BUSINESS
Fintechs may feel the heat as RBI moves to curb unsecured consumer loans
According to CIBIL, among those who took personal loans of less than Rs 50,000 in the first quarter of the current fiscal, half of them had more than four existing loans. For the same category, only 17 percent had more than four loans before Covid, indicating a level of overleveraging not seen in the recent past.
BUSINESS
Why RBI brought cross-border payment aggregators under its supervision
The decision will allow the authorities to distinguish legitimate transactions from fraudulent ones
BUSINESS
Info Edge accuses 4B Networks and Rahul Yadav of undertaking ‘suspicious transactions’ with a company allegedly started by an associate
In a complaint to Mumbai Police, Info Edge alleges that Yadav has made several high-value transactions to individuals, companies and vendors associated with him.
BUSINESS
Info Edge’s notional loss from investment in 4B Networks stands at Rs 532 crore
While Info Edge’s cash infusion in the startup stood at Rs 288 crore, the rest is the notional loss from a higher valuation that the startup commanded earlier. Info Edge has a 59% stake in the proptech firm.
BUSINESS
Rupay credit card payments through UPI hits the MDR speedbreaker
A large number of small and large merchants have requested their banks to disable payments via Rupay credit cards on UPI as they are often forced to pay higher MDR than on other credit card transactions.
BUSINESS
Groww overtakes Zerodha as top brokerage in active investors
According to NSE,Groww has 6.63 million active investors while Zerodha has 6.48 million.
BUSINESS
MC Explainer: Can money saved by banks on lower ATM withdrawals compensate for the lack of MDR on UPI?
Some fintech executives claim banks save a lot of money on operating ATMs since their use has fallen as customers increasingly adopt digital payments.
BUSINESS
Amazon launches shopping-only Prime tier to take on Flipkart VIP
As per the terms and conditions, the Prime Shopping Edition tier is only available on the Amazon app or mobile browser on Android devices
BUSINESS
Cred revenue grows 3.5x to Rs 1,400 crore, losses widen 5% to Rs 1,347 crore in FY23
While Cred has raised over Rs 8,000 crore to date, its cash reserves now stand at around Rs 2,050 crore. Based on its FY23 losses, this cash runway would last for the next three years.
BUSINESS
Fintech startup Slice to merge with North East Small Finance Bank
Slice said that the merger will help realise the entity’s shared goal of integrating technology with grassroots financial inclusion across the nation.
BUSINESS
Flipkart eyes Amazon Prime-like customers with launch of VIP membership
While there are a lot of similarities and a few dissimilarities, the Seattle-based firm clearly has the first-mover advantage.
BUSINESS
The F&O edge: Why Zerodha will sit pretty at top
Zerodha's revenue numbers could plateau during the current financial year and its user growth has stagnated for over 18 months now. Competitors like Groww and Angel One are closing in. However, the gulf between Zerodha and its competitors in revenue and profits are too wide.
BUSINESS
Fintech startup Converj's credit cards for b2b payments looks at addressing the MSME credit gap
The transactions are currently settled using NEFT and RTGS payment methods, which does not facilitate credit for such b2b payments. The credit card rails could help the companies free up working capital for business expansion.
BUSINESS
PhonePe faces its toughest challenge yet, despite its right to play approach
PhonePe will find it hard to crack the equity investment market with its Share.Market. Distribution mettle alone cannot guarantee success. Equity investing requires more than just payments to attract customers.
BUSINESS
Why NPCI is the crown jewel of Indian fintech
Through a series of nimble innovations, NPCI has digitised and revolutionised Indian payments space. The high profit margins helped the organisation to keep innovating at a pace that can put even the best of the fintech start-ups to shame.
BUSINESS
Behind Paytm and Pine Labs launching devices with identical functions on same day
As faster, more convenient, and cheaper payment methods gain popularity, India-specific innovations such as stripped down POS devices will help digitise merchant payments in smaller towns and cities.
BUSINESS
Only a third of investors are active, Share.Market aims to change that: PhonePe Co-founder Rahul Chari
Walmart-backed fintech major PhonePe announced on 30 August its entry into the stock broking business with the launch of its app called "Share.Market".
BUSINESS
UPI transactions for August crosses 10-billion mark for the first time
The real-time mobile payment platform is likely to end August with around 10.5 billion transactions with the cumulative value crossing the Rs 15-lakh-crore figure for the second consecutive month.
BUSINESS
Jio’s fintech ambitions pose a potential threat to startups over the long term
JFS’ war chest, execution capabilities at scale and the reach that other RIL Group companies provide could be formidable and pose a threat to fintechs’ market share over the long term. This also indicates the potential Reliance group sees in the Indian fintech market.
BUSINESS
Co-working firm Innov8 goes into arbitration with Rahul Yadav's 4B Networks for unpaid dues
Meanwhile, Yadav’s delaying tactics continue as 4B Networks asks for more time in its arbitration proceedings with Innov8 and Info Edge. He was also questioned twice by the Mumbai Police this week.
BUSINESS
Paisabazaar looks at higher recurring revenue stream to avoid Covid-like disruptions
Paisabazaar's target is to grow twice the rate of the overall credit growth and it grew thrice the industry growth during the June quarter. The company grew four times the industry average during the last fiscal.
BUSINESS
Legal troubles continue for Rahul Yadav and 4B Networks, vendor files complaint over Rs 10 cr in unpaid dues
A first information report (FIR) has been registered by the Mumbai police against Yadav and Sanjay Saini of 4B Networks for cheating. Sources close to the development say that a lookout notice has been issued against Yadav.
BUSINESS
Why Sachin Bansal sold Chaitanya to Birla despite its success
If not for Sachin Bansal’s ambition to get a banking licence, there was a cultural and strategic misfit between what Chaitanya was and could be. He wants Navi to be an urban 100% digital banking firm. But without a banking licence, it is a long hard journey to become a large financial services player in India.
BUSINESS
Sachin Bansal’s Navi Finserv doubles revenue during June quarter
The company’s loan book comprising personal and home loans stood at Rs 6,444 crore. It reported a net profit of Rs 26 crore during Q1FY24.
