Fintech funding is back in FY25. Across the board, from early to late stage, and across fintech segments investors are deploying capital again
🚀💡Payments (B2B - PAs & Infra)
✅ Cashfree: $53M raise in FY25 @ $700M val → ~9x revenue multiple
✅ Easebuzz: $30M raise in FY25 @ $200M val → ~2.59x
✅ Juspay: $60M raise @ $1B valuation → ~24x (from 33x in '22). Expectation: <20x on FY25 rev
✅ PayU: $120M raise from Prosus (parent) in FY25 @ $4.2B val in FY24 → ~8.86x
💡Comparables: Recently raised payment fintechs are at rev multiples of 5-9x. Compared to Stripe (~17.5x net / 3.8x gross) and Adyen (~27x net), assuming reported revenues are net, Indian players are in line basis domestic scale (Stripe + Adyen have significant intl plays)
👉 Established, soon to IPO fintechs that have not raised in ~2 years: Razorpay (24.5x), PhonePe (19x), Pinelabs (37x) are at rev multiples of 18x+. They need minimum 30-50% rev growth in FY25 to justify $B valuations. Not impossible: PhonePe grew 74% from FY23 - 24, Razorpay projected rev growth in FY24-25 is ~50%, and Groww rev grew by ~31% in FY24 - 25. (assuming net revenues reported)
🚀💡 Super Apps (B2C)
✅ CRED: FY25 $75M raise @ $3.5B val→ down from $6.4B val in '22. Now at ~9.7x. (down from 128x in FY22)
✅ Navi: FY24 val of $2B. FY25 rev of $267M → ~7.5x
👉 Comparables: Paytm in June '25 had ~$6.7B mkt cap → ~8.3 rev x. Global benchmarks such as Chime are also a good reference. (a US B2C Neobank). June '25 IPO $16B mkt cap and FY25 rev of ~$1.7B → 9.41x. The 7-10x range is in line with CRED & Navi
🚀💡Lending (BNPL & SME)
✅ Kissht: FY25 IPO planned @ $1.1B val → ~5.6x rev multiple
✅ Flexiloans: FY25 $44M raise @ $140M val→ ~4.5x
✅ Snapmint: FY25 $40M raise @ $160M val→ ~8.8x
👉 Comparables: In FY25 DMI Finance → ~9.6x, Bajaj Finance → ~8.3x. Indian lending fintechs are sub ~10x. Even with a better macro setup (repo cut from 6.5% → 5.5%, reserve ratio from 125% to 100%), underwriting & data quality remain key. I'd expect this to be closer to ~5x (like Kissht, Flexiloans) for lending fintechs, keeping DMI & Bajaj scale in mind
🚀💡Wealth-tech (Broking, FD, Advisory)
✅ Groww: FY25 $202M pre-IPO raise @ $7B val→ ~14.6x
✅ Dhan: FY25 $200M raise @ $1.1B val → ~10.2x
✅ Stablemoney: FY25 $20M Series B @ $130M val → ~18–25x (have estimated FY25 revenues - calculations in deep dive)
✅ Powerup Money: $7.1 seed in FY25 (spin off UNI cards)
👉 Comparables: Zerodha at ~3.5-7x and Angel One are lower at ~5x, but newer players are integrating AI and hyper-personalizing for stickier users. 10x+ justified if engagement sticks
Fintech funding is back with stakeholders aligned on saner numbers. Fintechs which have raised in FY25 have reduced valuation, rev x, or both. The 25-100x era is done
🧠 Detailed calculations, projections + insights in the deep dive. Link in comments!
Note: Views expressed are my own and not of my employer
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