India’s tech hub sees most layoffs along with sharpest dip in hiring

<br />As more millenials are foraying into the workforce with digital and tech skills, India has emerged as a strong Science, Technology, Engineering and Mathematics (STEM) talent pool. India has seen exponential growth in coworking spaces over the last 12 months with the top global workspaces established in India, which has fueled the expansion of Fintech hubs in India.<br /><br />According to<a href="https://fintegrate2019.gomedici.com/india-fintech-report-2019"> India FinTech Report 2019</a> by a global innovation platform MEDICI, India is now the world’s second biggest FinTech hub, after the US — with over 2,000 startups nourishing in the zone.<br /><br />As Maharashtra has become the first state in India that announced FinTech policy, Mumbai has emerged as the leading FinTech hub in India — with Mumbai and Bangalore being a home to nearly <a href="https://www.inventiva.co.in/2019/03/04/india-worlds-second-biggest-fintech-hub-with-mumbai-and-bengaluru-leading-the-charge-study/">42%</a> startups.<br /><br /><strong>Here are the top FinTech hubs housing most of India’s startups:</strong><br /><br /><strong>Mumbai<br /><div type="image" title="itzcash" tempid="11549" msid="68882666" hostid="261"></div>

</strong><br /><strong>Bangalore<br /><div type="image" title="Capitalfloat" msid="68882651" hostid="261"></div>

</strong><br /><strong>Delhi<br /><div type="image" title="paytm" tempid="11593" msid="68882667" hostid="261"></div>

</strong><br /><strong>Gurugram<br /><div type="image" title="MobiKwik" msid="68882652" hostid="261"></div>

</strong><br /><strong>Hyderabad<br /><div type="image" title="paynear" msid="68882653" hostid="261"></div>

</strong><br />

These are the top Fintech hubs in India — Bangalore, Mumbai leads the race

<ul><li><keyword id="7772275" type="UNKNOWN" weightage="20" keywordseo="Mumbai-Fintech-Hub">Mumbai Fintech Hub</keyword> has launched an investment platform <keyword id="6384865" type="UNKNOWN" weightage="20" keywordseo="Find">FinD</keyword>. </li><li>India has over 2,000 <keyword id="2461546" type="PERSON" weightage="20" keywordseo="FinTech">fintech</keyword> startups with most of them based out of <keyword id="6358070" type="DEFINITION" weightage="20" keywordseo="mumbai">Mumbai</keyword> and <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword>.</li><li><keyword id="6356172" type="UNKNOWN" weightage="20" keywordseo="Maharashtra-government">Maharashtra government</keyword> had launched a fintech policy in February 2018. </li></ul>Mumbai Fintech Hub, an initiative of the Maharashtra Government, has announced the launch of an investment platform called FinD. <br /><br />The platform aims to bridge partnerships between fintechs, investors and partners; and boost investment. <br /><br />“FInD is yet another initiative by Mumbai FinTech Hub to foster our vision of making Mumbai a global FinTech Hub. The unique value provided by the programme makes it crucial for all stakeholders involved, and helps unleash the true potential of India’s FinTech ecosystem,” said Suniti Nanda, Chief FinTech Officer, Mumbai FinTech Hub. <br /><br />Mumbai is the financial capital of India, and is home to a host of fintech startups. According to a <a href="https://yourstory.com/2019/03/india-second-biggest-fintech-hub-ld0slui9fn">report </a>in March 2019, India has over 2,000 fintech startups with most of them based out of Mumbai and Bengaluru, making the country the world’s second biggest fintech centre. <br /><br />“Providing access to capital and global or home-grown investors will eventually put us on the world map for fostering next-gen innovation and creating globally competent firms,” said Nanda.<br /><br />This investment platform is powered by PriceWaterhouseCoopers (PwC) and Medici with other partners like Aimcrest, NASSCOM, IVCA (Indian Venture Capital Association), among others. <br /><br />In February 2018, the Maharashtra government <a href="https://www.livemint.com/Politics/hRG81g8w6hvgFBEfCAwCAJ/Maharashtra-government-unveils-financial-technology-policy.html">announced</a> a fintech policy under which the state would facilitate startups with a ₹2 billion fund to be one of the top five fintech hubs in the world. According to the website, it has made way for 500 jobs in fintech sector.<br /><br />The Andhra Pradesh government too but an ecosystem for startups at Fintech Valley Vizag in the coastal city, in December 2016. The state had also held a fintech festival to promote innovation. <br /><br /><strong>See Also:</strong><br /><a href="https://www.businessinsider.in/these-are-the-top-fintech-hubs-in-india-bangalore-mumbai-leads-the-race/articleshow/68882150.cms">These are the top Fintech hubs in India — Bangalore, Mumbai leads the race</a><br />

Maharashtra Government launches an investment platform for fintech startups

<ul><li>The UK-based <keyword id="3165837" type="General" weightage="20" keywordseo="Fintech-company" source="Orion">fintech company</keyword> is looking forward to hiring 600 tech professionals by the end of 2026.</li><li>Earlier this year in June, the financial services company also announced its hiring plans of 1,000 people in India.</li><li>Click <a href="https://www.businessinsider.in/newsletter-17-december-2021/binewsletter/88306447.cms?utm_source=bi&amp;utm_medium=email_newsletter&amp;utm_campaign=Business_Insider_Newsletter">here</a> for simple, fun and yet insightful explainers on the hottest news developments every week.</li></ul><keyword id="45792" type="General" weightage="20" keywordseo="Tide" source="Orion">Tide</keyword>, a United Kingdom-based financial and banking services platform, is looking forward to hiring 600 tech professionals by the end of 2026 for its office in Hyderabad, which is the tech centre of the company in India. <br /><br />The neobank ⁠— which operates in partnership with RBL Bank in India ⁠— needs 300 engineers, with a particular focus on backend engineers in Java and Python, across various roles. It is also looking for experts in data science and Flutter.<br /><br />Founded in 2015 and launched in 2017, the fintech ⁠— valued at $650 <a href="https://timesofindia.indiatimes.com/business/india-business/tide-raises-100-million-in-series-c-funding/articleshow/84341739.cms">million</a> ⁠— will include training and hiring fresh graduates from institutes like Indian Institutes of Technology (IIT), National Institute of Technology (NIT) through an ‘Internship to hire’ programme.<br /><br />Interns who successfully complete the programme will be offered a full-time opportunity.<br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">What is Tide?<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">What does it do?<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">A digital financial and banking services platform with its India headquarters in Hyderabad and Gurgaon.<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offers business accounts, related banking services and administrative solutions to small and mid-size enterprises (SMEs)<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br />Earlier this year in June, the financial services company also announced its hiring plans of 1,000 people in India. “So out of 1,000, 200 have already been hired and overall, we have a team size of over 350 today in India,” <keyword id="12753669" type="General" weightage="20" keywordseo="gurjodhpal-singh" source="Orion">Gurjodhpal Singh</keyword>, chief executive officer (CEO) at Tide (India) told Business Insider in an interaction.<br /><br />Other than tech professionals, the company will also be hiring people across business profiles for their Gurugram office, which is the business hub of the company. He further said, “Along with techies, we are also actively hiring for business teams and business roles. So that is another aspect of the 1,000 employees that we are looking to hire.”<br /><br />When asked about how the company will fund the new hiring plans, he said, “We have raised a decent Series-C earlier this year. So, both these put together put us in a position where now we can invest into further growth and that is what we are intending to do. Our growth journey will also be focused on growing in terms of revenue and market share. All that will go into investing into a larger team and building a more robust product.”<br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total funding raised so far<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key investors<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key competitors<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$195.2 million <br /><br /><br /><br />Source: Crunchbase<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Augmentum Fintech, Apax Digital, Passion Capital and SBI Group <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">InstantPay, Open, Revolut etc.<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br />In an interview with Business Insider, Singh, also mentioned the aggressive growth plans in India in the next five years but did not reveal much details. He said, “ We have aggressive growth plans for the next 5-years. Considering that India has 10% of global SMEs, our aspiration is to impact 25% of the global SME base through Tide.”<br /><br />Singh mentioned his plans about launching new products in the Indian market and setting up of new offices in different states of the country. “ In parallel we will also be expanding our product foothold across the country, apart from Delhi and Hyderabad with our banking partner (RBL Bank). We're a very open and agile organization and would be open about moving into some more cities as well in India if need be. But for now, this is the plan,” said Singh.<br /><br /><strong>SEE ALSO:<br /></strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/bank-of-baroda-recruitment-check-all-the-details-including-eligibility-last-date-to-apply/articleshow/88383348.cms"><strong>Bank of Baroda is looking for at least 52 engineers in Mumbai and Hyderabad to improve the app, user experience and quality</strong></a><br />

British neobank Tide wants to hire 600 techies and business execs in Hyderabad and Gurugram

<img class="gwt-Image" src="/photo/55093255.cms" />As per a recent <keyword id="2325711" type="ORGANIZATION" weightage="20" keywordseo="Nasscomm">NASSCOMM</keyword> report, India continues to harbour the third largest startup base, marginally behind the UK.<br />
<br /> Titled "Indian Startup Ecosystem Maturing - 2016", it states that the ecosystem is poised to grow by 2.2X to reach more than 10,500 <keyword id="6362513" type="ORGANIZATION" weightage="20" keywordseo="Startups">startups</keyword> by 2020. <br />
<br />
The report released on the sidelines of Nasscom Product Conclave 2016 in Bengaluru on Wednesday predicted continued growth in the number of startups in 2016, with Bengaluru, NCR, and Mumbai continuing to lead as the major startup hub for the nation.<br />
<br />
In terms of vertical growth, investors are looking at domain like Healthtech, Fintech, and Edutech. With a total funding of approximately $4 billion, close to 650 startups were funded signifying an aware and healthy growth of the ecosystem.<br />
<br />
R Chandrashekhar, president, Nasscom, said, "Technology startups are creating a new identity for India and its technological prowess. They are defining the way the world operates making life better and easier for people and businesses alike. Our startup report is a testimony to the potential of the startup landscape and the scope of growth and opportunity that India presents. Nasscom has always been working towards creating a heterogeneous bond between all stakeholders and craft a conducive and innovative environment for start-ups to grow."<br />
<br />
According to the report, the number of tech startups in India is expected to grow by 10-12% to over 4,750 startups by the end of 2016.<br />
<br />
Interestingly, over 1,400 new startups emerged in 2016 denoting that that the ecosystem is becoming prudent with both investors and startup founders focusing on profitability and optimising the overall spend. With this impetus, India will become home to over 10,500 startups by 2020, employing over 210,000 people reveals the report.<br />
<br />
Furthermore, incubators and accelerators are playing a substantial role in strengthening the startup community throughout India. The report highlights the significant rise in number of accelerators to improve startups' outcomes and provide them with a support that they require.<br />
<br />
With impetus from the government and corporates, there is a 40% increase in the number of active incubators and accelerators in 2016 with over 140 active incubators, helping entrepreneurs experiment with new ideas by offering them functional expertise and resources.<br />
Over 30 new academic incubators have been established under the government's 'Startup India Standup India' initiative this year. With the country showing signs of increased interest in entrepreneurship, Tier-II/III cities have established 66% of the new incubators.<br />
<br />
The report reveals an increased interest from student entrepreneurs this year. Growth of 25% has been witnessed in 2016 with over 350 startups founded by young students. Median age of startup founders has reduced marginally from 32 years in 2015 to 31 years in 2016.<br />
<br />
Talking about investments, the report states that investors are increasingly looking at opportunities in startups in areas other than online retailing. The sentiments are high for ventures in verticals like Fintech, Healthtech, Edutech, data analytics, B2B commerce and artificial intelligence.

Welcome to India, The Third Largest Startup Base in the World

<p><em>Welcome to <strong>The Fintech Briefing</strong>, a morning email providing the latest news, data, and insight into disruptive fintech in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> and Ireland, the Continent, and beyond, produced by <a href="https://intelligence.businessinsider.com/" target="_blank">BI Intelligence</a>.</em></p><p><strong>Want to receive The Fintech Briefing to your inbox? Enter your email in the box below.</strong></p><form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"><p><label>Email:</label> <input name="email" type="text" /> <button style="border: none; padding: 6px 8px; vertical-align: top; font-family: helvetica,arial,sans-serif; font-size: 12px; font-weight: bold; text-transform: uppercase; color: #fff; background: #ff722d;" type="submit" value="Subscribe">Subscribe</button></p></form><hr /><p><strong>FINANCIAL SERVICES FIRMS FEAR FINTECH. </strong>The global financial services industry is being disrupted by fintech, and executives at financial institutions fear losing a quarter of their business to new players by 2020, <a href="https://www.pwc.com/gx/en/advisory-services/FinTech/PwC%20FinTech%20Global%20Report.pdf">according to PWC.</a> </p><ul><li>Financial services executives suspect that they could lose 28% of their payments and transfer business due to fintech challengers. </li><li>Banks risk losing nearly a quarter of their business according to the same group. </li><li>Executives fear that 22% of their asset/wealth management business is under threat and 21% for insurance firms.</li></ul><p>A key driving force behind this disruption is that at its most basic level financial services is about transferring and storing information, and organizations benefit greatly from transitioning those operations to digital. Another is consumer centricity - offering solutions that better address customer needs. This is something fintechs are mostly better at than incumbents. </p><p><strong>Disruption isn't the only option for legacy firms. </strong>Fintechs<strong> </strong>often provide a better user<strong> </strong>experience than legacy players because consumers moving to digital and fintechs are good at tech.<strong> </strong>Over 80% of fintechs believe they are fully consumer-centric (compared to 53% of incumbents). But they're not necessarily good at the finance aspect of fintech. Further, they often don't have the funding, reach, and licenses necessary to scale quickly. That's where legacy firms have an advantage and a potential point of collaboration. </p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="BI Intelligence" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/56eba773dd08952b588b45b2-960/share of business.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/56eba773dd08952b588b45b2-2343-1757/share of business.png" alt="Share of business" data-mce-source="BI Intelligence" /></a><p class="source"><span>BI Intelligence</span></p></div><p></p></div></div></p><p><strong>INNOVATE FINANCE WANTS TO MAKE IT EASIER FOR FIRMS MOVE ACROSS BORDERS. </strong>Differences in financial regulatory approaches between countries create a barrier for fintechs to scale across borders. This week Innovate Finance, which represents the UK's global fintech community, and US lending platform OnDeck, launched the Transatlantic Policy Working Group (TPWG) to try and address those differences between US and UK policy. The TPWG will include stakeholders from fintechs, incumbents, government, trade bodies, think tanks and academia to ensure all aspects of policy relating to fintech are discussed by the group. </p><p><strong>Opposite ends of the spectrum. </strong>Both the UK and US boast thriving fintech communities, but the UK is a long way ahead in its regulatory approach to the industry. The US has traditionally had a more restrictive approach, thanks in part to the heavy involvement of large banks in the development of regulation. The TPWG initiative hopes to improve the environment through dialogue on different global approaches to regulation and how they encourage fintech innovation.</p><p><strong>SOUTH KOREA WARMS TO FINTECH. </strong>The country's economy has recently <a href="http://www.bbc.co.uk/news/business-34612397">suffered</a> as a result of a drop in tourism and falling exports. The government is taking number of actions to recover, including loosening regulation in the financial services industry to encourage the growth of fintechs, <a href="http://english.yonhapnews.co.kr/news/2016/03/15/0200000000AEN20160315004800320.html">according</a> to Yonhap News. In particular, non-banks can now facilitate money transfers, resulting in <a href="http://uk.businessinsider.com/fintech-briefing-uk-regulator-on-robo-advisors-baap-in-germany-2016-3">foreign money transfer</a> firms entering the country. The country also plans to lift restrictive policies <a href="https://www.google.co.uk/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;cad=rja&amp;uact=8&amp;ved=0ahUKEwi7g6HlisjLAhVG_A4KHe1QCH4QFggcMAA&amp;url=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Fb950264e-3c13-11e5-8613-07d16aad2152.html&amp;usg=AFQjCNGorUe-dqqMOja0n0i_aQcz3TSAnA&amp;bvm=bv.117218890,d.bGs" target="_blank">to allow</a> internet-only banking.</p><p><strong>The strategy is working. </strong>VC firm Altos Ventures has<a href="http://techcrunch.com/2016/03/16/super-hot-korea-gets-a-new-startup-fund/?ncid=rss&amp;ct=t(FinTech_for_RSSFEED_DATE_4_16_2015)"> just raised</a> a £77 million ($110 million) fund to invest in the country and is "very interested" in putting that money into fintech, specifically mobile payment platforms and P2P lending. Permissive regulation and increased funding, combined with South Korea's vibrant technology sector and successful ecommerce industry, could lead the country to become a global fintech hub to rival Singapore and Hong Kong in Asia. </p><p><strong>Enjoying The Fintech Briefing? Enter your email to receive it directly to your inbox.</strong></p><form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"><p><label>Email:</label> <input name="email" type="text" /> <button style="border: none; padding: 6px 8px; vertical-align: top; font-family: helvetica,arial,sans-serif; font-size: 12px; font-weight: bold; text-transform: uppercase; color: #fff; background: #ff722d;" type="submit" value="Subscribe">SUBSCRIBE</button></p></form><p><strong>CROWDFUNDING PLATFORM PARTNERS WITH LONDON STOCK EXCHANGE. </strong>It's difficult or impossible for many individuals to buy stock in private companies, or participate in pre-IPOs or discount placings, because brokers usually require a high net-worth in order to participate. UK crowdfunding platform <a href="https://www.syndicateroom.com/press/syndicateroom-brings-crowdfunders-to-ipo-market.aspx">SyndicateRoom</a> wants to change that, by giving individual investors access to these opportunities typically reserved for <a href="http://uk.businessinsider.com/syndicateroom-get-intermediary-status-with-london-stock-exchange-2016-3">professionals</a> (e.g. VCs and Angels). It recently received intermediary status from the London Stock Exchange (LSE) bringing it closer to achieving this goal. This allows it to offer investors access to IPOs of companies listing shares on the London stock market, through its online platform.</p><p> </p><form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"></form><p><strong>MEET US AT MONEY20/20 EUROPE.</strong> BI Intelligence analysts will be at Money20/20 Europe. <a href="http://www.businessinsider.com/meet-business-insider-at-money2020-europe-2016-3?IR=T" target="_blank">Sign-up to meet the analysts here</a> and don't forget to attend Managing Analyst John Heggestuen's fireside chat with MoneyGram CEO Alex Holmes.</p><p><strong>Around the world ...</strong></p><p><strong>GOLDMAN SACHS BACKS MOBILE WALLET IN VIETNAM.</strong> Vietnam-based M-Service, which operates e-wallet MoMo, received a £19.5 million ($28 million) Series B round from Standard Chartered Private Equity and Goldman Sachs, <a href="http://in.reuters.com/article/momo-investment-stanchart-idINL3N16O3JM" target="_blank">according</a> to Reuters. Goldman Sachs had previously funded MoMo in 2013, while Standard Chartered provided the bulk of the funding in the current round. The e-wallet facilities online payments and domestic remittances, as well as in-store payments in select locations. MoMo claims 2.5 million users in Vietnam and a bricks-and-mortar agent network with over 4,000 locations. </p><p><strong>JPMORGAN HIRES OBAMA-ADMIN ALUM TO LEAD FINTECH STRATEGY. </strong>Seth Wheeler, former economic adviser to US President Barack Obama, will join JPMorgan's consumer and community banking team to lead fintech and innovation strategy, <a href="http://qz.com/639818/jpmorgan-chase-appoints-a-former-obama-advisor-to-lead-its-fledgling-fintech-strategy/" target="_blank">according</a> to Quartz. JPMorgan has been an active player in fintech over the past year announcing partnerships with small business lender On Deck, investing in P2P lender Prosper, and testing blockchain transfers between New York and Tokyo. <strong><br /></strong></p><p><strong>BARCLAYS OPENS FINTECH ACCELERATOR IN INDIA.</strong> The Rise fintech accelerator program is coming to Mumbai in the second quarter, <a href="https://www.Finextra.com/newsarticle/28622/barclays-opens-rise-fintech-hub-in-mumbai" target="_blank">according</a> to Finextra. Rise offers physical and virtual workspaces where fintech entrepreneurs can meet and receive guidance from a global network of fintech experts. Rise locations are offered in cities around the world including London, New York, Manchester, Cape Town, and Tel Aviv through a partnership between British bank Barclays and network-provider 91springboard. The news adds to a growing trend of collaboration rather than competition between fintechs and legacy banks.</p><p><strong>HITACHI ESTABLISHES FINTECH RESEARCH LAB IN SILICON VALLEY. </strong>The Japanese conglomerate <a href="http://www.businesswire.com/news/home/20160316005469/en/Hitachi-Establish-FinTech-Research-Organization-North-America" target="_blank">announced</a> yesterday that it will launch the Financial Innovation Laboratory as part of its Silicon Valley-based Global Center for Social Innovation. The aim of the initiative is to "accelerate research &amp; development of blockchain technology, collaborative creation with customers, and development of solutions to support business innovation in financial institutions." </p><p> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/little-known-google-features-2016-3">5 awesome Google features you didn't know about</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="J5Y2U3bzoIG_b9FvwXC1b1SZa9sN8clG" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'J5Y2U3bzoIG_b9FvwXC1b1SZa9sN8clG',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

 FINTECH BRIEFING: Fintechs could take 23% of financial services  - Korea loosens regulations - Crowdfunding platform partners with LSE 

The dream of almost every startup founder is to turn their venture into a unicorn — a company that boasts a valuation of US$1bn. Yet, only a tiny fraction of startups turn into unicorns, making this lofty goal even more desirable. As of 2024, only 67 unicorns rule the start-up world in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>, while the US hosts 703 and China 340.<br /><br />As per the latest report ‘<keyword id="21226523" type="General" weightage="20" keywordseo="ASk-Private-Wealth" source="keywords">ASK Private Wealth</keyword> Hurun India Future Unicorn Index 2024’, 152 more startups are on track to turn unicorns over the next five years. These startups — valued at over $200 million — are on the fast track to achieving unicorn status within the next few years.<br /><br />However, these projections only depend on the current position of these companies and the macroeconomic trends that may change drastically over the next few years, affecting the ability of these companies to turn unicorns. Therefore, over the next five years, many of these startups might lose their valuations, while several others could gain, affecting the overall number of unicorns drastically.<br /><br />For example, the post-pandemic boom in investments led to 45 start-ups turning unicorns in 2021, leading to over 100 unicorns in the country by 2022. However, the funding winter that followed since mid-2022 led to many startups losing this coveted valuation, taking down the number of unicorns to 68 in 2023 and 67 in 2024.<br /><cmsannotation type="cmsannotation" annotationid="Future looks bright" comment="subhead" text="Future looks bright"><span data-til="noop">Future looks bright</span></cmsannotation><br />Despite challenges, India's startup ecosystem today is buzzing with potential, and the ASK-Hurun report highlights that 38 new startups have been added to the Index this year, signalling a vibrant and evolving ecosystem ready to overcome the obstacles of a funding winter.<br /><br />The Hurun Research Institute classifies only the startups founded after the year 2000 with a valuation of US$1bn as unicorns. Further, it classifies startups that are most likely to go unicorn in the next three years as <keyword id="22121767" type="General" weightage="20" keywordseo="Gazelles" source="keywords">Gazelles</keyword>, and those with the potential to turn unicorn in the next five years as <keyword id="20332731" type="General" weightage="20" keywordseo="Cheetahs" source="keywords">Cheetahs</keyword>. <br /><br />India now hosts 46 gazelles and 106 cheetahs, compared to 51 gazelles and 96 cheetahs in the 2023 index. This year saw a record 25 future unicorns drop out, including 5 gazelles and 20 cheetahs. On the brighter side, 7 gazelles and 31 cheetahs entered this year’s list, making it a total of 38 in and 25 out.<br /><br />"A transformative shift is in progress in the dynamic landscape of India's startups. It is the visionary entrepreneurs and forward-thinking investors who are driving this change, paving the way for a new generation of companies. These emerging companies, fuelled by innovation and resilience, are not just promising to shape India's future but also making a significant contribution to our nation's economic trajectory, thereby reinforcing their significance,” says Rajesh Saluja, CEO &amp; MD, ASK Private Wealth.<br /><br />The year 2024 has so far seen the promotion of startups like Zepto, Porter, and Incred Finance to unicorn status, showcasing the resilience and upward mobility within the sector.<br /><cmsannotation type="cmsannotation" annotationid="Bengaluru: The unicorn hub" comment="subhead" text="Bengaluru: The unicorn hub"><span data-til="noop">Bengaluru: The unicorn hub</span></cmsannotation><br />India remains the third-largest startup ecosystem globally, after the US and China. As a key tech hub, Bengaluru continues to reign as the capital of future unicorns in India, with 46 startups from the city making it the <keyword id="22121766" type="General" weightage="20" keywordseo="Hurun-index" source="keywords">Hurun index</keyword>. Bengaluru’s startups are valued at $18.3 billion, which include 13 Gazelles and 33 Cheetahs that reinforce Bengaluru's status as the Unicorn capital of India.<br /><br />India’s Silicon Valley is followed by Delhi NCR with 29 and Mumbai with 19. These three cities are transforming into breeding grounds for innovation, hosting the majority of India's most promising startups. Together, these three cities account for 61% of the future unicorns in the ASK Private Wealth Hurun India Future Unicorn Index 2024, highlighting their pivotal roles in the country's vibrant startup landscape.<br /><cmsannotation type="cmsannotation" annotationid="Trends among future unicorns" comment="subhead" text="Trends among future unicorns"><span data-til="noop">Trends among future unicorns</span></cmsannotation><br />Fintech, SaaS, and e-commerce are leading the charge, making up 43% of the future unicorns. These sectors are revolutionizing financial services, business management solutions, education, and healthcare. Startups like Servify, operating in 42 countries, and LocoNav, in 25, highlight the global reach and ambition of these companies.<br /><br />Among the breeding institutions, IIT Delhi emerges as the birthplace for most founders. The report highlights that most of the Cheetahs and Gazelles Founders graduated from IIT Delhi, post-graduation in IIM Ahmedabad and Wharton/ HBS for international masters. <br /><br />In a significant trend demonstrating the investors' preference towards profitability, 7 Gazelles and 15 Cheetahs from the list made profits in FY 2023. Collectively, the 152 startups that are part of the index employ over 150,000 people, underscoring their impact on the economy.<br /><br />Among investors, Peak XV Partners (formerly Sequoia Capital India &amp; SEA) leads as the top investor with 47 probable unicorns in its portfolio, including Turtlemint and CleverTap. Accel and Tiger Global follow closely, each backing a diverse range of high-potential startups.<br /><br />The ASK Private Wealth Hurun India Future Unicorn Index 2024 offers a fascinating glimpse into the future of India's startup landscape. As they continue to grow and evolve, these startups are a reflection of India’s economic growth story and technological advancement, reinforcing our position as a global startup powerhouse. <br /><br />However, in a race to turn unicorns, India's startups must not forget that the aim is not to increase valuation, but to create sustainable, impactful, and profitable businesses that can thrive in the global market.<br />

Could India host 200+ unicorns in next five years? Hurun index identifies 46 gazella and 106 cheetah startups

<ul><li><strong>The Lord Mayor's visit was aimed at strengthening India-UK financial services links. </strong></li><li><strong>His visit comes amid reports that <keyword id="6354642" type="General" weightage="50" keywordseo="modi" source="Orion">Modi</keyword> may be planning a visit to the UK to sign the <keyword id="6381659" type="General" weightage="50" keywordseo="fta" source="Orion">FTA</keyword> around Diwali. </strong></li><li><strong>The Lord Mayor described very "positive engagements" on sustainable finance as an area of "tremendous opportunity".</strong></li></ul>The free trade agreement (FTA) talks between <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> and the UK are now in their final phase and despite some outstanding issues to be resolved, there is optimism on both sides that the Diwali deadline for a draft will be met, according to the Lord Mayor of <keyword id="6354968" type="General" weightage="50" keywordseo="london" source="Orion">London</keyword>. <br /><br />Vincent Keaveny, the 693rd Lord Mayor who represents the financial hub of the City of London globally, has just returned from a four-day visit to India following meetings with leading Indian businesses and investors and finance chiefs at the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>) and Securities Exchange Board of India (SEBI). <br /><br />As London's ambassador for financial and professional services, the Lord Mayor's visit was aimed at strengthening India-UK financial services links, building strong and sustainable two-way capital flows. <br /><br />"It was a really good time to be in India with the FTA negotiations entering into their final phase," Keaveny told PTI. <br /><br />"Prime Minister Modi has made it clear that he wants to sign the FTA by Diwali. There are some outstanding issues to be resolved but I think there's a lot of optimism on both sides that we will get that done. Whatever the content of the agreement, it will be a real positive for the relationship between India and the UK across the board in the coming years," he said. <br /><br />His visit comes amid reports that Modi may be planning a visit to the UK to sign the FTA around Diwali, which falls on October 24. The timeline had been set during former British Prime Minister Boris Johnson's visit to India in April and there had been some speculation whether the change of leadership in the UK might impact that deadline. <br /><br />Asked about the prospect, the Lord Mayor expressed optimism: "It is a tight deadline but there is optimism. <br /><br />"Prime Minister <keyword id="2420812" type="General" weightage="50" keywordseo="liz-truss" source="Orion">Liz Truss</keyword> is deeply engaged in international trade, she's served as trade secretary and had a trade focus to her time as foreign secretary... we have a Prime Minister very conscious of trade issues and will be well placed to take this to the final leg." <br /><br />Keaveny, who also addressed the Global Fintech Festival in Mumbai earlier this week, highlighted the huge demand for digital services in India as a sign of the growing India-UK exchanges in the field. <br /><br />"London is <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>'s top fintech hub. And we can all see that India is on the way to becoming <keyword id="21718" type="General" weightage="50" keywordseo="asia" source="Orion">Asia</keyword>'s top fintech hub - with the highest fintech adoption rates in the entire world and the emergence of many unicorns," he said. <br /><br />"As well as talent, we have the opportunity to enhance the connectivity between the UK and India fintech ecosystems - both business-to-business connections, but also connections through hubs and accelerators. Underscored by the UK-India relationship being at an all-time high. The free trade agreement negotiations will pave the way for significantly stronger trade flows between our nations significantly," he said. <br /><br />With reference to his discussions with RBI and SEBI, the Lord Mayor described very "positive engagements" on sustainable finance as an area of "tremendous opportunity". <br /><br />"India has a very large infrastructure investment requirement, running into trillions of dollars. There is an opportunity here, which we in the City of London would be keen to support - to bring the capital that is there in the international markets into projects in India that need that capital for investment in infrastructure. That is a tremendous opportunity," he said. <br /><br />However, he also pointed to some areas where there is less of a "meeting of minds", such as Indian companies being able to list their shares directly on the international stock exchanges. <br /><br />"Proposals to allow that to happen are currently on hold. We continue to advocate for that to happen. I think it will be beneficial to Indian corporates and the Indian corporate community to tell its story much more directly in the international markets," he said.<br /><br />SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/former-vice-president-venkaiah-naidu-to-release-book-on-pm-modis-speeches/articleshow/94392168.cms">Former Vice President Venkaiah Naidu to release book on PM Modi's speeches</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/home-loans-growing-at-a-faster-rate-in-tier-3-and-4-districts-thanks-to-wfh-sbi-report/articleshow/94393267.cms">Home loans growing at a faster rate in Tier 3 and 4 districts, thanks to WFH: SBI report</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/doodlage-and-ecokaari-startups-are-converting-waste-into-bags-and-clothes/articleshow/94388327.cms">Fashion forward: These startups are converting waste into bags and clothes</a>

You Searched For "Mumbai Fintech Hub" and got 9 results

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FINTECH BRIEFING: Fintechs could take 23% of financial services - Korea loosens regulations - Crowdfunding platform partners with LSE

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