CRED FOUNDER
Global experts, CISOs, founders to converge at Accel Cybersecurity Summit in Bengaluru on July 25
The summit comes when India's cybersecurity landscape is witnessing remarkable growth, and demand for products and services is rising at a fast clip. Accel has been operating in India since 2008. The global venture capital firm said, "Accel is set to host India's largest Cybersecurity Summit in Bengaluru,"
The ‘buy now, pay later’ option is like a disease: Satish Mehta, Athena CredXpert
"A credit card is the most expensive piece of plastic in the world. You are charged 40% interest if you don’t pay on time. You would think it’s fine to pay 5% minimum due balance, but they still charge an interest on the outstanding amount. One should avoid treating credit cards like money in pocket," says Satish Mehta, Founder, Athena CredXpert.
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed them.
Why Kunal Shah’s Cred is betting on secured loan products
Kunal Shah-promoted fintech has conducted market study and spoken with lending partners, but it is still early days, say sources. Unlike consumer credit, secured lending has a long physical leg to the business too. An NBFC executive highlighted the importance of control over loan disbursal and credit underwriting processes for secured products.
Cred’s secured loan play; Rubrik interview
Happy Tuesday! Kunal Shah-led fintech startup Cred is prepping for an entry into the secured credit space. Details of this and more in today’s ETtech Morning Dispatch.
Rs 15,000 crore gone! Check out 3 reasons why a weaker Modi 3.0 still won't scare FIIs
Around Rs 15,000 crore has been withdrawn by FIIs from India in the last four days amid election uncertainties, causing concern on Dalal Street about the impact of a weaker Modi 3.0 mandate on further outflows.
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If not equity, corp FDs offer 1-1.5% over debt MFs and banks
Corporate deposits with higher credit ratings are recommended for investors looking to reduce exposure to equities. Top finance companies like Bajaj Finance and Shriram Finance offer higher returns than bank deposits and debt mutual funds, providing a safer investment option, according to wealth advisors.
Lesson for entrepreneurs: What are the common mistakes startup founders make and how to avoid them?
India has the third largest startup ecosystem in the world, with 1.17 lakh entities (DPIIT), nearly 1,710 venture capital funds, 794 accelerators and incubators (Tracxn), and several government initiatives like Startup India. Despite this fervour and support, financial and otherwise, the startup journey is extremely difficult.ET Wealth lists the typical mistakes most founders make and tell you how to tackle these
Oyo withdraws IPO application, opts for private funding at 70% valuation cut
Hospitality company Oyo has withdrawn its draft IPO papers for the second time, which it had filed in March 2023.
Soleos Solar Energy secures Rs 48.5 cr funding
Soleos Solar Energy secures Rs 48.5 crore funding from various investors including India Ahead Venture Fund, Sunil Singhania's family office, and Madhuri Madhu Kela. The funding will be used for working capital and renewable energy portfolio development.
Online platforms take to gamification to boost user engagement
For instance, Linkedin says 72% of its surveyed users said playing games such as Pinpoint, Crossclimb, Queens etc. Zomato on the other hand seems to have perfected the art of customer conversions with its Zomato Premier League (ZPL). The gamification strategy is where hyper-casual, tap-and-play games are used to engage customers, speed up sales and enhance revenue.
Roadblocks for q-commerce; Mizuho InCred deal
Happy Friday! As quick commerce platforms diversify, they are likely to face operational challenges. More on this in today’s ETtech Morning Dispatch.
Mizuho is in talks to buy KKR’s part stake in fintech company InCred
According to latest discussions, global investment firm KKR may sell around 10% stake in Mumbai-based tech-driven NBFC InCred but this may change depending on how the talks progress, sources told ET.
Peak XV Partners-backed AI startup Nintee shuts shop; to return capital to investors
AI startup Nintee, led by Paras Chopra, closed after struggling to compete with bigger platforms. Funding to be returned. Employees offered roles at Wingify.
Shareholder nod for Swiggy’s $1.25 billion IPO; Koo halts salaries
Online food delivery major Swiggy has received shareholder approval to go public. This and more in today’s ETtech Top 5.
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.
Voice of pod: Why entrepreneurs are turning into popular hosts of podcasts
A marketing expert, who has worked with a unicorn founder on their podcast, points to two factors behind this chat show zeal. “Capital is scarce. It goes to people with high visibility. Also, while it takes crores of rupees to pull off traditional advertising, podcasts are low-cost with a massive impact because they work as content,” he says, requesting anonymity.
Sam Altman captures CRED CEO Kunal Shah's imagination in stunning video from Sora: Watch
In an inspiring display of creativity, Sam Altman used Sora, a text-to-video model to transform Kunal Shah's imaginative prompt into a mesmerising visual spectacle—an oceanic bicycle race featuring animals as athletes.
Forget IIT, IIM degrees. The inspiring story of CRED founder Kunal Shah who once worked as a data entry operator
Sanjeev Bikhchandani, founder of Info Edge, disclosed on social media platform X that Kunal Shah, an angel investor and entrepreneur known for founding fintech companies CRED and Freecharge, once worked as a delivery boy and data entry operator, s due to his family's financial struggles. Bikhchandani met Shah at a Delhi coffee shop, where Shah shared his unconventional background
Paytm CEO meets RBI officials; Nykaa doubles Q3 profit
In an attempt to address regulatory concerns, Paytm founder and CEO Vijay Shekhar Sharma, along with the firm's executives, met officials of the Reserve Bank of India (RBI) on Monday. This and more in today’s ETtech Top 5.
Cred to buy Kuvera to enter wealth management
The development marks the entry of Cred into the mutual funds market, placing it in competition with industry leaders such as Zerodha, ETMoney and Groww.
CredAble, Aditya Birla Finance Limited announce financing solutions for MSMEs
CredAble has now designed a multi-faceted digital underwriting solution that combines case management, intelligent workflow, credit risk and decisioning support systems.
InCred enters unicorn club with $60 million funding round
In 2022, InCred Finance and KKR India Financial Services merged to create a joint entity under the brand name InCred Finance.
Have a regulator that innovates much faster than most fintechs: Cred’s Kunal Shah
Shah’s comments come at a time when the Reserve Bank of India (RBI) has been upping the ante in regulating fintechs in the country.
Consumer tech market set for growth surge; Kunal Shah on fintech regulations
The consumer technology market in India will likely touch $300 billion in the next four years, while online retail could top $160 billion by 2028, reports suggest. This and more in today’s ETtech Morning Dispatch.
ET Circle: Inside the inCREDible mind of Kunal Shah—disruptive ideas, radical thoughts, and an evolving playbook for business and life
In the second episode of the ET Circle multimedia series, Kunal Shah, the Founder of CRED, shares some profound yet distilled insights into building products and businesses, how not to get tied by social constructs, and how to balance established knowledge with innovation. Discover fascinating facets of his ever-curious mind and glean wisdom from Shah’s multifaceted outlook.
P2P companies log revenue jump, thanks to business partnerships
After years of slow growth and a fledgling business model, some P2P platforms have shown a strong uptick in business volumes mainly through their affiliate programmes, but will regulatory action make this short lived?
Cred’s FY23 revenue more than triples, losses grow marginally
While the company’s revenues rose significantly, expenses shot up, too. In FY2023, the Bengaluru headquartered fintech reported total expenses of Rs 2,831 crore, a spike of 66% from the Rs 1,702 crore payout a year earlier. Most of this was driven by a jump in payment processing charges and employee benefit expenses.
Elon Musk renames Twitter to X: Paytm boss Vijay Shekhar Sharma takes a poll, CRED founder Kunal Shah explains what rebranding means
Elon Musk has renamed Twitter to X as part of a wider rebranding of the social media platform. The company's new logo now features a white X on a black background. Musk has claimed that the word X is more appropriate for Twitter than the original blue bird logo.
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