Revolut is preparing to enter the Indian market next year. The company aims to target high-end consumers in India, the world’s most populous country, as part of its expansion strategy.
Revolut first established a presence in India in April 2021. However, it was only earlier this year that the company received an in-principle authorization from the Reserve Bank of India (RBI) to issue prepaid cards and wallets.
Paroma Chatterjee, CEO, Revolut India, Source: LinkedIn
The company has been testing its products with its over 4,000 local employees. Revolut India plans to launch its app, domestic, and multi-currency cards in 2025.
Paroma Chatterjee, Chief Executive of Revolut India, stated: “We’re actually very, very close, we’re literally down to single-digit bugs right now in the system.” She emphasized that India is a key market for the company’s expansion.
To support its global expansion, Revolut plans to increase its headcount by approximately 40 percent, reaching 11,500 employees by 2024.
🚨 𝗕𝗥𝗘𝗔𝗞𝗜𝗡𝗚 𝗡𝗲𝘄𝘀: @RevolutApp is preparing for 2025 launch in India 🇮🇳
Here is what we know:
Targeting tens of millions of the country’s top-tier consumers in a crucial test for the growth strategy of Europe’s most valuable FinTech.
London-based Revolut set up in… pic.twitter.com/xCmwYGvmi2
— Marcel van Oost (@oost_marcel) September 17, 2024
Audit Report for Authorization
In India, the government has supported fintech growth through the India Stack – a digital infrastructure that enables companies to build integrated applications with access to ID verification, loans, and welfare payments.
Chatterjee acknowledged that the Indian market will be highly competitive, with many well-funded players. “We will have to earn our right to win this market,” she said. Given India’s low GDP per capita, she noted that Revolut’s target market would be around the top 10 to 15 percent of the 1.4 billion population, which she described as “sizeable.”
Chatterjee described this segment as “global India,” referring to individuals who consume international products and services, such as Netflix and Apple, and who often travel abroad. Revolut is expected to file an audit report with the RBI next month, aiming to gain full authorization.