BUSINESS
Rapido pilots cab ride hailing and hyper local delivery
Rival Ola also entered the parcel delivery service segment recently through the launch of 'Ola Parcel'. The parcel delivery space is currently dominated by players like Porter, Swiggy Genie, Uber and Dunzo
BUSINESS
Ola Electric closes Rs 3,200 crore funding round in a mix of debt and equity
The funds raised will be used to expand Ola's EV business and to set up India's first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu, the firm said in a statement.
BUSINESS
Mobikwik-owned Zaakpay gets RBI's in-principle nod to operate as payment aggregator
The in-principle nod comes two years after Mobikwik filed an initial application with the RBI. In 2021, Mobikwik applied for the PA license for Zaakpay to RBI, however, the same was rejected and the firm re-applied in October 2022
BUSINESS
Zerodha rival Groww turns profitable, revenue jumps 266% to Rs 1,277 crore in FY23
In FY23, the Bengaluru-based fintech diversified its offerings like lending and UPI payments within its app.
BUSINESS
BharatPe clocks its highest-ever gross revenue in August 2023 at $23.5 million, ARR zooms to $282 million
The pick up in growth will not only give a fillip to its plans for a public listing but also comes as a relief, after the high drama that roiled the startup in the last year.
BUSINESS
Paytm to add 1.5 million PoS devices every quarter, bets big on merchant lending
As of September 2023, Paytm has a merchant base of around 3.8 crore and merchant paying subscription for devices has reached 92 Lakh an increase of 44 Lakh YoY and 14 Lakh QoQ.
BUSINESS
Ola dangles Rs 70K monthly earnings for riders in push to expand e-bike taxi service
Ola is scaling up e-bike taxi operations in Bengaluru even as it waits for a licence from the Karnataka transport department.
BUSINESS
Google Pay launches consumer and merchant lending products, enables credit on UPI
The company said that it is collaborating with partners in the financial ecosystem, including banks and NBFCs, to create products aimed at addressing the credit gap in India.
BUSINESS
BIS approves India’s first-ever indigenous charging standard developed for light EVs
According to experts, this standard addresses a large gap that existed in the market for a standardised connector for AC & DC combined charging systems for light electric vehicles
BUSINESS
Wealth and asset management startup Neo bags $35 million funding from Peak XV
Neo is also seeking an Non-Banking Financial Company (NBFC) license to enter into lending to its existing clients.
BUSINESS
Whatfix is building its own Gen AI vision model, says CEO Khadim Batti
The statement comes at a time when large SaaS players like Zoho are working on building their own large language models to power generative AI
BUSINESS
TaxiForSure cofounder's fintech venture Zolve secures $100 million debt facility
Zolve plans to use funds to offer credit products to migrants in the US. The firm is planning to expand its geographical presence with the new funding
BUSINESS
SaaS firm SuperOps.ai raises $12.4 million in Series B funding round
Founded in 2020 by Arvind Parthiban and Jayakumar Karumbasalam, SuperOps.ai simplifies the IT management process and workflow of managed service providers on a unified platform
BUSINESS
Rupay goes international; UAE to use the tech for creating domestic card network
NPCI International announced a strategic partnership with Al Etihad Payments (AEP) to advance the development of the UAE’s first national Domestic Card Scheme
BUSINESS
Ola launches all-electric parcel services in Bengaluru
The intra-city parcel delivery space is currently dominated by players like Porter, Swiggy Genie, Uber and Dunzo. Ola's close rival Uber also has parcel delivery service offering through 'Uber Connect'.
BUSINESS
Cred revenue grows 3.5x to Rs 1,400 crore, losses widen 5% to Rs 1,347 crore in FY23
While Cred has raised over Rs 8,000 crore to date, its cash reserves now stand at around Rs 2,050 crore. Based on its FY23 losses, this cash runway would last for the next three years.
BUSINESS
Fintech startup Slice to merge with North East Small Finance Bank
Slice said that the merger will help realise the entity’s shared goal of integrating technology with grassroots financial inclusion across the nation.
BUSINESS
PayU India's CEO Anirban Mukherjee elevated to global CEO role
The move is part of the fintech major's India-centric approach as PayU is looking to list in India sometime next year and looking at a valuation of $6-6.5 billion
BUSINESS
Global economy is taking a turn for the worse says Zoho's CEO Sridhar Vembu
The Russia-Ukraine war and its impact on supply chains, high inflation rates, and the US Federal Reserve’s aggressive interest rate hikes are causing fears of a recession in the US, adding to the sector’s worries.
BUSINESS
SaaS-accelerator Upekkha shifts gears to AI-focussed fund, launches new AI startup cohort
Upekkha’s new cohort will have 40 startups which will receive an investment of $125,000 each. The platform will adopt a Y Combinator approach to equity and deployments
BUSINESS
Matrix Partners India elevates Pranay Desai as Managing Director
Desai joined Matrix in the year 2021 and was leading B2B SaaS investments. He was working closely with portfolio companies like Moengage, Rocketlane, Superops, 100ms, Murf and Toddle.
BUSINESS
EV maker Ather’s FY23 operating revenue jumps 337% to Rs 1,784 crore, losses up 150%
Ather Energy’s losses are on the back of a 260% jump in its total expenses during FY23 which came around Rs 2,611 crores
BUSINESS
Ola restarts bike taxi operation in Bengaluru, goes all electric
The firm has fixed the pricing as Rs 25 for 5km, Rs 50 for 10km. The move comes despite several legal tussles with various state governments to run bike taxis.
BUSINESS
Inside Perfios' FY24 roadmap: Clocking $100 million ARR and IPO plans
With the new funding round, Perfios plans to deploy the funds to fuel its global expansion plans in North America and Europe.
