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.

Revolut Testing Products Locally

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.

This article was written by Tareq Sikder at www.financemagnates.com.

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