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Fintech Firms
India ranked third globally in terms of funding received in the fintech segment despite a decline of 33 per cent on a year-over-year basis to USD 1.9 billion in 2024, market intelligence firm Tracxn said in a report on Monday. The sector witnessed a decline in funding, driven by a broader slowdown in demand and geopolitical headwinds, Tracxn's Annual India fintech report 2024 said. "The fintech sector experienced a notable decline in funding in 2024, with a total of USD 1.9 billion raised. This represents a 33 per cent decrease from the USD 2.8 billion secured in 2023. The Indian fintech ecosystem has solidified its position as one of the top three globally funded fintech ecosystems in 2024, trailing only the US and the UK," the report said. The sector had raised USD 5.6 billion in 2022. The highest funding of USD 805 during 2024 was received by the sector in the third quarter which was 61 per cent higher on a year-over-year (Y-o-Y) basis. Additionally, 59 per cent of the total
OfBusiness, a b2b commerce and fintech startup, is looking to invest about Rs 3,000 crore into doubling its steel business to more than 4MTPA in the next three years. The company has acquired three steel firms -- SMW Ispat, Shree Sidhbali Ispat and Noble Steel -- in the past and the expansion is lined up in all the three companies. "We are looking forward to investing close to USD 350 million, about Rs 3,000 crore, to scale up our steel business from the current 2 million tonne to more than 4 million tonne in the next 3 years. This is also expected to sharply increase the sector EBITDA to 2.5x from the current level. The funding will be a combination of internal accruals and debt & equity financing," Co-Founder and CEO Asish Mohapatra said. The company supplies steel to companies such as L&T, Adani, J Kumar, Dilip Buildcon, Ashoka Buildcon. OfBusiness also plans to get into new categories such as pre-painted galvanised iron (PPGI) adding onto thermo-mechanically treated (TMT)
JP-Morgan-backed fintech company In-Solutions Global (ISG) has secured full authorisation as a payment aggregator under the Reserve Bank of India's regulatory framework. The approval further empowers ISG to streamline digital payments for merchants across various sectors, ensuring fast, secure, and reliable transactions while advancing financial inclusion, the fintech said in a release. The company currently processes over 28 billion transactions annually, serving more than 70 per cent of banks in India. Adelia Castelino, Managing Director, said: "It strengthens our position as a trusted partner, enabling us to power enterprises and SMBs with cutting-edge, scalable payment solutions." The company further said the licence complements ISG's growing portfolio, including its prepaid payment instrument (PPI) licence, enabling it to offer an integrated suite of payment solutions spanning online platforms, retail transactions, transit payments, and more. "This regulatory approval positio
Amsterdam-headquartered fintech MODIFI on Tuesday said it aims to finance over 5,000 small and medium enterprises (SMEs) across India in the next two to three years. Having facilitated over USD 3 billion in global trade across over 1,800 trading partners in more than 55 countries since its inception, India remains pivotal to MODIFI's global expansion journey, a release said. The company, a global player in cross-border B2B trade finance and payments solutions, launched its India operations in 2019, making it the first international market outside Europe. In India, the release said, the company has provided trade financing to firms across key export sectors like renewables, automotive, chemicals, and textiles. "With our latest funding, we are doubling down on our India operations to meet the increasing demand for flexible, digital trade finance solutions," said Matthias Hendrichs, Chief Commercial Officer of MODIFI Global. With a 38 per cent year-on-year growth, the fintech said it
HDFC Capital-backed Proptech startup Reloy, which helps builders generate referral sales, is likely to achieve nearly 40 per cent revenue growth to Rs 25 crore this fiscal on strong housing demand. "We have now cracked the code on referral sales and are replicating this across all our clients. This is also backed by new client wins," Reloy founder and CEO Akhil Saraf told PTI. During the last financial year, Reloy had helped builders in generating Rs 1,450 crore worth of referral sales. The number will be higher in the current 2024-25 fiscal. Saraf noted that the company has benefited from a strong revival of housing demand post-COVID. "The demand continues to be strong, especially for reputed builders who have a good track record of delivering projects on time," Saraf said. Founded in 2015, Reloy has been specialising in real estate loyalty and referrals. It is a B2B2C homeowner and broker management platform that helps builders manage their builders and brokers more ...