India ranked third globally in fintech funding, receiving $1.9 billion in 2024, despite a 33% decline from the previous year, according to Tracxn’s Annual India Fintech Report. The drop was attributed to a slowdown in demand and geopolitical challenges.

India’s fintech sector secured $1.9 billion in 2024, a 33% decrease from $2.8 billion in 2023, but still ranked third globally.

In 2024, the sector raised $805 million in Q3, marking a 61% YoY increase.

59% of total funding came in the second half of 2024, with August being the strongest month at $434 million.

Despite funding challenges, India’s fintech ecosystem showed resilience, emerging two new unicorns and recording eight IPOs.

Digital lending solutions led funding, making up 64% of the total.

Late-stage funding saw a 42% drop to $1.1 billion, while early-stage financing dropped 16% to $562 million.

Mergers and acquisitions fell by 16%, with 26 deals, including notable transactions by PureSoftware and ET Money.

Bengaluru remained the top fintech funding hub, followed by Mumbai and Delhi.

The Payments segment experienced the largest decline, with a 77% drop in funding compared to 2023.

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