🤑As the funding winter rages on, India’s fintech sector saw fund inflows decline by 63% in 2023. The sector raised a mere $2 billion for the year – lower than $5.4 billion raised in 2022 and $8.4 billion in 2023, says a report by Tracxn.
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In spite of the fall, India ranked third globally in 2023 in terms of fintech startup funding.
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Globally, funds have become tight for startups due to rising interest rates, as well as tough and uncertain macroeconomic conditions.
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“Despite a 63% decline, the sector stands strong as the third-highest funded ecosystem globally, affirming its position as a hub of innovation.
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The implementation of regulatory measures and the government's commitment to digitalization have set the stage for a promising future,” said Neha Singh, co-founder at Tracxn.
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