Fintech ups and downs in the first quarter of 2024 as funding declined

In the opening quarter of the calendar year 2024, the pulse of acquisitions and market entries within the Indian fintech sphere notably decelerated, echoing a downturn in funding. Marking a stark contrast to the preceding year, which witnessed a flurry of 11 acquisitions, only four transactions materialized in Q1CY24. The aggregate value of these acquisitions plummeted by a staggering 90.4 percent, dwindling from $52.1 million in Q1CY23 to a mere $5 million in Q1CY24. The most prominent acquisition of the period was the procurement of Difenz, specializing in fraud risk management solutions, at a modest $5 million.

Furthermore, the landscape saw a modest uptick in initial public offerings (IPOs), with two fintech entities debuting in Q1CY24, a notable departure from the previous year’s absence of IPOs during the same timeframe. Concurrently, five fintech enterprises successfully secured cumulative funding of $446 million in Q1CY24, as reported by Tracxn, underscoring resilience amidst the broader downturn.

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