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India’s Fintech Funding Falls to Five-Year Low at $889 Million

Falling seed and late-stage rounds contrast with rising early-stage deals and a 45% jump in acquisitions

Bengaluru is the top start-up hub in India in terms of funding, a report by Inc42 said.

Overview

  • India’s fintech sector raised $889 million in H1 2025, down 26% from H2 2024’s $1.2 billion and marking the lowest half-year total since H2 2020.
  • Early-stage startups secured $361 million, up 10% from H2 2024, while seed-stage and late-stage funding dropped 27% and 41%, respectively.
  • M&A activity surged 45% year-on-year with 16 acquisitions, led by Groww’s $150 million acquisition of Fisdom.
  • No fintech companies went public in the period, and only one new unicorn—Juspay—joined the sector.
  • Bengaluru accounted for 55% of total fintech capital, with Peak XV, AngelList and LetsVenture as the top investors and Accel leading 34 funding rounds.