In 2008, when most Indian fintechs were still a distant dream, Perfios was quietly laying the foundation for what would become the core digital plumbing of the financial sector. Founded by Debasish Chakraborty and V. R. Govindarajan, Perfios began with a bold but unglamorous vision: to clean, structure, and analyze messy financial data at scale….
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Posts that explain reports that we release periodically around unlisted markets. All reports are downloadable freely from privatecircle.co.
Big Loans, Bigger Ambitions: India’s 10 Debt-Funded Startups
In India’s startup ecosystem, 2024–25 was a year of financial recalibration. With venture capital flows slowing and equity valuations facing a reset, many founders found themselves at a crossroads: scale back, raise equity at lower valuations, or find a smarter alternative. A growing number chose the third path. Instead of tapping VCs, these startups turned…
Read moreWeekly Deals Tracker (July 11- July 17, 2025)
₹567 Cr Raised Across 19 Deals | QpiAI, Fractal, and Burger Singh Lead the Pack India’s startup funding momentum held steady in the second week of July, with ₹567 Cr raised across 19 disclosed deals. While deal volume stayed healthy, capital concentration shifted away from mega-rounds and into a more balanced mix of deeptech, QSR,…
Read moreBorrow Now, Scale Later: How Fibe and KreditBee are Redefining Credit in India
India’s fintech ecosystem has undergone a radical transformation in the past decade. As traditional banks grapple with legacy systems, high documentation requirements, and a preference for prime customers, millions of underserved and new-to-credit users have been left behind. This vacuum has been quickly filled by nimble digital lending startups that use technology to assess, approve,…
Read moreWeekly Deals Tracker: Indian Startups Raise ₹769 Cr Across 22 Deals (Jul 04–July 10, 2025)
India’s private funding ecosystem continues to pulse with momentum. Between July 04 and July 10, 2025, Indian startups raised a total of ₹769 Cr across 22 disclosed deals. While the number of deals was moderate, the top 5 alone contributed over 80% of the capital raised, driven by fintech, healthtech, SaaS, and embedded finance. Here’s…
Read morePine Labs vs Razorpay: Battle for India’s Fintech Frontier
Two fintech giants. Two growth playbooks. One digital economy. In the heart of India’s $1Tn+ digital commerce revolution, two companies are redefining how businesses transact, bank, and grow: Pine Labs and Razorpay. While one built its empire through POS terminals across retail counters, the other scaled through APIs powering the internet economy. As India moves…
Read moreRaphe Mphibr: India’s Drone Decade Takes Flight
India is undergoing a quiet but powerful shift in defense and aerospace. Leading this transformation is a homegrown deep-tech player; Raphe Mphibr, a Noida-based startup redefining what it means to build drones for both combat and humanitarian use. Raphe is doing more than just manufacturing drones. It is creating the critical systems that will define…
Read moreTier-2 Momentum, Tier-1 Muscle: How India’s Startup Geography is Shifting
Over the past decade, India has witnessed a dramatic transformation in its entrepreneurial landscape. Driven by digitization, policy reforms, and a surge in startup culture, new company incorporations have become a critical indicator of regional economic momentum. This report analyzes incorporation trends across India’s top Tier 1 and Tier 2 cities, based exclusively on Ministry…
Read moreThink AI, Think India: 5 Startups Writing the Playbook
India is fast emerging as a global hub for artificial intelligence and deep tech innovation. Gone are the days when Indian startups merely built consumer apps or outsourced tech services. Today, a new generation of R&D-heavy companies is laying the groundwork for AI infrastructure, foundational models, and indigenous IP that can compete globally. This shift…
Read moreCapital Float (Axio): Bridging India’s SME Credit Gap
A Deep-Dive Into India’s Fastest-Scaling Digital Lender for Small Businesses Why SME Lending Matters Small and Medium Enterprises (SMEs) are the backbone of India’s economy. They contribute over 30% to the GDP and account for nearly half of the country’s exports. Yet, they remain vastly underserved when it comes to credit access. According to the…
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