M2P Fintech brings in CFO Vivek Seshadri as IPO groundwork begins

The move marks a formal step toward institutionalizing the fintech’s finance function as it scales globally and prepares for eventual public markets scrutiny. While the company says a listing is still “at least a couple of years away”, the hire signals that IPO preparation has begun internally.

“We are at least a couple of years away,” said Madhu. “But inevitably that will be the path that we will take…”

India’s fintech industry is projected to grow nearly 10x in revenue to $180-200 billion by 2030 from $20 billion in 2023, with fintech’s share of the broader BFSI market expected to rise to 20% from 5%, according to EY’s January 2025 report.

While SaaS remains a relatively small slice of the fintech revenue pool, its share is expected to double to 2% by 2030, implying a market size of roughly $3.6-4 billion, while other segments like Payments and Neobanking shrink in size.

As of FY26, Madhu said the company’s international business was close to 40% of revenue. “Today it is 60-40. In the next two years we expect that to be more of a 40-60.”

The company was last valued at over $750 million in 2024 during a close to $100 million funding round led by Helios. Overall, the firm has raised over $200 million from investors including Tiger Global, Better Capital and MUFG Innovation Partners, the corporate venture arm of Mitsubishi UFJ Financial Group Inc (MUFG).

“In the last 18 months, we tried to consolidate all these (acquired) assets and figured out how we can deliver sitting in India for the world,” he said.

“There is a need for a very strong finance function also, at our stage of maturity level. You have to know what markets to go after, how to price for a product… there are a lot of finance functions that go into how the strategy is for the business.”

“We had made a conscious call to accelerate some of these investments, since any new market takes a while to start generating profits. In the short term you will lose money but you will start seeing that in the long term,” he said.

The company is now “getting out of that whole investment phase,” he added, and said that the last two quarters were profitable. He said FY27 should start profitably from the first quarter.

Mansi Verma

Mansi Verma is a senior correspondent covering private capital in India for Mint. Think of strategy shifts, private equity and venture capital deals, the companies trying to go public, and occasionally, the ones falling apart.She moved into this beat in 2022, and has been following it closely since. Prior to Mint, Mansi worked at Moneycontrol, where she covered jobs and edtech, reporting extensively on the 2022–2024 startup and IT layoffs cycle. Her work during this period focused on what happens to fast-growing companies when capital dries up, combining financial reporting with human-interest stories.Mansi reported closely on Byju’s during a critical phase in its unravelling, and has since built a strong understanding of edtech businesses, particularly unicorns, and the deeper structural challenges in education that many of them have struggled to solve. At Mint, she follows the flow of capital across VC and PE deals, exits and IPO pipelines, while also tracking large investment firms, and the financial services sector.Outside of the newsroom, Mansi spends time exploring how technology is changing the way people think and work, while actively attempting to build a critical thinking human brain in the age of short-form everything.She holds a Master’s degree in journalism and has moderated industry discussions on financial services and investments.