BUSINESS
Flipkart will go slow on hiring, says CEO Kalyan Krishnamurthy
The Walmart-owned e-commerce giant recently let go of 1,000 employees, as part of its annual performance review exercise. The prolonged funding winter saw major Indian startups handing out pink slips to their employees in 2023, as companies attempt to realign cost structures.
BUSINESS
MC Interview: No better job than Flipkart CEO in the world, says Kalyan Krishnamurthy
After seven years at the helm, e-commerce chieftain talks about steering the internet behemoth through changes in India's retail sector, changing ownership of the company, and ongoing AI disruption. Krishnamurthy believes the next phase in e-commerce growth lies in fixing the gap between people who buy monthly and those who buy once a year.
TECHNOLOGY
Governance in Indian startups needs to improve, more independent directors needed: Flipkart CEO Kalyan Krishnamurthy
According to Krishnamurthy, shareholders and management are too closely involved with the company for them to raise tough questions.
TECHNOLOGY
MC Interview: Flipkart to launch its payment product within a month, says CEO Kalyan Krishnamurthy
Even as e-commerce giant Flipkart is expanding its financial services portfolio with credit, UPI and insurance, Krishnamurthy says the aim is to enhance the frequency of transactions on the ecommerce platform, adding that it has no ambitions to become a large payments company.
BUSINESS
Rupay credit card monthly spending crosses Rs 10,000 crore; doubles market share
The number of Rupay credit cards in circulation crossed 10 million in December, which is a little more than 10 percent of the overall credit cards in circulation.
BUSINESS
Only passive index funds can take equity investing to the masses: Zerodha Fund House’s Vishal Jain
While there are around 13-14 crore mutual fund accounts in the country, only a third are active and unique. According to Jain, this is because equity investing is still a complex product, whereas passive funds’ simplicity can attract new investors
BUSINESS
Zerodha-backed smallcase looks to widen its investment products by getting into Mutual Funds and fixed income products
smallcase users are now tracking Rs 12,000 crore of their mutual fund investments on the app, and can soon start investing as as well as managing their SIPs/transactions from the app.
BUSINESS
Manufacturing vs Services: Top economists Raghuram Rajan and Arvind Subramanian have different views on achieving Tamil Nadu's trillion dollar economy goal
Despite the rising labour cost, Tamil Nadu has been able to achieve manufacturing investment owing to its skilled workforce, the economists said
BUSINESS
UPI transactions cross 100-billion mark in 2023
The value of transactions stood at around Rs 182 lakh crore in 2023, a growth of 44% as compared to the preceding year.
BUSINESS
2023 saw RBI making fintechs follow the regulations in letter and spirit
The year also saw the regulator-backed digital payments product UPI achieving new milestones and consistently clocking more than 10 billion transactions every month since August.
BUSINESS
Startup funding may face the heat after RBI crackdown on evergreening loans to AIFs
India’s top venture capital investors are holding meetings with the Reserve Bank of India’s deputy governor and other officials to discuss and submit recommendations on the unintended consequences of the move.
BUSINESS
With licences in, payment aggregators gear up for rising demand from merchants
The RBI’s approval for companies such as Cashfree and Razorpay to onboard new merchants has come as a relief for the payments ecosystem.
BUSINESS
Global AI Conclave: AI for Bharat will need philanthropic investment in the initial stages, say Accel and Karya
Venture capital firm Accel’s founding partner Prashanth Prakash AI models can distil and synthesise information at a simpler level by building new interfaces like chatbots that can communicate through voice in Indian languages
BUSINESS
RBI's cloud centre for financial data sparks concerns among fintechs and banks
A few fintech and digital heads of banks welcomed the move, saying this would be similar to an Aadhaar or NPCI-like setup for domestic financial data and reporting
BUSINESS
Zerodha's Kamath brothers take home Rs 72 crore each in remuneration in FY23
The Kamath brothers along with Nithin Kamath's wife together took home Rs 180 crore in total remuneration last fiscal.
TECHNOLOGY
Why RBI's credit risk weightage move could be a setback for Paytm
The recent RBI move to rein in the growth of unsecured personal loans is a setback for Paytm, which has seen its high-margin financial services revenue grow at 64 percent, even helping the company reduce its losses substantially.
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
