Business profiles as of Sep 2026

© India FinTech Leaders Index — Constituent Profiles

Institutional ownership shows the latest disclosed FII plus DII holding.

Constituents

24

Business profiles covered

Segments

19

Distinct business segments

Median institutional holding

18.3%

Latest disclosed FII + DII

Showing

24

After search

Company profiles

Business model, key operating metric, market position, geography, regulatory status and institutional ownership

#01

Jio Financial

JIOFIN.NS

Inst. held

24.5%

Diversified digital finance

Business model

Holding-company platform spanning lending, payments, broking, insurance and asset management

Key operating metric

AUM, customer base and assets managed/advised

Market position

Emerging large-scale platform backed by Reliance

Geographic exposure

India

Regulatory licence / status

RBI-registered systemically important CIC; operating subsidiaries/JV hold product licences

Institutional ownership = latest disclosed FII + DII holding
#02

Billionbrains (Groww)

GROWW.NS

Inst. held

17.0%

Digital broking and wealth

Business model

Low-cost direct-to-consumer investment platform; broking, mutual funds, credit and wealth products

Key operating metric

NSE active clients and customer assets

Market position

India's largest digital investment platform by NSE active users

Geographic exposure

India

Regulatory licence / status

SEBI-registered stockbroker and depository participant; regulated subsidiaries for adjacent products

Institutional ownership = latest disclosed FII + DII holding
#03

One 97 Communications (Paytm)

PAYTM.NS

Inst. held

73.0%

Payments and financial-services distribution

Business model

Merchant payments and devices, payment processing, consumer payments, lending distribution and commerce services

Key operating metric

GMV, monthly transacting users and subscription merchants

Market position

One of India's largest consumer and merchant payment ecosystems

Geographic exposure

Primarily India; selective international technology opportunities

Regulatory licence / status

TPAP; payment-aggregator activities through regulated entities; distributes loans rather than underwriting them

Institutional ownership = latest disclosed FII + DII holding
#04

PB Fintech

POLICYBZR.NS

Inst. held

77.7%

Digital insurance and credit marketplace

Business model

Online marketplace earning commissions and service revenue from insurance and credit distribution

Key operating metric

Insurance premium and unique transacting customers

Market position

India's leading online insurance marketplace

Geographic exposure

India with UAE and selected international exposure

Regulatory licence / status

IRDAI-regulated insurance intermediary entities; credit marketplace operates as a distributor

Institutional ownership = latest disclosed FII + DII holding
#05

Central Depository Services (India)

CDSL.NS

Inst. held

23.4%

Capital-markets infrastructure

Business model

Depository, issuer, KYC, e-voting and investor-services fees

Key operating metric

Active demat accounts and securities custody value

Market position

India's largest depository by number of demat accounts

Geographic exposure

India

Regulatory licence / status

SEBI-registered depository and market infrastructure institution

Institutional ownership = latest disclosed FII + DII holding
#06

Angel One

ANGELONE.NS

Inst. held

34.1%

Digital broking and wealth

Business model

Broking, client funding, distribution, wealth and asset-management services

Key operating metric

NSE active clients, market share and MTF book

Market position

Leading listed retail broking platform

Geographic exposure

India

Regulatory licence / status

SEBI-registered broker and depository participant; NBFC and AMC activities through regulated entities

Institutional ownership = latest disclosed FII + DII holding
#07

Go Digit General Insurance

GODIGIT.NS

Inst. held

23.2%

Digital general insurance

Business model

Underwriting motor, health, travel, property and other non-life insurance

Key operating metric

Gross written premium and loss ratio

Market position

Digital-first general insurer with broad partner distribution

Geographic exposure

India

Regulatory licence / status

IRDAI-licensed general insurer

Institutional ownership = latest disclosed FII + DII holding
#08

Pine Labs

PINELABS.NS

Inst. held

34.3%

Merchant payments and commerce infrastructure

Business model

Payment acceptance, processing, issuing, affordability, embedded finance and merchant software

Key operating metric

Platform GTV, checkout points and merchant count

Market position

Major Indian merchant-commerce and payments infrastructure platform

Geographic exposure

India plus Southeast Asia and other international markets

Regulatory licence / status

RBI-regulated payment-aggregator and prepaid-instrument activities through group entities

Institutional ownership = latest disclosed FII + DII holding
#09

Computer Age Management Services

CAMS.NS

Inst. held

68.4%

Capital-markets infrastructure

Business model

Transaction and recordkeeping services for mutual funds and financial institutions

Key operating metric

AAUM serviced and mutual-fund market share

Market position

India's largest mutual-fund registrar and transfer agent

Geographic exposure

Primarily India; selected international and adjacent-service exposure

Regulatory licence / status

SEBI-registered registrar and transfer agent; other regulated infrastructure activities through subsidiaries

Institutional ownership = latest disclosed FII + DII holding
#10

National Securities Depository

NSDL.BO

Inst. held

49.4%

Capital-markets infrastructure

Business model

Depository, settlement, issuer, custody-support and adjacent banking infrastructure

Key operating metric

Custody value and beneficiary accounts

Market position

India's largest depository by assets held in custody

Geographic exposure

India

Regulatory licence / status

SEBI-registered depository and market infrastructure institution; payments-bank subsidiary regulated by RBI

Institutional ownership = latest disclosed FII + DII holding
#11

KFin Technologies

KFINTECH.NS

Inst. held

48.0%

Capital-markets infrastructure

Business model

Issuer, fund-administration, registrar, pension and investor-services platform

Key operating metric

AAUM serviced, issuer clients and international clients

Market position

Leading Indian RTA with growing international administration business

Geographic exposure

India, Malaysia, Philippines, Hong Kong and other markets

Regulatory licence / status

SEBI-registered registrar and transfer agent; regulated pension and international service entities

Institutional ownership = latest disclosed FII + DII holding
#12

Intellect Design Arena

INTELLECT.NS

Inst. held

30.9%

Financial software

Business model

Enterprise software licences, implementation, cloud and recurring support for banks and insurers

Key operating metric

Customers, countries and production go-lives

Market position

Global specialist in banking and insurance technology

Geographic exposure

Global; clients across more than 50 countries

Regulatory licence / status

Technology vendor; no principal financial-services licence required

Institutional ownership = latest disclosed FII + DII holding
#13

Seshaasai Technologies

STYL.NS

Inst. held

8.0%

Payments technology and fulfilment

Business model

Payment-card manufacturing, secure communications, fulfilment and RFID solutions

Key operating metric

Payment-card production and capacity utilization

Market position

Top-two Indian payment-card manufacturer by reported market share

Geographic exposure

India-led with selective exports

Regulatory licence / status

Technology and manufacturing provider; no principal financial-services licence required

Institutional ownership = latest disclosed FII + DII holding
#14

AvenuesAI

CCAVENUE.NS

Inst. held

6.1%

Payments and fintech software

Business model

Payment-gateway processing, merchant acquiring technology, bill payments and platform services

Key operating metric

Transaction processing value and merchant count

Market position

Established Indian payment gateway with meaningful UAE presence

Geographic exposure

India, UAE and selected international markets

Regulatory licence / status

RBI-authorised payment aggregator through CCAvenue; overseas activities subject to local permissions

Institutional ownership = latest disclosed FII + DII holding
#15

Turtlemint Fintech Solutions

TURTLEMINT.NS

Inst. held

19.7%

InsurTech distribution

Business model

Technology-enabled insurance marketplace using a large point-of-sale adviser network

Key operating metric

Platform premium, policies sold and active digital partners

Market position

Large Indian PoSP-led insurance distribution platform

Geographic exposure

Primarily India

Regulatory licence / status

IRDAI-regulated insurance-broking activities through group entity

Institutional ownership = latest disclosed FII + DII holding
#16

Network People Services Technologies

NPST.NS

Inst. held

10.1%

Payments technology

Business model

UPI technology-service-provider platforms and payments-platform-as-a-service for banks and fintechs

Key operating metric

Annual transaction volume and bank clients

Market position

Specialist UPI and digital-banking technology provider

Geographic exposure

India-led with emerging international expansion

Regulatory licence / status

Technology service provider operating with regulated banks and payment participants; not a deposit-taking institution

Institutional ownership = latest disclosed FII + DII holding
#17

5paisa Capital

5PAISA.NS

Inst. held

15.1%

Digital broking

Business model

Discount broking, derivatives, investment products and margin-trading facilities

Key operating metric

Active customers, orders and client-funding book

Market position

Established digital discount broker; smaller than the category leaders

Geographic exposure

India

Regulatory licence / status

SEBI-registered stockbroker and depository participant

Institutional ownership = latest disclosed FII + DII holding
#18

One MobiKwik Systems

MOBIKWIK.NS

Inst. held

8.0%

Consumer payments and digital credit

Business model

Digital wallet, payments, merchant acceptance and credit-distribution products

Key operating metric

Payments GMV, registered users and ZIP EMI GMV

Market position

Recognised consumer wallet and payments challenger

Geographic exposure

India

Regulatory licence / status

RBI-authorised prepaid-payment-instrument issuer and payment-aggregator activities

Institutional ownership = latest disclosed FII + DII holding
#19

Fino Payments Bank

FINOPB.NS

Inst. held

0.3%

Digital and assisted banking

Business model

Merchant-led payments-bank model earning transaction, subscription and distribution income

Key operating metric

Merchant network, CASA accounts and CMS throughput

Market position

Leading profitable payments bank with deep assisted distribution

Geographic exposure

India

Regulatory licence / status

RBI-licensed payments bank

Institutional ownership = latest disclosed FII + DII holding
#20

Finbud Financial Services

FINBUD-SM.NS

Inst. held

6.6%

Digital credit distribution

Business model

Loan aggregation and distribution for consumers and SMEs; lending through NBFC subsidiary

Key operating metric

Loan disbursals, lender partners and agent network

Market position

Niche credit-distribution platform

Geographic exposure

India

Regulatory licence / status

RBI-registered NBFC-ND subsidiary; parent operates loan distribution

Institutional ownership = latest disclosed FII + DII holding
#21

MOS Utility

MOS.NS

Inst. held

9.9%

Assisted payments and commerce

Business model

Agent platform for remittances, AePS, bill payments, travel, insurance and other services

Key operating metric

Agent network and transaction volume

Market position

Small assisted-commerce and financial-inclusion platform

Geographic exposure

India

Regulatory licence / status

Services delivered through regulated banking and payment partners; no principal bank licence

Institutional ownership = latest disclosed FII + DII holding
#22

WSFX Global Pay

WSFX.BO

Inst. held

0.0%

Cross-border payments and foreign exchange

Business model

FX conversion, outward remittances, prepaid forex cards and corporate travel-payment services

Key operating metric

Gross transaction value and digital transaction mix

Market position

Niche regulated foreign-exchange and cross-border payments provider

Geographic exposure

India with cross-border transaction corridors

Regulatory licence / status

RBI-authorised dealer category II

Institutional ownership = latest disclosed FII + DII holding
#23

Suvidhaa Infoserve

SUVIDHAA.NS

Inst. held

3.2%

Assisted payments and commerce

Business model

Retail service-provider network for assisted payments, commerce and customer-engagement technology

Key operating metric

Service providers integrated and transaction activity

Market position

Small legacy assisted-fintech platform

Geographic exposure

India

Regulatory licence / status

Technology/distribution platform operating through regulated service partners

Institutional ownership = latest disclosed FII + DII holding
#24

AGS Transact Technologies

AGSTRA.NS

Inst. held

3.7%

Payments and ATM infrastructure

Business model

ATM outsourcing, cash management, banking automation, POS acquiring and payment solutions

Key operating metric

ATMs managed, cash replenished and POS GTV

Market position

Established payments-infrastructure provider currently under CIRP

Geographic exposure

Predominantly India

Regulatory licence / status

Payments and ATM service provider operating with banks/acquirers; company is under corporate insolvency resolution

Institutional ownership = latest disclosed FII + DII holding