New Delhi, Mar 26: The Indian tech startup ecosystem received $1.6 billion in total funding in the first quarter this year (till March 15), becoming the fourth-highest nation globally in terms of funding raised during this period, a new report showed on Tuesday.
Retail, fintech and enterprise applications were the top-performing sectors, with fintech witnessing a 48 per cent growth from the previous quarter due to the rapid adoption of smartphones and other favourable regulatory policies, according to the report by Tracxn, a leading market intelligence platform.
“Despite the funding slowdown and economic fluctuations, India’s tech startup ecosystem is still one of the top-performing tech ecosystems globally,” said Neha Singh, Co-Founder of Tracxn.