September 2026
 | One97 Communications Ltd is a digital ecosystem for consumers and merchants. The company is in the business of providing a) payment and financial services which mainly include payment facilitator services, facilitation of consumer and merchant loan distribution to consumers and merchants, wealth management, etc. b) marketing services which consist of aggregator for digital products, ticketing business, providing voice and messaging platforms to the telecom operators and enterprise customers and other businesses. The group generates the majority of its revenue from customers domiciled in India. | $19 | +47% | $12B | $12B | 14.0x | 293.0x | ||
| Pine Labs Ltd is a technology company digitizing commerce for merchants, brands, enterprises, and financial institutions. It operates two segments: Digital Infrastructure and Transaction Platform, which contributes the majority of its revenue through in-store and online payments, affordability, value-added services, and transaction processing; and Issuing and Acquiring Platform, providing prepaid, loyalty, rewards, and card issuing and acquiring solutions. Its offerings include UPI and payment gateway services, gift cards, card management, and fintech infrastructure. Pine Labs serves banks, corporates, government, fintech, e-commerce, and startups across multiple industries, enabling customer acquisition, onboarding, expense management, rewards, refunds, and embedded bill payments. | $2 | -- | $2.2B | $2B | 8.0x | 146.9x | ||
| Seshaasai Technologies Ltd is a technology-driven, multi-location solutions provider focused on offering payments, communications, and fulfilment solutions catering to the banking, financial services, and insurance (BFSI) industry, with data security and compliance at the core of its solutions. Solutions that the company offers at scale and on a recurring basis, driven by its proprietary platforms, play a crucial role in enabling the operations and deliverables of the BFSI sector in India. The company also offers Internet of Things (IoT) solutions to a diverse set of customers across industries. | $4 | -13% | $609M | $576M | 3.8x | 14.2x | ||
| AvenuesAI Ltd is a financial technology company that offers Digital Payment Solutions and an Enterprise Software Platform to large enterprises and governments globally. It offers digital payment under the brand name CCAvenue, AI solutions under the brand PhroneticAI & Enterprise Solutions under the brand name Rediff. Geographically, it has a presence in India, the Kingdom of Saudi Arabia, the United Arab Emirates and the United States. | $0 | -- | $556M | $482M | 0.6x | 12.5x | ||
| One Mobikwik Systems Ltd is a financial technology company. It is a platform business at its core, that has a two-sided payments network, consisting of consumers and merchants. The company has three segments - Consumer Payments, Digital Financial Services (erstwhile known as BNPL), and Payment Gateway. | $2 | -27% | $163M | $146M | 1.3x | (24.3x) | ||
| AGS Transact Technologies Ltd is an integrated omni-channel payment solutions provider in India in terms of providing digital and cash-based solutions to banks and corporate clients. It provides customized products and services comprising ATM and Cash Recycler Machines outsourcing, cash management, and digital payment solutions including merchant solutions, transaction processing services, and mobile wallets. The company's operating segments include Payment Solutions, Banking Automation Solutions, and Other Automation Solutions. It generates the majority of its revenue from the Payment Solutions segment. | $0 | -55% | $3M | $3M | 0.0x | 0.1x | ||
| Median | $2 | -20% | $582M | $529M | 2.5x | 13.3x |
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