India Buy Now Pay Later (BNPL) Markets and Investment Opportunities Report 2022-2028 - e-Commerce Platforms are Raising Funding Rounds to Expand BNPL Services in India
DUBLIN, Nov. 21, 2022 /PRNewswire/ -- The "India Buy Now Pay Later Business and Investment Opportunities - 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics - Q3 2022 Update" report has been added to ResearchAndMarkets.com's offering.
According to the publisher, BNPL payments in the country are expected to grow by 71.5% on an annual basis to reach US$12,355.8 million in 2022.
In June 2022, Solv, the e-commerce marketplace for suppliers and buyers in the MSMEs segment, announced that the firm had raised US$40 million in its Series A funding round, which was led by SBI Holdings. Notably, the firm is planning to use the funding for further expanding its BNPL loans to more merchants in the country. As of June 2022, the firm has more than 220,000 KYC-verified MSMEs registered on its platform.
The firm has also developed a Solv scoring system, an alternative credit score, which allows thin-filed MSMEs to access loans on-demand. The e-commerce platform sells groceries, fast-moving consumer goods (FMCG), electronics and accessories, and home furnishing products, among others. In H1 2022, the firm attained a gross merchandise value (GMV) of more than US$260 million with over 60% average repeat purchases. By the end of 2022, the firm is planning to reach US$500 million GMV.
As the BNPL market, both B2C and B2B continues to grow in India, the publisher expects more firms to raise funding rounds. Moreover, as foreign players eye an expansion into the Indian market, consolidation trends will lead to more investment from global BNPL players in India over the next three to four years.
In June 2022, ICICI Bank, one of the leading private banks in India, announced that the firm had entered into a strategic partnership with ZestMoney to add a BNPL feature for its customers. Under the partnership, ICICI Bank is integrating the BNPL service offered by ZestMoney into its cardless EMI product.
Consumers using the cardless EMI product offered by ICICI Bank can use the BNPL service to make purchases of up to US$12,900 or INR 10,00,000. Initially, the service is made available for online transactions; however, the bank is expected to launch the same for in-store purchases soon.
Notably, ZestMoney is one of the leading BNPL players in the country, serving more than 17 million consumers. It has also raised investment from Zip Co, the Australian BNPL firm, in 2021.
ICICI Bank is not the only private banking institution to introduce BNPL service for its customers. Some of the other players, such as Axis Bank and Kotak Mahindra Bank, have also launched the payment feature. The publisher expects more banks to follow suit and launch a BNPL service for their customers over the next three to four years in India.
QubeHealth, which offers healthcare now and pay later products, has partnered with several corporate firms. Companies like Tavant Technologies and SmartWorks, among others, have collaborated with QubeHealth for its QubeHealth-Card, which allows employees to for their health and medical-related expenses that are not covered in their company-provided health insurance.
SaveIN, another BNPL startup focusing on the healthcare sector, is expanding rapidly in the country. The firm also raised US$3 million in July 2022, taking its total seed funding round to US$7 million. SaveIN is planning to use the funding round to grow its network of healthcare providers across the country while also investing a part of it into product development.
From the short to medium-term perspective, the publisher expects the BNPL market to record strong growth in the healthcare sector, as Indians are spending billions of dollars on health expenditure every year.
India Buy Now Pay Later Operational KPIs
India Buy Now Pay Later Market Share Analysis by Key Players (Simpl, PineLabs, Zest Money, Paytm, Lazypay)
India Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast
India Buy Now Pay Later in Retail Shopping: Market Size and Forecast
India Buy Now Pay Later in Home Improvement: Market Size and Forecast
India Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast
India Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast
India Buy Now Pay Later in Other: Market Size and Forecast
India Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
For more information about this report visit https://www.researchandmarkets.com/r/9xvvr7
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