Indian Fintech Startup Funding surges 59% in Q1CY2024: Tracxn report

Current Context: According to the Tracxn Geo Quarterly Report, Indian fintech startups saw a significant surge in funding in Q1CY2024, with a 59% increase from the previous quarter, raising USD 550.8 million across 33 deals.

• However, this was a 57% decline on a year-on-year basis compared to Q1 of 2023’s USD 1.3 billion.
• Despite this, India ranked 3rd globally in fintech funding, trailing behind the US and China.
• The sectors that performed the best were Alternative lending, RegTech, and Banking Tech.
• In terms of geographical distribution, Bengaluru led in fintech funding, followed by Mumbai and Hyderabad.
• The report is released by Tracxn, a leading SaaS-based market intelligence platform that provides insights into various sectors, including fintech.

Question:

Q.1 What was India’s global rank in fintech funding in Q1CY2024 According to the Tracxn Geo Quarterly Report?
a. 1st
b. 2nd
c. 3rd
d. 4th