Fintech emerges as the fastest growing tech sector

• Bengaluru based Rupeek Fintech Private Limited (Rupeek) ranked 1st with a three-year revenue growth of 7,295 percent
• Four of the top six companies of Deloitte’s India Technology Fast 50 from the Fintech sector

Bengaluru, 11 March 2021: Deloitte Touche Tohmatsu India LLP (DTTILLP) announced the 50 fastest growing technology companies in the country under its “Technology Fast 50” (Tech Fast 50) India 2020 programme. Conducted by DTTILLP, the programme ranks the fastest growing technology companies in India based on their percentage revenue growth over the past three financial years.

The aggregated revenue of the top 10 companies has gone up from about INR 21 crore to just under INR 400 crore representing a growth of close to 20x in the 2018 to 2020 period.

Interesting statistics about the Top 10 winners:
Fintech emerged as a key sector in this year’s rankings represented by four of the top six winners. The companies have grown a staggering 13x to 70x over the last two years, a testament to the growth Fintech sector has seen in India.

Apart from the Top 10, companies ranked from 11 to 20 also performed extremely well. They have grown by approximately four times in terms of their revenue in the past two years, with an aggregate revenue of more than INR 1,500 crore.

The year has also seen a diverse sectoral representation with several companies across data analytics, digital transformation, digital marketing, and other emerging sectors which are likely to see continued growth over the near term.

While Bengaluru, a key hub for the start-up eco-system, continues to be the most-represented city in our rankings (18 of the top 50 are based in the city), the NCR region is a close second with 12 of the top 50.

Here are the top 10 Technology Fast 50 India 2020 winners: 

1. Rupeek Fintech Private Limited
2. Camden Town Technologies Private Limited
3. Roinet Solution Private Limited
4. DataBeat Consulting Private Limited
5. Cashfree Payments India Private Limited
6. Infinite Uptime India Private Limited
7. Sankey Business Solutions Private Limited
8. Slabs Technologies Private Limited
9. Aeologic Technologies Private Limited
10. Instasafe Technologies Private Limited

Speaking on the occasion, Rajiv Sundar, Partner and Programme Director - Technology Fast 50 India 2020, DTTILLP said, “Our rankings, based on a three-year average revenue growth achieved by the winners, are a fair representation of sectors including Fintech, digital transactions, and analytics that have done exceedingly well over the last few years as part of India’s tech growth story. The new era of technological advances coupled with this year’s rankings give us renewed faith that Indian technology companies are making great strides forward.”

Key highlights

• Top seven companies crossed the thousand percent mark per their three-year average growth rate.
• The combined three-year average growth rate of top 50 companies was 559 percent.
• Four of the top six winners operate in the Fintech space.

Notes to the editor for reference purposes only
This press release has been issued by Deloitte Touche Tohmatsu India LLP.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms.

For details of the Top 50 rankings and sectoral insights, please visit www.deloitte.com/in