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Indian FinTech sector sees 63% funding drop in 2023
source link: https://nextbigwhat.com/indian-fintech-sector-sees-63-funding-drop-in-2023/
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Indian FinTech sector sees 63% funding drop in 2023
- In 2023, Indian FinTech sector funding fell by 63% to $2bn, with only five $100 million+ funding rounds and one new unicorn, InCred.
- Despite the decline, India ranked third globally in FinTech startup funding, and led in digital payments with transactions surpassing the top four countries combined.
- Alternative Lending and Banking Tech funding also decreased, but growth is expected due to new government regulations and initiatives like the Digital Personal Data Protection Act and the BharatNet project.
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