Federation of Indian Chambers of Commerce & Industry (FICCI) and Boston Consulting Group (BCG) came up with 'India FinTech: A USD 100 Billion Opportunity' report. The report details the findings from the study that BCG and FICCI undertook to size the value-creation potential and identify imperatives for India's FinTech growth. Dilip Chenoy, Secretary General, FICCI stated that the FinTech industry in India has been growing at a fast clip. FinTech players are redefining the business models across different segments of financial services industry, helping improve service delivery and contributing to digital financial inclusion. India's dynamic FinTech industry has 2100+ FinTechs of which 67% have been set up over the last 5 years alone. The total valuation of the industry is estimated at USD 50-60 Bn. The industry's growth has been undeterred by the pandemic, as it has seen the emergence of 3 new Unicorns and 5 new Soonicorns (USD 500Mn+ valuation) since January 2020. The Fintech industry's strong growth is due to India's deep-rooted customer demand, diverse capital flows, strong tech talent and enabling policy frameworks. Over the next 5 years, India's FinTech industry is expected to continue its strong upward trajectory.
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