BUSINESS
Flipkart, 1MG report surge in demand for oximeters and testing kits as COVID-19 cases rise
The sale of oximeters and test kits saw a surge of over 4.4x and 12x in metros.
BUSINESS
IPO Financing: Does Ashneer Grover have a case against Kotak? Here’s what experts say
It is to be noted that Grover had invested more than Rs 100 crore each in the IPOs of Zomato and CarTrade through IPO financing services provided by Kotak itself last year.
BUSINESS
Techies getting lazy with high salaries, not upping their game: BharatPe’s Ashneer Grover
Companies seem to be hiring more engineers than needed without evaluating the output of their engineering teams, according to Grover. Until this war of talent ceases, companies like BharatPe will keep offering BMW bikes to engineers, he added.
BUSINESS
Kotak Group says it objected to inappropriate language used by BharatPe co-founder Ashneer Grover
Kotak Group's statement confirmed Moneycontrol's report that it had received a notice from Ashneer Grover and his wife Madhuri Grover, accusing the bank of failing to secure financing and allocation of shares in an IPO launched by beauty firm Nykaa.
BUSINESS
Microsoft CEO Satya Nadella invests in fintech Groww, to also advise the company
This comes a few months after Groww raised $251 million in a Series E funding round, tripling its valuation to $3 billion amidst the unabated funding boom in Indian startups.
BUSINESS
B2B fintech Rupifi raises $25 mn led by Bessemer Venture Partners and Tiger Global
The company focuses on providing credit and check-out solutions to small and medium enterprises and will look to solve issues faced by small businesses in taxation, invoicing, transactions etc.
BUSINESS
TVS Capital Funds to lead next round in Google-backed Open at a valuation of $1 billion
The $100 million fundraise is a mix of primary and secondary funding and will also see participation from existing investors.
BUSINESS
Digital payments: How they work, the cost of your transaction and other questions answered
A lot of pieces come together like clockwork to ensure that your money securely travels from your bank to another. We explain where all your money makes pit stops and how payments players earn en route.
BUSINESS
Pine Labs gets $20 mn investment from SBI ahead of IPO
Pine Labs raised a total of $700 million in 2021 across two rounds and is now likely to be valued at over $3 billion.
CRYPTOCURRENCY
Taking a cue from WazirX crackdown, crypto exchanges may have found a way to pay tax on crypto commissions
Right now, the tax department has internally interpreted crypto currencies as a digital asset. However, there is no official categorisation of digital assets under GST laws, they say.
BUSINESS
UPI signs off 2021 on a record high, value of transactions crosses Rs 8 lakh crore in December
2021, too, was a record year for the UPI, which clocked 3,874 crore transactions amounting to Rs 71.46 lakh crore
BUSINESS
RBI Financial Stability Report: At 4.56%, fintech loan delinquencies higher than that of private banks, NBFCs
Delinquencies or loan repayments due past 90 days in fintech consumer credit increased from 1.82 percent in September 2020 to 4.56 percent in September 2021. Among all categories, fintech has seen the highest increase in late repayments or defaults in the one-year period.
BUSINESS
Indian fintech: After record funding in 2021, what does 2022 hold?
Indian fintechs raised a record $9 billion in 2021, setting the tone for the funding and growth boom to continue in 2022. Experts believe continued collaboration between banks and fintechs will be crucial as neobanks and digital lending lead growth.
BUSINESS
Neobank Jupiter raises $86 mn in Series C round, valuation jumps to $710 mn
Jupiter's founder and CEO Jitendra Gupta told Moneycontrol that the startup will use these funds to grow its customer base and launch its lending product in 2022.
BUSINESS
Weekly Funding Wrap: Razorpay's valuation vaults to $7.5 billion, Zepto raises $100 million
A total of $1.25 billion was raised by startups in the week of December 20 to 24
BUSINESS
2021: The year UPI became the undisputed payments champion
As of November 2021, the Unified Payments Interface had seen its transaction value surge 103% over 2020. And that steady clip is likely to continue into 2022.
BUSINESS
Tokenisation: Startups, digital platforms seek six months extension from RBI
The Merchant Payments Alliance of India (MPAI) and the Alliance of Digital India Foundation (ADIF) have written to the Reserve Bank of India (RBI) expressing concerns that a disruption in digital payments could lead to loss of revenue to the tune of 20% to 40% for digital businesses.
BUSINESS
Indian Banks Association writes to RBI, seeks extension for tokenisation deadline
The regulator is yet to respond to requests of an extension by the IBA and banks. With just 10 days to go for the deadline, bankers are worried that online payments will witness major disruption if an extension is not granted.
BUSINESS
Banks must show growth in RuPay debit card, UPI usage to claim full MDR incentives
The Rs 1,300-crore scheme will be applicable for transactions starting FY22. For UPI transactions, only those between customers and merchants up to Rs 2,000 will be incentivised.
BUSINESS
Razorpay raises $375 mn, valuation vaults from $1 bn to $7.5 bn in 14 months
This round is more than all of Razorpay’s previous funding rounds put together. The startup will use the funds for acquisition in the B2B SaaS space and scale up its neo banking arm RazorpayX.
BUSINESS
Here's why CCI suspended the deal between Amazon and Future Coupons
The CCI order says Amazon misrepresented the true rationale for buying 49 percent stake in Future Coupons. The US e-commerce giant’s internal correspondence shows that it wanted foot in the door in the Indian retail sector, according to the competition watchdog.
BUSINESS
CCI deals Amazon a blow. But what is the Amazon vs Future battle all about? Here's a timeline
The Competition Commission of India (CCI) on December 17 suspended Amazon's deal with Future Group after it reviewed complaints that the American e-commerce giant concealed information while seeking regulatory approval.
BUSINESS
First recurring payments, now tokenisation: New disruption awaits customers in 2022
While large payment service providers and card networks are ready for tokenisation, customer adoption and last-mile integration is unlikely to be completed by the deadline. In case any part of the ecosystem is not fully prepared, the impact will be far-fetched, as tokenisation impacts all online payments.
BUSINESS
Govt to incentivise UPI and RuPay transactions. Banks, UPI players see revenue hopes
While further clarity is awaited on the scheme approved by the Cabinet, payments ecosystem players are hoping that to get some revenues after two years of earning zero returns from RuPay debit cards and UPI transactions
