(Bloomberg) -- U.S.-based private equity investor Sequoia Capital expects valuations for India’s financial services providers to more than treble to $2.5 trillion by the end of this decade, with fintech firms grabbing a fifth of that pie as global investors line up to buy a slice of the fast-growing sector.

Valuations for India’s fintech companies should jump 10 times to $500 billion by 2030 as the traditionally underbanked South Asian nation witnesses the highest digital adoption globally with retail online transactions growing five-fold in the last two years.

“That’s the opportunity -- 10 times in nine years, that’s what is exciting,” said Ishaan Mittal, managing director at Sequoia Capital India at a Razorpay organized conference Thursday. “That’s why Sequoia Capital India partners with many many fintech companies” in the country.

Sequoia Capital has several investments in Indian start-ups. Unicorns like Groww, Razorpay and Pine Labs Ltd. are among dozens of top firms that global investors are eyeing in the lucrative financial services space.

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And it’s not just the venture capitalists. Big Tech companies from Google to Amazon and hundreds of home-grown start-ups are tying up with banks and shadow lenders offering digital products from loans and insurance to deposits.

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The timing couldn’t have been better. With China imposing curbs on its technology sector, India has turned out to be one of the most attractive destinations for digital services where online lending is expected to surge to $350 billion by 2023.

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