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India's fintech sector records dip in funding, raises $2 billion in 2023: Report

Business TodayBusiness Today Ā· 10m
India's fintech sector records dip in funding, raises $2 billion in 2023: Report

India's fintech sector raised $2 billion in funding in 2023, a decline of 63% and 76% compared to the previous two years. Despite challenges such as increasing borrowing costs and macroeconomic conditions, India ranked third globally in fintech startup funding. Alternative lending, payments, and banking tech were the top-performing segments, with digital lending expected to grow with the government's Digital Personal Data Protection Act. Digital banking also gained popularity, particularly in rural areas, aided by increased internet usage and mobile device accessibility. The Indian government's BharatNet project aims to enhance broadband connectivity in rural areas, potentially attracting more investments.

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