India’s payments sector raises $5.8 billion since 2021, sees 8 IPOs and 25 acquisitions: Tracxn

India’s payments sector has raised $5.8 billion across 371 equity funding rounds since January 2021, while producing eight initial public offerings (IPOs) and triggering 25 acquisitions, as the industry increasingly consolidates around a handful of well-funded players, according to data from global market intelligence platform Tracxn.

The funding cycle has witnessed significant volatility as investment peaked in 2021 before the market correction between 2022 and 2024 ushered in a prolonged funding winter. The sector showed tentative signs of recovery in 2026, Tracxn said.