India's fintech sector logs robust 59% growth in Q1 2024!

Banking & Finance

India secured the third position globally in terms of funding raised for the fintech sector in the first quarter (Q1) of this year 2024. Total funding received by the fintech sector increased by 59 percent in Q1 2024, compared to Q4 2023. Q1 2024 witnessed a total funding of $551 million compared to the $346 million raised in the previous quarter, according to the report by Tracxn, a leading market intelligence platform. The fintech growth as the Indian economy exhibited a robust performance in the previous quarter, with a growth rate of 8.4 percent. According to the IMF, India will become the third-largest economy in the world by 2027, with a GDP of over $5 trillion.


      Bengaluru led the funding in the Indian fintech space, followed by Mumbai and Hyderabad.

     

     

 

     


Tracxn

Chairperson and MD- Neha Singh
HQ- Bengaluru
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