Indian Fintechs Raised $1.6 Bn in September, Ranks Third Globally: Report The report highlighted funding trends that showed mixed performance across stages in 9M 2025. Seed Stage funding witnessed a total of USD 129M, marking a decline of 38 per cent compared to USD 208 million in 9M 2024 and 32 per cent from USD 189 million in 9M 2023.
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Fintech startups in India raised USD 1.6 billion in September 2025 (9M), recording a 17 per cent decline compared to USD 1.9 billion in 9M 2024 and a 20 per cent drop from USD 2.0 billion in 9M 2023. However, the country ranked third globally, only behind the US and UK, according to Tracxn.
The report highlighted funding trends that showed mixed performance across stages in 9M 2025. Seed Stage funding witnessed a total of USD 129M, marking a decline of 38 per cent compared to USD 208 million in 9M 2024 and 32 per cent from USD 189 million in 9M 2023.
Early Stage funding numbers on the other hand, witnessed a rise of 8 per cent and 11 per cent, reaching USD 598 million in 9M 2025 compared to USD 555 million and USD 540 million in 9M 2024 and 9M 2023, respectively.
Late Stage raised a total funding of USD 863 million, reflecting a drop of 23 per cent from USD 1.2 billion in 9M 2024 and 31 per cent from USD 1.3 billion in 9M 2023.
Commenting on the findings, Neha Singh, Co-Founder of Tracxn, said that the country's FinTech ecosystem continues to demonstrate resilience amid a period of funding moderation.
"While overall investments have seen a dip, the consistent activity at the early stage and the emergence of new unicorns highlight sustained investor confidence in the sector's long-term potential. The continued dominance of Bengaluru and Mumbai as key innovation hubs underlines the maturity of India's startup ecosystem. As the industry evolves, we expect to see increased focus, deeper technological innovation, and stronger participation from both domestic and global investors," said Neha.
The period witnessed 2 USD 100M+ funding rounds, compared to 3 such rounds in 9M 2024 and 4 in 9M 2023. Notable deals were Groww, which raised USD 202 million in a Series F round, and Weaver Services, which secured USD 170 million.
September 2025 also saw 23 acquisitions, a 5 per cent rise from 22 in 9M 2024 and a 4 per cent decline compared to 24 in 9M 2023. The largest deal during the period was Resulticks' USD 2 billion acquisition by Diginex, becoming the highest valued acquisition in 9M 2025, followed by Fisdom's USD 150 million acquisition by Groww.
The sector recorded only one IPO in 9M 2025, a decline of 86 per cent and 75 per cent compared to 7 in 9M 2024 and 4 in 9M 2023, respectively. Notably, 2 unicorns were created in the period, the same as in 9M 2024.
According to the report, FinTech companies based in Bengaluru continued to dominate the funding landscape, amounting for 52 per cent of the total funding in India during 9M 2025, followed by Mumbai at 22 per cent.
Investment firms such as Venture Catalysts, Antler, and Fundamentum were the top seed-stage investors; Peak XV Partners, Bessemer Venture Partners, and GMO Venture Partners led early-stage investments; while SoftBank Vision Fund, Sofina and Lathe Investment were the top late-stage investors said the report.
