BUSINESS
Govt cuts allocation for major schemes under 'Startup India' initiative in Budget
Allocation for Small Industries Development Bank of India (SIDBI)-operated Fund of Funds Scheme (FFS) was cut down to Rs 1200 crore compared to Rs 1470 it allocated for FY24 while Rs 100 crore was earmarked for Credit Guarantee Fund compared to Rs 220 crore, previously.
BUSINESS
Budget 2024 slashes incentives for RuPay debit cards, low-value UPI transactions
The scheme was introduced to compensate acquiring banks and fintechs for promoting Point-of-Sale and e-commerce transactions using RuPay debit cards and low-value BHIM-UPI transactions (P2M) up to Rs 2,000, giving up on the MDR earned.
BUSINESS
Paytm crisis: Vijay Shekhar Sharma says "Indian startup dream must overcome every situation collectively"
Many founders have come out in Vijay Shekhar Sharma's support post RBI's diktat on Paytm Payment Bank barring it from offering banking services.
BUSINESS
Budget 2024: Fintechs pin hopes on continued subsidy for UPI transactions
For 2023, the government had earmarked Rs 1,500 crore (provisional) for the promotion of digital payments. The industry expects the provisional outlay to be revised to a higher amount with the momentum of UPI transactions picking up.
BUSINESS
RBI’s Paytm crackdown causes shockwaves across fintech industry
While many founders continue to hope for the issue to resolve, others said the move will have a ripple effect on the ecosystem and restrict newer players from coming into the banking business.
BUSINESS
In talks with fintechs, retail firms to integrate Bhashini platform: Amitabh Nag
Since its inception in 2022, Bhashini has been collaborating with a diverse set of stakeholders. This includes engagement with the government, academia, research groups, startups, banks, industry players, and data collection companies.
BUSINESS
From Aakash to Whitehat Jr, how Byju’s acquisitions performed in FY22
Byju's subsidiaries Whitehat Jr and OSMO were the most underperforming assets in FY22, accounting for almost 45 percent of the total losses of edtech firm.
BUSINESS
Demand for workforce may shrink as Paytm ups AI play, says CEO Sharma
The fintech has been able to bring down its people costs using AI, says president and Group CFO Madhur Deora. The company will not be adding more salesforce on ground, he has said
BUSINESS
FinAGG Technologies raises $11 million in Series A funding round
The fintech, which provides working capital loans to MSMEs, secured additional capital from Gray Matter Capital through Non-Convertible Debentures (NCDs).
BUSINESS
Mswipe hits pause on lending to stabilise growth
The Mumbai-based payments service provider gave loans via NBFC arm MCapital. It now plans to operate as a digital service provider and not lend from its own book, co-founder Ketan Patel has said
BUSINESS
Revolut’s India grand plans still on shelf three years on
Europe’s largest neobank, which entered India in 2021 with plans to launch a financial super app, is now looking to offer a travel card in April.
TECHNOLOGY
DMI Finance likely to close acquisition of BNPL firm ZestMoney in next two weeks
According to sources, the officials of DMI Finance held a meeting with the employees including the ones that received the pink slips from ZestMoney regarding the fire sale and said that most of them will retain their jobs in the startup
TECHNOLOGY
Swiggy Instamart vice president Sidharth Satpathy steps down
Satpathy, who worked with the foodtech delivery giant for over 4 years, will be replaced by Amazon India’s performance marketing head Anirban Roy.
BUSINESS
MobiKwik DRHP: Tight regulations, sustained profitability, expanding financial services among factors to watch out for
The company recently slashed its issue size to Rs 700 crore from Rs 1,900 crore and refiled the draft papers with SEBI.
BUSINESS
Mobikwik IPO | Financials, comparison with peers, listing details in 5 charts
For every Rs 1 spent on marketing, MobiKwik realised a revenue of Rs 6.64 as of FY23. Other players like Fino payments bank, Groww, Phonepe and Paytm are ahead in this metric.
BUSINESS
Mobikwik’s D-street attempt 2.0 has most analysts bullish
Those skeptical argue that more than the business outlook, it’s the current market momentum the company is trying to tap. The 14-year-old digital payments and financial solutions firm claims to have reported profit after tax in the first two quarters of FY24.
TECHNOLOGY
Indian fintechs record 63% decline in funding, see single unicorn in one year
Late-stage rounds in 2023 were down by 56% at $1.4 billion while early stage and seed-stage rounds dropped by 73% and 69%, respectively
