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.
BUSINESS
AI startup Entropik raises $25 million in Series B led by Bessemer, SIG Capital
Entropik is planning to use the funds raised towards bringing innovation in consumer research for global brands and for expanding their footprint across the US, Europe, and Asian markets.
BUSINESS
Google reviewing MeitY directive to block loan, betting apps: Sources
Along with online lending platforms like Kissht and PayU-backed LazyPay, Meity's ban list includes Kreditbee, Ola Avail Finance, and a few home loan and B2B lending apps.
WORLD
Sri Lanka has removed a lot of fuel subsidies to survive economic crisis: Power Minister
The country has introduced system to ensure the power ministry stays connected with the finance ministry and the central bank to discuss and get an estimate on what to set aside for energy imports, Kanchana Wijesekera said.
BUSINESS
Budget 2023: Fintechs cheer simplified KYC process, DigiLocker expansion
The steps taken to simply KYC will in turn simplify digital spending and investment processes, say fintech startups and investors.
BUSINESS
Budget 2023: DigiLocker services to be extended to fintech sector
Budget 2023-24: To expand the benefits of DigiLocker, a separate entity DigiLocker will be set up for MSMEs
