BUSINESS
Exclusive: Startup slowdown was imminent, but disciplined startups won't feel the pressure, says PhonePe's Sameer Nigam
Unaffected by the slowdown, PhonePe will cross its target of doubling its headcount by Decemeber, Nigam said.
BUSINESS
RBI Annual Report | Regulations key for fintech, involvement of Big Techs in the segment brings systemic risks
In FY23, the RBI said that it will explore a policy framework for digital banking, fintech and Big Techs, besides the phased implementation of the Central Bank Digital Currency (CBDC).
BUSINESS
Exclusive: Slice turns conservative amid slowdown, restricts ‘Pay-in-3’ feature to select card customers
The startup will however allow all customers to divide repayments across three months for no interest for in-app purchases in an attempt to increase transactions with its merchant partners. The move will help the company make revenue-earning features more attractive and help accelerate its profitability plans, according to sources.
BUSINESS
Payment disruption fears linger as deadline nears for merchants to delete customer card data
Merchants and other entities are worried that card networks will not be ready to seamlessly implement an alternative by the June 30 deadline
BUSINESS
Slice rolls out UPI in big payments bet as fintech looks beyond credit
Slice founder and CEO Rajan Bajaj said that the company will turn profitable in the coming months. The firm will shift its focus from just providing credit to offering overall payments going forward.
BUSINESS
PhonePe to acquire wealth tech platforms WealthDesk and OpenQ for $70 million
WealthDesk will continue to remain an open platform for all players, and founder Ujjwal Jain will continue leading the company
BUSINESS
Sachin Bansal says not the end of the road after RBI rejects banking licence application
RBI said that Navi Technologies' subsidiary Chaitanya India Fin Credit was not found suitable for the Universal Banking Licence along with three other applicants
BUSINESS
IPO-bound Navi Finserv to raise up to Rs 600 crore via NCD issue
The issue will open on May 23, 2022 and close on June 10, 2022 and will offer tenors of 18 months and 27 months with yield ranging from 9.57 percent to 9.80 percent.
BUSINESS
Not much opportunity to build many $100-million companies as we are still a poor country: Zerodha CEO Nithin Kamath
Startups that spent the most in acquiring customers or on employee costs may find it difficult to weather a funding slowdown, according to Kamath.
BUSINESS
India’s real fintech user base is just 10-15 crore: Zerodha’s Nithin Kamath
According to Kamath, it will get tough for companies that spent a lot on customer acquisition and on employee costs amid the tech hiring boom over the past year.
BUSINESS
Crypto Crash: Young and old investors alike navigate tough times
Despite the lack of regulations in India, many chose to invest in cryptos in the hopes of getting returns that are higher than any other asset class.
BUSINESS
Sachin Bansal's Navi appoints Meesho founder Vidit Aatrey as independent director
Meesho competes with Flipkart, which Bansal had founded in 2009. Navi has made a total of four new appontments on its board.
BUSINESS
Vivriti Capital raises $30 million from TVS Capital Funds, inches closer to unicorn tag
The fundraise is part of the company's $85 million Series C round. Vivriti Capital had raised $55 million of the total amount in March this year from existing investors Lightrock India and Creation Investments.
BUSINESS
Indian crypto industry seeks dialogue with Govt on 28% GST blow
The industry is currently considering its options and is hoping to approach the government for talks on reconsidering the tax rate.
BUSINESS
Lightspeed and Moore Strategic Ventures become investors in Razorpay by buying employee shares worth $75 mn
The sale of employee shares will be done at a 15 percent lower price than the company's preference shares.
BUSINESS
MC Exclusive | You can build a good company in India, regardless of your background or education: Fairfax's Prem Watsa
Indian-Canadian billionaire Watsa's Fairfax Financial Holdings has investments in a number of Indian companies including general insurance startup Digit which is currently valued at $3.5 billion.
BUSINESS
India will be the place to come to put money in: Fairfax founder Prem Watsa
"We say, jokingly, that our strategic plan is to wait for that telephone to ring," says Prem Watsa in interview
BUSINESS
Neobanking platform Fi launches mutual fund investments, peer-to-peer lending to follow
The startup will look at adding more lending products, starting with unsecured personal loans in the next 12 months. Fi's co-founders added that they do not see any constraints in terms of raising more funds despite the slowdown in startup funding.
BUSINESS
Upstox reaches a user base of 10 million, surpasses Zerodha
Upstox’s active user base stands at 5 million, while Zerodha’s is at 6.2 million of its total 9 million users
BUSINESS
Open becomes 100th unicorn of India, raises $50 million led by IIFL: Sources
Neobanking platform Open has raised $50 million at a valuation of $1 billon, doubling its valuation from $500 million during its last fundraise in October 2021.
BUSINESS
SEBI to join account aggregator framework soon, says chairperson Madhabi Puri Buch
SEBI is in the implementation stage of the framework and the entire repository and mutual fund systems will soon be online, Buch has said.
BUSINESS
Union Bank becomes first public sector bank to go live on Account Aggregator framework
The Account Aggregator framework has linked 332,000 accounts and fulfilled over 310,000 consent requests since it went live in September last year
BUSINESS
Turtlemint raises $120 million in Series E funding, inches closer to unicorn tag
The firm intends to use the fresh funds to expand in new geographies, scale leadership and strengthen product stack.
BUSINESS
US insurtech player Ethos sets up office in India, to hire up to 150 employees
US insurtech player Ethos' Indian workforce will serve the global markets and will make up 30 percent of its total employee base.
