Indian Fintech Funding Report April 2024 – First Wave of Funding

Which segments will emerge as frontrunners?
BankBazaar secured the top spot this month as the highest-funded fintech startup with an investment of $9.6 million. Established players like Innoviti and M2P have also seized investment opportunities this month signalling a phase of growth and expansion
This month, there’s been a rise in Seed stage funding. Segment wise the Enablers segment has been the top funded segment, which has consistently trended in recent months. Gurgaon accounted for 33% of funded companies this month and has emerged as the top-funded city this month beating Bangalore.

This month the spotlight is on cross-border payments. In particular the OPGSP framework is gaining momentum and we can witness Banks and fintech firms eagerly innovating around this framework. This month also saw XPAY, a budding cross-border payment orchestrator securing funding, showcasing the promising potential of the CB ecosystem as a whole. We anticipate these trends to continue and continued investment influx in this area in the upcoming years as well.