According to the Fintech India report released by data intelligence platform Tracxn, funding during the January-March quarter dried up year on year across stages, with seed stage down 77% to $9.9 million, early stage down 42% to $147 million and late stage falling 60% to $394 million, compared to the previous year.
Amid the funding winter, India’s fintech sector experienced a significant setback, with a 63% decline in fund inflows throughout 2023, according to a report by Tracxn.