PayU India reports $400 million in revenue for FY23
India revenues grow 31 percent as enterprise and MSME business and personal loan business grow three times
Akums' anti-seizure medicine for treating epilepsy gets DCGI nod
The Perampanel Oral Suspension is a bioequivalent formulation to the US FDA-approved FYCOMPA Oral Suspension
Lendingkart raises Rs 200 crore in debt financing, to clock disbursals of Rs 6,000 crore in FY24
Cofounder Harshvardhan Lunia said the firm is looking to raise another Rs 600 crore in equity to expand and grow its business and will be launching its credit on UPI product in the next three to four months
RBI releases directive to non-PPI firms to halt co-branded UPI service
This move restricts co-branded PPI apps, such as non-bank and non-PPI license holders, from offering UPI services on their platform thus fintechs cannot ride piggyback on others’ PPI license anymore.
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Arkam Ventures launches Fund II, targets $180 million total corpus
With Fund II, Arkam expects to deploy more capital and back its founders and companies in follow-on rounds as well. Arkam expects to close the fund by the end of this financial year.
Can’t afford to take the eye off the ball: HUL Chairman Nitin Paranjpe on competition
At the company's 90th AGM, Paranjpe said that the company can continue to grow well and give good returns even with competition. The FMCG giant has been facing competition from Patanjali, Reliance Retail as well as many digital firms.
Coming Soon! A prepaid card for the Bharat market from RuPay and Payworld
Payworld has so far disbursed around Rs 15 crore of loans presently and has a Gross Transaction Value (GTV) of around Rs 12,000 crore grown by around 30% year on Year. Payworld expects to grow at a rate of 50% and more in the coming years
Morning Scan: All the big stories to get you started for the day
A round-up of top newspaper stories to keep you ahead of others.
Walmart-backed PhonePe launches merchant lending services
In April, PhonePe kicked off its digital lending pilots for merchants and the company said that it will launch it officially soon, a move that will be a shot in the arm for the fintech decacorn, putting it in direct competition in the lending space with its largest rival Paytm
CRED acquihires savings platform Spenny
Founded in 2019 by Gaurav Arora and Rathin Shah, Spenny is a micro-savings and investment platform that encourages users to spare a small amount towards savings and investment from daily transactions. Shah will join CRED's product team
Expect approvals for 4-5 more chipmaking units in next 12 months: IT Minister Ashwini Vaishnaw
A day after the formal announcement of a $2.75 billion chip packaging unit in Gujarat's Sanand by Micron under the scheme, the IT minister said that the plant will produce the first Made-in-India chips in the next six quarters.
Apple taps HDFC Bank to launch credit card, in talks with NPCI for Apple Pay
This comes in the wake of Apple's decision to stop card payments in India on its App Store and for its iCloud services. The credit card could also see significant changes from the US model, where Apple takes control of the business. In India, banks control the credit card issuance and run the business.
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Freshworks taps generative AI wave, launches Freddy Copilot for developers
This new tool helps coders in eliminating mundane tasks, allowing them to focus on app development and other core functions.
Morning Scan: All the big stories to get you started for the day
A round-up of top newspaper stories to keep you ahead of others.
SBI MD Swaminathan Janakiraman appointed as Reserve Bank of India deputy governor
Janakiraman will succeed MK Jain, who retires on June 21, as one of the four deputy governors of the Indian central bank.
Fintech unicorn Oxyzo reports 185% jump in PAT at Rs 197 crore in FY23
Oxyzo's total income went up by nearly 80 per cent to Rs 562 crore during FY23 as against Rs 313 crore in FY22
Exclusive: India's UPI could inspire global refugee payment system, says UNICC director Sameer Chauhan
This statement comes at a time when the UNICC is looking to establish its first office in India later this year, marking its strategic expansion into the Global South
Glenmark cuts price of breast cancer drug in India
Trumab’s prices has been cut to Rs 35 per mg, making it the most affordable treatment option for HER2‐positive breast cancer in the country
PhonePe launches payment gateway, targets MSME merchants
The space is presently dominated by Razorpay, Cashfree, CCAvenue, Pine Labs, and PayU. One97 Communications Limited, the parent company of Paytm also launched its own payment gateway in 2012.
Bus mobility platform IntrCity clocks Rs 290 crore of revenue in FY23, plans to enter Kerala, MP and Maharashtra
The growth comes on the back of the company’s penetration into newer states post pandemic and presently operates in about 12 states
Indifi Technologies raises $35 million in Series E round led by ICICI Venture
Founded in 2015 by Alok Mittal, Siddharth Mahanot and Sundeep Sahi, Indifi is a Gurugram-based lending platform that enables debt-financing for small businesses
India working on multiple frameworks for global cyber law, says Rajeev Chandrasekhar
MeitY Secretary Alkesh Kumar Sharma said that the Digital Working Group of G20 countries will also commit to protecting children and youth from cyber threats.
