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Fintech funding in Jan-March down 57% year on year, but up 59% from last quarter

Economic Times

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Funding for Indian fintech startups has decreased by 57% YoY in the first quarter of 2024, totaling $551 million. This is down from $1.3 billion raised in the same period last year. However, there was a 59% increase in funding compared to the previous quarter. Seed stage funding dropped 77%, early stage funding declined 42%, and late stage funding fell 60% YoY. Alternative lending, regtech, and banking tech were the top performing sectors, with alternative lending accounting for 89% of total funding. Some notable investments were made in Avanse, Perfios, IDfy, and Mswipe. The report also highlighted increased scrutiny and regulatory changes faced by the Indian fintech ecosystem. Perfios emerged as the only unicorn in Q1 2024.

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