BUSINESS
Zomato revives lending ambitions, in talks with multiple NBFCs to give merchant loans
In February, the food aggregator roped in Akshay Gautam from Indifi Technologies, its previous lending partner, as Assistant Vice President (AVP) to lead the initiative.
BUSINESS
Infosys among top contenders for building government’s new KYC repository
The IT firm is looking to bid for the CERSAI’s latest tender to rebuild the central repository of KYC record—CKYCRR 2.0—and migrate citizen’s data into a much-advanced new scalable system.
BUSINESS
Loan aggregators to huddle on RBI’s draft rules, fret over losing commissions
These entities have, so far, remained outside the direct ambit of the central bank and were instead under the stewardship of banks and non-banking financial companies they partnered with
BUSINESS
Paytm to exit postpaid loans, focus on distribution-only credit model
Paytm aims to focus on a distribution-only credit model, targeting prime and super-prime customers, while also offering larger ticket business loans.
BUSINESS
Go Digit's Kamesh Goyal says, 'We took investor feedback to decide the IPO price, hope to give them value'
On the reduced issue size, the Chairman said the company's requirement for capital went down as it raised non-convertible debentures worth Rs 200 crore in December last year.
BUSINESS
Expect slowdown in credit business for another quarter, focus on secured lending: PB Fintech CEO
The CEO said the company is looking to prioritise contribution coming from secured lending business, including home loans, loan against property, and explore newer categories like loan against securities.
BUSINESS
IRDAI slaps Rs 1 crore penalty on IPO-bound Go Digit General Insurance
As per the regulator, Go Digit had failed to disclose a change in the conversion ratio of compulsorily convertible preference shares issued by its holding company — Go Digit Info Works Services (GDISPL)— to Fairfax Group-owned FAL Corporation.
BUSINESS
Paytm CBOs Bipin Kaul, Ajay Singh step down amid ongoing restructuring
The resignations come after President and COO Bhavesh Gupta, a close confidante of founder Vijay Shekhar Sharma, resigned from his position last week and transitioned to an advisory role.
TECHNOLOGY
Explainer: What is behind the race for payment aggregator licences?
Increasingly payments have also become an integral part of the consumer journey and satisfaction with a brand. Having control over the payment experience, from user interface to speed of processing and issuing refunds, makes it much easier to manage with an in-house team.
BUSINESS
PA firms request RBI to limit offline KYC requirement to high-risk merchants
Besides pitching for "digital contact point verification" of merchants, PAs are planning to request the RBI to allow them to undertake KYC in phases, starting with existing high-risk merchants, as opposed to an umbrella deadline of September 30, 2025 for all.
BUSINESS
Groww secures online payment aggregator licence from RBI
The license will allow the financial services firm to facilitate ecommerce transactions through its platform via its UPI app--Groww Pay. Meanwhile, payment solution provider firm Worldline ePayments India, part of Worldline group, also bagged its licence to operate as an online payment aggregator (PA) on April 30.
TECHNOLOGY
Titan Capital readies Rs 300 crore 'Winners Fund', its first with external investors
So far, Titan Capital has only invested Snapdeal founders Kunal Bahl and Rohit Bansal's personal money through its existing Seed fund.
BUSINESS
US-based Capital Group buys additional 6.24% stake in PB Fintech for Rs 2,770 crore
The Group, through its investment vehicles SmallCap World Fund Inc and New World Fund Inc, carried out the transaction in small tranches over the last three months
BUSINESS
Former BharatPe CEO Suhail Sameer to close debut fund with a corpus of Rs 400 crore
Looking to make the first close by June, Sameer, along with co-founders Kunal Suri and Saurabh Vashishtha, will remain the largest investors in OTP Venture, while the rest will come from a mix of founders, institutions and CXOs
BUSINESS
Offline payment aggregators fret over RBI’s rules, brace for compliance hurdles
The industry is planning to seek clarity on full KYC mandates and settlement practices, particularly regarding fund transfer to third-party accounts based on merchant instructions.
BUSINESS
Aditya Birla prepares fintech power move with super app launch
Housed under the newly-formed subsidiary Aditya Birla Capital Digital, the new super app ABCD will be thrown open to the public on April 16.
BUSINESS
BharatPe co-founder Ashneer Grover set to re-enter fintech with ZeroPe app
The ZeroPe app will offer instant pre-approved medical loans of up to Rs 5 lakh in partnership with Delhi-based NBFC Mukut Finvest
BUSINESS
Paytm sees new FPIs ramp up investment, domestic investors hike stakes by 1.68%
Retail investors hold 14.53 percent stake in Paytm, a jump from 12.85 percent previously, as mutual funds boost their holdings further to 6.15 percent
BUSINESS
Former Warburg Pincus executives-led Filter Capital closes debut fund at Rs 800 crore
The Mumbai-based growth tech-focused fund has received commitments from Amansa Capital’s Akash Prakash, who is the largest Limited Partner (LP), besides global and Indian institutional investors and family offices such as HDFC Fund of Funds, SIDBI, SRI Fund, Oister Global, DSP family office, Harsh Jain, CEO of Dream11.
BUSINESS
Not going to Plan: Gurugram fintech faces charges of violating laws to raise money
Planify's parent sold 4,53,530 shares to subsidiary Planify Enterprises, which runs the crowdfunding platform, and raised about Rs 3,89,53,017 from 76 investors, contravening several provisions of the Companies Act, according to a notice from the RoC
BUSINESS
Ummeed Housing Finance closes $70 million round led by A91 Partners at $300 million valuation
The homegrown investment fund A91 Partners is learnt to have put in $45 million, while the rest came in from existing investors such as Norwest Venture Partners.
BUSINESS
Exclusive: Paytm resumes lending with two partners, in talks with Muthoot Finance for fresh tie-up
The development comes almost two months after the fintech temporarily halted new loan disbursements, as its partner banks and NBFCs sought more clarity on RBI’s directive regarding its banking partner entity—PPBL
BUSINESS
Working with affected partner banks to reinstate co-branded card services: OneCard CEO
During a recent fireside chat at the Moneycontrol AI Alliance conclave in Pune, OneCard CEO addressed concerns arising from the RBI directive to halt the issuance of new co-branded credit cards by partner banks, Federal and South Indian Bank. Sinha affirmed the company's commitment to regulatory compliance and collaboration with the affected banks, assuring resumption of services
BUSINESS
IPO-bound CarDekho’s fintech arm Rupyy to enter into personal-loan segment
To begin with, Rupyy will give loans of less than Rs 40,000 and move to Rs 2 lakh and above in near future, co-founder and CEO Namit Jain has said
