Page 3 - Fintech Firms

Ashneer files plea in NCLT, seeks exemptions in petition against BharatPe

BharatPe co-founder and former managing director Ashneer Grover has filed a plea before NCLT seeking waiver over a petition earlier filed by him alleging oppressive conduct and mismanagement by the board of the fintech firm. On this, the Delhi bench of National Company Law Tribunal (NCLT) on Monday issued a notice, seeking reply from BharatPe and other respondents and listed the matter for the next hearing in April. Last December, Grover had filed a plea before NCLT alleging oppressive conduct and mismanagement by the board of Resilient Innovations Pvt Ltd, which is doing business as BharatPe, under sections 241 and 242 of the Companies Act 2013. However, section 244 of the Act also mandates that the shareholder, to file an appeal under section 241, should have a minimum of 10 per cent of the shares of the company. It also empowers NCLT "may, on an application made to it in this behalf, waive all or any of the requirements specified" so as to enable a petitioner to apply under sect

Paytm PB aftershocks: Fintechs step up customer outreach with target ads

While Paytm remains the leading player in the PoS segment, competition is heating up

IRIS Business Services Q3 results: Profit increases 19% to Rs 1.76 crore

Global fintech firm IRIS Business Services has reported a profit of Rs 1.76 crore for December quarter 2023-24. In the year-ago period, the profit was Rs 1.48 crore. Revenue in April-December FY24 was Rs 72.35 crore as against Rs 53.47 crore in the year-ago period, the company said in a regulatory filing. During the 9-month period, profit after tax was up 50 per cent from Rs 2.7 crore to Rs 4.06 crore. "The growth in revenues has been driven by the collect segment, which increased sharply to Rs 32.16 crore for the 9 months in FY24 from Rs 17.24 crore in the corresponding period in FY23," it said. It further said growth in the create segment was subdued with revenues going up from Rs 33.19 crore to Rs 36.77 crore. To get customers using other products to switch to ours requires a well funded marketing push which has to wait till we get our funding in place, company CEO S Swaminathan said. While India accounts for 30 per cent of the company's revenues, Africa comes a close second

Fintech platform GroMo distributes Rs 100 cr in payouts to partner agents

Fintech platform GroMo on Saturday said it has distributed Rs 100 crore in payouts to its partner agents on the eve of completing the five-year milestone. The company aims to achieve Rs 1,000 crore in earnings for the GroMo partner agents in the next five years, the platform, engaged in facilitating the distribution of financial products, said in a statement. Founded by IIT Delhi alumni Ankit Khandelwal and Darpan Khurana, GroMo is playing a role in driving financial inclusion and enhancing financial literacy in tier 2, 3 and smaller cities. It provides access to financial products like bank accounts, insurance, credit cards, loans and investment options from the leading banking and non-banking financial institutions, it said. The company has expanded its product portfolio from 25 to over 160 in the last couple of years, it said, adding that the platform has successfully onboarded over 36 lakh partners, doubling its numbers in just a year, and currently operates across 19,000 pin .

Zaggle Prepaid Q3 results: Profit rises 92.7% to Rs 19.5 cr, revenue up 35%

New credit card offerings and lower finance costs helped fintech player Zaggle Prepaid Ocean Services Ltd post a strong 35 per cent growth in revenue in the December quarter, a top company official said on Friday. The fintech player, which provides spend management products and solutions, also said that its recent Rs 200 crore deal with Torrent Gas Ltd offers significant volume and margin potential. Zaggle reported its all-time high quarterly revenue of Rs 199.5 crore for the October-December quarter of 2023-24, a growth of 35.1 per cent over Rs 147 crore in the year-ago period. "The record-breaking performance is a result of our product portfolio's strategic diversification and the successful launch of commercial credit card offerings," Zaggle executive chairman and founder Raj P Narayanam said. "With Torrent Gas Ltd joining as a client, we have entered the fleet loyalty card program, offering significant volume and margin potential," he said, adding that the company is tapping in

Fintech major Paytm denies reports on violation of foreign exchange rules

On Monday, media reports quoting sources claimed that the Enforcement Directorate (ED) was investigating if platforms run by OCL were involved in violations of FEMA

PB Fintech Q3 results: PAT at Rs 38.05 cr, revenue from ops rises 43%

Revenue from operations rose nearly 43 per cent to Rs 871 crore rupees as proceeds from its insurance broker services more-than-doubled

Fintech firm Quinte, Tamil Nadu sign deal to set up development centres

US-based company will use state's 'talent pool' to establish artificial intelligence, machine learning banking operations

Indian fintech funding declines 63%; raises total $2 bn: Tracxn Report 2023

Despite the decline, the Indian fintech sector has retained its position as the third-highest funded globally in 2023

ED seizes Rs 1.3 cr in 19 raids on China-backed fintech firms in India

Earlier search operations had resulted in the recovery of incriminating documents and assets totalling Rs 19.43 crore

PayU's PSP revenue up at $211 mn in H1FY24 on growth in existing merchants

The company added that India was one of its largest markets in the PSP business, contributing a share of around 48 per cent of its revenues

Walmart-owned PhonePe crosses 500 million lifetime registered users

The fintech firm which has become the first Indian Internet company to hit this milestone has also elevated some of the key executives to take on larger roles in the group

Fintech may emerge as substitute for traditional banking: RBI's CAFRAL

CAFRAL is a non-profit organisation set up by the RBI in 2011 to promote research and learning in banking and finance

CCAvenue.ae launches mobile-based QR Code payment solution in the UAE

This is the company's first foray into the offline payment space in the UAE market

Bajaj Finance picks 26% stake in fintech firm Pennant Technologies

Pennant will become a related party of Bajaj Finance after completion of deal

KredX to create Rs 4,000 cr corpus for working capital needs of businesses

Fintech company says its imitative would help companies during the festive season

Fintech firms are back to business by wooing audience in small markets

Sector's growth mirrors growth in the broader credit market but it faces greater regulatory scrutiny

PayU India CEO Anirban Mukherjee elevated to global CEO position

PayU's GPO business contributes around 30 per cent of its overall revenues

Fintech firm CRED launches vehicle management platform 'CRED Garage'

The feature will be available within the CRED app

Sidbi inks agreement with DLAI, aims to boost India's fintech sector

The Small Industries Development Bank of India (SIDBI) on Saturday said it has inked an agreement with the Digital Lenders Association of India (DLAI) to boost the country's fintech sector. SIDBI and DLAI have signed a Memorandum of Understanding to this effect. The MoU aims for collaborations with SIDBI to develop standard protocols to expedite the adoption of digital lending partnerships including alliances between banks and Lending Service Providers (LSPs), co-lending collaborations among others, according to a statement. SIDBI will also provide resource support to eligible DLAI member NBFCs and also explore Assignment and Securitisation transactions, it added. "We are happy to work with the Industry on other important aspects like standard protocols, customer protection, grievance redressal, among others to facilitate faster adoption of digital lending," SIDBI CMD Sivasubramanian Ramann said. As a part of its business strategy, SIDBI is using digital technology and partnership