State Of Indian Fintech Report Q4 2023, InFocus: Rural Fintech

In Q4 2023, fintech funding in India experienced a decline of 12% compared to Q4 2022, amounting to $413 Mn. This downturn was accompanied by the lowest median ticket size observed in the past three years. Despite this, lending tech retained investor interest, while fintech SaaS emerged as a strong contender. This report also delves into the rural fintech sector in India — which is witnessing significant growth, presenting a lucrative opportunity for startups in the country. Expected to reach over $208 Bn by 2030, this segment of the $2.1 Tn fintech market offers prospects for both new entrants and established players. Particularly, insurance, digital payments, and lending are emerging as key sectors in rural India.