ARYA LENDING
P2P lenders adapt to regulatory pressures; GenAI deals in IT
Happy Thursday! Peer-to-peer lending firms are scrambling to comply with the central bank’s rules by tweaking their products. This and more in today’s ETtech Morning Dispatch.
Aurionpro Solutions to acquire fintech startup Arya AI for $16.5 million
Aurionpro Solutions acquires Arya.ai for $16.5 million, gaining a 67% stake. The deal enhances Aurionpro's business offerings with AI capabilities and allows for geographical expansion into the US, Southeast Asia, India, Europe, West Asia, and Africa.
Wipro Q4 results; RBI nod for Cred’s payment aggregator biz
IT services major Wipro saw an 8% fall in its consolidated net profit in the March quarter. This and more in today’s ETtech Top 5.
Delhi HC seeks reply from RBI, SEBI on unlawful lending practices carried by Paisalo Digital
The Delhi High Court has sought responses from the RBI and SEBI regarding unethical lending practices by Paisalo Digital. Mukesh Arya's plea alleges violation of RBI's Master Circulars and seeks an independent inquiry and audits. Santanu Agarwal clarifies the company's stance on the matter.
Fresh protest erupts in Indian wrestling; this time against Bajrang, Sakshi and Vinesh
Junior wrestlers from Uttar Pradesh, Haryana, and Delhi gathered at Jantar Mantar, protesting the loss of a crucial year in their careers. Blaming top wrestlers Bajrang Punia, Sakshi Malik, and Vinesh Phogat, nearly 300 protesters arrived, demanding the restoration of the suspended Wrestling Federation of India (WFI). The athletes, loaded in buses from training centers, carried banners reading 'UWW save our wrestling from these 3 wrestlers.'
Agritech firm Fyllo sees revenues surge three-fold in FY23, plans to launch crop insurance
Fyllo's IoT devices are designed to gather real-time data on various critical aspects of farming, including soil moisture levels, weather conditions, and crop health. It works with more than 5,000 farmers.
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Agritech startup Arya aims to double profit, increase revenue by 70% to Rs 500 crore in FY24
Currently, most of the startup's revenue comes from storage/warehouse fee. But cofounder Prasanna Rao expects the fee from selling grain on its platform should be a bigger revenue model going forward. Commission on sales stood at Rs 40 crore in FY23 and he expects this to cross Rs 100 crore this fiscal.
Decoding the emerging CXO titles and roles
Companies are exploring new and emerging CXO designations beyond the traditional CEO, CFO, CIO, CTO and COO. For instance, the role of chief digital officer is significant for driving digital transformation across operations and customer experience. Meanwhile, a chief revenue or growth officer thinks strategically about growth across channels and drives numbers.
Agri startup Arya.ag expects fourfold jump in revenue at $175 m this fiscal
The company has so far received USD 65 million in external equity capital from investors like the Bengaluru-based fund Lightrock, the Washington-DC-based fund Quona, Mumbai-based Omnivore and Asia Impact Fund
Grain commerce platform Arya.ag crosses Rs 500 crore book outstanding on Aryadhan platform
A media release issued by the company said that this feat is propelled by Arya.ag’s indigenously built digital capabilities, which have been customised for simplified and optimum use by smallholder farmers and farmer producer organisations (FPOs). With immediate access to finance, farmers, FPOs, and other stakeholders in the value chain can tide over any liquidity requirements and fend off any distressed sale scenarios after harvest.
Lorien Finance is revolutionising student loans with attractive interest rates, faster approvals
Lorien Finance offers comprehensive yet straightforward US banking solutions.
Arya.ag ties up with MAS Financial Services to offer agri-finance to farmers
Integrated grain commerce platform Arya.ag on Tuesday announced a tie-up with MAS Financial Services, an NBFC, to offer agri-finance to farmers with a specific focus on small farmers and FPOs. The services will be offered by Arya.ag’s lending services arm, Aryadhan Financial Services.
Agritech startup Arya.ag gets $60 million, valuation at $300 million
While $46 million came in as equity investment, $14 million was raised via debt from investors such as USDFC and ResponsAbility, a Geneva-based development finance institution, Arya.ag's cofounder and MD Prasanna Rao says.
Arya, Canara Bank in tie up for farm loans management, warehousing
The Arya-Canara Bank partnership aims to support and extend finance to farmers as well as give them access to warehouses managed by the agritech startup across India.
Struggling to raise money? AI-powered bank loans from Loan Frame can help
Online lending platform Loan Frame offers an entire portfolio of products, including secured and unsecured loans from as low as Rs 1L to as high as Rs 50 cr.
From knee-high boots to capes, all your winter-dressing queries answered
A play on fabrics, textures, and colours while layering is one of the best things about winter dressing.
BJP going all out for winning Rajya Sabha seats; hoping to lure MLAs of rivals
The party is hoping on the fragile unity of opposition JMM and Congress in Jharkhand to make good of its additional official candidate.
United Bank back in bond market with Rs 150 crore issue
United Bank of India is back on the bond street after it failed to attract investors in March when it tried to raise debt capital through perpetual bonds.
Poor investment flows to hurt United Bank's credit growth: Executive Director
United Bank of India's credit growth will not rise significantly owing to poor investments on the ground, its Executive Director Sanjay Arya has said.
Reserve Bank of India lifts lending ban on United Bank of India
"We are elated. This is the result of the effort that our 16,500 employees had put in for the past 12 months," UBI executive director Sanjay Arya told ET.
Reserve Bank of India lifts lending ban on United Bank of India
The bank is now allowed to do business like any other bank in the country, allowing it to grow advances when the economy is showing signs of revival.
Reserve Bank of India lifts hiring ban on UBI
RBI had put various operational restrictions on the bank after a sudden rise in sticky loans in late 2013 leading to fall in capital and net losses.
How Deepak Narang & Sanjay Arya went after wilful defaulters to pull UBI out of dark hole
The bank made a turnaround for the March quarter with a net profit and maintained profitability during the next two quarters, buoyed by cash recovery from sticky loan accounts.
RBI sounds alert over companies’ sharp borrowing practices
The Indian financial system may be in for a complete overhaul if the RBI follows up with regulations on the red flags its latest Financial Stability Report has raised.
United Bank of India to raise up to Rs 1,600 crore to grow lending
This is expected to boost its capital adequacy and to create room for credit expansion. UBI has received shareholders nod for this proposed exercise.
Loan recovery helps UBI to turn around in Q4 with Rs 469 crore net profit
Most importantly, Arya said, the bank’s capital adequacy ratio has improved to 9.8% under Basel III rules, against the 9% minimum stipulation.
Urban Chaos: Kochi’s retail boom sparks logistics logjam
Edappally has become a motorist’s nightmare and emblematic of the chaos at the country’s fast-growing urban centres.
As retail falters, banks set eyes on unsecured loans
The slowdown in growth of bank loans is spreading to the last bastion - retail - forcing lenders to raise their portfolio of unsecured loans.
Bank lending from RBI at 4-month high
Surplus liquidity in the banking system has proved to be short-lived as lenders' borrowing from RBI has risen to a four-month high, signalling monetary management may be getting tricky with slowing deposits growth.
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