BUSINESS
Fintech Kreditbee’s profit soars 66% to Rs 473 crore, revenue surges 40% to Rs 2,712 crore
The company's AUM has grown by five times in the last three years, representing a 72 percent compounded annual growth rate during the period
BUSINESS
Cred processes 75% more in bill payment value than PhonePe, its nearest competitor
The average value of a bill that Cred processes is worth over Rs 14,000 whereas the value of a bill that PhonePe processes is around Rs 3,000.
BUSINESS
Credit card bills account for two-thirds of Bharat Connect payments by value
From Rs 10,000 crore in May 2024, the value of credit card bill payments crossed Rs 80,000 crore this May
BUSINESS
Investors are choosy about metrics: RTP Global’s Nishit Garg explains late stage funding slowdown
The venture capital firm focuses on founders who bring operator insights along with a deep understanding of the strategy
BUSINESS
NPCI profit grows 42% to cross Rs 1,500 crore in FY 25, revenue surpasses Rs 3,000 crore
NPCI, which is registered as a not-for-profit organisation, mentions net profit as surplus in its FY 24 annual financial statement
BUSINESS
IPO-bound Groww’s mutual fund assets reach Rs 2,000 crore in May
Groww acquired the mutual fund business of Indiabulls in May 2023, which had an AUM of Rs 342 crore
BUSINESS
No pressure on founders, no hurry to exit: Zerodha's Rainmatter chief Dinesh Pai on new fund corpus, focus areas
Unlike regular AIFs, Rainmatter has an unusually long investment horizon of 15 years, adding a new meaning to patient capital. They also don't believe in pushing founders hard to perform.
BUSINESS
Lack of revenue model on UPI might push more fintechs towards Rupay credit card
Rupay credit cards can be linked with a UPI account and attract MDR, which generates revenue for ecosystem partners
BUSINESS
Groww reports a 3x growth in profits at Rs 1,819 crore, revenue grows 31% to Rs 4056 crore
The relatively high growth and profitability come as a shot in the arm for the Bengaluru wealthtech platform ahead of its IPO plans
BUSINESS
Travel fintech Scapia launches Rupay credit card to target UPI payments, merges credit line and statement with Visa card
Customers are frustrated with the long bank statements because of the UPI payments, and the company’s dual cards with a single statement offer them a unique solution to merge all their payments into one app
BUSINESS
Fintech Slice set to launch Rupay credit card months after merger with NESFB
At its peak, Slice had more than 2 million pre-paid cards in circulation, challenging several mid-tier private sector banks' credit-card business
BUSINESS
Fintechs hopeful of revival in credit growth after RBI's big rate cut
There are some concerns about the speed of transmission of lower rates to NBFCs and fintechs, with some expecting this to take a quarter but there are others who expect at least six months
BUSINESS
Groww convenes EGM for shareholder approval of GIC, Iconiq investment
Both companies are getting 1.4 percent stake for Rs 867 crore each, in a cumulative fund raise of Rs 1,735 crore (around $200 million).
TECHNOLOGY
PhonePe appoints former Standard Chartered CEO Zarin Daruwala to the board ahead of IPO
Daruwala, a veteran with over three decades of banking experience, retired from Standard Chartered in April after serving as the CEO for nine years. Before that, she was with ICICI Bank for 26 years.
TECHNOLOGY
World-beater in the making: UPI on the cusp of surpassing Visa’s daily transaction volume
The feat is even more remarkable because card networks such as Visa and Mastercard follow a deferred settlement model compared to UPI’s real-time payment settlement model
TECHNOLOGY
NPCI's BHIM doubles transaction volume less than a year after being spun off as separate firm
NPCI spun off BHIM as a separate arm in August 2024 to meet the growing demand for digital transactions and also to end PhonePe and Google Pay's dominance of UPI
TECHNOLOGY
New payment regulatory board is MPC-like independent body and will spur innovation, say fintech executives
There is a growing recognition within the political sphere that payments have, in effect, outpaced traditional banking in both scale and public impact.
BUSINESS
Is Groww worth $7-8 billion? Sebi F&O rules key to determining IPO fate
Broking firms are bracing for higher taxes on trading during the current fiscal, have been earning lower exchange rebates since the middle of the last fiscal, and are facing stricter restrictions on retail F&O trading since late last year
BUSINESS
Iconiq to pump in $150 million in Groww in pre IPO round at $7 billion valuation
The current funding is part of the $300million Series F round where GIC has also put in $150 million
BUSINESS
Zerodha’s AI foray wins early fans, but raises questions over assisted investing
Screenshots shared by users demonstrated how easily complex portfolio insights were generated in conversation-like exchanges with the AI.
BUSINESS
PhonePe designates top officials as key management personnel after turning into public company
The Walmart-owned PhonePe is the country’s largest mobile payment company with close to 50 percent market share
TECHNOLOGY
VCs hail RBI’s proposal to allow banks and NBFCs to invest up to 15% in AIFs
Among the key asks of AIFs has been that banks and NBFCs should not be asked to provision for AIF investments in equity-linked instruments
BUSINESS
IPO-bound Groww to acquire wealth management startup Fisdom for $150 million
The acquisition comes a fortnight before Groww is expected to file for IPO through the confidential route with the markets regulator Sebi
BUSINESS
Groww to file for confidential IPO in two weeks, raises $150 million from GIC
The country's largest stock broking firm by active investor base, has more than doubled its FY24 revenue to Rs 3,145 crore at a consolidated level
