5.65 billion dollars invested in fintech startups in the country

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- In 2022, a big drop in funding by 47 percent and the number of rounds by 29 percent, the country's largest fintech company, PhonePe, received $350 million in funding.

Ahmedabad. 19

Fintech startups in India raised a total of $5.65 billion in 390 rounds in 2022, a 47 percent drop in terms of funding amount and a 29 percent drop in number of rounds compared to 2021, according to a report.

The drop in fundraising is due to investment in late-stage funding falling from $8.3 billion in 2021 to $3.7 billion in 2022, according to data provided by Traxon, a global software-as-a-service (SaaS)-based market intelligence platform. Late-stage funding has declined by 56 percent year-on-year.

Fintech startups raised 13 funding rounds worth more than $100 million. It is a huge reduction of 50 percent against the 26 rounds of 2021. Y Combinator, Tiger Global Management and Let's Venture were the most active investors in 2022 with more than 20 investments.

However, what is shocking is that only four startups in India's fintech sector got unicorn status in 2022, which is a very low figure compared to 13 new unicorns in 2021. Among cities, fintech companies in Delhi-NCR have raised a total of $14.9 billion in funding so far, followed by Bengaluru with $10.2 billion and Mumbai at the top of the list with $4.2 billion.

According to the report, India is still the third most funded country after the US and the UK in terms of funding in the fintech sector. Meanwhile, PhoneP, an online payment and transaction service provider platform founded in 2015 under Flipkart and now owned by Walmart, has raised $350 million in funding with a valuation of over $12 billion. With this funding from General Atlantic, PhonePe has become India's most valuable fintech.

In a statement issued on January 19, the company said it will currently raise funds up to $1 billion in phases. The startup company will use the funds to invest in infrastructure, including data center development. Apart from this, PhonePay is also planning to invest in new businesses like insurance, wealth management and lending. Apart from this, FinPay is also planning to focus on UPI Lite and UPI Credit.

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