BUSINESS
Can Protean replicate its government legacy in the new-age tech business?
Moving beyond its legacy business of PAN issuance, pension repository and identity services, Protean is expecting 25% of its revenue to come from new business segments, including ONDC-related seller tech solutions, BFSI tools, and emerging SaaS-based offerings.
BUSINESS
MC interview: We are a larger-than-life fintech playing at national scale: Suresh Sethi, CEO & MD, Protean
In an exclusive interview, the CEO outlines the company's evolution over years, focusing on diversifying beyond government contracts and tapping into emerging sectors like SaaS, fintech, commerce and digital innovation.
BUSINESS
AI cuts discharge time for patients from Manipal Hospitals to 1 hr, sharpens cancer detection, brain mapping
Dr. Sudarshan Ballal, Chairman of Manipal Hospitals, highlighted how AI has significantly improved operational efficiency, particularly in patient discharge processes. He also stressed on the need for national interoperability to ensure seamless access to patient data across hospitals.
BUSINESS
NCLT stays Aakash from amending its AoA, halting Byju's alleged attempt to dilute stake
This decision follows allegations from Byju’s lenders, including Blackstone-backed Singapore Topco, that Byju management, including founder Byju Raveendran, were seeking to reduce the edtech's stake to benefit Manipal Education, the largest shareholder in Aakash.
BUSINESS
Kunal Shah to take on Zerodha, Groww? Cred-owned Spenny applies for stock broking licence
However, instead of its core business, Cred is eying stock broking as a natural extension of its anticipated strategy of full-fledged a financial services platform, with broking a part revenue driver
BUSINESS
Rural credit startup SarvaGram raises Rs 565 crore in Series D led by Peak XV Partners
Existing shareholders Elevar Equity, Elevation Capital, Temasek, and TVS Capital also participated in the round.
BUSINESS
Slice merger with NESFB comes with a cost: Legacy NPAs worth Rs 192 crore
The merger could unlock cost-saving opportunities through streamlined operations and improved capital allocation. If managed well, these efficiencies could drive profitability in the long run, according to analysts. But can Slice surmount the legacy NPA challenge after the merger with NESFB?
BUSINESS
SoftBank’s Ola Electric, FirstCry and Delhivery bets yield $1.3 billion gross gains in Q2
During the quarter, FirstCry boosted the Softbank Vision Fund’s gains by $642 million, while Ola Electric and Delhivery each added $401 million and $306 million to the fund, respectively, as indicated in SoftBank’s presentation listing the quarter results.
BUSINESS
Tiger Global-backed Clevertap CEO Sidharth Malik steps down, co-founder Sunil Thomas back at helm
The former Freshwork’s CRO had joined the firm as Global CEO back in 2021 to drive Clevertap’s international growth. The development coincides with US-based firm’s plans to domicile in India in a run-up to hit the public markets
BUSINESS
BharatPe launches new investment app for consumers, in talks with NBFCs to offer fixed deposits
The new app--Invest BharatPe--currently hosts two offerings, including digital gold and fixed deposits in partnership with Shriram Finance, Bajaj Finance, Mahindra Finance, and Suryoday Small Finance Bank
BUSINESS
'Diwali gift' to clients costs Bengaluru techie Rs 4.5 Lakh in scam
Gift cards have become a favourite tool for scammers because they’re easy to buy, simple to share, hard to trace, and almost impossible to get a refund for once the money is spent
BUSINESS
PhonePe’s diversification efforts generate initial revenue amid FY24 losses
Though still at nascent stage, Phonepe’s e-commerce and broking segment via Pincode and Sharemarket app launched last year reported a maiden revenue of Rs 3 crore and Rs 24 crore, respectively. Meanwhile, insurance segment brought in Rs 108 crore in revenue at Rs 246 crore loss.
BUSINESS
RBI ban on Navi, three more NBFCs leaves fintechs worried
RBI on Thursday barred Bengaluru headquartered-Navi Finserv and three more NBFCs to stop disbursing loans from October 21
BUSINESS
Did not run away to Dubai, will come to India and fill stadiums: Byju Raveendran
Byju Raveendran addressed the misconceptions surrounding his relocation to Dubai, clarifying that his move was not an escape but rather a necessity for his father's medical treatment.
BUSINESS
Byju Raveendran hits back, says investors ran away when times got tough
At the time, our board approved all major acquisitions and expansion plans with unanimous 6-0 voting. Today, it's ironic that the same people are quick to criticise, Ravendran said during a virtual press conference.
BUSINESS
Societe Generale, UBS, Tiger Pacific reduce Paytm stakes below 1%, mutual funds raise exposure
Indian investor Akash Bhansali, a promoter of Enam Holdings, increased his stake in Paytm from 1.21 percent in the June quarter to 1.24 percent in September
BUSINESS
IPO-bound OfBusiness co-founder Nitin Jain to start AI venture
Jain, however, told Moneycontrol that he is “very much part of OfBusiness, (and is) just exploring options" with OfBusiness as a partner. "I’m still a proud OfBian.”
BUSINESS
Clensta flip-flop: Founder Puneet Gupta alleges hack after a company post claims it fudged books
The startup's founder Puneet Gupta has issued a statement saying that one of their team members with access to the company's LinkedIn credentials has written false information about him.
BUSINESS
Good Glamm Group puts three of its companies on sale to stay afloat; taps Mamaearth, Nykaa, Purplle, among others
Organic Harvest, The Moms Co, and Sirona, all owned by The Good Glamm Group, are up for sale. Good Glamm Group’s Darpan Sanghvi has met Mamaearth’s Varun Alagh, Purplle’s Manish Taneja and top executives at Nykaa, sources told Moneycontrol.
BUSINESS
Parineeti Chopra-backed Clensta in talks to raise $10 million from Amazon, others
While existing backer TradeCred is likely to lead the round, Arrow Capital and Singapore-based Jafco Asia are also expected to participate. The final terms of the deal are still being negotiated
BUSINESS
Sachin Bansal's Navi Finserv posts mixed FY24 results amid big gains from subsidiary sale
Navi doubled its consolidated profit to Rs 545 crore in FY24, largely driven by the sale of CIFCPL to Svatantra Microfin Private Ltd in November, which generated a post-tax gain of Rs 429 crore
BUSINESS
Bizarre browsing habits, sneaking IP moves, shifty typing: How startups are sniffing out digital fraudsters
In a world of increasing digital transactions, companies—particularly those dealing with financial aspects—are tapping into the expertise of white hat hackers to detect and prevent fraud.
BUSINESS
Oister Global, Tribe Capital partner to launch $500 million India-focused secondary fund
The Oister Tribe Ace Fund aims to invest $500 million across startup deals over the next two years, reflecting the growing momentum in India's secondary transaction market
BUSINESS
People chase funding headlines, but forget content and impact: Alakh Pandey, Physics Wallah
In an exclusive chat, Physics Wallah Founders and CEO Alakh Pandey and co-founder Prateek Maheshwari emphasise their strategy to steer away from crowded hubs like Kota, opting instead for smaller, efficient micro hubs closer to students' homes.
