India’s Leading BFSI and FinTech Companies 2023

4 | India’s Leading BFSI and FinTech Companies 2023 For the purpose of the publication, ‘India’s Leading BFSI and FinTech Companies 2023’ , the BFSI sector has been divided into the following key segments – • Banking i.e., scheduled commercial banks (SCBs) - based on the RBI enumeration of SCBs as of Mar 2022, small finance banks and payment banks as defined by the Reserve Bank of India (RBI) • Non-banking financial services (NBFCs) including deposit taking and systematically important NBFCs as per RBI NBFCs classification dated October 2022 • Asset Management Companies as registered with the Association of Mutual Funds in India (AMFI) • Insurance companies registered with the Insurance Regulatory and Development Authority of India (IRDAI), in accordance with the Insurance Act, 1938 • Companies providing financial services falling under NIC Codes 64, 65 & 66 Furthermore, the publication, now in its 15 th edition, has also listed FinTechs. For the purpose of this publication, FinTechs are defined as startup businesses providing technologies to make financial systems and the delivery of financial services more efficient, including the use of technology to provide financial services to specific consumer segments. METHODOLOGY FOR BFSI & FINTECH LISTING FinTechs in this publication have been broadly classified into – • Alternative Financing • Payments and Remittances • Digital Banking • Marketplaces • InsurTechs • Investment Techs; and • Others Eligibility Criteria and Listing Process • As a basic selection criterion for BFSI sector, companies with a standalone total income of INR 250 mn and net-worth greater than INR 100 mn above in FY22 have been listed in this publication. • For selection of FinTechs, Dun & Bradstreet has used information available in various secondary sources such as company websites, the Tracxn database, Dun & Bradstreet’s in-house database, the Ministry of Corporate Affairs (MCA) website and other reliable sources of information to shortlist the leading FinTechs in India. • Dun & Bradstreet has shortlisted FinTechs based on a number of quantitative and qualitative parameters such as Funding Status, Stage of Funding, Number of Rounds of Funding, Funding Amount, Latest Valuation and other relevant information. Dun & Bradstreet