Indian fintech funding declines 63%; raises total $2 bn: Tracxn Report 2023

Financial technology (fintech) startups in India collectively raised $2 billion in funding during the year 2023, a 63 per cent decline from the previous year’s figure of $5.4 billion, based on data from the Tracxn, according to a report by the Financial Express (FE). This dip mirrors a broader trend of reduced funding across various sectors, with fintechs experiencing a significant slowdown compared to the peak of the funding boom in 2021, when they amassed a staggering $8.4 billion.

Despite the decline, the Indian fintech sector has retained its position as the third-highest funded globally in 2023.