Fintech - India Annual Funding Report - 2024.pptx

Tracxn Geo Annual Report: India FinTech 2024, offering a comprehensive analysis of key trends, funding activities, and top-performing sectors that shaped the FinTech ecosystem in India 2024. The report delivers detailed data and insights into the region's funding landscape and other developments. We believe this report will provide you with valuable insights to understand the evolving market dynamics.

1. TRACXN GEO ANNUAL REPORT FINTECH - INDIA - 2024

2. Snapshot Investments Investors Exits New Unicorns Citywise Trends News Funded Deadpooled Companies Appendix Contents

3. Snapshot Snapshot Investments Investors Exits New Unicorns Citywise Trends News Funded Deadpooled Companies Appendix Contents

4. The Indian FinTech ecosystem is one of the top three funded FinTech ecosystems in 2024 on a global scale, next to the US and the UK. However, funding in this space has been witnessing a declining trend similar to the global equivalents. The decline in funding in this space can be attributed to the overall slowdown in demand on a global scale and other geo-political headwinds. Despite this, the Indian economy has shown a robust performance this year, considering the projected GDP growth rate of 6.6% for FY 24 -25. The economy has shown strong fundamentals and resilience through declining inflation and healthy balance sheets across banks and non-banks. The Union Budget of 2024 brought several reforms that potentially had a positive impact on this sector such as the Abolition of Angel Tax for all classes of investors. With the Budget of 2025 set to be released shortly, we can expect further monetary policy support that can help boost this sector further. Tracxn Insights (1/6) ‹#›

5. In 2024, the Reserve Bank of India introduced several regulatory measures impacting the fintech sector. In August, the RBI granted SRO status to the Fintech Association for Consumer Empowerment (FACE), an industry body representing fintech lenders responsible for about 80% of digital lending volumes in India. This move is intended to ensure that the rapidly growing fintech sector adheres to statutory and regulatory guidelines. 2024 in this space has witnessed a total funding of $1.9B, a 33% drop compared to $2.8B funding raised in 2023. Additionally, it's a 66% decrease from the $5.6B funds raised in 2022. The funding in late-stage rounds stands at $1.1B, showing a 42% decrease from $1.9B raised in 2023 and a 65% decrease from $3.1B raised in 2022. The funding in early stage rounds in 2024 stands at $562M. This accounts for a 16% decrease from the $667M recorded in 2023, and a 70% decrease from the $1.9B raised in 2022. Tracxn Insights (2/6) ‹#›

6. The funding in the seed-stage round stands at $178M. This is a 19% decrease compared to $219M raised in 2023, although it is a 66% decrease compared to $529M raised in 2022. Q3 was the highest funded quarter in 2024 with $805M raised a 61% increase from Q3 2023. 59% of the total funding this year was observed in the second half of 2024. August was the highest-funded month this year with $434M raised. 2024 has witnessed 3, 100M+ funding rounds, which is a 50% decline compared to 6 such rounds in 2023 . DMI Finance, a provider of consumer and SME loans, raised $334M in Series E funding from MUFG. Credit Saison, an online marketplace for consumer and business loans, raised $144M in a series D funding round. Tracxn Insights (3/6) ‹#›

7. Alternate Lending, Investment Tech and Payments were the top-performing sectors in 2024 in this space. In 2024, the Alternative lending segment witnessed $1.21B in funding a 4% decline in funding compared to the $1.26B observed in 2023 and a drop of 44% compared to 2022 numbers This segment accounts for 64% of the funding raised in the Indian Fintech space in 2024. Digital lending solutions have played a pivotal role in promoting financial inclusion for both rural and urban regions in the country. Through adequate regulatory support from the government and recent advancements in AI, we expect this sector to grow further in the future. The Investment Tech segment witnessed $320M in funding, an decline of 11% compared to the $358M raised in the year 2023. Tracxn Insights (4/6) ‹#›

8. The Payments segment witnessed $194M in funding, a 77% decline compared to $836M raised in 2023, and an 81% decline compared to the $1.01B raised in the year 2022. Money View and Perfios are the 2 Unicorns witnessed in 2024, while 2023 witnessed only one Unicorn in this space. 2024 witnessed 26 acquisitions, which is a 16% decline compared to 31 acquisitions in 2023. PureSoftware, an Omnichannel banking solutions provider, was acquired by Happiest Minds for $94.5M. ET Money, a mutual fund investment platform, was acquired by 360 One for $44M. Tracxn Insights (5/6) ‹#›

9. A total of 8 companies went public in 2024 in this space, a 300% increase compared to the 2 IPOs observed in 2023. Bengaluru leads the space in terms of total funds raised in this period followed by Mumbai and Delhi Peak XV Partners, LetsVenture, and Y Combinator are the overall top investors in this space. Venture Catalysts, Y Combinator, and Antler were the top seed investors in 2024. Elevation Capital, GMO Venture Partners, and Peak XV Partners were the top early-stage investors in 2024. Creaegis, The Rise Fund, and Amara Partners were the top late-stage investors in 2024. Tracxn Insights (6/6) ‹#›

10. Top Feeds Feed $Funding Alternative Lending $1.2B Investment Tech $307M Payments $190M Banking Tech $181M Insurance IT $114M Fintech - India Snapshot - 2024 Fintech - India All time Stats Summary All Companies 13,618 Funded Companies 1,668 Total Funding $33.7B Funding in last 24 months $4.7B Cumulative Valuation of all Unicorns $51.8B Top Cities Bengaluru ($11.6B) Mumbai ($6.8B) Exits Acquisitions 235 IPOs 64 Companies Covered Unicorns 24 Soonicorns 85 Minicorns 256 Editor’s Pick 1,130 Series A+ 409 Series C+ 85 Acqui-Hires 55 Deadpooled 3,848 Top Funding Rounds Company Round Details DMI Finance (2008, Delhi) $334M - Series E Credit Saison (2018, Bengaluru) $144M - Series D Mintifi (2017, Mumbai) $100M - Series E Fibe (2015, Pune) $90.0M - Series E Perfios (2008, Bengaluru) $80.0M - Series D Top Cities City $Funding Bengaluru $524M Mumbai $440M Delhi $379M Pune $154M Gurugram $123M ‹#› $ Funding Series A+ rounds Acquisitions # Funding rounds New additions to Soonicorn Club $1.9B (vs $2.8B, ▼33% ) 228 (vs 324, ▼29% ) 97 (vs 100, ▼3% ) First Time Funded Companies 66 (vs 87, ▼24% ) 13 (vs 16, ▼18% ) 26 (vs 31, ▼16% ) *Data from 01-Jan-2024 to 31-Dec-2024 is considered in report Note: Numbers in bracket indicate the values of 2023 New Unicorns 2 (vs 1, ▲100% ) 8 (vs 2, ▲300% ) IPOs

11. Snapshot Investments Y -o-Y Funding Trends Investors Y -o-Y Stage-wise Funding Trends Exits Top Funding Rounds in last 1 year New Unicorns Top Funded Business Models 2024 Citywise Trends News Funded Deadpooled Companies Appendix Contents

12. Top Funding Rounds in last 8 years Company Funding Round Paytm (2000, Noida) $1.4B - Series G Paytm (2000, Noida) $1.0B - Series I PhonePe (2012, Bengaluru) $658M - Series D Navi (2018, Bengaluru) $400M - Angel DMI Finance (2008, Delhi) $400M - Series E Razorpay (2014, Bengaluru) $375M - Series F BharatPe (2018, Delhi) $370M - Series E Fractal Analytics (2000, Mumbai) $360M - Series E PhonePe (2012, Bengaluru) $350M - Series D DMI Finance (2008, Delhi) $334M - Series E Y -o-Y Funding Trends ‹#› $ Funding (3y) CAGR = -30% $ Funding (5y) CAGR = -14% Note: Funding includes only Equity Funding. It excludes Debt, Grant, Post-IPO and ICO funding.

13. Y -o-Y Stage-wise Funding Trends ‹#› Note: Seed includes Seed, Angel rounds. Early Stage includes Series A,B rounds. Late Stage includes Series C+, PE, Pre-IPO rounds. Stage-wise Number of Rounds Stage-wise $ Invested $2.4B $8.3B $5.6B $2.8B $4.0B $1.9B 431 665 620 324 417 228 Seed Early Stage Late Stage Total Funding Seed Early Stage Late Stage Total Rounds

14. Top Funding Rounds in last 1 year (1/2) ‹#› Company $ Amount Round Date Investors DMI Finance (2008, Delhi, $1.13B) $334M Series E Aug 2024 MUFG Credit Saison (2018, Bengaluru, $144M) $144M Series D Feb 2024 Mizuho Financial Group Mintifi (2017, Mumbai, $270M) $100M Series E Nov 2024 Ontario Teachers' Pension Plan, Premji Invest, Prosus Fibe (2015, Pune, $252M) $90M Series E May 2024 Norwest Venture Partners, Eight Roads Ventures, +4 more Perfios (2008, Bengaluru, $450M) $80M Series D Mar 2024 Ontario Teachers' Pension Plan Vivifi India Fi.. (2016, Hyderabad, $81.66M) $75M Series B Jan 2024 BP IN VPF M2P Fintech (2014, Chennai, $184M) $70M Series D Sep 2024 Helios, Flourish OnSurity (2020, Bengaluru, $87.93M) $45M Series B Sep 2024 IFC, Nexus Venture Partners, Quona, +1 more Auxilo (2017, Mumbai, $127M) $36M Series C Jul 2024 LeapFrog Investments, Trifecta Capital, Xponentia Capital EHFL (2017, Mumbai, $61.33M) $35M Series B Nov 2024 FinSight, Pegasus, Xponentia Capital, +4 more FlexiLoans (2016, Mumbai, $96.88M) $35M Series C Sep 2024 Maj Invest, Nuveen, Accion, +1 more Dezerv (2021, Mumbai, $60.00M) $32M Series B Jul 2024 Elevation Capital, Premji Invest, Accel, +1 more

15. Top Funding Rounds in last 1 year (2/2) ‹#› Company $ Amount Round Date Investors Even (2020, Bengaluru, $50.12M) $30M Series A Jun 2024 Khosla Ventures, Founders Fund, Alpha Wave Global, +9 more AYEFin (2014, Gurugram, $164M) $30M Series G Sep 2024 British International Investment, ABC Impact OneCard (2019, Pune, $262M) $29M Series D Nov 2024 QED Investors, Peak XV Partners, Z47, +1 more IDfy (2011, Mumbai, $56.03M) $27M Series E Mar 2024 KB Investment, Elev8, Tenacity Ventures Clix Capital (2016, Gurugram, $69.52M) $26M Series C Aug 2024 Apollo Global Management Zinc (2023, Mumbai, $25.50M) $26M Seed Oct 2024 EDBI, Nexus Venture Partners, Quona, +2 more Zopper (2011, Noida, $121M) $25M Series D Nov 2024 ICICI Venture, Bessemer Venture Partners, Elevation .., +3 more Xcelerate (2021, Mumbai, $36.00M) $25M Series B Feb 2024 Federated Hermes, Altair Capital, Exacta Capital Partners QICAP (2021, Mumbai, $24.00M) $24M Series B Aug 2024 Ananta Capital, Fractal Analytics Vayana (2009, Pune, $82.66M) $21M Series D Jul 2024 IFC, March Capital, Marshall Wace, +6 more Centricity (2022, Delhi, $24.05M) $20M Seed Sep 2024 Burman Family Holdings axio (2013, Bengaluru, $232M) $20M Series F Aug 2024 ASVF Full list of 228 Key Funding Rounds is available on Tracxn Platform

16. Top Funded Business Models 2024 ‹#› Rank Business Model $ Funding # Rounds Top Funding Round 1 ▲5 Online Business Loans Marketplace $146M 8 Mintifi $100M - Series E 2 ▲2 Financial Institution KYC Software $118M 4 Perfios $80.0M - Series D 3 ▼1 Lending-as-a-service $93.8M 6 Perfios $80.0M - Series D 4 -- Consumer Loan Marketplace $90.0M 1 Fibe $90.0M - Series E 5 ▲11 Open Banking $87.3M 10 M2P Fintech $70.0M - Series D 6 ▼3 Life & Health Insurance Claims Processing $80.2M 4 Perfios $80.0M - Series D 7 -- Payment APIs $77.1M 4 M2P Fintech $70.0M - Series D 8 -- Wealth Managers $76.2M 6 Dezerv $32.0M - Series B 9 ▲3 Employee Insurance Benefits Administration $46.0M 2 OnSurity $45.0M - Series B 10 ▲9 Alternative Credit Card $39.5M 4 OneCard $28.5M - Series D * Rank is based on $Invested in last 1 quarter in the Business Model. ▲- Indicates change in Rank from previous quarter.

17. Snapshot Investments Investors Y -o-Y Investors Exits Y -o-Y International Investors New Unicorns Most Active Investors Citywise Trends News Funded Deadpooled Companies Appendix Contents

18. Y -o-Y Investors ‹#› Top Institutional Investors in 2024 Stage Investor name # Investments in 2024 Seed Stage Y Combinator 6 (▼14%) Venture Catalysts 6 (▲500%) Antler 4 (▼20%) Early Stage Elevation Capital 3 (▲50%) GMO Venture Partners 3 (▲200%) Peak XV Partners 2 ( -- ) Late Stage Creaegis 1 ( -- ) The Rise Fund 1 ( -- ) Amara Partners 1 ( -- ) Existing Investors First-time Investors Y-o-Y # of unique Institutional Investors in FinTech - India Note: First-time investors and Existing Investors are calculated from the available Equity Funding Rounds on Tracxn Platform. 1.The numbers in bracket correspond to the change from 2023. # First Time Investors (4Y) CAGR = -20% # First Time Investors (2Y) CAGR = -52%

19. Y-o-Y International Investors ‹#› Top International Institutional Investors in 2024 Stage Investor name # Investments in 2024 Seed Stage Y Combinator 6 (▼14%) Antler 4 (▼20%) Saison Capital 3 ( -- ) Early Stage GMO Venture Partners 3 (▲200%) Accel 2 ( <> 0% ) Quona 2 ( <> 0% ) Late Stage The Rise Fund 1 ( -- ) Amara Partners 1 ( -- ) Hreyansh Patni 1 ( -- ) International Investors Y-o-Y # of unique Institutional Investors in FinTech - India Note: International Investors are the investors who are based outside of the Geo mentioned in the report. 1.The numbers in bracket correspond to the change from 2023.

20. Most Active Investors: Accelerators & Incubators ‹#› # Investor Name Country # Overall investments # Investments in Geo* - 2024 Notable Investments in Geo* 1 Y Combinator United States 4895 6 CheQ ($17.8M), Vance ($5.9M), Infinity ($2.4M) 2 Venture Catalysts India 338 6 Rupeek ($194M), BASIC Home Loan ($19.3M), Money Club ($6.7M) 3 Antler Vietnam 1051 4 LogX ($10.1M), SustVest ($2.1M), Health Cred ($1.5M) 4 Z Nation Lab United States 150 3 Rupeek ($194M), BASIC Home Loan ($19.3M), Niro ($18.7M) 5 Real Time Accelerator Fund India 43 3 Ambak ($3.2M), SBNRI ($2.5M), Drivio ($1.4M) 6 100Unicorns India 164 2 Rupeek ($194M), Snapmint ($60.3M), LEO 1 ($41.7M) 7 We Founder Circle India 163 2 Elever ($3.7M), Healthysure ($3.1M), Plusgold ($1.7M) 8 Dallas Venture Capital United States 36 2 Dice ($6.5M), Bluecopa ($4.1M) 9 Venture Gurukool India 45 1 Snapmint ($60.3M), OmniCard ($6.6M), Finsall ($3.9M) 10 Rainmatter India 122 1 Jupiter ($167M), Even ($50.1M), Wint Wealth ($22.0M) Note: *Geo = Fintech - India . The number in bracket refers to the total funding raised by the company.

21. # Investor Name Country # Overall investments # Investments in Geo* - 2024 Notable Investments in Geo* 1 100X.VC India 179 3 Data Sutram ($5.7M), 50Fin ($1.2M), Orbit Wallet ($204K) 2 Saison Capital Singapore 98 3 Zinc ($25.5M), LogX ($10.1M), Mylapay ($737K) 3 Blume Ventures India 291 2 Zopper ($121M), Dezerv ($60.0M), IDfy ($56.0M) 4 Nexus Venture Partners United States 221 2 Money View ($220M), M2P Fintech ($184M), OnSurity ($87.9M) 5 3one4 Capital India 118 2 Jupiter ($167M), WeRize ($27.8M), Wint Wealth ($22.0M) 6 Capital A India 39 2 Jiraaf ($27.2M), Credit Fair ($26.7M), Riskcovry ($14.4M) 7 All In Capital India 46 2 Wint Wealth ($22.0M), ProsParity ($2.0M), Optibase Financial Technologies ($632K) 8 Better Capital United States 273 1 Rupeek ($194M), M2P Fintech ($184M), Jupiter ($167M) 9 Titan Capital India 283 1 Jupiter ($167M), Uni Cards ($104M), GoKwik ($60.0M) 10 Beenext Singapore 247 1 M2P Fintech ($184M), Jupiter ($167M), IDfy ($56.0M) Most Active Investors: VC - Seed ‹#› Note: *Geo = Fintech - India . The number in bracket refers to the total funding raised by the company.

22. # Investor Name Country # Overall investments # Investments in Geo* - 2024 Notable Investments in Geo* 1 Elevation Capital India 200 3 Mintifi ($270M), axio ($232M), Rupeek ($194M) 2 GMO Venture Partners Japan 132 3 MobiKwik ($284M), Niro ($18.7M), Falcon ($9.2M) 3 Peak XV Partners India 355 2 MobiKwik ($284M), OneCard ($262M), axio ($232M) 4 Accel United States 1093 2 Money View ($220M), Rupeek ($194M), Samunnati ($117M) 5 Quona United States 82 2 OnSurity ($87.9M), Rupifi ($34.0M), Zinc ($25.5M) 6 Omidyar Network India India 126 2 M2P Fintech ($184M), Scripbox ($80.5M), Kaleidofin ($39.5M) 7 RTP Global United States 187 2 GoKwik ($60.0M), Freo ($46.3M), Stable Money ($25.3M) 8 Bertelsmann India Investments Netherlands 27 2 Lendingkart ($228M), Rupeek ($194M), BASIC Home Loan ($19.3M) 9 Alpha Wave Global United States 166 2 AYEFin ($164M), Even ($50.1M), Wealthy ($18.6M) 10 Sorin India 7 2 Uniqus ($22.5M), FREED ($10.0M) Most Active Investors: VC - Early Stage ‹#› Note: *Geo = Fintech - India . The number in bracket refers to the total funding raised by the company.

23. # Investor Name Country # Overall investments # Investments in Geo* - 2024 Notable Investments in Geo* 1 Creaegis India 7 1 Zopper ($121M), OnSurity ($87.9M) 2 The Rise Fund United States 90 1 Fibe ($253M) 3 Amara Partners - 2 1 Fibe ($253M) 4 Hreyansh Patni - 3 1 Innoviti ($137M) 5 Sonakshi Patni - 3 1 Innoviti ($137M) 6 Raramuri Technology India 1 1 Scripbox ($80.5M) Most Active Investors: VC - Late Stage ‹#› Note: *Geo = Fintech - India . The number in bracket refers to the total funding raised by the company.

24. # Investor Name Country # Overall investments # Investments in Geo* - 2024 Notable Investments in Geo* 1 Trifecta Capital India 188 7 MobiKwik ($284M), KreditBee ($256M), Fibe ($253M) 2 Lightspeed India India 81 2 Uni Cards ($104M), Stable Money ($25.3M), Centricity ($24.0M) 3 Oikocredit Netherlands 70 2 Avanti ($79.7M), Kaleidofin ($39.5M) 4 Xponentia Capital India 11 2 Auxilo ($127M), EHFL ($61.3M) 5 FMO Netherlands 318 1 Lendingkart ($228M), AYEFin ($164M), Innoviti ($137M) 6 Anicut Capital India 139 1 Lendingkart ($228M), M2P Fintech ($184M), Snapmint ($60.3M) 7 Patni Financial Advisors India 37 1 Jupiter ($167M), Innoviti ($137M), Niro ($18.7M) 8 BlueOrchard Switzerland 39 1 Lendingkart ($228M), AYEFin ($164M), Samunnati ($117M) 9 British International Investment United Kingdom 273 1 AYEFin ($164M), Vayana ($82.7M), WeRize ($27.8M) 10 Maj Invest Denmark 93 1 AYEFin ($164M), FlexiLoans ($96.9M) Most Active Investors: PE ‹#› Note: *Geo = Fintech - India . The number in bracket refers to the total funding raised by the company.

25. Snapshot Investments Investors Exits Exit Snapshot New Unicorns List of IPOs Citywise Trends List of Acquisitions News Most Active Acquirers Funded Deadpooled Companies Appendix Contents

26. Exit Snapshot - 2024 ‹#› IPOs - 2024 (vs 2023) Acquisitions - 2024 (vs 2023) 9.1 (vs -) Avg. yrs from first funding to IPO 6.2 (vs 5.6) Avg. yrs from first funding to Acq. $191M (vs -) Avg. Funding raised before IPO $17.3M (vs $8.6M) Avg. Funding raised before Acq. $492M (vs -) Avg. IPO Mcap $31.8M (vs $1.1B) Avg. Acq. Price 8 (vs 2) # IPOs 26 (vs 31) # Acquisitions Investor # Exits Notable Exit Peak XV Partners 4 Digit Insurance ADIA 2 MobiKwik 360 One 2 Digit Insurance A91 Partners 2 Digit Insurance ADVIK Hi-Tech 2 MobiKwik Alteria Capital 2 ZestMoney Top Investors by # Exits - 2024 Y -o-Y Exit Trends # Acquisitions Acq. PureSoftware (2005, Noida) $94.5M ET Money (2014, Gurugram) $44.0M ezee.ai (2017, Chennai) $14.9M Top Exits - 2024 Type Company Acq. Price/ IPO Mcap IPO Digit Insurance (2016, Bengaluru, $467M) $3.0B Aasaan Loans (1996, Udaipur) $557M MobiKwik (2009, Gurugram, $284M) $255M # IPOs

27. List of IPOs - 2024 ‹#› Company Investors IPO Date IPO Mcap MobiKwik (2009, Gurugram, $284M) BlackSoil, Karnation, +49 more Dec 2024 $255M Usha Financial (2006, Delhi, $12M) BR Hands Investment, +4 more Oct 2024 $43.4M RNFI Services (2015, Delhi) - Jul 2024 $31.3M The Money Fair (2022, Delhi) - Jul 2024 $9.9M Aasaan Loans (1996, Udaipur) - Jun 2024 $557M Digit Insurance (2016, Bengaluru, $467M) India Infoline, Peak XV.., +20 more May 2024 $3.0B Trust Systems & S/w (1998, Nagpur, $654K) - Apr 2024 $28.8M IBL Finance (2017, Surat) Jan 2024 $15.2M

28. Company Acquirer(s) Acq. Date Acq. Price PureSoftware (2005, Noida) Happiest Minds Apr 2024 $94.5M ET Money (2014, Gurugram) 360 One Jun 2024 $44.0M ezee.ai (2017, Chennai) Veefin Sep 2024 $14.9M Difenz (2020, Bengaluru, $609K) Signzy Feb 2024 $5.0M DhanLAP (2020, Chennai, $1M) Prime Securities Dec 2024 $825K Happay (2012, Bengaluru, $22M) MakeMyTrip Nov 2024 NA Apiculus (2013, Delhi) Yotta Nov 2024 NA Wealthzi (2019, Noida, $554K) Nivesh Nov 2024 NA Dragonfly (2022, Pune) FIS Nov 2024 NA Paybooks (2011, Bengaluru, $912K) TransPerfect Sep 2024 NA List of Acquisitions - 2024 ‹#› View all 26 companies on Tracxn Platform

29. # Acquirer Country # Acq. Average Acq. Price Companies Acquired 1 Happiest Minds India 1 $94.5M PureSoftware ($94.5M) 2 360 One India 1 $44.0M ET Money ($44.0M) 3 Veefin India 1 $14.9M ezee.ai ($14.9M) 4 Signzy India 1 $5.0M Difenz ($5.0M) 5 Prime Securities India 1 $825K DhanLAP ($825K) 6 MakeMyTrip India 1 - Happay 7 Yotta India 1 - Apiculus 8 Nivesh India 1 - Wealthzi 9 FIS United States 1 - Dragonfly 10 TransPerfect United States 1 - Paybooks Most Active Acquirers ‹#› Note: Numbers in bracket indicate the Acquisition Price of the company.

30. Snapshot Investments Investors Exits New Unicorns Unicorn Trends Citywise Trends List of New Unicorns News List of New Soonicorns Funded Deadpooled Companies Appendix Contents

31. Top Seed Stage Investors Accel Ribbit Capital Unicorn Trends in 2024 ‹#› Note: Investors refers to Institutional Investors only. Top Investors are calculated based on investments before the Unicorn Round. Fintech - India - 2024 (vs 2023) Global Fintech - 2024 (vs 2023) Top Early Stage Investors Bessemer Venture Partners Accel Ribbit Capital Tiger Global Management Warburg Pincus Top Late Stage Investors Stride Ventures Accel Dream Incubator Tiger Global Management Bessemer Venture Partners Top Cities Bengaluru (2) 2 (vs 1) # Total Unicorns 18 (vs 16) # Total Unicorns 8.2 (vs 6.6) Avg Years from Series A to Unicorn Round 4.6 (vs 4.6) Avg Years from Series A to Unicorn Round $293M (vs $258M) Avg $ Funding before Unicorn Round $206M (vs $285M) Avg $ Funding before Unicorn Round 10 (vs 4) Avg # Funding Rounds before Unicorn Round 3.9 (vs 4.4) Avg # Funding Rounds before Unicorn Round 11 (vs 24) Avg Institutional Investors before Unicorn Round 8.2 (vs 14.5) Avg Institutional Investors before Unicorn Round + 18 more

32. List of New Unicorns Company Short Description Unicorn Event Date Time from Series A (yrs) 1 $ Funding b efore Unicorn Round 2 # Rounds 2 # Investors 2 Money View (2014, Bengaluru, $220M) Provider of an digital platform for lending management Sep 2024 9.4 $215M 8 16 Perfios (2008, Bengaluru, $450M) Real-time credit-decisioning platform and data aggregation APIs Mar 2024 7.0 $370M 12 6 ‹#› 1 - Time taken from First funding to the Unicorn Event Date. 2 - Before Unicorn Round Full List of 2 unicorn is available on Tracxn Platform

33. Soonicorn Club - List of New Soonicorns ‹#› Company Tracxn Score Dezerv (2021, Mumbai, $60.0M) 65.4 Clix Capital (2016, Gurugram, $69.5M) 65.0 Credit Saison (2018, Bengaluru, $144M) 63.7 Vivifi India Finance (2016, Hyderabad, $81.7M) 53.2 Note: A Soonicorn is a company which is likely to achieve US $1 billion valuation in the short to medium term. Tracxn Score is a proprietary score based on various market signals reflecting the company’s size, execution and growth.

34. Snapshot Investments Investors Exits New Unicorns Citywise Trends Cities by Total Funding News Cities by Funding raised in last 2 years Funded Deadpooled Companies Cities by Companies Founded in last 2 years Appendix Contents

35. ‹#› Citywise Trends - Total Funding Distribution by Cities - Total Funding ($) Credit Sai.. ($144M) Perfios ($80.0M) OnSurity ($45.0M) Mintifi ($100M) Auxilo ($53.7M) FlexiLoans ($50.7M) Zopper ($25.0M) FinAGG ($11.0M) Dexif ($4.0M) AYEFin ($102M) Clix Capit.. ($32.3M) BASIC Home.. ($10.6M) DMI Financ.. ($334M) Centricity ($20.0M) LoanKuber ($6.0M) M2P Fintec.. ($75.0M) Samunnati ($30.0M) Kaleidofin ($15.4M) Fibe ($90.0M) OneCard ($29.4M) Vayana ($20.5M) Vivifi Ind.. ($75.0M) Validus ($50.0M) Qapita ($17.2M) Top Companies funded in 2024 # Rounds Bengaluru Mumbai Noida Gurugram Delhi Chennai Pune Hyderabad 87 50 5 28 17 10 8 8 All time Funding 2024 Funding

36. Citywise Trends - Funding raised in last 2y ‹#› Funding raised in 2 Yrs (Market Share %) Rank City 2024 2023 Top Funded Companies in 2024 # % # % 1 Bengaluru $524M 28 % $1.3B 48 % Credit Sai.. ($144M) Perfios ($80.0M) OnSurity ($45.0M) 2 Mumbai $440M 23 % $446M 16 % Mintifi ($100M) Auxilo ($53.7M) FlexiLoans ($50.7M) 3 Delhi $379M 20 % $445M 16 % DMI Financ.. ($334M) Centricity ($20.0M) LoanKuber ($6.0M) 4 Pune $154M 8 % $42M 1 % Fibe ($90.0M) OneCard ($29.4M) Vayana ($20.5M) 5 Gurugram $123M 7 % $373M 13 % AYEFin ($102M) Clix Capit.. ($32.3M) BASIC Home.. ($10.6M) 6 Hyderabad $104M 5 % $55M 2 % Vivifi Ind.. ($75.0M) Validus ($50.0M) Qapita ($17.2M) 7 Chennai $95M 5 % $49M 2 % M2P Fintec.. ($75.0M) Samunnati ($30.0M) Kaleidofin ($15.4M) 8 Noida $46M 2 % $58M 2 % Zopper ($25.0M) FinAGG ($11.0M) Dexif ($4.0M) 9 Jaipur $10M 1 % $1M 0 % Ascend Cap.. ($6.0M) Square Ins.. ($3.0M) GetePay ($500K) 10 Surat $6M 0 % $463K 0 % FYNXT ($5.0M) Vijya Fint.. ($844K)

37. Companies Founded in 2 Yrs (Market Share %) Rank City 2024 2023 Companies Founded in 2024 1 Bengaluru 12 % 19 % Giki.ai - KredX Cash M... - Finny - Belong - 2 Mumbai 11 % 8 % Urja Investm... - Tradinx - Daqi - Ibizz Cash F... - 3 Delhi 6 % 7 % BankersKlub - Skyrise Cred... - Salarytap - Capzow - 4 Pune 3 % 3 % Accounti - FundFixr - Stoic Wealth - SwipeLoan - 5 Gurugram 4 % 4 % Febi ($2.0M) Optibase Fin... ($632K) SaveSage ($284K) Paasa ($125K) 6 Hyderabad 3 % 5 % The BankNXT - Paygen - KonnectPay - HexaWealth - 7 Chennai 2 % 4 % Vinoth Ventu... - Accto - WhizzC - EVOFIN - 8 Noida 4 % 3 % Unlistify - NestPay - stocks exper... - GoGrt - 9 Jaipur 4 % 2 % Saaskart ($12.0K) LaunchPad - BeePay - Autrowin - 10 Surat 3 % 2 % CoVest - Rupey Fincop - Kredittap - Rupeymoney - Citywise Trends - Companies Founded in last 2y ‹#›

38. Snapshot Investments Investors Exits New Unicorns Citywise Trends News Recent Key News Funded Deadpooled Companies Appendix Contents

39. Recent Key News (1/3) ‹#› Transactions Neomile Growth Fund buys 12 lakh shares in AGS Moneycontrol Mathew Cyriac's Florintree-backed Seshaasai Technologies files IPO papers with fresh issue of Rs.. Moneycontrol Peak XV Partners sells 1.5% stake in MobiKwik for Rs 82 Cr YourStory Metropolitan Stock Exchange raises Rs 238 crore; Groww promoters, Zerodha's Kamath brothers fund.. Moneycontrol Bertelsmann India Investments led the Univest A round of financing Jinglingshuju Aurionpro Solutions acquires Paris-based Fenixys for about Rs 90 Cr YourStory Zaggle placement draws major banks, raises Rs 595 Cr at 5% discount YourStory Wealth management platform Waterfield Advisors in talks to raise Rs 130 crore Moneycontrol Ukrainian Frontline receives $150,000 investment from Angel One Vector Media KPay raised $55 M Series A funding from Apis Growth Markets Fund III & Apis Global Growth Fund III Incubees Company Updates Transforming private market research with data-driven insights and global coverage etedge-insights.com After rough ride in 2024, Indian startups look for a promising new year Financial Express Tribe Money Pools Set to Transform Group Payments with the Launch of Its Innovative Payment App.. GlobeNewswire Aurionpro secures major win in smart transit with the Delhi Metro project Express Computer HDFC securities expects low-broking arm Sky to turn in profit FY27 New Indian Express India’s tech startups raise $11.3 billion in 2024 as VC funding improves compared to 2023 CNBC-TV18 Funding Hits $11.3B: Late-Stage Surges 25%, Seed & EV Funding Decline Tice News Indian startups see 20% jump at $12 billion this year ZEE Business Blinkx Introduces Advanced F&o Technical Scanners Asian News International SaaS fintech Zaggle plans at least 2 acquisitions next fiscal to drive growth Livemint

40. Recent Key News (2/3) ‹#› Legal January 21, 2025 Deadline: Contact The Gross Law Firm to Join Class Action Suit Against ZETA PR Newswire CRED INR 12 Cr Embezzlement Case: Four Arrested In Gujarat Inc42 Bengaluru Police bust Rs 12 Cr fraud targeting CRED Entrackr Setback For Burmans As Court Stays Religare’s Agm, Rbi’s Approval For Open Offer Livemint Delhi High Court orders new probe into WazirX amid Binance delisting CryptoSlate Faruqi & Faruqi Reminds Zeta Global Investors of the Pending Class Action Lawsuit with a Lead Pla.. PR Newswire WazirX files application for creditors’ meeting to present and vote on restructuring scheme The Hindu MobiKwik Files RHP With SEBI, Reduces Fresh Issue Size To INR 572 Cr Inc42 Axis Securities pays Rs 14.62 lakh to settle allegations of violation of Stock Brokers Regulations Moneycontrol Binance, WazirX Named in India’s $97M Crypto Tax Investigation Finance Magnates Partnerships "BillMart Fintech" partners with "EQARO" to Boost Trade Finance with Credit Guarante.. Asian News International Infibeam Avenues integrates CCAvenue with BCCB net banking for seamless payments EIN Presswire PayU Integrates LazyPay EMI to offer seamless checkout solution for millions of Indian consu.. Express Computer DSCI collaborates with Privy to launch PriView, a DPDP-focused privacy notice genera.. Asian News International Policybazaar for Business and Young Ophthalmologist Society of India Join Forces to S.. Business News This Week BANKIT Partners with State Bank of India to Launch PERC – Corporate Prepaid Card Plat.. Business News This Week KFin Technologies joins BlackRock's Aladdin Provider Network assetservicingtimes.com SBI General Insurance Goes Live with BUSINESSNEXT Platform to Enhance Customer Engage.. Business News This Week Vakrangee joins hands with Canara Bank to provide banking services EIN Presswire Zype Streaming Platform Partners with NPAW to Add Full Analytics Suite StreamingMedia

41. Recent Key News (3/3) ‹#› People Movement Paytm’s Head Of Compliance Srinivas Yanamandra Resigns Inc42 EigenRisk names Rebecca Morris as Vice President of Customer Success Reinsurance News InCred Finance appoints Gaurav Maheshwari as the Chief Financial Officer Adgully Transuni CIBIL Appointed Bhavesh Jainism Managing Director & CEO Business News This Week Pvr Inox Strengthens Leadership Team With Saurabh Bhambri’s Appointment as Senior Vp Business News This Week CRISIL hits record high after board nod to acquire minority stake in OPL MergersIndia super.money Names Former Flipkart Executive Kaushik Mukherjee As CTO Inc42 TransUnion CIBIL appoints Bhavesh Jain as Managing Director and CEO People Matters Ashu Goel, Ex-JP Morgan, Singapore, Appointed as Febi.ai’s CTO Indian Startup Times BharatPe’s CHRO and chief data scientist quit Entrackr Other Mswipe's payment business turns adjusted profitable in FY24, clocks Rs 275 crore revenue Moneycontrol Jar Cuts FY24 Loss To INR 104 CR Inc42 Indian Wealthtech Startup Jar Cuts Losses By 15% Tech in Asia Pennant Technologies Named Fastest Growing Technology Company in Deloitte Technology Fast.. Business Wire India Mintifi reports Rs 92 Cr PAT on Rs 384 Cr revenue in FY24 Entrackr ADDA Shines Bright, Bags Gold for Tenant Engagement Excellence at World Realty Congress Online Media Cafe HR tech platform Keka posts Rs 78 Cr revenue in FY24 Entrackr Lendingkart FY24: Profit Declines 97% To INR 3.25 Cr Inc42 Zerodha reports 37.2% revenue rise to $1.13b Tech in Asia Zerodha’s Revenue Nears INR 10,000 Cr Mark Inc42

42. Snapshot Investments Investors Exits New Unicorns Citywise Trends News Funded Deadpooled Companies Funded Deadpooled Companies Appendix Contents

43. Funded Deadpooled Companies ‹#› Company $ Funding MakeMyReturns (2011, Mumbai) $200K Monech (2019, Goregaon) $12.7K Kyvu (2020, Delhi) -

44. Snapshot Investments Investors Exits New Unicorns Citywise Trends News Funded Deadpooled Companies Explore more on Tracxn Appendix Explore other Reports on Tracxn Contents

45. Recent funding rounds Investment Trends Most Active Investors Top Funded Business Models Explore more on Tracxn All Tech Companies UAE Tech Companies Online Travel Companies Companies using AI in Healthcare Companies founded by Stanford GSB Alumni Soonicorn club in Fintech Analyst Picks in Israel Tech Companies Investment Activity Company Detail Page of DoorDash Competitors of Freshworks Cap Table for Wise Financials for Ola Employee Count for Revolut Company Due Diligence Exits Public Companies Acquired Companies Most Active Acquirers Reports Delhivery - Company Report Novel Foods - Business Model Report HRTech - Feed Report FinTech - Top Business Models Report India Tech - Top Business Models Report ‹#› Key News in FinTech Angel Investors in United States Bluebox Miscellaneous

46. Explore other Reports on Tracxn Novel Foods Blockchain Network P2P Remittance Business Model Reports FinTech Europe Consumer Digital SEA HiTech US Feed Geo Reports Company Reports Monthly Unicorn Report Unicorn Reports Transferwise Coursera BigBasket Feed Reports Top Business Models in PA Geo Monthly Reports Fintech - SEA Europe Tech China Tech Top Business Models in Geo India Tech Israel Tech UK & Ireland Tech ‹#› Explore other Reports on Tracxn Novel Foods Blockchain Network Business Model Reports FinTech Europe Feed Geo Reports Company Reports Monthly Unicorn Report Unicorn Reports Wise Coursera BigBasket Feed Reports Top Business Models in PA Geo Monthly Reports Fintech - SEA Europe Tech China Tech Top Business Models in Geo India Tech Israel Tech UK & Ireland Tech ‹#› HRTech Cybersecurity Food Tech FinTech Enterprise Applications Artificial Intelligence

47. Any and all information either accessed from the website  www.tracxn.com   or having otherwise originated from Tracxn Technologies Limited including but not limited to the information contained herein ("Data") is the sole property of Tracxn Technologies Limited (hereinafter "Tracxn"). You shall not recirculate, distribute, transmit, publish, or sell the Data or any portion thereof in any form or by any means, either for commercial or non-commercial use, or permit any third party to use or distribute the Data or any portion thereof; to any other party, except with the prior written consent of Tracxn. You may however incorporate insubstantial portions, extracts, abstracts or summaries from the Data into analysis, presentations or tools for your customers or for your internal use, so long as Tracxn is clearly and visibly identified as the source of information. For further information please refer to our Terms of Use at  www.tracxn.com