Rich Indians a big catch for fintechs, says report
Elevation Capital and McKinsey India suggests.
The report, shared with ET, estimates that by FY30, the number of affluent Indians will grow to around 30 million from around 10 million now, in turn doubling the revenue pool in this space to $80-100 billion.
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According to the report, the affluent segment in India corners 70% of retail deposits and conducts 50-60% of the overall online spends.
Startups such as Cred, Uni, OneCard, IndMoney and Giraffe operate in this segment. The major competition here is from premium offerings of large banks like HDFC Bank and ICICI Bank.
The report says that around 65% of this population is concerned about the digital banking experience from their primary bank, and 57% want more personalised services. This is the opportunity that fintechs can tap into with their superior user experience and tailored services, according to the report.
Credit card bill payment app Cred has built a user base of 16 million by offering curated services and products, while Dezerv has amassed an asset under management (AUM) of $400 million through curated investment portfolios.
The report says that while premium Indian consumers are an emerging opportunity for Indian fintechs, addressing the credit needs of the next 200 million Indians is a
