It was reported on Friday that the financial technology sector in India broke into the top three of the most significantly funded markets globally in the first half of the calendar year, besides the US and the UK. According to Tracxn—market intelligence platform, the total amount raised by domestic fintech was $795 million in H1 2024, which is down 11% from $897 million in H2 2023.
In 2024, one unicorn, Perfios, emerged, flanked by six acquisitions and five initial public offerings in the space of Fintech from January to June alone.
For the total quantum of funding raised to Fintech in 2024, Bengaluru led the pack, followed at a close distance by Mumbai and Pune. Their leading positions underlined the growth of multiple fintech hubs across India's wide spectrum startup landscape.
Despite the funding slowdown, the FinTech ecosystem of India is quick on its feet and adaptable with the help of strong economic fundamentals," says Neha Singh, Cofounder of Tracxn..
“we are optimistic that a supportive policy environment and technological advancements will create new opportunities for growth and innovation in the near future,” she added.
Late-stage funding in the first half of 2024 amounted to $551 million, reflecting a 26% increase from $436 million in the second half of 2023.
According to the report, seed-stage funding saw a rise of 7.4%, reaching $65 million from $60.5 million in the latter half of 2023.
Leading investors in the sector included Peak XV Partners, Y Combinator, and LetsVenture.
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