India’s fintech sector records strong growth of 59% in Q1 2024
New Delhi: India has ranked third globally in terms of funding raised for the fintech sector in the first quarter (Q1) of this year, a report showed on Friday.
The total funding received by the fintech sector increased by 59 per cent in Q1 2024 compared to Q4 2023, underscoring the strength of the Indian fintech landscape amid a dynamic economic environment.
Q1 2024 saw total funding of $551 million compared to $346 million raised in the previous quarter, reports leading market intelligence platform Traxon.
Bengaluru leads the way in funding in the Indian fintech sector, followed by Mumbai and Hyderabad.
“The continued investor interest emphasizes the importance of promoting startups and R&D, in sync with the ‘Startup India’ initiative. Neha Singh, Co-Founder, Traxon, said this surge reflects the dynamism and innovation of the industry, positioning India as a leading global fintech player.
Peak XV Partners, Y Combinator and LetsVenture emerged as leading investors in the space.
Fintech growth in the Indian economy performed strongly in the last quarter with a growth rate of 8.4 percent.
According to the IMF, India will become the world’s third largest economy with a GDP of over $5 trillion by 2027.
