BUSINESS
No respite from recurring payments disruption even a month after new norms kick in
Banks, payment aggregators and card companies had until September 30 to cancel standing instructions for recurring payments.
BUSINESS
PhonePe introduces tokenisation solution ahead of RBI’s December 31 deadline
PhonePe SafeCard will allow the company’s merchant partners to create, process, delete and modify tokens for online card payments and use tokenisation on their own platforms via APIs.
BUSINESS
Optimism over business prospects drove Policybazaar founders to reduce size of share sale via IPO
Co-founder and CEO Yashish Dahiya will be selling shares worth only Rs 30 crore from Rs 250 crore earlier. With the reduction in the OFS by founders and other shareholders, the IPO size now comes down to Rs 5,700 crore.
BUSINESS
UPI transactions value crosses record $100 billion in October, on track to end FY22 at over $1 trillion
In another record month for UPI transactions, volumes crossed the 421-crore mark in October and the value of transactions has crossed Rs 7.71 lakh crore.
BUSINESS
Scam 1992 and brands they love: Factors driving young India's interest in new-age IPOs
Fear of missing out on listing gains, relatability with new-age internet brands going public and a need to test the waters for better returns is driving the younger cohort to begin their stock market journey through IPOs.
BUSINESS
Fino Payments Bank proves fintechs can be profitable: MD & CEO Rishi Gupta
Fino Payments Bank turned profitable in FY21 and its merchant network has grown from 2.77 lakh in FY20 to 7.77 lakh currently. The fintech company will use the funds raised from its IPO to build its digital infrastructure and on branding and marketing.
BUSINESS
Decoding IPO-bound Paytm's business model: How does it earn money?
Paytm has three key businesses -- payment services, financial services and commerce and cloud services. Payments and financial services together contribute 75 percent of Paytm's revenues.
BUSINESS
Acko joins unicorn club with $255 million fundraise, valued at $1.1 billion
The fundraise that valued the company at $1.1 billion was led by General Atlantic and Multiples Private Equity. Acko said it plans to scale its team and invest over $150 million in its health business.
BUSINESS
Policybazaar IPO | Profitability is a choice, not a priority, says founder Yashish Dahiya
The company has raised around $400 million over the last 13 years, and has about 60-70 percent of that money parked in bank accounts, says Dahiya.
BUSINESS
Neobank Zolve raises $40 million in Series A round at a valuation of $210 million
The startup, which helps US-bound students and working professionals secure a bank account before taking off, has seen 70,000 signups since its launch in September. Zolve is aiming to become a full-stack financial services provider
BUSINESS
Tussle over ‘Pe’ heats up; BharatPe moves Delhi HC seeking cancellation of PhonePe’s registrations
The clash between the digital payments startups continues with BharatPe filing six cancellation actions against PhonePe’s registrations. BharatPe says its move is in the larger interest of over 10 entities using the ‘Pe’ suffix which is a common Hindi term.
BUSINESS
Neobank Jupiter opens up platform for more users, to look at lending next
Jupiter is opening up its platform for users in an invite-only mode, and plans to onboard 1 million users in the next six months.
BUSINESS
Visa closes $5 million investment as part of Open’s Series C fundraise
Open had announced on October 12 that it raised $100 million in its Series C round led by Temasek and that it plans to use the funding to further strengthen its new product lines and foray into global markets.
BUSINESS
Bombay HC: PhonePe cannot claim exclusivity over ‘Pe’, in tussle with BharatPe
The court said that the usage of ‘Pe’ cannot be judged independently as per law
BUSINESS
Regulations will become tougher and tougher; fintechs should foresee this: Salesforce India chief Arundhati Bhattacharya
After over 40 years at India’s largest traditional lender, Bhattacharya transitioned into a world where tech and innovation are driving the new-age consumption of everything from groceries to financial services.
BUSINESS
Groww raises $251 million at $3 billion valuation, will look at adding government bonds and derivatives
Groww plans to add fixed-income investment products, derivatives, build its mutual funds vertical and extend its reach to under-penetrated geographies post the Series E fundraise
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
