BUSINESS
Digital MSME lender Indifi Technologies turns a profit and aims to double loan book
The company, which lends to small businesses and individual entrepreneurs such as kirana stores, restaurants and travel agencies, aims to offer a larger variety of credit products than the limited range of loans on offer by offline non-banking financial corporations (NBFCs).
BUSINESS
An unbalanced sheet—Explainer on the asset-liability mismatch in crypto lending firms
Apart from the plummeting prices in recent months, a mismatch in the assets and liabilities of crypto lending firms like Vauld and Celsius Network was flagged by experts as a major concern in the business models of the companies operating in the space. A closer look at the balance sheets of these firms tells a story unique to the crypto lending segment.
STARTUP
Inflation has not affected us much, says Nykaa's Anchit Nayar
One reason could be that the company is slightly on the more premium end and consumers are slightly less affected than those on the lower end of the funnel, says Nykaa's CEO, Beauty E-Commerce. Nayar says the core beauty business of Nykaa remains profitable
STARTUP
Early stage venture capital firm First Cheque raises $5 million
First Cheque, which aims to ease the process of raising institutional capital for first time founders and idea stage startups, has streamlined its capital deployment timeline to less than 30 days.
STARTUP
M2P Fintech acquires identity validation startup Syntizen
While the company did not disclose the amount of the acquisition, Moneycontrol learns that the deal was valued at around $10-12 million.
ANNOUNCEMENTS
Netflix looks to monetise password-sharing with new feature
"It’s great that our members love Netflix movies and TV shows so much they want to share them more broadly. But today’s widespread account sharing between households undermines our long term ability to invest in and improve our service,” the company said in the blog post.
ANNOUNCEMENTS
Pfizer India, Max Hospitals join hands to promote research on drug efficacy
The research will focus on prevention, treatment and management of diseases that are of public health priority in India such as cancer and cardiovascular diseases
CRYPTOCURRENCY
IAMAI shuts down India's sole crypto advocacy body BACC
The decision, which was reportedly taken without consultation with BACC officials, was made by the IAMAI to protect its reputation which was being hampered by the “lack of maturity” shown by crypto founders, sources familiar with the matter told CoinDesk.
ANNOUNCEMENTS
Wipro Consumer Care forays into packaged foods business
“Our decision to enter the packaged food business would complement our existing categories in personal care, thus building a complete offering in the FMCG space in India,” Wipro Consumer and Lighting Ltd CEO Vineet Agarwal said.
STARTUP
Zomato needs to make some more money, won't lower restaurant commissions: CEO
"We are not profitable. We need to make some more money from somewhere. So, absolutely not taking rates down,” Goyal said.
PRESS-RELEASE
CEOs expect growth in revenue, profit in H1FY23 despite inflation worries: CII poll
Of the 136 CEOs who participated in the poll, 76 percent believed that their companies will achieve a revenue growth rate of higher than 10 percent, while 45 percent believe profits will grow at that pace as well
STARTUP
Blinkit promotes long-time exec Rishi Arora to co-founder
Sajal Gupta, who has been serving as engineering manager in the quick commerce startup since January, has also reportedly been promoted to the role of tech chief.
ANNOUNCEMENTS
Mahindra & Mahindra joins EV investment drive with a Rs 1,925-crore kitty
BII, a Development Finance Institution of the UK Government, and Mahindra & Mahindra will each invest 1,925 crores in two tranches
BUSINESS
RBI's FX measures to impact flows positively, says Economic Affairs Secretary Ajay Seth
Seth called the measures announced by the RBI as massive and said they were already having some impact on the exchange rate.
AUTOMOBILE
New product offerings to drive future growth for Mahindra & Mahindra: Rajesh Jejurikar
Mahindra and Mahindra achieved a 64 percent year-on-year growth rate with the company selling 54,096 units across all its product categories in June.
TECHNICALS
IT sector to rally in wake of June low, dollar to consolidate: Cashthechaos's Jai Bala
"I will be a little bit uncomfortable if the Nifty IT index goes below 27,100 levels"
PRESS-RELEASE
India guiding the world in fourth industrial revolution: PM Modi at Digital India Week 2022
"We had to remain in line for taking birth certificates, paying bills, getting ration or taking admission just 10 years back but now everything is online," the PM said.
BUSINESS
Confident that share price will soon reflect underlying health of business: ReNew Power CEO
Green energy stocks have taken a hit amid the Russia-Ukraine war and the current inflationary macro environment, but ReNew Power's financials are stronger than the time of listing, Sinha said
BUSINESS-MCMINIS
Bosch India inaugurates second largest smart work place in Bengaluru
"It is not about attendance, but performance," Karsten Mueller, executive vice president Bosch India, said.
AUTOMOBILE
TVS Motor in talks with TPG Capital and KKR to raise $300 million for EV business
Recently, the EV segment has seen traditional automobile players in two and four wheeler spaces increasingly raise money and make investments to support growth.
ECONOMY-MCMINIS
Indian agriculture could benefit from IOT, but acceptability and data concerns are hurdles
Agriculture, which employs majority of the Indian population, lags in its contribution to overall economic output. Indian agritech startups, however, aim to change the economic trajectory of the sector using big data and artificial intelligence.
STARTUP
Slice gets shareholders' approval to raise Rs 200 crore through NCDs
The debenture issue follows the company's Series C round where it raised $50 million
PRESS-RELEASE
PM, senior ministers condole with family on the passing away of industrialist Pallonji Mistry
Narendra Modi, Nitin Gadkari and other senior ministers recall achievements of Pallonji Mistry on his passing away
STARTUP
Prepare for scrutiny if you want to play the big boys' game: Experts on RBI's recent fintech crackdown
The RBI's notification could be the end of credit-linked prepaid cards and wallets
