10 months ago
Indian Startups Expand to Southeast Asia, Led by Fintech
Imagine India as a big garden where many innovative companies, like gardeners, have learned to grow.
Now, these Indian gardeners see another exciting garden called Southeast Asia that is growing very fast.
They believe their gardening skills, especially in helping people pay with phones (fintech), selling things online, and providing software for businesses, can work well there too.
This is because many Southeast Asian countries are also becoming more digital, similar to India.
It’s like finding a place where your special tools and techniques can help new plants grow even faster.
While it’s a great opportunity, each country in Southeast Asia has its own rules, like different fences and watering schedules, so the gardeners need to be careful and not use the exact same plan everywhere.
But overall, they are excited to bring their expertise to this new, promising region.
Indian startups, led by fintech firms, are increasingly expanding into Southeast Asian markets.
The combined Internet economy of major Southeast Asian markets is projected to reach $600 billion by 2030.
Factors driving expansion include rapid digital growth, lower competition, and advanced digital payment ecosystems in India.
Companies like Razorpay, Lenskart, and Freshworks are leveraging their expertise to tap into new customer bases and opportunities.
Challenges remain, including navigating country-specific regulations and ensuring talent availability.
- Who
- Indian startups, particularly in fintech, consumer internet, and SaaS.
- What
- Expanding their operations and services into Southeast Asian markets.
- Where
- Southeast Asia, including Indonesia, Vietnam, Malaysia, Cambodia, Philippines, Singapore, and Thailand.
- When
- Currently, with ongoing expansion efforts.
- Why
- Due to rapid digital growth, less competition, lower customer acquisition costs, similar payment ecosystems, and immense market opportunities.
Opportunities and Strengths
Challenges and Nuances
Market Potential
Opportunities and Strengths
Southeast Asia offers immense growth opportunities with a rapidly expanding Internet economy and large consumer bases.
Challenges and Nuances
Each country within Southeast Asia has unique regulatory landscapes regarding licensing, data privacy, and foreign ownership, preventing a one-size-fits-all approach.
Competitive Landscape
Opportunities and Strengths
Indian startups benefit from less competition and lower customer acquisition costs compared to their home market.
Challenges and Nuances
Talent availability can be a constraint, often requiring startups to rely on the Indian diaspora in the initial stages.
Adaptability of Indian Models
Opportunities and Strengths
India's advanced digital payment ecosystem and consumer internet models can be easily replicated with minimal friction in Southeast Asia.
Challenges and Nuances
Founders must adapt their products to local preferences and navigate diverse cultural nuances beyond just the technical aspects.
Key facts
- SEA Internet Economy Projection (2030)
- $600 billion GMV (up to $1 trillion with improved policy)
- SEA Internet Economy (2024)
- $240 billion GMV
- Key Expansion Markets
- Indonesia, Vietnam, Malaysia, Cambodia, Philippines, Singapore, Thailand
- Leading Sectors
- Fintech, Consumer Internet, SaaS, Edtech, Healthtech, AI
- Indian Startups Expanding
- Razorpay, Pine Labs, Lenskart, Oyo, HealthifyMe, Freshworks, MoEngage, CleverTap, StampMyVisa
Timeline
US inflation shows a slight rise; RBI watches rate implications.
Fed eyes rate cuts amid cooling inflation, weak jobs.
September rate cut signal sparks stock market rally.
Investors retreat from tech, crypto seeking safety.
Indian VCs face tougher fundraising amid demand for clear exits.
Quotes
Shashank Kumar
co-founder of Razorpay
“India’s journey from cash to instant mobile payments has created one of the most advanced digital payment ecosystems in the world. Many Southeast Asian markets share similar payment characteristics, with growing digital adoption and demand for faster, more inclusive payment solutions.”
financialexpress.com
Swati Murarka
principal, Bertelsmann India Investments
“What worked in India, from payments infrastructure to consumer internet, can often be adapted with minimal friction.”
financialexpress.com
a company executive
an executive from StampMyVisa
“That’s exactly where our AI-first model can add value.”
financialexpress.com
Murarka
principal, Bertelsmann India Investments
“Each country has its own playbook when it comes to licensing, data privacy, and foreign ownership. Founders can’t apply a one-size-fits-all model.”
financialexpress.com
Sources
Mega deals drive PE-VC investment in October 2025
VC fundraising moderates in India amid clearer strategies, faster exits
Groww headlines ₹6,800 crore IPO wave: Dalal Street braces for fintech’s biggest test yet
Startups eye SE Asia as next growth hub

