BUSINESS
2024 turns out a blockbuster year for brokers despite lower returns
Even in October and November, when the markets hit the lowest levels this year, the customer addition remained better than most months of 2023
BUSINESS
Fintech 2024: How Paytm, Navi went through a trial by fire, and bounced back
Next year is likely to see fintech IPOs from InCred, Pine Labs, PayU and Razorpay. CRED and PhonePe might launch theirs in 2026.
BUSINESS
Sebi's Ananth Narayan cautions fintechs and brokers not to turn a blind eye towards malpractices
Narayan said that if the fintechs could form an association to speak in a unified voice, they can become a trusted advisor to Sebi
BUSINESS
How Sachin Bansal's Navi Finserv reversed RBI lending ban in quick time
Navi’s move to reduce the peak interest rates could also mean that it will naturally reduce its exposure to customers with higher risk profiles and is likely to help the company reduce its NPA during FY 25
BUSINESS
Flipkart Group's super.money becomes sixth largest UPI app
Meanwhile, Sachin Bansal-led Navi saw a month-on-month decline in the number of transactions for the first time since April this year when the firm started courting payment users aggressively with cashbacks
BUSINESS
20 more fintechs secure UPI app licence to take on PhonePe and Google Pay
A large majority of those are either launching or planning to launch Rupay credit cards that can be linked to UPI, which offers customer rewards of cards and cashbacks of UPI apart from credit free period
BUSINESS
UPI helping us reimagine financial services, says super.money CEO Prakash Sikaria
Super.money will launch a fixed deposit facility on November 21. The FD is being been launched in partnership with four small finance banks and private sector lender South Indian Bank
BUSINESS
Sachin Bansal's Navi overtakes Cred to emerge as fourth largest UPI app
Flipkart Group’s super.money doubled the number of transactions in October, overtaking NPCI’s BHIM app
BUSINESS
Aadhaar-based digital payments decline as large banks drag their feet on interoperability
Many public sector banks have been hesitant to approve transactions coming from third-party business correspondents, citing fraud and money laundering
BUSINESS
Groww widens lead over rivals, adds 3.5 lakh traders in October
Groww has almost doubled its user base in one year to around the 1.25 crore, while nearest rival Zerodha added only 15 lakh new users
BUSINESS
Trump's victory could help Indian startups, foster better collaboration, say Indian VCs
Trump’s strident anti-China stance along with the courting of Elon Musk and other tech billionaires will bring in policies favouring the industry, VCs hope
BUSINESS
Paytm CPO and Insider founder Shreyas Srinivasan quits after Zomato deal
The sale of Insider.in helped Paytm post its first-ever net profit Rs 930 crore in the second quarter ended September 2024
BUSINESS
UPI merchant payments rise 5 times in less than 3 years, value grows more than 3-fold
Merchant payments constituted around 62 percent of the overall UPI payments, it was only 40 percent in January 2022, indicating the shift in UPI usage from person-to-person to merchants
BUSINESS
Is NPCI playing fair? Concerns grow over BHIM’s advantage in UPI market
BHIM has plans to aggressively acquire merchants and has spoken to Razorpay to launch UPI Plug-in, which will help merchants get their own UPI address
BUSINESS
PhonePe founders together drew Rs 5 crore salary in FY24, value of ESOPs drops 75%
In FY24, the payments firm revenue increased 73 percent to Rs 5,064 crore
BUSINESS
Navi failed to keep its promises to RBI, forcing regulatory action
RBI has said remedial actions will see the restrictions lifted, but it remains to be seen how soon this can be done. The companies need to fix multiple issues
BUSINESS
Groww paid Rs 1,340 cr in domicile taxes in FY 24, doubles consolidated revenue to Rs 3,145 cr
The one-time domicile tax of Rs 1,340 crore resulted in Groww posting a Rs 805 crore net loss at the consolidated level
BUSINESS
Flipkart Group's super.money rises through UPI ranks, grows 10x in 2 months
Super.money is betting on selling credit products on UPI. The wait list for its Rupay credit card has crossed a million, founder and CEO Prakash Sikaria has said
BUSINESS
We don’t believe in aggressive monetisation, says Google Pay’s Sharath Bulusu
While Google Pay started merchant monetisation in 2019, it has not been as aggressive with acquiring merchants compared to Paytm or PhonePe, thanks to its customer focus
BUSINESS
Google Pay enters secured loans segment, partners with Muthoot
The company has also partnered with Aditya Birla Finance Limited, as it plans to double down on credit in India
BUSINESS
How Cred makes money
More than 90% of Cred’s revenue comes from payments, lending and insurance. However, as the company monetises more of its user base and cross-sells more products, this could change gradually
BUSINESS
PB Fintech healthcare foray via separate entity, company will act as minority investor: Group CEO Yashish Dahiya
Dahiya said the new entity plans to acquire 6-8 hospitals in the NCR region. While it’s still too early to discuss specifics, he sought to clarify to prevent any misinformation that could lead to financial losses for investors
BUSINESS
Zerodha's profit grows 62% to Rs 4,700 crore in FY24, revenue up 21% to Rs 8,320 crore
The profit figure is one of the highest for tech startups, mostly attributed to the growing interest in F&O trading
BUSINESS
SRO-FT seeks to be in touch with regulators to avoid business disruptions: FACE chief Saxena
When fintechs need clarification regarding the guidelines or regulations for the segment they operate in, SRO can use the dialogue channel with RBI for clarifications on a regular and recurring basis
