was Rs 540 crore with a Rs 62 crore profit, a rare profitable infrastructure business at this size.

Which Indian fintechs are turnaround or challenger stories?

The clearest turnaround stories in Indian fintech in 2026 are BharatPe, which turned EBITDA positive in FY25 after years of heavy losses, and Jupiter, a digital-banking app that raised fresh money in late 2025. CoinDCX is the largest name in the regulated crypto segment, with Coinbase investing at a $2.45 billion valuation in October 2025.

BHBharatPe

BharatPe built a merchant QR, card terminal and lending business for small shops. In FY25 operating revenue rose 16.9% to Rs 1,667 crore, EBITDA turned positive at Rs 47 crore and the net loss fell 82% to Rs 88 crore, per Entrackr. Management has talked about an IPO after FY26.

JUJupiter

Jupiter raised $15 million from existing investors in October 2025, Entrackr reported, after last being valued at about $710 million in 2021. It says it has over 3 million customers, about 60% of them active, and more than a million active users of its Account Aggregator feature.

CoinDCX

CoinDCX is one of India's largest crypto exchanges, with more than 20 million users as of mid-2025. Coinbase invested in it in October 2025 at a post-money valuation of about $2.45 billion, Outlook Business reported, months after CoinDCX lost roughly $44 million in a July 2025 breach that it said did not touch customer funds. The sector's direction depends heavily on policy; our India crypto regulation guide covers the current rules.

How do India's leading fintechs compare?

The table sets out each company's core business and latest dated metric. Metrics differ by company, so treat it as a map, not a league table.

Company	HQ	What it does	Latest dated metric
PhonePe	Bengaluru	UPI app, merchant payments, insurance, broking	45.64% UPI volume share, Aug 2026
Paytm	Noida	Payments, soundboxes, loan distribution	Rs 2,448 cr revenue, Q1 FY27
GRGroww	Bengaluru	Stock broking, mutual funds	Rs 735 cr net profit, Q1 FY27
Zerodha	Bengaluru	Discount stock broking	Rs 4,283 cr net profit, FY26
PFPB Fintech	Gurugram	Insurance and credit marketplace	Rs 1,888 cr revenue, Q1 FY27
PLPine Labs	Noida	Merchant terminals, checkout, issuing	Rs 4.22 lakh cr GTV, Q1 FY27
Razorpay	Bengaluru	Payment gateway, SME banking	Rs 3,783 cr revenue, FY25
CRCRED	Bengaluru	Card rewards, bill pay, lending	$4.5B valuation, Jun 2026
JUJuspay	Bengaluru	Payment orchestration	$1.2B valuation, Jan 2026
BHBharatPe	India	Merchant QR, lending	Rs 1,667 cr revenue, FY25
CoinDCX	Mumbai	Crypto exchange	$2.45B valuation, Oct 2025

How much funding did Indian fintech raise in 2025 and 2026?

Indian fintech companies raised about $2.4 billion in 2025, up 2% on 2024, keeping India third globally behind the US and UK, according to a Tracxn report covered by IANS in January 2026. In the first half of 2026 the sector raised about $2 billion, up 42% year on year, across far fewer rounds.

One data caution. In July 2025 Tracxn reported H1 2025 fintech funding of $889 million, as Business Standard covered. Its July 2026 report compares H1 2026 against a revised H1 2025 figure of $1.4 billion, which is where the 42% growth comes from. Databases restate past periods as late-disclosed rounds come in; we use the revised $1.4 billion so the comparison is like for like.

The shape of the money changed more than its size. In 2025, early-stage funding jumped 78% to $1.2 billion while late-stage money fell to $1 billion. In H1 2026 that flipped: late-stage funding rose 331% to $1.6 billion, and the number of rounds dropped to 106 from 186 a year earlier, IANS reported in July 2026. CRED's $900 million round alone accounts for a large share of that late-stage total. Bengaluru took 70% of H1 2026 fintech funding.

Indian fintech money is no longer spread across a hundred bets. It is concentrated on the handful of companies that can show a profit.

IPOs and acquisitions are the other half. Tracxn counted five fintech IPOs in H2 2025, none in H1 2025, and two in H1 2026, Turtlemint and Kissht. Our fintech startups to watch list covers the earlier-stage names globally.

Worked example: what the 30% UPI cap would mean

Take September 2026's 24.07 billion UPI transactions as a monthly baseline. A 30% ceiling would allow any single app about 7.22 billion transactions a month. PhonePe, at its August share of 45.64%, would be running at about 10.99 billion on that baseline. To comply, it would need to shed roughly 3.77 billion transactions a month, or about 125 million a day.

Google Pay, at 32.26%, would be about 7.77 billion, roughly 0.54 billion over the line, or 18 million a day. Paytm and everyone else are already well under it. Put another way, enforcing the cap on 1 January 2027 would require moving more than 4.3 billion payments a month to smaller apps, which is more than double Paytm's entire monthly volume. That arithmetic is why the deadline has already been extended once.

Illustrative calculation using NPCI September 2026 volume and August 2026 app shares; actual monthly volumes vary.

What to watch next in Indian fintech

The next six months contain several dated decisions that will shape the ranking above. Anyone weighing a listed fintech stock should consult a qualified adviser.

• 31 December 2026: the NPCI deadline for the 30% UPI market share cap. Extension, phased enforcement or a hard cap would each reshape PhonePe's IPO story.
• End of 2026: PhonePe's expected updated IPO filing, ahead of a targeted February to March 2027 listing.
• By March 2027: the end of FY27, Razorpay's stated window for a listing.
• Quarterly results: Paytm, Groww, Pine Labs and PB Fintech report Q2 FY27 in late October and November 2026; watch whether lending distribution keeps growing faster than payments.
• UPI pricing: any change to merchant discount rules for large merchants, which Inc42 notes leaves about 96% of UPI transactions free.

India's fintech winners increasingly look like financial services firms with a payments front door. The rail stays public, as our pieces on India Stack and Bharat Connect explain; the profit sits in what is sold over it.

This list is editorial research, not investment advice or an endorsement of any company. Company figures are as reported by the linked sources and may be revised.

About this researchMuffinPay InsightsIndependent analysis of stablecoins, CBDCs, cross-border payments and digital public infrastructure. Every figure is linked to its source. Read our editorial standards →