Overview

• Tracxn reports India retained the No. 3 fintech startup ecosystem by funding with $1.6 billion in the first nine months of 2025, a 17% year-on-year decline and the lowest level since 2019.
• Early-stage financings rose 8% to $598 million, while seed funding fell 38% to $129 million and late-stage rounds dropped 23% to $863 million.
• Bengaluru and Mumbai remained the primary hubs, drawing 52% and 22% of fintech funding respectively.
• The period saw two $100 million-plus rounds—Groww’s $202 million Series F and Weaver Services’ $170 million raise—alongside 23 acquisitions led by Diginex’s $2 billion purchase of Resulticks, one IPO by Seshaasai, and two new unicorns.
• In the week of Oct 6–11, 26 startups raised $284.6 million as Dhan secured $120 million at about a $1.2 billion valuation, reflecting episodic strength in dealmaking.