Revolut Prepares India Launch
UK fintech major Revolut is set to enter India, opening a waitlist for users. The company will offer an INR-only prepaid wallet with UPI integration and Visa cards, signaling increased competition in India's digital payments and raising the bar for frictionless checkout experiences.
Revolut's entry into India has been in motion since April 2021, when it appointed Paroma Chatterjee as the CEO for its India operations. Chatterjee previously held senior roles at prominent Indian companies including Lendingkart, Flipkart, and Airtel Money. The company has committed a multi-million pound investment over five years and plans to create around 300 jobs in the country. The journey to launch involved securing key regulatory approvals. Revolut received in-principle authorization from the Reserve Bank of India (RBI) for a Prepaid Payment Instruments (PPI) licence in April 2024. This was followed by full authorization in April 2025, allowing it to issue prepaid cards and wallets with UPI integration. The company also holds a Category-II Authorised Money Exchange Dealer license, enabling it to offer multi-currency forex cards and cross-border remittance services. Globally, Revolut has seen significant growth, with a recent share sale valuing the company at $75 billion. This valuation is a substantial increase from its $5.5 billion valuation in 2021 when the India expansion was initiated. The company serves over 65 million customers worldwide and has set a target of reaching 100 million by mid-2027. The initial product for the Indian market will be a consumer-focused, INR-only prepaid wallet. While it will integrate with UPI for domestic transactions, business-focused accounts and international payment receiving capabilities for Indian entities are not part of the initial launch. The platform aims to combine domestic payments with international spending capabilities, a proposition that has already attracted over 350,000 users to its waitlist. To lead its India launch, Revolut has made key leadership appointments in addition to CEO Paroma Chatterjee. Amarjeet Kumar, formerly of Jumbotail, has joined as the head of strategy and operations, while Girish Singh, with experience at Uber and Paytm, is the head of growth. The Indian subsidiary will also function as an operational hub for Revolut's global business.
