India Fintech Public Markets Report, 2025

India’s fintech story in 2025 is no longer defined by rapid growth alone, it has entered a decisive transition. With $32 Bn+ in total funding, 850+ funded startups and 24 unicorns, the sector has scale. What matters now is how it responds to its toughest inflection point yet. A wave of fintech listings has reset expectations, with ten IPOs already in the market and twelve more on the horizon. Among the listed players, Paytm has staged a partial recovery on the back of AI-led merchant automation and fraud control, even as core revenues decline post the loss of its banking licence. Policybazaar continues to dominate digital insurance with a 93% online market share and a 52% CAGR in revenue, though its heavy dependence on commissions and tightening compliance norms remain structural risks. Meanwhile, investor confidence has shifted. Listed ecommerce companies have surged 26% year-to-date, outpacing the NIFTY50’s 8.3% gain. In contrast, the Listed Fintech Index has delivered -14%, weighed down by regulatory resets, a profitability-first market, and softer consumption trends. This report breaks down these numbers, decodes the opportunities, the reset, and the new playbook shaping India’s fintech decade.

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