BUSINESS
Ontario Teachers, Bain Capital, Advent, others line up to back Mintifi in $100-million round
The deal hinges on the valuation the supply-chain financing platform is offered. The talks come at a time when large-ticket deals, $100 million and above, are making a comeback in the Indian startup scene
BUSINESS
Rebel Foods in talks to raise $120 million in fresh round led by Temasek
The company is raising money at a blended valuation of $1 billion. Investors like Lightbox and Coatue are selling shares and the primary capital will be used for business growth which includes an offline play, sources told Moneycontrol.
BUSINESS
Peak XV-backed Kenko shuts operations; ran out of funds, taken to NCLT, founders tell staff
In a series of emails exchanged with employees, the founders said despite injecting Rs 9 crore of their personal funds to cover salaries, the startup ran out of capital, forcing it to shut down. They also addressed allegations of financial misconduct raised by some employees
BUSINESS
Fintech firm Slice gets NCLT nod to merge with North East Small Finance Bank
The order comes a year after the banking regulator, Reserve Bank of India gave the no-objection certificate (NOC) to the deal.
BUSINESS
MC Exclusive: Pine Labs wins initial NCLT approval for merging Indian and Singapore entities, move base to India
This is a critical step for the Singapore-headquartered payments firm for shifting domicile back to India. The 'first motion' plea, which was listed first on March 1, 2024, faced several adjournments before being approved on August 12, 2024.
BUSINESS
Peer lending blow: Some P2P platforms freeze new transactions, industry to meet RBI this week to seek clarity
The Association of P2P Lending Platforms, which includes 11 prominent players such as Liquiloans, Lendbox, LenDenClub and Faircent, plans to meet with the RBI this week to seek amendments and clarifications on the new rules. Meanwhile, India P2P and 13Karat have stopped taking new investments.
BUSINESS
Etsy’s India gamble falters amid leadership exit, freeze on seller onboarding
The exit of India Head Pankaj Jathar comes at a time when Etsy is grappling with a strategic shift away from the Indian market, facing significant global challenges, including declining sales, a plummeting stock price, and increasing competition.
BUSINESS
Why PhonePe will not join the super app bandwagon
Since its inception, Walmart-backed fintech major PhonePe has broadened its offerings from digital payments to stock broking with Share.Market, commerce via Pincode, and other financial services. Despite this expansion, the CEO stated PhonePe will not consolidate these services into a single super app.
BUSINESS
'Needs to be tempered', PhonePe’s Sameer Nigam urges caution in F&O trading amid boom
PhonePe's broking and investment app Share.Market's daily orders rocketed from 20,000 to over 6 lakh after it launched F&O in April, Nigam said
BUSINESS
We are close to profitability at the consolidated level in FY24: PhonePe’s Sameer Nigam
PhonePe’s various businesses like Pincode, Indus, lending, and insurance are now structured as subsidiaries and the group will see near profitability at the group level for the last financial year, Nigam said.
BUSINESS
Byju’s US lender to move Supreme Court against NCLAT nod to BCCI settlement
The NCLAT order led to Byju Raveendran getting back the control of the edtech startup. Expecting a challenge, he has already filed a plea in the court requesting he be heard before deciding the matter
BUSINESS
Govt fines Zerodha Asset Management, founder Nithin Kamath over CFO appointment delay, firm to contest order
The MCA has imposed a maximum penalty of Rs 5 lakh on the company itself, while founder Nithin Kamath, director Rajanna Bhuvanesh, CEO Vishal Virendra Jain received the maximum penalty of Rs 4 lakh, Rs 5 lakh, Rs 3.45 lakh, respectively.
BUSINESS
Adani’s super app begins digital lending pilots with fintechs, NBFCs
Housed under Adani Enterprise Limited’s digital arm, Adani Digital Labs, the app has finalised an arrangement with Krazybee Services, the NBFC arm of fintech firm Kreditbee, as its co-lending partner to offer personal loans. More tie-ups are underway, per sources.
BUSINESS
Sebi raps finfluencers, 8,890 misleading securities market posts flagged for legal action
The market regulator has notified social media platforms like Facebook, Instagram, Telegram, and YouTube, urging legal action against those spreading false stock market claims.
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
