Wealthtech, not payments, is Indian fintech’s profit engine: Jefferies
The Jefferies report profiles 56 Indian fintech companies across payments, wealthtech, lendtech, insurtech, neobanks and SaaS. It pegged the aggregate FY25 revenue of the fintechs it covers at ₹1.03 trillion, and adjusted Ebitda at ₹16,600 crore, and valued the coverage universe at ₹9.95 trillion—more than $100 billion. Companies referenced include Paytm, PB Fintech (PolicyBazaar), Groww, Angel One and Zerodha, alongside CRED, BharatPe, DMI Finance, Acko and Zeta.
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