New Delhi, Apr 13 (KNN) Funding among Indian fintech start-ups witnessed a significant surge of 59 per cent quarter-on-quarter (Q-o-Q) in the first quarter (Q1) of the calendar year 2024, according to a report by the market intelligence platform Tracxn.

The fintech sector attracted USD 551 million in investments during Q1 2024, a substantial increase from the USD 346 million raised in the previous quarter.

However, on a year-on-year (Y-o-Y) basis, the funding momentum continued to be slower, with a 57 per cent decline compared to the USD 1.3 billion raised by fintech start-ups in the corresponding period last year.

Despite the Y-o-Y dip, India secured the third position globally in terms of funding raised by fintech companies, trailing behind the United States and China, the report highlighted.

Neha Singh, founder of Tracxn, expressed optimism about the sector's innovative capabilities and its potential to drive India's economic expansion.

"Our Q1 2024 findings emphasise the sector's innovative capabilities and its potential to drive India's economic expansion. The sustained investor interest emphasises the importance of nurturing start-ups and R&D, aligning with the Start-up India Initiative," she stated.

Singh further noted that the surge in funding reflects the industry's dynamism and innovation, positioning India as a leading global fintech player. "This surge reflects the industry's dynamism and innovation, positioning India as a leading global fintech player," she added.

(KNN Bureau)