Indian fintech startups had a mixed year in 2024, with funding declining for the third consecutive year.

According to Inc42’s Annual Funding Report, the sector raised US$2.5 billion, a 19% decrease from US$3.1 billion in 2023, primarily due to fewer late-stage mega deals.

The number of fintech mega deals, defined as those over US$100 million, fell to six in 2024.

Despite this decrease, the overall number of fintech deals increased by 23%, totaling 162.

The median deal size rose to US$5.4 million, a 32% increase from the previous year. Two new unicorns emerged in the sector—Moneyview and Perfios.

Lending technology remained dominant, securing US$1.7 billion, or 68% of the total fintech funding, leading with 88 deals.