Startup Atlas · API Infrastructure

Setu Acquired

BrokenTusk Technologies Private Limited ● Bengaluru, Karnataka ● Founded 2018 ● setu.co ↗

Sahil Kini · Co-founder & CEO Nikhil Kumar · Co-founder & Chief Evangelist

$18.5 MnTotal funding (tracked)

2Funding rounds

15 Apr 2020Last round

Setu: Business Model Canvas

The nine-block Business Model Canvas, filled in only where a public source states it — empty blocks mean we haven't found a citable fact yet, not that the answer is zero.

Value Propositions

Fastest way to launch financial journeys

"The fastest platform to set up on-boarding, payment processing, or other finance journeys."

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Building blocks for anything fintech

"Building blocks for anything fintech" — modular APIs/SDKs/ready-to-use screens.

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Launch in days, not months

"Launch financial services in a matter of days."

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Developer-friendly infrastructure

Clear API documentation, a full-fledged sandbox, and industry-best uptimes for developers integrating financial services.

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Customer Segments

Digital lending platforms

Lending apps use Setu APIs for onboarding, KYC and cash-flow underwriting via Account Aggregator data.

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WealthTech companies

Wealth and investment platforms listed among Setu's target industries on its site.

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Insurance providers

Insurance listed as one of Setu's target customer segments.

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Banking partners

Banks integrate Setu's APIs for onboarding and payments journeys.

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E-commerce brands

E-commerce companies use Setu's payment-processing APIs (e.g. UPI, BBPS collections).

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Customer Relationships

No cited public information yet.

Channels

Direct developer API platform + sandbox

Setu distributes via clear API documentation and a full-fledged developer sandbox for testing integrations before launch.

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Key Activities

Account Aggregator gateway

Building and operating the Account Aggregator gateway used by lending apps for personal loans, BNPL and MSME credit underwriting.

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BBPS / Bharat Bill Pay APIs

Operating APIs that conduct bill-payment transactions through the Bharat Bill Payment System.

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UPI DeepLinks / UPI payment APIs

Operating APIs that conduct transactions over UPI rails.

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eSign / eNACH and KYC/data APIs

Providing eSign/eNACH and KYC and data APIs (PAN, GSTIN, Udyam, MCA, vehicle, telecom).

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Key Resources

No cited public information yet.

Key Partnerships

Kotak Mahindra Bank

Banking partner whose logo/integration is featured on Setu's site for onboarding and payments APIs.

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ICICI Bank

Banking partner integrated with Setu's platform.

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HDFC Bank

Banking partner integrated with Setu's platform.

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Axis Bank

Banking partner integrated with Setu's platform.

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D91 Labs

Setu's own open-source initiative publishing research, design toolkits and component libraries for developers/designers building fintech products for India, aligned with Account Aggregator and data-protection regulatory frameworks.

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Revenue Streams

API transaction fees on BBPS

"Setu earns primarily by providing application programme interfaces (API) that conduct transactions through the Bharat Bill Payment System (BBPS) and UPI."

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API transaction fees on UPI

"Setu earns primarily by providing application programme interfaces (API) that conduct transactions through the Bharat Bill Payment System (BBPS) and UPI."

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Cost Structure

No cited public information yet.

FAQs on Setu

What is Setu's business model?

Setu's core value proposition centers on Fastest way to launch financial journeys, Building blocks for anything fintech, Launch in days, not months, Developer-friendly infrastructure.

How does Setu make money?

Setu's cited revenue streams include API transaction fees on BBPS, API transaction fees on UPI.

Sources & corrections. Every fact on this page is compiled from cited public sources — follow the “source” links beside each entry. Profile sources: www.tofler.in · Last verified 15 Jul 2026. · Report a correction