Indian Fintech Funding Report September & October 2025

Indian Fintech Funding Report

September & October 2025

What’s Inside?

Funding rebounded in October 2025, with $263M raised across 20 startups, driven largely by strong momentum in the Lending and Enabler segments. Mumbai emerged as the highest-funded city this cycle.

Top Funded Segment:

Lending dominated with $195M, led by major rounds across consumer, SME, and collateral-free lending platforms, continuing to attract deep investor conviction.

Other Highlights:

Top deals included $92M (PE), Finbox raised $35M for international expansion, and multiple mid-stage rounds, signaling sustained appetite for scale-ready models.
Enabler platforms in compliance, reporting, and risk intelligence saw renewed interest, reflecting the shift toward enterprise workflows and regulatory-ready infra.
Gullak raised $7.5M Series A, showcasing continued demand in WealthTech and automated savings.
Insurance, regtech, and payments players secured early-stage rounds, highlighting diversification beyond credit-led stories.
Mumbai led with $125M, followed by Bangalore ($74M) and Chennai ($41M), reshaping the geography of fintech capital flows.

Regulatory Focus: RBI Master Direction on Payment Aggregators (2025)

RBI issued a unified, comprehensive PA framework, strengthening net-worth requirements, merchant KYC, escrow governance (T+1 settlements), consumer protection, and cybersecurity not just regulating PAs, but reshaping the underlying infrastructure of digital payments.

Indian Fintech Funding Report September & October 2025