Revolut’s Five-Year Road to India
Revolut’s India launch is the result of a five-year build across leadership, licensing, acquisitions, funding, and local operations. The company began by appointing Paroma Chatterjee as India CEO in 2021, then acquired Arvog Forex in 2022 to secure a remittance foothold and become an RBI-approved Authorised Dealer Category-II entity.
The regulatory path moved in stages:
Revolut's Deep Dive Report 📔
Revolut’s 60 million-customer journey reflects more than speed, showing how the fintech adapted products, regulation, and go-to-market strategy across markets. From the UK to the EU, its playbook offers insights into scaling, localization, and monetization without losing global consistency. WhiteSight’s latest report unpacks the licenses, product bets, and revenue levers behind its rise into a global digital bank.
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Revolut received in-principle PPI approval from the RBI in April 2024, followed by full authorisation in April 2025 to issue prepaid cards and wallets with UPI. That licence gives Revolut a practical entry point into India’s payments market without beginning as a full bank, allowing it to build around prepaid cards, wallets, UPI-linked usage, and cross-border money movement.
By October 2025, the company had confirmed that its first India product would be a Visa-powered prepaid card, with a target to onboard 20 million customers by 2030. Revolut has also backed the rollout with capital and operating depth, committing £500 million to its India business and GCC over five years and planning to have around 40% of its global workforce based in India by the end of 2026.
The June 2026 controlled beta rollout shows that Revolut’s India entry is not a quick market test. It is a regulated, infrastructure-led launch built over several years, with remittances, prepaid cards, wallets, UPI, and local talent forming the base for a broader India strategy.
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