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.
BUSINESS
US-based payments giant Stripe goes invite-only in India amid regulatory changes
The company said it is unable to promise "easy onboarding" for all new users in the country and will focus on international business.
BUSINESS
Cashfree ropes in former Razorpay exec Harsh Gupta as CRO; more changes on cards
The Apis Partners-backed fintech recently raised a bridge round of Rs 150 crore from existing investors, sources tell Moneycontrol.
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.
