BUSINESS
TikTok effect? GoTo to pare Tokopedia's India operations after deal with China's ByteDance
ByteDance’s TikTok recently bought a controlling stake in GoTo’s e-commerce entity Tokopedia, which runs its major backend operations from India. Given the Chinese investor’s troubled history with local authorities, the Indonesian consumer tech giant is now worried about the business operations of its entity on Indian soil.
BUSINESS
Exclusive: Paytm to let go of more employees as part of annual appraisal cycle
While Moneycontrol could not ascertain the number of people who will be impacted, some departments have been asked to reduce their team size by as much as 20 percent.
BUSINESS
Tata 1mg credits pricing for market share gains, says didn't go crazy like rivals during good times
Discount-centric strategies, favoured by some of the Tata 1mg’s rivals, are unsustainable in the long term, co-founder Gaurav Agarwal said
BUSINESS
Skin in the game: SIDBI chief urges universities, incubators to move from grants to equity funding
Small Industries Development Bank of India (SIDBI), which provides money to AIFs to invest in startups via government’s Fund of Funds scheme (FFS), is encouraging educational institutions and independent incubators, both private and public, to invest in seed-stage startups via equity, and partake a share in the same for better discipline
BUSINESS
A fake FedEx agent, RBI letters, politician Nawab Malik’s name: How scammers carried out a UPI fraud
UPI-related frauds have been on a rise since past few years. The common notion says that these kind of scams are typically prevalent among people with limited financial literacy, however, scammers have perfected their modus operandi to feed on the psychology of the urban educated as well.
BUSINESS
CERSAI to rebuild KYC repository; citizens to be allowed to access details, flag identity frauds
CERSAI, a government body under RBI, is seeking an IT company to rebuild and upgrade the CKYCRR system to flag frauds and alert citizens about KYC access.
BUSINESS
Founder fatigue, crippling stress: The hidden cost of startup success
The recent revelation that Zerodha co-founder Nithin Kamath suffered a mild stroke has prompted many founders to reflect on their mental and physical wellbeing. Founders recall incidents of dealing with high-pressure situations and their personal ways of navigating the rollercoaster ride that is entrepreneurship.
TECHNOLOGY
When Fintechs met FM: No mention of Paytm, Nirmala Sitharaman lends a patient ear & more
One of the main outcomes of the meet was that there will be monthly calls between the regulator and fintechs wherein, the latter can seek clarity on any regulations and get feedback.
BUSINESS
Merchant loyalty to Paytm intact despite the payments bank setback, says Datum survey
According to a large survey of 2,000 people done by Datum Intelligence, 80 percent of the merchants said that they are either staying or waiting for more information before shifting. Only 13 percent planned to shift to competitors
BUSINESS
Indian startups raised $1.2-billion venture debt in 2023: Report
This comes in contrast to Venture Capital (VC) investment in the Indian startup ecosystem, which experienced a significant funding downturn last year, a report by investment firm Stride Ventures notes.
BUSINESS
Had to sell PhonePe to Flipkart so we could compete with Paytm: Sameer Nigam hits out at foreign-owned tag
Nigam revealed that as a result of the company's merger with Flipkart, he didn't own a single share in PhonePe, apart from employee stock options (ESOPs).
BUSINESS
PhonePe’s Indus Appstore will give the right visibility to Indian apps: Amitabh Kant
Walmart-owned PhonePe on February 21 launched the much-anticipated Indus Appstore, a homegrown Android app store designed as a challenger to Google Play Store, for consumers in India, the world’s second-largest smartphone market.
BUSINESS
Exclusive: RBI said to up scrutiny of P2P lenders, asks platforms to share financial data
The regulator had sent out fresh emails to a few platforms last week as many continue to flout the legal conditions laid out in the P2P-NBFC master circular.
BUSINESS
Market not willing to bet on loss-making startups: Info Edge founder Sanjeev Bikhchandani
Bikhchandani said shortage of capital is good for discipline among startups as they become frugal and conscious of unit economics
BUSINESS
GIFT City listing may cut out domestic investors, says Sanjeev Bikhchandani
The Info Edge founder says it is easier to list on Indian exchanges and the process is less complicated
BUSINESS
New IFSCA rules: Fintech firms now need separate licence to offer payment services in Gift City
The Gift City regulator has come up with new rules for payment service providers (PSPs) to regulate cross-border money transfers, account issuance, merchant acquisition, e-money and escrow services
BUSINESS
Hurts when people don’t understand we turned profitable without cutting expenses: PB Fintech’s Yashish Dahiya
In conversation with moneycontrol, the founder says that only a few investors could see the real strength of the company, which includes his early investors like Info Edge.
BUSINESS
We have a 5 to 7 times spike in applications for online payments bank accounts since Jan 31: Anubrata Biswas, CEO Airtel Payments Bank
Payment banks can do much more in India, by leveraging the large user base and reach, particularly with the increase in the number of users from Tier 2 and 3 cities, says Biswas.
BUSINESS
PayU Finance elevates Deepak Mendiratta as CEO, former DBS bank chief is new CFO
Former chief risk officer Mendiratta replaces Prashanth Ranganathan who quit six months ago. The rejig runs parallel to leadership changes taking place across the board at PayU
BUSINESS
Paytm crisis: Users struggle to switch primary accounts linked to PPBL on Paytm Money
Paytm Payment Bank account holders claimed to have been facing issues to change their bank accounts on brokerage platforms, who are said to be aggressively educating customers about the latest update to facilitate smooth transition
BUSINESS
Cactus Venture Partners make final close of debut fund at Rs 630 crore
The Mumbai-based VC firm is looking to invest in eight to 10 startups in health tech, climate tech and B2B SaaS space, with a cheque size of $2-5 million
BUSINESS
CRED acquires Kuvera, marks entry into wealth management space
The latest deal would allow CRED to offer investment product like direct mutual funds, FDs, SIPs, and digital gold to its user base besides financial planning tools. The company has also been looking to expand its new insurance product under fintech arm DASPL.
BUSINESS
PhonePe expands board, inducts former revenue secretary Tarun Bajaj, two executives from Walmart
PhonePe has been broadening its ambitions beyond payments, with the launch of an e-commerce-focused app called Pincode and an investment app for stocks and mutual funds called Share. Market.
BUSINESS
Paytm crisis: "Don't know what went wrong", Vijay Shekhar Sharma to employees on RBI circular, assures job safety
In his first direct communication with employees, Paytm founder Vijay Shekhar Sharma sought to pacify their fears around job security while "figuring out a solution to RBI's diktat soon"
