BUSINESS
SarvaGram Fincare’s FY25 income grows 74% to Rs 274 crore, net profit slips amid rising credit costs
On a consolidated basis, SarvaGram Solutions posted a net loss of Rs 61 crore in FY25, widening from Rs 20 crore in FY24
BUSINESS
Payment fintechs are getting squeezed as banks add charges for UPI merchant transactions
The bank charges are limited to those accounts where the PAs use the banks for merchant acquisition. Since the fees is 0.02%, PAs are likely to absorb the cost and are not expected to pass these to merchants immediately
BUSINESS
Neobanks diversify into cards, payments, investment businesses amid struggle to offer core banking services
Without a differentiated product, neobanks have taken the route of other fintechs, such as cards, lending and investments, leaving them to play in a crowded market with specialists
BUSINESS
India-UK trade deal to give UPI a bigger play in Britain, ease remittances
It will allow Indians to make payments in UK shops by scanning QR codes and also send money to children studying in the that country using UPI once the FTA is operational
BUSINESS
Flipkart-owned super.money enters travel category, launches rewards for domestic flight bookings
Launched in July 2024, super.money has grown into India’s fifth-largest UPI payments app ahead of established players such as BHIM, WhatsApp Pay, Cred and Amazon Pay
BUSINESS
Paytm swings to profits, thanks to massive cut in expenses
The December quarter of FY 24 was Paytm’s high point in terms of revenue and other operational metrics like monthly transacting users, number of UPI transactions and gross merchandise value
BUSINESS
After Karnataka, four more states request merchant transaction data from UPI apps
The move is likely to promote transactions in cash in other parts of the country.
TECHNOLOGY
Karnataka’s GST evasion notices prompt shopkeepers to turn down UPI payments
Karnataka, which accounted for 7.73% of the country’s total UPI transactions in May, ranked second only to Maharashtra (13.19%)
BUSINESS
Maharashtra, Karnataka top UPI transactions, 4 states report over a billion transactions
Maharashtra accounted for around 13% of UPI transactions followed by Karnataka at around 7.7%.
BUSINESS
Groww, Zerodha together lose 11 lakh active investors in the first half of 2025
The overall impact on broking business is expected to be minuscule, as the decline in the user base of Groww, Zerodha, and Angel One was only around 5 percent of their active investors
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.
