BUSINESS
Indian SaaS companies are pulling out from Silicon Valley Bank amid stock crash
While SVB still remains a trusted bank for many startup founders and investors, there is panic in the market about funds getting frozen for the near to mid-term.
BUSINESS
Freshworks co-founder and CTO Shan Krishnaswamy quits
In September of 2022, Freshworks CEO and cofounder Girish Mathrubootham informed the employees about Krishnaswamy's exit during a townhall
BUSINESS
Data-based lending will be taking off in a big way with the Account Aggregators framework: Nandan Nilekani
The next big thing will be credit in India and getting a loan will be as easy as making a payment in the next 3-4 years, Nilekani said.
BUSINESS
Uber revamping app to bring down cancellations, maximise earnings for drivers
While the company has already introduced customer rating, mode of payment and destination features, the upfront pricing feature for drivers is being tested in a few cities to study the market reactions and imbalances if any, Manikandan Thangarathnam, senior director of mobility and platforms at Uber, has said
BUSINESS
MC Explainer | The expanding use cases of UPI
Innovation within UPI vis-à-vis GST, interoperability with the central bank digital currency, income tax breaks and cashbacks for digital payments are some other proposals that could give UPI a big push.
BUSINESS
SBI-backed Cashfree Payments acquires checkout platform Zecpe
This acquisition will likely enable Cashfree Payments to offer additional value-added services like Return to Origin reduction, fraud detection and address pre-filling
BUSINESS
Yulu joins hands with Bajaj to launch new rental scooter models, plans to deploy 50K e-scooters by 2023-end
Yulu is now looking to raise funds via debt and is in need of another $500 million in the next three years as it plans to deploy 1 million e-scooters in the next 3-4 years.
BUSINESS
Ban on bike taxis in Delhi leaves in its wake disgruntled student passengers and confused drivers
Though it’s a cost-effective means of commute for many, license and related issues dog the industry.
BUSINESS
Uber explores leveraging AI chatbot tools into its platform
The company is also actively testing out its feature of booking rides through Whatsapp with experiments in select cities including Delhi and Lucknow.
BUSINESS
MC Explains: Who stands to benefit from India's UPI and Singapore's PayNow linkage
The biggest gainers from this will be migrant workers, students, travelers, and businesses, especially the small and medium enterprises trading from Singapore.
BUSINESS
Fintech SaaS platform Mintoak raises $20 million led by PayPal Ventures
The startup plans to use the raised capital to ramp up its tech stack and double down on the existing product portfolio.
BUSINESS
Delhi Govt bans Ola, Uber and Rapido bike taxi services
The transport department also highlighted that violation of this will result in a punishment of first offense of Rs 5,000 and second or subsequent offenses will attract a fine of Rs 10,000 and imprisonment.
BUSINESS
Fintech emerged as top sector for venture debt funding in 2022, raised $400 million: Report
The total amount of venture debt disbursed in India in 2022 is up nearly 2.6X from 2019 to around $800 million. In 2021, venture debt disbursals were around $538 million.
BUSINESS
Why is RBI’s Payment Aggregator License significant for fintech companies?
The companies that have been granted permission to function as payment aggregators in India would be directly under the purview of the RBI.
BUSINESS
Delhivery to create revenue stream from its drone delivery tech in FY23-24: CEO
This comes as the firm is awaiting approvals and more clarity on the norms of using drones for delivery from the Directorate General of Civil Aviation.
BUSINESS
Delhivery expects e-commerce industry volume to grow 20% in 2023
The market is moving from unorganised players to organised firms rapidly, says CEO Sahil Barua
BUSINESS
Relief for digital lending startups; MeitY to revoke ban post review
MeitY officials have revoked the ban on Kissht, LazyPay, Buddy Loan, Faircent, and CashTM and will be informing the hosting platforms like Google to revoke the ban and let the apps run as usual.
BUSINESS
More stability and clarity emerging in fintech regulation: CRED founder Kunal Shah
CRED will focus on leveraging its community and brand to make money through a slew of products, Shah said.
BUSINESS
BharatPe fight escalates: Ashneer Grover writes to NPCI, independent director alleging data theft by Bhavik Koladiya
Ashneer Grover has alleged that there is a serious breach of data of over 150 million UPI users at BharatPe by Bhavik Koladiya.
BUSINESS
Freshworks surpasses $500 million ARR in 2022, plans to break even by Q3 of 2023
During Q4 of 2022, GAAP loss from operations was at $60.6 million, compared to $56.4 million in the fourth quarter of 2021.
BUSINESS
Digital Lenders meet Meity officials to seek more clarity on app ban directive
Several industry players also say that the ban is more to do with the platforms that are hosting the app like Google Play and Aptoide.
BUSINESS
EV startup Zypp Electric raises $25 million in funding led by Gogoro
The round includes a $20 million equity round and a $5 million debt round for fleet expansion from global impact fund IIX and a large national bank.
BUSINESS
We need to grow first: Sameer Nigam on whether PhonePe will become a bank
Last October, Walmart-owned PhonePe announced that it completed the process of moving its domicile from Singapore to India.
BUSINESS
There is a rhyme and a reason why the loan app bans are happening: PhonePe’s Sameer Nigam
The Ministry of Electronics and Information Technology (MeitY) has issued a directive to app stores to block more than 200 loan and betting apps.
