BUSINESS
BharatPe claims PhonePe ‘turned turtle’ in court on its stand against usage of ‘Pe’
PhonePe in a statement on October 22 had said that it had approached the Bombay HC and withdrew the injunction later to address certain observations made by the Court. However, the company added that it will follow up by filing a fresh suit.
BUSINESS
PhonePe drags BharatPe to Bombay High Court over ‘Pe’ suffix in ‘PostPe’
The dispute between both the digital payment players has been ongoing since September 2019 after PhonePe moved Delhi HC over the matter. PhonePe said the injunction in Bombay HC was withdrawn to address certain observations made by the court and a fresh suit will be filed.
BUSINESS
PhonePe starts charging processing fees on phone recharges above Rs 50
PhonePe said that these charges are being levied on an experimental basis in the range of Re 1 to Rs 2. Other transactions through UPI and money transfers on the platform are free, a company spokesperson said.
BUSINESS
PayU-backed Fisdom enters online stockbroking, aims to be among top 5
Wealth management platform Fisdom is entering online stockbroking, dominated by the likes of Zerodha, Groww, Upstox and Angel Broking. It hopes to gain a million customers in a year, benefiting from the segment’s rapid growth.
BUSINESS
Stripe acquires fintech startup Recko in first Indian acquisition
The deal comes at a time when Stripe is accelerating its investments in India by adding payment methods and increasing local hiring. Recko will help Stripe add payments reconciliation to its product offerings.
BUSINESS
Going beyond Netflix subscription lapses: The widespread impact of failed recurring payments
Small businesses and not-for-profit organisations have taken a hit as their revenue stream of monthly payments dwindled after new recurring payment norms. International payments have failed for key B2B services used by Indian companies.
BUSINESS
Pine Labs appoints former Flipkart executive Phanimohan Kalagara as CTO ahead of IPO
Prior to Flipkart, Kalagara led PayPal’s Product and Engineering verticals. The appointment comes at a time when the company is strengthening its technological capabilities and planning to go public.
BUSINESS
Startups' salary expenses jump 43% in April-Sept amid hiring spree
Employee headcount grew by 30 percent, with senior levels seeing the highest growth at 43 percent compared to the previous six months, RazorpayX Payroll data shows
BUSINESS
Offline merchants outpace online peers in digital payments, says PhonePe study
The Pulse report which is based on PhonePe’s 32 crore user base said that transactions in the July to September quarter grew by 33.6 percent QoQ to 526.4 crore. Chandigarh topped the charts in digital payments with a 50 percent QoQ growth.
BUSINESS
PayPal-backed fintech Tala raises $145 million in Series E round
PayPal-backed fintech Tala disburses loans to 6 million customers across Kenya, India, the Philippines, Mexico and the United States. the round was led by Upstart and takes the total funds raised by the company to $350 million. Tala will use these funds to rollout new products and expand its team across geographies.
BUSINESS
Cryptocurrency job postings up 37% in August 2021 versus a year ago: Indeed data
Cryptocurrency job postings increased in August this year as compared to only a 13 percent year-on-year rise seen in August last year, as per data from Indeed. India ranks second in global cryptocurrency users.
BUSINESS
Pine Labs enters online payments space with payment gateway platform Plural
The company is targeting online stores, big e-commerce companies, large-scale government institutions, and large financial services companies to partner with. Plural will help make the offline-to-online transition easier for merchants.
BUSINESS
Crypto investments now 50% of all SE Asia deals discussed at Sequoia Capital, says MD Shailendra Singh
Merchants, customers and bankers trust fintech platforms to manage their money, and this trust helps these firms to upsell and cross-sell other services, says Singh.
BUSINESS
PhonePe sees 85% jump in revenue, 44% drop in losses for FY21
The company saw a jump in revenue owing to a significant rise in transactions on the platform as it became the largest player in UPI payments in FY21. PhonePe's gross margins grew from 60 percent in FY20 to 84 percent in FY21.
BUSINESS
Started Mobikwik from my living room; we are very kicked to go public, says Founder Upasana Taku
Markets regulator SEBI has cleared the decks for Mobikwik’s Rs 1,900 crore IPO. Founder Upasana Taku takes us through the fintech’s ups and downs from its humble beginnings 12 years ago as well as its plans for the future
BUSINESS
Neo bank Open raises $100 million led by Google, Temasek, Visa, and Japan’s SoftBank Investments
This funding round values Open at $500 million and sets up the company to achieve the unicorn status in the course of the next year. Moneycontrol learns that Open may consider raising another round of funds in the next six months.
BUSINESS
M2P Fintech raises $35 million in Series C round led by Tiger Global
The Chennai-headquartered company is now valued at $335 million and intends to use these funds to grow its network to Indonesia, Bangladesh, Vietnam, and the Middle East and North Africa (MENA) region.
BUSINESS
PhonePe, Google Pay, Paytm retain UPI market share, even as WhatsApp transactions double
After WhatsApp said last month that it is adding a Rupee icon to make the payments option more visible and is on the path of scaling up, its UPI volumes grew to 10 lakh in September from five lakh in August.
BUSINESS
Can this Chennai startup disrupt India’s bond market?
Investors and industry watchers believe that the company’s platform will make it easier for enterprises to access secure loans and raise funds from the bond market. The startup raised $90 million in a Series A round led by Sequoia Capital on September 29.
BUSINESS
Weekly startup funding roundup: CoinSwitch and Licious emerge as new unicorns
Licious and CoinSwitch became the 29th and 30th unicorns in 2021. Totally, the top fundraises in the week amounted to close to half a billion dollars.
BUSINESS
With 10x growth for BNPL products during sales, fintechs gear up for a bumper festive season
Fintechs are hoping for a growth of anywhere between 50 and 150 percent in the usage of buy now, pay later products by customers for festive season purchases. Tier-II and III cities are driving demand across ticket sizes.
BUSINESS
In a first for India, Visa introduces CoF Tokenisation on Grofers, BigBasket and MakeMyTrip
Card-on-File Tokenisation replaces actual card data with encrypted digital tokens, which are then used to facilitate and authenticate transactions. This will save customers the hassle of having to enter all card details afresh for each transaction once the RBI’s PA and PG guidelines kick in on December 31.
BUSINESS
Rajan Bajaj hopes to see next Zuckerberg from 3-day work week at Slice
While IT giants are soon looking to get back to the office, startup Slice is offering techies a three-day workweek. The company’s Founder and CEO Rajan Bajaj says the program will allow the company to recruit a certain caliber of talent because it’s a perk that big tech companies like Google and Amazon don’t offer.
BUSINESS
Know more about IPO-bound Fino Payments Bank In five charts
Fino Payments Bank is likely to raise Rs 1,300 crore through the IPO. The company has incurred losses over the past three years but has seen a six-fold growth in its merchant base between FY19 and FY21.
