BUSINESS
Cashfree aims to cross Rs 1,000 crore revenue in FY25, projects 25% from non-payment products
After five straight years of profitability, Cashfree slipped into the red in FY22 in the wake of the RBI banning the enrolment of new merchants. The company is hoping to claw back to profit in the first quarter of FY25, on the back of new products along with meeting the pent-up demand for new merchant sign-ups.
BUSINESS
Not Cool! Agritech startup WayCool fires over 200 employees in third round of layoffs in 12 months
In a related development, BP Ravindran, who was appointed CEO of Waycool's FMCG entity-BrandNext in April last year, has exited the company, per sources.
BUSINESS
Government cracks down on illegal loan apps: 379 websites shut down, Rs 2,400 crore saved in cyber fraud
I4Cs initiative also targeted 91 phishing and fake websites, tightening the net around cybercriminals. Around 310 malicious or phishing domains have also been shut down
BUSINESS
Funds for promoting digital payments dry up in Budget 2024, incentive for UPI transactions drop
Subsidy for facilitating low value UPI transactions and RuPay debit cards dropped almost 42 percent, while no funds were allocated for promoting digital payments.
BUSINESS
How Paytm could catch a windfall from stake in SoftBank’s PayPay
Paytm is the third party in the Softbank and Yahoo Japan's IPO-bound joint venture firm--PayPay--Japan's largest payments firm, holding a call option on its equity, which will give it an estimated 5.4 percent stake (once exercised).
BUSINESS
Indian fintech industry projected to reach $420 billion by 2029, says NPCI’s Ajay Kumar Choudhary
Boasting over 9,000 fintech entities, India ranks third globally in terms of the highest number of fintech entities and commands 14 percent of start-up funding in the country, the NPCI director said.
TECHNOLOGY
Industry partnership is core to Google’s success in India, says APAC MD Archana Vohra
Applauding the success of UPI, Vohra said Google’s focus lies on creating fintech products that cater to a diverse user base
BUSINESS
Byju’s to seek out-of-court settlement with BCCI over insolvency dispute
On July 16, the National Company Law Tribunal (NCLT) admitted Byju's parent company, Think and Learn Pvt Ltd, into the insolvency resolution process following a plea filed by the BCCI. The edtech spokesperson said its lawyers are reviewing the order and will take necessary steps to protect the company’s interests.
BUSINESS
Dedicated teams working with AI to thwart suspicious transactions, says Google Pay
Last year alone, the UPI payments app claims to have thwarted approximately Rs 12,000 crore worth of suspicious transactions
BUSINESS
MC Exclusive | Labour commissioner summons Paytm management over alleged layoffs
The development comes after series of complaints were filed by employees with the Ministry of Labour and Employment wherein they accused Paytm of forcing terminations without pay
BUSINESS
Expect to hit full-year profitability in FY24, says Mobikwik co-founder Upasana Taku
MobiKwik's prepaid payment instrument (PPI ) wallet's market share by value went up from 11 percent in March 2024 to 20 percent in April and 23 percent in May
BUSINESS
Delhi HC orders Facebook, WhatsApp to suspend accounts misusing Razorpay’s name
The fintech firm had filed a lawsuit against unknown individuals who were misrepresenting themselves as recruiters from the company, offering part-time jobs for extra income against deposits and other false promises.
TECHNOLOGY
Aspire to create a $100 billion Indian company: Paytm founder Vijay Shekhar Sharma
"I have a personal ambition to make a $100 billion Indian company. Going public is like marriage. Listing brings far different and more responsibility, which is necessary," Vijay Shekhar Sharma said.
BUSINESS
Swiggy launches UPI service via plugin to reduce dependence on payment apps
Currently, the real-time payment system is undergoing a pilot program and is accessible to a select group of users.
BUSINESS
SEBI circular rings death knell as many stock gaming apps shut down, others rethink business models
SEBI's ban on sharing live stock price data with third-party apps has brought the curtains down on stock-gaming apps. While Dream 11's Investro, Kalaari-backed Threedots, Bysos, Stocktry and Ztocks have shut shop, others like Trinkerr have hit pause to rethink their business model
BUSINESS
Urban Company CEO Abhiraj Bhal defends policies amid gig worker protests
Founder and CEO Abhirah Singh Bhal made it clear that the company prefers to deal directly with its partners and help them understand the rationale behind the new policies and decisions.
BUSINESS
Regulatory concerns, bank charges force many fintechs to pause rent payments via credit cards
There has been no official communication from RBI to any of the ecosystem partners. However, the regulator’s concerns stem from a product being used for unintended purposes
BUSINESS
Prosus-backed PayU sees 22% surge in revenue on the back of India payments business
The Netherland-based investor said despite regulatory hurdles in India, it managed to clock strong revenue growth on the back of improved operating leverage and effective cost control.
BUSINESS
Paytm layoffs: Employees file complaint with Labour Ministry over 'unfair termination'
Meanwhile, the All India Professionals' Congress (AIPC), a wing of the Indian National Congress focused on working professionals and entrepreneurs, has extended its support to aggrieved Paytm employees.
BUSINESS
Paytm sees green shoots of recovery, but not out of the blues yet
With curtains on its popular mobile wallet product, Paytm’s gross merchandise value will be mostly dependent on UPI, which seems to be recovering in May, earlier than expected
BUSINESS
Paytm Money's user base dips post-RBI action; Dhan booms with 330% growth
Fellow stock broking apps, including Groww, Zerodha, Angel One and Upstox clocked 90%, 20%, 48% and 19% jump year-on-year in their active user base, respectively.
BUSINESS
NEET exam row: Physics Wallah CEO moves SC against arbitrary grace marks to 1,500 students
The SC on Tuesday issued a notice to the Centre and NTA over a petition seeking to cancel the results of the NEET-UG 2024, a competitive entrance test for undergraduate medical courses, amid allegations that the paper was leaked.
BUSINESS
Vijay Shekhar Sharma dials former executives to rebuild Paytm
Besides former names like Renu Satti and Kiran Vasireddy, Paytm is engaging with senior bankers to lead its high-growth lending vertical. Per sources, the company has approached IndusInd Bank’s Sai Giridhar for a potential partnership
BUSINESS
BNPL startup Simpl hit by second round of layoffs, cuts 50 more jobs
The move comes less than a month after the Bengaluru-based fintech firm let go of about 160 employees, primarily in high-paying roles like engineering and product. While confirming the development, the company clarified that it is not 50 but 30 employees who are subject to the layoff.
