Fintech News · 29 October 2026 · 3 min read
In short: Indian fintech companies that have filed for or are reported to be preparing IPOs add up to at least ₹30,600 crore, and possibly over ₹33,600 crore, according to Tracxn data reported on 28 October 2026. Names include PhonePe, Razorpay, Navi, InCred Holdings, Fibe, InsuranceDekho and Upstox. Two things are clouding the timing: choppy markets and the still-deferred 0.4% UPI merchant fee, for which NPCI has not announced a new date.
Who is in the queue
| Company | Business | Status as reported |
|---|---|---|
| PhonePe | UPI payments, wealth, insurance | Preparing IPO |
| Razorpay | Online payments for businesses | Filed confidentially (reported in June 2026) |
| Fibe (formerly EarlySalary) | Digital personal loans | SEBI final observations received on 15 September 2026 |
| Navi, InCred, InsuranceDekho, Upstox | Lending, insurance, broking | Disclosed or reported IPO plans |
KreditBee and PayU India were left out of the tally because their listing plans are unconfirmed or on hold.
Why the UPI fee matters
NPCI had planned a 0.4% merchant discount rate (MDR) on certain person-to-merchant UPI payments above ₹2,000, capped at ₹300 per transaction, from 15 October. Its UPI steering committee deferred this until after Diwali, and no new date has been set. Person-to-person transfers and payments up to ₹2,000 were to stay free. Payment companies’ future earnings depend heavily on whether, when and how this fee starts, which makes it harder for investors to value them. We covered the deferral in UPI merchant charge postponed until after Diwali.
Kunal Jhunjhunwala, founder of airpay, told the publication that public market investors value predictability.
Fibe’s IPO at a glance
- Fresh issue of up to ₹750 crore plus an offer for sale of about 4.01 crore shares by investors such as TPG’s Rise Fund, Norwest and Eight Roads.
- ₹562.6 crore of the fresh money is to go into its lending arm, EarlySalary Services, to support more loans.
- FY26 net profit was reported at ₹257.5 crore (₹113.7 crore in FY25) on operating revenue of ₹1,584.6 crore. Assets under management were ₹8,602.7 crore at 31 March 2026.
- Price band and dates have not been announced yet.
What it means for you
- As a UPI user, nothing changes for now: no fee applies to your payments, and P2P transfers were never in scope.
- If you plan to apply to fintech IPOs, read how much of each company’s revenue comes from payments versus lending, since the UPI fee decision affects payments firms most.
- Follow funding and listing news on the Koshfin fintech funding tracker and IPO tracker.
Sources
- Elets BFSI: UPI MDR uncertainty and choppy markets cloud fintech IPO pipeline (28 Oct 2026)
- The Federal: UPI MDR rollout deferred until after Diwali
- Inc42: SEBI greenlights Fibe’s ₹750 crore+ IPO
- StartupFeed: SEBI clears Fibe’s IPO, FY26 profit doubles
This is a news summary for education, not investment advice. Figures are as reported on or before 29 October 2026; check official sources before making decisions.