Fintech has emerged as the fastest-growing tech sector, says Deloitte’s report

According to the report, the aggregated revenue of the top 10 companies has gone up from about ₹21 crore to just under ₹400 crore representing a growth of close to 20x.

This latest funding round comes close on the heels of the pre-series A raise that closed in May 2020, led by Bharat Inclusion Seed Fund, an early stage seed fund. (Pixabay)

Deloitte Touche Tohmatsu India LLP (DTTILLP) on Friday announced the list of the 50 fastest-growing technology companies in India. The listing is part of Deloitte's “Technology Fast 50” (Tech Fast 50) India 2020 programme. The ranking is based on the percentage of revenue growth over the past three financial years.

According to the report, aggregated revenue of the top 10 firms has jumped from ₹21 crore to just under ₹400 crore, recording a growth of about 20x between 2018-2020. It also pointed out that firms with a ranking between 11 to 20 also fared well as they grew by approximately four times in terms of revenue in the last two years. The firms recorded an aggregated revenue of over ₹1,500 crore, added the report.

“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,” said Deloitte in a release.

Fastest growing companies in India (Deloitte)

Fastest growing companies in India (Deloitte)

The report said that the top seven companies had gone past the 1000% mark per their three-year average growth rate. The combined three-year average growth rate of the top 50 firms stood at 559%. Of the top six winners, four firms belonged to the fintech space.

According to the report, Rupeek Fintech Private Limited grabbed the top spot in the “Fast 50 India 2020” ranking. ZestMoney, Roinet, DataBeat, and Cashfree were also in the top five.

“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,” said Rajiv Sundar, Partner and Programme Director - Technology Fast 50 India 2020, DTTILLP.

You can read the full report here.