India’s credit landscape is witnessing a consumer-first disruption. Traditional banks have long underserved young, thin-file customers, creating a gap that BNPL (Buy Now, Pay Later) startups have rushed to fill. From instant checkout financing to flexible pay-later models, BNPL is now powering millions of online and offline purchases across categories. With rising e-commerce adoption, digital payments maturity, and fintech-led innovation, BNPL has become a gateway to credit inclusion for India’s new-age consumers.
Here are the top players driving this revolution:
1. Moneyview Limited (Money View)
City: Bangalore
Founding Date: 11 Aug 2014
FY 2024 Revenue: ₹ 1389.24 Cr
Latest Valuation: ₹ 6978.24 Cr (as on 11 May 2023)
Founders: Puneet Agarwal & Sanjay Aggarwal
About the company:
Money View has scaled into one of India’s most profitable fintechs, offering personal loans, BNPL, and financial management solutions. It differentiates itself with a profit-first strategy, leveraging its credit engine to serve underserved Tier-2/3 users. The company combines alternative data sources and AI-based underwriting to extend credit to those with limited or no formal history. Its app ecosystem also provides financial planning tools, giving it stickiness beyond lending. Money View’s profitability and scale set it apart in a segment often criticized for cash burn.
2. Earlysalary Services Private Limited (Fibe)
City: Pune
Founding Date: 06 Sep 1994
FY 2024 Revenue: ₹ 705.42 Cr
Latest Valuation: ₹ 1308.44 Cr (as on 28 Mar 2024)
Founders: Akshay Mehrotra & Ashish Goyal
About the company:
Rebranded as Fibe, EarlySalary was among the first to provide salary-linked instant loans and BNPL solutions for professionals. Its edge lies in consumer-friendly products like education financing, lifestyle loans, and emergency credit—all bundled within its mobile-first platform. With a strong risk management framework, Fibe bridges short-term liquidity needs while maintaining portfolio health. The company has raised capital from marquee investors and built a reputation as a compliance-driven, sustainable lender in a competitive space.
3. Finnovation Tech Solutions Private Limited (KreditBee)
City: Bangalore
Founding Date: 15 Mar 2016
FY 2024 Revenue: ₹ 700.21 Cr
Latest Valuation: ₹ 1425.44 Cr (as on 27 Mar 2024)
Founders: Madhusudan Ekambaram, Vivek Veda, and Karthikeyan Krishnaswamy
About the company:
KreditBee is one of India’s fastest-scaling digital lenders, offering personal loans, BNPL, and consumer durable financing. It partners with banks and NBFCs to disburse credit, while focusing on young professionals and first-time borrowers. KreditBee stands out for its agility and reach, clocking millions of monthly disbursals and expanding across Tier-2/3 cities. Its co-lending model ensures regulatory compliance while enabling faster scalability. With aggressive growth and steady unit economics, KreditBee is positioning itself as a leader in mass-market credit access.
4. Capfloat Financial Services Private Limited (Axio)
City: Chennai
Founding Date: 06 Oct 1993
FY 2024 Revenue: ₹ 383.94 Cr
Latest Valuation: ₹ 1495.34 Cr (as on 28 Aug 2024)
Founders: Gaurav Hinduja & Sashank Rishyasringa
About the company:
Axio (formerly Capital Float) pioneered BNPL in India by partnering with Amazon and other large e-commerce players. Its checkout financing solution allowed consumers to split payments seamlessly, setting the template for India’s BNPL boom. Today, Axio offers personal loans, BNPL, and pay-later cards, reaching millions of customers. Its biggest strength is its ecosystem partnerships, tying up with platforms, merchants, and NBFCs to enable low-friction lending. Backed by Sequoia and Ribbit Capital, Axio remains a founding pillar of India’s BNPL wave.
5. Camden Town Technologies Private Limited (ZestMoney)
City: Bangalore
Founding Date: 24 Nov 2016
FY 2023 Revenue: ₹ 249.82 Cr
Latest Valuation: ₹ 1745.42 Cr (as on 12 Sep 2022)
Founders: Lizzie Chapman, Priya Sharma & Ashish Anantharaman
About the company:
ZestMoney made BNPL popular among India’s new-to-credit millennials, enabling instant EMI options for smartphones, electronics, and lifestyle purchases. With a strong focus on partnerships, it integrated with 10,000+ merchants and platforms. While the company faced turbulence in recent years, its role in popularizing digital EMIs remains undeniable. Its focus on affordability + inclusion helped millions of Indians build credit histories, making ZestMoney a pioneer in bringing BNPL into mainstream consumer finance.
6. GaragePreneurs Internet Private Limited (Slice)
City: Bangalore
Founding Date: 12 Jun 2015
FY 2024 Revenue: ₹ 867.83 Cr
Latest Valuation: ₹ 7804.93 Cr (as on 21 Sep 2024)
Founder: Rajan Bajaj
About the company:
Slice started as a millennial-focused credit card challenger and has grown into one of India’s most recognized BNPL brands. With its easy-to-use app, stylish card design, and focus on young professionals and students, Slice positioned itself as a lifestyle brand rather than just a lender. The company built traction by offering split-bill features, cashback rewards, and flexible EMIs, catering to a segment often ignored by traditional banks. Despite regulatory changes around prepaid instruments, Slice has pivoted into full-stack credit and payments offerings. Its strong brand recall, community-driven growth, and fintech agility make it a formidable player in the BNPL and credit ecosystem.
7. One Sigma Technologies Private Limited (Simpl)
City: Bangalore
Founding Date: 29 Dec 2020
FY 2024 Revenue: ₹ 149.76 Cr
Latest Valuation: ₹ 977.45 Cr (as on 31 Mar 2024)
Founders: Nitya Sharma
About the company:
Simpl is India’s checkout-first BNPL player, aiming to make online shopping “frictionless.” Its core offering is a one-tap pay-later button integrated into thousands of merchants, allowing users to buy instantly and settle later. Simpl’s focus on user experience and merchant acquisition has made it a favorite among digital-first consumers. With a strong repeat-user base and growing merchant network, Simpl plays a crucial role in driving checkout conversions for e-commerce.
8. Mwyn Tech Private Limited (Freo)
City: Bangalore
Founding Date: 20 Oct 2015
FY 2024 Revenue: ₹ 111.47 Cr
Latest Valuation: ₹ 827.34 Cr (as on 27 Dec 2024)
Founders: Bala Parthasarathy, Anuj Kacker & Kunal Varma
About the company:
MoneyTap (now part of Freo) pioneered India’s app-based personal credit line, which easily adapts to BNPL. Users can borrow flexibly, withdraw to bank accounts, and repay in EMIs, making it versatile compared to fixed-term BNPL. Its USP lies in hybrid credit access, blending personal loans with pay-later convenience. By targeting salaried millennials and digital-savvy households, MoneyTap/Freo has become a credible BNPL-cum-credit line solution.
9. LazyPay Private Limited (LazyPay)
City: Mumbai
Founding Date: 26 Nov 2018
FY 2024 Revenue: ₹ 55.75 Cr
Latest Valuation: ₹ 286.86 Cr (as on 13 Jul 2022)
Founders: Jitendra Gupta
About the company:
LazyPay, backed by PayU, was one of the earliest BNPL options available across digital merchants. It’s “buy now, pay later” at checkout, and small-ticket credit became extremely popular for mobile recharges, food delivery, and bill payments. The company also launched personal loans and UPI-linked credit offerings. While scale has been challenged by rising competition, LazyPay remains an important part of India’s early BNPL journey, credited with mainstreaming micro-credit for digital consumption.
10. Rupifi Technology Solutions Private Limited (Rupifi)
City: New Delhi
Founding Date: 21 Jan 2020
FY 2024 Revenue: ₹ 33.74 Cr
Latest Valuation: ₹ 531.80 Cr (as on 09 Mar 2022)
Founders: Anubhav Jain, Ankit Singh & Harshil Mathur
About the company:
Rupifi focuses on B2B BNPL, powering SMEs and kirana stores with embedded checkout credit. Integrated into large B2B marketplaces like Flipkart Wholesale and Jumbotail, among others, Rupifi provides instant working capital lines to small traders. Its model strengthens India’s retail supply chain, ensuring liquidity for merchants who form the backbone of India’s commerce. With rapid adoption across wholesale and distributor ecosystems, Rupifi has positioned itself as a B2B BNPL pioneer in India.
Conclusion
BNPL is no longer just a fintech buzzword; it’s a structural shift in how India accesses and manages credit. From Money View, KreditBee, and Axio driving mass-market lending to Simpl, ZestMoney, Slice, and LazyPay transforming online spending habits, and Rupifi empowering SMEs through embedded credit, each player represents a vital layer of India’s evolving credit ecosystem.
This analysis is prepared using PrivateCircle insights, leveraging verified financials and valuations to decode India’s leading BNPL and WealthTech innovators. Stay ahead of emerging market shifts and startup intelligence before they hit the headlines