BUSINESS
INDmoney onboards Lenskart's Peyush Bansal, Ankur Warikoo and Sixteenth Street Capital as investors
This round of financing brings INDmoney’s total fundraise to $143 million.
BUSINESS
RBI guidelines on recurring payments continue to cause disruption even after 6 months of deadline
With multiple levels of integration still ongoing, 40 percent of recurring payment mandates are still failing. Many subscription-based businesses have moved from monthly to annual models.
MCMINIS
How will UPI Lite work?
BUSINESS
Pivots, struggle, and aha moment: How OnJuno found the right crypto product for the US market
After years of pivots in business strategy, OnJuno founders Varun Deshpande, Ratnesh Ray, and Siddharth Verma seem to have found the right product market fit with a crypto native platform and have closed its Series A round.
BUSINESS
Oxyzo Financial Services raises $200 million Series A at a valuation of $1 billion, enters unicorn club
Kalra becomes one of the rare Indian female founders of a profitable fintech unicorn and, together with husband Asish Mohapatra, makes a rare couple behind the making of two unicorns
BUSINESS
Options Trade | A non-directional options strategy in Bank Nifty
Bank Nifty is expected to remain sideways within our range. A Double Butterfly (Asymmetrical) trade to capitalise on very high volatility.
BUSINESS
Crypto tax: Government clarifies that losses cannot be set off between trades of different tokens
The industry has deemed this move as 'detrimental' to investor sentiment and has asked the government to reconsider the decision. MoS Finance Pankaj Chaudhary also clarified that costs incurred for mining infrastructure will not be deductible as costs of acquisition.
BUSINESS
Exclusive | Groww in talks to raise $150 million at a valuation of $4-$5 billion
Groww is said to have received interest from sovereign wealth funds of Abu Dhabi and Qatar, besides the Canadian Pension Plan Investment Board (CPPIB).
BUSINESS
National Payments Corp prepares on-device wallet to debut UPI Lite for small offline transactions
UPI Lite for transactions up to Rs 200 will happen in two phases
BUSINESS
Groww in talks with Federal Bank for neo-banking vertical
If the integration goes through, Groww will be Federal Bank’s third bet in the neo-banking space, after Jupiter and Fi
BUSINESS
Clear acquires supply chain financing tech firm Xpedize to foray into SME credit
Xpedize will be rebranded as Clear Invoice Discounting and will provide working capital and liquidity to suppliers.
BUSINESS
Exclusive | Vijay Shekhar Sharma: Paytm continues to onboard UPI customers, RBI ban has no substantial impact on business
"RBI's processes are well respected and understandable. Paytm is not a small-time bank, it is now a publicly-listed company," said Paytm’s founder and CEO Vijay Shekhar Sharma.
BUSINESS
Navi Technologies IPO: List of ongoing litigations against founder Sachin Bansal
ED had filed a show cause notice against Bansal and nine others in July 2021, alleging FEMA violations in Flipkart.
BUSINESS
Navi Technologies IPO: Decoding Sachin Bansal's fintech in 5 charts
The fintech plans to use the proceeds of the IPO to invest in subsidiaries Navi Finserv and Navi General Insurance
BUSINESS
Macquarie on Paytm: No threat to business from RBI ban, small finance bank licence remains doubtful
According to Macquarie, the recent developments substantially reduce Paytm’s chances of upgrading to a small finance bank licence. The company is due to apply for the licence in May 2022
BUSINESS
Explained | US President Biden's executive order on digital assets, cryptocurrencies
It was hard to mask the gravity and exigency the current administration has accorded to the development of the digital sovereign currency, an arena that already has over 100 countries actively researching, experimenting, and in some cases, even full-fledgedly implementing native CBDCs for mass adoption.
MCMINIS
What is SBM Bank India's fintech-first strategy?
BUSINESS
Payments up to Rs 500 make up majority of UPI payment volumes: NPCI data
For the first time, NPCI has shared granular data on the share of different transactions amount in monthly UPI volumes and values.
BUSINESS
Indian payments systems can survive without foreign card networks: Former NPCI CEO AP Hota
The risk arising out of a scenario where Mastercard exits India are nil, while risks from Visa will reduce over the next few months as more banks adopt RuPay credit cards, Hota told Moneycontrol.
BUSINESS
Zeta enters into global partnership with Mastercard, eyes $300 mn in revenues through tie up
Mastercard, along with other investors, has also invested in Zeta as part of a $30 million fundraise. Zeta's co-founder and CEO Bhavin Turakhia expects this partnership to yield $300 million in revenues over the next seven years.
BUSINESS
How Federal, Equitas Small Finance, RBL and SBM Bank India are riding the bank-fintech partnership wave
These banks are expanding their digital presence with a branch-lite, distribution heavy model. With a strong digital presence through fintechs, the banks are looking to serve the next set of digital customers.
BUSINESS
CredAvenue raises $137 million, turns unicorn in 18 months
The startup’s Series B round was led by Insight Partners, B Capital Group and Dragoneer and also saw participation from existing investors
BUSINESS
Chapter one for RBI’s newly-formed fintech department is a lesson in BNPL
Besides understanding BNPL business models, the department’s other main agenda is the CBDC.
BUSINESS
Damnatio memoriae: Ashneer Grover's name scrubbed from BharatPe and Unity Small Finance Bank websites
The move comes after BharatPe's board said in a statement that Grover is no longer an employee, a founder, or a director of the company.
