INDIAN FINTECH

STARTUPS

INDIAN FINACIAL
SYSTEM
CIA 1.2

SUBMITTED BY ------

SUDHEER DIXIT
PRINCE CHOUDHARY
AZAN IRFAN
ARYAMAN KUMAR
 INTRODUCTION

FinTech, an aggregate of the words ``finance” and “generation,” is a time period that
refers to any generation that seeks to decorate and automate the shipping of monetary
offerings in more modern and quicker approaches than turned into historically
available.
Commencing as a time period regarding the again cease generation utilized by big
monetary institutions, it has multiplied to consist of technological innovation
withinside the monetary sector, inclusive of improvements in monetary literacy and
education, retail banking, investments, etc.
FinTech can take the shape of software, a service, or an enterprise that offers
technologically superior approaches to make monetary strategies extra green via ways
of disrupting conventional methods.
FinTech describes a whole lot of monetary activities, including cash transfers,
depositing a take together along with your smartphone, bypassing a financial
institution department to use for credit, elevating cash for an enterprise startup, or
handling your investments, normally without the help of a person
FinTech is the digitization of financial services, usually provided by banks, credit card
companies, credit cooperatives, investment banks, and other companies in the
financial industry. It provides different types of financial technology products, from
personal financial management to corporate financial management. By focusing on
different parts of the financial sector, private companies can compete with traditional
financial services.

A few main types of FinTech services include:

● Money transfer and payments

● Savings and investments
● Budgeting and financial planning
● Insurance
● Business Accounting and Financial 
 10 FINTECH INNOVATIONS

1. CRED APP
Cred is an Indian fintech company, based in Bangalore. Cred is a membership-based credit
card playing platform that rewards its members for paying their credit card on time with
Cred. The rewards are in the form of an unmatched experience with the best of luxury brands
at the end of the bill paying process. Cred members get Cred points, equivalent to the amount
cleared on the bill of the credit card. The coins can further be used by the members to claim
exclusive rewards from several brands. Cred app is available for free download across all iOS
and android devices.
CREDA also faces market competition from other fintech companies such as Digi byte,
Orange pays and verify. CRED is currently valued at $2.2 billion. Cred has received funding
from several investors such as DST global, Sequoia capital and Tiger global, through several
rounds of private funding.

FOUNDER DETAILS
CRED was founded by Kunal shah back in 2018. He is an Indian entrepreneur and venture
capitalist. He is an MBA dropout of Mumbai’s Narsee Monjee. Kunal worked as a CEO for
multiple companies before finding the second largest growing unicorn start-up in India.

APPLICATION AND DATA USED

● JavaScript
● NGINX
● HTML5
● Amazon CloudFront
● Drop wizard
● Amazon SQS
● Android SDK
TOOLS AND TECHNOLOGIES USED
● WordPress
● Slack
● Jira
● Trello
● Confluence
● Asana
ADVANTAGES OF CRED
● Keeps a track of the credit score of members and regularly notifies them
● Analyses spending pattern and cautions on suspicious transactions made through the
credit card
● Members get exclusive rewards in the form of CRED points
DISADVANTAGES OF CRED
● Concerns over data privacy
● Data theft

2. POLICY BAZAAR
Policy bazaar.com is an India’s largest online fintech life insurance and general insurance
aggregator. Policy bazaar offers several types of policies such as Life insurance, motor
insurance, health insurance, travel insurance and group plan as well. Policy bazaar analyses
various insurance policies that are offered on the platform based on several parameters such
as price, quality, key benefits etc. It helps people in selecting policies based on their demands
and requirements, online of offline. The platform has got specialised segments such as
“knowledge. policy bazaar” and “ask,policybazaar” dedicated to solving the queries of the
customers.
Policy bazaar was co-founded by Yash Dahiya, Avaneesh Nirjar and Alok Bansal in 2008. So
far, Policy bazaar has raised US $366 million in 7 rounds of private fund raising. Some of its
prime investors being Info Edge, Intel capital and inventus capital. Policy bazaar has also
submitted its Draft herring prospectus to SEBI and soon be offering an IPO. The top market
competition of policy bazaar comes from cover fox and Policy Genius.
FOUNDER
Yashish Dahiya, Alok Bansal, Avaneesh Nirjar

FOUNDER DETILS
Yashish Dahiya, CEO & Co-Founder, PolicyBazaar.com holds a Bachelor’s Degree in Engineering
from IIT Delhi, a Post Graduate Diploma in Management from IIM Ahmedabad, and an MBA
from INSEAD. He started his career as a Business Unit Head at Illinios Tool Works and later
moved on to Bain & Co. to work as a Management Consultant.

APPLICATION AND DATA USED

● Java
● NGINX
● HTML5
● C/C++
● Drop wizard
● Python

TOOLS AND TECHNOLOGY USED

● PHP
● JavaScript
● Apache
● Akamal
● DigiCert
● JSON-LD
● HTML transition 4.0

ADVANTAGES OF POLICYBAZAAR
● Customers get the best option available through various filters available
● Better customer service
● Avail an informed deal
● Can avail automated services
● Prompt Services
DISADVANTAGES OF POLICYBAZAAR
● Lack of security
● No uniform standards
● Data theft
● Data compromised after buying a policy
● Conceal information about policy
3. PAYTM
Paytm (a halfway shortened form for "pay through portable") is an Indian worldwide
innovation organization that has practical experience in advanced instalment
framework, web-based business and money, situated in Noida. Paytm is as of now
accessible in 11 Indian dialects and offers online use-cases like portable re-energizes,
service charge instalments, travel, motion pictures, and occasions appointments just as
in-store instalments at supermarkets, foods grown from the ground shops, eateries,
stopping, costs, drug stores and instructive organizations with the Paytm QR code. As
of January 2018, Paytm is esteemed at $10 billion.
According to the organization, in excess of 20 million vendors across India utilize
their QR code instalment framework to acknowledge instalments straightforwardly
into their ledger. The organization likewise utilizes notices and paid special substance
to generate incomes.
FOUNDER
Vijay Shekhar Sharma

FOUNDER DETAILS
Founder & CEO of Paytm and One97 Communications Limited together own Paytm
Payments Bank, country's largest digital bank with over 58 million account holders. Working
on its mission to bring un-served & under-served Indians under the formal banking system, it
has made banking accessible & convenient to people across the country through innovative
use of technology.

APPLICATION AND DATA USED

● WordPress
● PHP
● Amazon
● Gmail
● Digicert
● Google Analytics
TOOLS AND TECHNOLOGY USED:
● Hazelcast
● Java Script
● Nginx
● Apache Drill
● Hibernate
● jQuery
● Postman

ADVANTAGES OF PAYTM:
● Easy to acknowledge instalment through various instalment sources
● High security of a instalments.
● Industry high achievement rate.
● Easy checkout with saved cards.
● Real-time bank settlements

DISADVANTAGES OF PAYTM:
● Money Transfer from Paytm to the financial balance can energize you to 4%
● Dependency on the Internet while paying cash when contrasted with utilizing
cash/Card
● You may lose your available Paytm cash if you lose you mobile, they don't have
authentication using email id

4. GROWW
Groww has become the most recent unicorn in the fintech business by bringing $83 million
up in a subsidizing round drove by Tiger Global. The organization has raised $140 million as
capital up until this point. With a newly obtained unicorn status, Groww is a venture stage
that permits people to put and exchange stocks, common assets, US stocks, and Gold.
 It likewise has fixed store alternatives for ordinary financial backers. Upheld by an enormous
power of financial backers, for example, Sequoia Capital India, Ribbit Capital, Y
Combinatory, Kauffman Fellows, Propel Venture Partners, and Kairos, Groww plans to
convey its subsidizing into presenting monetary instructive substance for its 1.5 crore
enrolled clients.

FOUNDER
Lalit Keshre- Co-founder & CEO

FOUNDER DETAILS
Lalit is the CEO of Groww. Lalit looks after all the aspects of the business, predominantly the
product and customer experience at Groww. Before starting Groww, Lalit was in a senior
product management role at Flipkart, where he launched and led Flipkart Quick and helped
launch Flipkart Marketplace. Earlier, Lalit founded an online learning company called
Eduflix, and he has also been an early team member at Ittian Systems. 

APPLICATION AND DATA USED

● Use Data to Derive Analytics
● As an Engagement Tool
● Devise Strategies with Behaviour Patterns from Mobile App Data
● Boosting Ads Based on User Responses

TOOLS AND TECHNOLOGY USED:

 1.Stock Charts
 2.Simple Moving Average (SMA)
 Moving Average Convergence and Divergence (MACD)
 Relative Strength Index (RSI)

ADVANTAGES OF GROWW
•Zero Account opening fee.
•Zero Demat AMC Charges.
•Instant paperless account opening
•Online IPO application
DISADVANTAGES OF GROWW:
•No Call and Trade administrations.
•No branch support.
•No Margin exchanging office.

5. KHATABOOK
Khatabooks, a start-up that is helping private ventures in India record monetary exchanges
carefully and acknowledge instalments online with an application, has brought $60 million up
in another financing round as it hopes to acquire ground on the planet's second most crowded
country.
The new financing round, Series B, was driven by Facebook prime supporter Eduardo
Saverin's B Capital.

FOUNDER
Founded by Ashish Sonone, Dhanesh Kumar, Vaibhav Kalpe (not serving now), Jaideep
Poonia, and Ravish Naresh in 2018

FOUNDER DETAILS

On researching, they found that first-time online users did not deal with digital transactions,
and they still rely on traditional khata or ledger books. As per Ravish, they wanted to build
something that people want and then try to build a business around it.

That is when the idea for Khatabook developed, and they started work on a simple cash
management app and named it Khatabook. The Khatabook parent company is Kyte
Technologies.
DATA AND APPLICATION USED:
Kotlin
Swift
React + Redux with Typescript
Node.js

TOOLS AND TECHNOLOGY USED:

Android
iOS
Web PWA
Postgres

ADVANTAGES OF KHATABOOK:
•You can oversee more than one shop or business.
•This application is totally free and safe.
•You can communicate something specific through SMS or WhatsApp to remind the client
about credit.

DISADVANTAGES OF KHATABOOK:
● Businessman cannot make multiple khatabooks

● It can manage only one business efficiently

● GST is a totally IT-driven law. While the idea is novel, the flip side is that all
states in India aren’t equipped with the necessary infrastructure to implement this
system to its full extent.

● Companies who operate their businesses in multiple states, have to register in all
those states. This adds an extra level of complexity that did not exist earlier.

● There is a distinct possibility that some items will cost more after GST
implementation. Items of expenditure like insurance renewal premium,
healthcare, courier services, DTH services will become costlier – items that
millions of us use every day.
6. GPAY

Google Pay (adapted as G Pay; in the past Android Pay) is a computerized wallet stage and
online instalment framework created by Google to control in-application, on the web, and in-
person contactless buys on cell phones, empowering clients to make instalments with
Android telephones, tablets, or watches. Clients in the United States and India can likewise
utilize an iOS gadget, but with restricted usefulness. Moreover, the help likewise upholds
passes like coupons, tickets, grounds ID cards, vehicle keys, occasion tickets, film tickets,
public transportation tickets, store cards, and reliability cards.

As of January 8, 2018, the old Android Pay and Google Wallet have been brought together
into a solitary compensation framework called Google Pay. Android Pay was rebranded and
renamed as Google Pay. It likewise assumed control over the marking of Google Chrome's
autofill feature. Google Pay embraces the components of both Android Pay and Google
Wallet through its available, shared, and online instalments administrations.

The rebranded administration gave another API that permits shippers to add the instalment
administration to sites, applications, Stripe, Braintree, and Google Assistant. The
administration permits clients to utilize the instalment cards they have on record in their
Google Account.

FOUNDER
Anand Dubey - Head, Organised Retail Partnerships, Google Pay - Google | LinkedIn
FOUNDER DETAILS
Sujith Narayanan, the co-founder of Google Pay, told that when they were working on
Google Tez (another offering by Google), he and his team realized that a consumer's financial
journey extends beyond the digital payments. Moreover, there was a need to concentrate on
the millennials in India and give them a new way to handle financial services.

DATA AND APPLICATIONS USED

 Airbnb
 Fandango
 EMV Payment Tokenisation Specification
TOOLS AND TECHNOLOGY USED
 oauth2l

 Consumer Device Cardholder Verification Method (CDCVM)

 A command-line tool used to work with OAuth 2.0. Its primary use is to fetch and
print OAuth 2.0 access tokens, which can be used with other command-line tools and
shell scripts.

ADVANTAGES OF GPAY
•Major Bank Support
•Mobile Banking App Integration
•In-App and Online Purchases
•Boarding Passes and Tickets
•Enhanced Securities
•Availability in Various Countries

DISADVANTAGES OF GPAY
•It's not generally acknowledged. Let's be honest
•It's not invulnerable. In spite of the multi-facets of safety includes that Google Pay has, it's
as yet not powerful
•Limited just to NFC innovation
•All exchanges are attached to your gadget
7. PHONEPE

PhonePe is an Indian advanced instalments and monetary administrations organization settled

in Bangalore, India. PhonePe was established in December 2015, by Sameer Nigam, Rahul
Chari and Burzin Engineer. The PhonePe application, in view of the Unified Payments
Interface (UPI), went live in August 2016.

The PhonePe application is accessible in more than 11 Indian languages. Using PhonePe,
clients can send and get cash, re-energize portable, DTH, information cards, make utility
instalments, pay at shops, put resources into charge saving assets, fluid Funds, purchase
protection and common assets and gold what's more PhonePe additionally permits clients to
book Ola rides, pay for Redbus tickets, and book flights and lodgings on Goibibo through the
Switch stage.

PhonePe is acknowledged as an instalment alternative at over 17.5 million disconnected and

online vendor outlets across 500 urban areas in India covering food, travel, food, drugs, film
tickets and so on.

FOUNDER
Sameer Nigam founded PhonePe in 2015 and serves as its Chief Executive Officer. Before
PhonePe, he served as the SVP Engineering and VP Marketing at Flipkart.

FOUNDER DETAILS
PhonePe is an Indian digital payments and financial services company headquartered in
Bangalore, India. PhonePe was founded in December 2015, by Sameer Nigam, Rahul Chari
and Burzin Engineer. The PhonePe app, based on the Unified Payments Interface, went live
in August 2016

TECHNOLOGY USED IN PHONEPE:

PhonePe utilizes Hbase as essential Big Data innovation that lies in-line in the client way and
helps them in dynamic capacities. Nonetheless, different organizations use Hbase for
disconnected positions. To customize client experience, PhonePe utilizes a blend of
information driven bits of knowledge and client inclinations.

APPLICATIONS AND DATA USED IN

PhonePe users can perform several actions on the platform like online money transfer,
recharge mobile, DTH, data cards, make utility payments, pay at shops, invest in tax saving
funds, liquid Funds, buy insurance, mutual funds, and gold.

ADVANTAGES OF PHONEPE
•Direct transfer of funds
•Numerous Different Payment Options
•Multi-Language Interface
•Intuitive POS

DISADVANTAGES OF PhonePe
•When you pay with the app, it will appear that processing is still in progress
•It also happens when you pay to a merchant, the message is displayed, payment successful
8. Financial software systems
FSS, Financial Software and Systems, is a global leader in electronic payments and provides
end to end and integrated payment solutions for financial institutions, processors and
retailers.
Their comprehensive range of products and services spans across payment channels such as
ATM, POS, internet and mobile and provides organisations, offering more choices and
channels to grow their businesses.

FOUNDER
Nagaraj Mylandla is the founder and managing director

FOUNDER DETAILS
Nagaraj Mylandla is the founder and managing director of Financial Software & Systems (FSS)—the
Chennai-based payments technology leader. Mylandla, in fact, pioneered this business in the country.

Areas of expertise include:

 Transaction switching and authorisation
 ATM deployment and managed services
 Switch, terminals, network infrastructure management
 Card management system for debit, prepaid and smart cards
 Reconciliation and settlement
 Internet and mobile payments
 Merchant management
 Financial inclusion and micro banking
 Risk and fraud management
Products and services are delivered through two business lines - FSSTechnologies and
FSSNeT.

TOOLS AND TECHNOLOGY USED

FSSTechnologies is a software solutions and services business, offering a comprehensive
range of software products and services.
Key products offered include a card management system that supports authorisation issuance
and management of debit, prepaid and smart cards; a reconciliation suite; merchant
acquisition and payments; mobile banking and payments and financial inclusion-based
products.
All products run on standard industry platforms and help banks and financial institutions
deliver convenience, ease of use, security and access to their end customers.
FSSTechnologies' portfolio features a diverse range of on-site and off-site services, including
systems integration, offshore development, project management and implementation, testing
and certification, application testing, online technical support and a 24x7 global helpdesk.

DATA AND APPLICATION USED

FSSNeT is the payments processing and managed services business and provides hosted
payment transaction processing services across delivery channels such as ATMs, POS,
internet and mobile, and is one of the largest independent payments processors.
FSSNeT services include transaction switching and interchange connectivity, end to end
ATM deployment and management, merchant management, card issuance and management,
financial inclusion and micro-banking, internet and mobile payments and a range of value-
added services.
FSSNeT provides banks with many advantages, including low upfront investments, low
transaction cost and optimum use of systems with maximum uptime, by utilising FSSNeT's
ready-to-go EFT switching and support services infrastructure. Leading banks rely on
FSSNeT services such as ATM driving, authorisation, settlement reporting and ATM sharing.

9. Money view
Money View, a fintech start-up, is a loan financer, which also helps in planning overall
finances. It can provide loans ranging from INR.10, 000 to INR. 5, 00,000 within a day or
lesser. The application pulls data about banking, bills, and expenses from the client’s SMS
box. It provides the user with a view of their bank balance, income spends, and income dues.
The application is designed for all smartphones and is also a lightweight application, which
can run and be updated even without internet connectivity.
Since 2016, Money View comes in 6 local languages, namely; Hindi, Gujarati, Bengali,
Tamil, Telugu, and Kannada. The main reason to have local languages is to be able to fully
solve the users’ problems. Currently serving more than 10 million users, Money View assures
to have a security system like the best banks in the country. The company uses personal client
information only for providing a better experience. The information is encrypted which helps
in avoiding any data loss or misuse.

FOUNDER
Money View was founded in 2014 by two IIT friends, Sanjay Aggarwal and Puneet Agarwal.

About Safety & Security

Money View does not read one’s personal SMSs, bank OTP's, passwords or account
numbers. Money View recognises accounts based on the last four digits mentioned in an
SMS. Money View uses bank-grade security & encryption - so your data and money are safe.
Money View is completely safe & secure.

DATA AND APPLICATION

 AWS ROUTE 53
 G SUITE
 SLACK
 FRESHWORKS

TECHNOLOGY AND TOOLS USED

 JIRA SOFTWARE
 SEGMENT
 AMAZON EC2
 GITHUB
 AMAZON REDSHIFT

ADVANTAGES OF MONEY VIEW

 Quick Approval. ...
 No Need for a Collateral. ...
 Versatility. ...
 Builds Credit Score. ...
 Minimal Documentation and Easy to Avail.

DISADVANTAGES OF MONEY VIEW

  They take all of your mobile no and other information and they say they are
to use it underwriting only but it's not so they store your data and they share
with third party vendor without your knowledge or consent.

 You just miss one due date forget about due for months, they will share all
of your data to third party. They will call all of your relatives and contacts
even if you are in their touch.

 This third party will have your date forever. And you must know that most
of these third-party vendor hires people with criminal background. They can
use your data for any purpose purpose from intimation to ransom.

 RBI mandates in India that no financial institutions can share your financial
transaction or detail of loan to any third party but these guys violate this
openly.

Ola Cabs (stylized as OLΛ) is an Indian multinational car sharing company offering services
including car rental and food delivery. The company is headquartered in Bangalore,
Karnataka, India. In October 2019, Ola was valued at approximately $ 6.5 billion.
Many venture capitalists, including Softbank, own large stakes in the company. In January
2018, Ola opened its first overseas market in Australia and New Zealand in September 2018.
In March 2019, Ola began operations in the UK with the introduction of automated rickshaws
in the UK. Before the London launch, more than 10,000 drivers registered both online and
offline. In February 2020, Ola opened a taxi service with over 25,000 registered drivers.
Ola offers different levels of service, ranging from economic to luxury travel. The cabs are
reserved through a mobile app and also through their website and the service accepts both
cash and cashless payments with Ola money. It claims to clock an average of more than
150,000 bookings per day and commands 60% of the market share in India as of 2014.
FOUNDER
Bhavish Agarwal

FOUNDER DETAILS

Ola Cabs founder and OLA Electric CEO Bhavish Agarwal quipped that he may have to
outsource techies jobs to Silicon Valley in California as the cost of hiring engineers goes up
in India's own Silicon Valley - Bengaluru.

"Engineering hiring situation in Bengaluru - thinking of offshoring some work to a lower cost
centre in SF, Bay Area!"

APPLICATION AND DATA USED

Syclla
AI
Data Science
Machine Learning

TOOLS AND TECHNOLOGY USED

GPS technology
Google Font API 
Lens Encrypt
Time-Distance Metrics
Shortest path Algorithm

ADVANTAGES OF USING OLA

 Biggest advantage of Ola/Uber is that it's convenient. Just open the app, set the
destination, book your cab. So simple. My dad himself was not confident enough to
use it at first. After booking 3-4 times himself he got so used to it that now wherever
he goes, he'll book a UBER himself now.

 CHEAP*. If you take your normal black and yellow cab and take Uber Go or Ola
Micro the fare difference isn't much. At times it's even cheaper than black and
yellow cabs.
 Travel comfortably. When you are paying almost the same amount, why not travel
in an air-conditioned cab.
  Choices. Want to travel in style, book SUV or Ola Lux. For those not aware about
Ola Lux, you can book a BMW, Mercedes, Jaguar or any such luxury car for your
travel. Travelling alone, low on budget, book Uber Pool or Ola Share. This one is
sure shot cheaper than your black and yellow cabs.

 Revenue to government. Everything is computerized. Billing, payments, etc. So, you

have to pay service tax at any cost.

 Employment opportunities. There are so many people who are able to have a side
income by simply appointing a driver to drive their car. And that driver who had no
fix source of income previously, got one.

DISADVANTAGES OF USING OLA

 The driver has to be trustworthy which is very rare. It is also difficult to get drivers
if one leaves your job.

 Drivers hardly stay at one place for a long time.

 More and more cars are getting attached nowadays. This means more availability of
cars and a smaller number of rides for us.

 With their highly competitive rates of 6rs/km, sometimes it is difficult to earn

money if the rides are too small.

 You have to maintain the driver rating so that your MBG (Minimum Business
Guarantee) does not get affected. This is a disadvantage because drivers tend to
book rides from their own phone and Ola keeps track of everything.

 Sometimes the devices do not work properly and we normally have to waste our
time in their offices to make it work again. Their offices are always crowded. Device
malfunction does happen but not very frequently.

THANK YOU
 CONTRIBUTIONS MADE BY EACH MEMBERS

ARYAMAN KUMAR

COLLECTED INFORMATIONS OF 3 FINTECH INDIA STARTUPS AND

CHECKED IF THE DOCUMENT IS BY ANY MEANS IS PLAGIRISED

SUDHEER DIXIT

COLLECTED INFORMATIONS OF 3 FINTECH INDIA STARTUPS, DID

ALL THE EDITING OF THE DOCUMENT AND DID THE DATA
SEARCHING FROM THE WEBSITES

AZAN IRFAN

COLLECTED INFORMATIONS OF 2 FINTECH INDIA SARTUPS AND

GAVE ALL NECCESSARY MATERIALS REGARDING THE PROJECT

PRINCE CHOUDHARY

COLLECTED INFORMATIONS OF 2 FINTECH INDIA STARTUPS AND

VERIFIED THE SOURCE OF THE DATA (I.E. IF THE DATA IS
ACCURATE)