India’s fintech industry has marked a notable achievement in 2024, securing its place among the top three globally funded sectors alongside the US and the UK, according to a recent report by Tracxn.
Despite facing a funding decline of 11% from the second half of 2023, the sector amassed $795 million in the first half of the year.
The report highlights Perfios as the sole unicorn creation in 2024, amidst six acquisitions and five IPOs within the January-June period.
Bengaluru emerged as the leading city for fintech funding, followed closely by Mumbai and Pune, underscoring the growth of multiple fintech hubs across India’s diverse startup ecosystem.
Neha Singh, Co-Founder of Tracxn, commented on the sector’s resilience, stating, “Despite global funding challenges, India’s fintech ecosystem demonstrates agility and adaptability, bolstered by robust economic fundamentals.”
She expressed optimism about future growth and innovation, citing a conducive policy environment and technological advancements as catalysts.
Late-stage funding in H1 2024 reached $551 million, marking a 26% increase from H2 2023, while seed-stage funding saw a 7.4% rise to $65 million.
Leading investors such as Peak XV Partners, Y Combinator, and LetsVenture played pivotal roles in shaping the sector’s growth trajectory.
The report underscores India’s fintech sector as a dynamic force amidst evolving global economic landscapes, poised to capitalize on emerging opportunities in the near future.
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