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.
BUSINESS
Digital banking startup Freo plans reverse flip to India from Singapore
While companies like PhonePe, Groww and Pepperfry have completed their relocation, others such as Pine Labs are in the process of moving to India
BUSINESS
Finova Capital in talks to raise Rs 800 crore from Avataar Venture, Madison India Capital and Sofina
In FY24, the Jaipur-based NBFC , which focuses on MSMEs, recorded a 60 percent jump in revenue at Rs 530 crore and 71 percent rise in profit after tax at Rs 151.5 crore
BUSINESS
Moneyview turns Unicorn with fresh funding; acquires employee benefit startup Jify
As per Registrar of Companies (RoC) filings sourced, Moneyview's board approved a special resolution to issue 60,23,382 equity shares at an issue price of Rs 64.15 each, raising Rs 38.64 crore (approximately $4.65 million).
BUSINESS
More to edtech than just coaching, school solutions is where the action is, says Lead Group CEO
Sumeet Mehta tells Moneycontrol that the edtech sector has distinct segments, with school-focused B2B solutions holding a lot of potential as India implements a new education policy
BUSINESS
MC Exclusive: InCred CFO Vivek Bansal quits to launch fintech startup, Kotak President Sunil Daga set to join
The new NBFC fintech venture--Saarathi Finance-- is in talks with private equity investors to raise Rs 600 crore in equity. Both Bansal and Daga are expected to also part fund the venture, sources say.
BUSINESS
Fintech NBFCs are the new hotspot for large cheques, says Vikram Vaidyanathan of Z47
In an exclusive interaction, Vaidyanathan, managing director of what was earlier Matrix Partners India, and Vivek Mandhata, MD and partner, BCG India, highlight the growing appeal of fintech NBFCs and wealth management startups.
BUSINESS
A sneak peek into I4C: Tackling India’s rising fintech frauds, one mule account at a time
Rajesh Kumar, CEO, Indian Cybercrime Coordination Centre (I4C), offers a rare glimpse into the strategies employed by his dedicated team of 120 professionals at the organisation. I4C was set up by the government in 2019 — on the lines of the NIA and the IB — to rein in the growing fintech fraud menace.
BUSINESS
Rural credit startup Sarvagram in talks to raise over $50-million funding round
Peak XV, Apis Partners, Beams Fintech Fund and global impact investor Creation Investments Capital Management LLC are among the leading contenders for round, likely to be a mix of primary and secondary transactions
