Fintech Startups To Watch: Startups That Caught Our Eye In June
by Lokesh Choudhary · Inc42SUMMARY
- CRED raised ₹8,550 Cr at a $4.5 Bn valuation, Razorpay confidentially filed for its IPO, Navi explored a $250-300 Mn raise, and Turtlemint debuted on the public markets
- Policymakers pushed for stronger safeguards with proposed UPI/IMPS cooling-off norms, stricter insurance intermediary disclosures by IRDAI, and RBI-led 'kill switch' initiatives to strengthen fraud prevention
- Amid funding activity, IPO preparations and tighter regulations, India's fintech landscape remained one of the country's most dynamic startup sectors, setting the stage for the latest edition of Inc42's Five Fintech Startups To Watch
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The month of June kept the Indian fintech sector busy on multiple fronts. The headline move came from CRED raising ₹8,550 Cr ($900 Mn) in a Series H round led by Meta, valuing the company at $4.5 Bn post-money.
In what can be defined as the watershed moment for the country’s fintech ecosystem, Kunal Shah, the founder of CRED, is now the global head of WhatsApp at Meta. Meanwhile, Razorpay, which confidentially filed its draft IPO papers with SEBI is targeting a fundraise of ₹5,000-6,000 Cr.
On the funding side, Sachin Bansal’s Navi entered talks to raise $250-300 Mn to shore up its lending book and prepare for its listing.
On the IPO front, insurtech platform Turtlemint closed its ₹882.67 Cr public issue with 1.2X oversubscription, becoming one of the few fintech companies to hit the markets, even as investor sentiment remained cautious, with the issue seeing modest subscription.
On the regulatory front, payment platforms are still calibrating compliance stacks around the proposed one-hour cooling-off window for UPI and IMPS transfers above ₹10,000 to curb digital fraud as digital transactions continue to rise.
Separately, IRDAI proposed tighter disclosure norms for insurance intermediaries, requiring greater transparency around commission structures, a move that puts distribution-heavy insurtechs and broking platforms on notice. Meanwhile, the RBI is advancing two distinct ‘kill switch’ initiatives to protect the Indian financial ecosystem.
Against this backdrop, we are back with the third edition of “Five Fintech Startups To Watch”. This edition of Inc42’s monthly series spotlights startups operating in some of the most promising and fast-evolving segments of India’s fintech ecosystem.
With that said, here are the fintech startups that caught our attention in June.
Editor’s Note: The list below is not a ranking of any kind. Startups have been listed alphabetically.