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Yubi Group revamps top deck, goes on a hiring spree
Yubi Group, formerly CredAvenue, is hiring extensively and promoting leaders. Bharat Krishnamurthy is now CTO of Yubi and Aspero. Other promotions include Ramesh Ramanathan as deputy CFO, Amitesh Bhattacharya as group general counsel, and Vinod Deiveegan as chief business officer of Corpository. Over 90 campus hires joined this quarter, and 2.2 million shares were added to the employee stock option plan.
2022 Year in Review | A tumultuous 2023 awaits fintech startups
With the regulatory overhang on fintechs continuing, and the Reserve Bank of India (RBI) taking steps to regulate various aspects of the sector, investors are expected to remain selective in their approach, leading to potential consolidation in the coming months.
Money View raises $75 million led by Apis Partners, valuation jumps to $900 million
Fintech company Money View on Monday announced it has raised $75 million in its ongoing Series E funding led by UK-based asset manager Apis Partners, at a valuation of $900 million.
Cred to buy CreditVidya as fintech consolidation continues
After the acquisition, CreditVidya will continue to operate independently and its more than 200 employees will get access to Cred’s employee stock ownership plan (Esop).
Yubi appoints Atanu Chakraborty as chairman
Atanu Chakraborty is also currently the chairman of the board of HDFC Bank. “Since its inception, Yubi has been working towards providing various stakeholders in the Indian financial system with credible and efficient digital infrastructure. It gives me immense pleasure to join and chair the company's board and be a part of its mission to innovate and unlock the potential of growth of the Indian economy,“ said Chakraborty.
TVS Capital Funds gets new managing partner
The company backs technology-driven businesses in financial services and enterprise (B2B) services.
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Yubi appoints ex-Salesforce executive Venkat Ramana Sonnathi as group chief architect
The overarching technological architecture for all Yubi platforms, including spocto and Corpository, will be led by Sonnathi in his new role. His focus will be on systems that are large-scale, always-on, high-performance, and easy-to-expand, allowing quick go-to-market and gaining customer trust.
Shiprocket is 20th unicorn of 2022; Flipkart gives Walmart an ad boost
Shiprocket becomes India's 106th unicorn.
Venture debt firm Stride Ventures raises $200 million for new fund
Stride Ventures said it has seen participation from banks, family offices, corporate treasuries, sovereign funds, and PE funds, among others.
Is the free lunch over at startups?
Marketing budgets are getting slashed, layoffs are becoming commonplace, founders and top management are taking pay cuts, and perquisites — that include free food at the workplace — are being taken away, at least at some startups.
Lightspeed Venture Partners to increase its focus on growth deals
Lightspeed’s other investments in India include Darwinbox, Yellow Messenger, OK Credit, Apna, Dukaan, and Teachmint.
Insight Partners eyeing deeper presence in India: MD Nikhil Sachdev
Insight has backed companies such as Cred, Yubi (previously CredAvenue), Rattle, FanCraze and M2P. The VC firm, which has been investing in India since 2018, provides early- to growth-stage capital to startups.
Collect Tech Platform Spocto hires ex-Google, Amazon executives
Spocto’s hirings come at a time when the firm is expanding its receivables management and delinquency prevention platform
Stride Ventures expects final close of second fund in next two months
Exercising the green shoe option allows a venture capital or private equity firm to raise capital over and above its original target corpus, especially when demand for the fund increases among investors.
What’s next for Twitter?
While there’s a lot we know about the deal, the big questions – who exactly will run Twitter and how – remain unanswered.
ETtech Deals Digest: Eruditus, Menlo Micro, CredAvenue raise funds
SoftBank-backed executive education-focussed startup Eruditus, technology company Menlo Micro and online debt marketplace CredAvenue were among the startups that raised funds this week.
BharatPe board won’t touch Grover-Koladiya fight; ET Startup Awards guests of honour
Sources tell us BharatPe’s board is unlikely to intervene in this fight and that shareholders will have to sort it out among themselves.
CredAvenue acquires majority stake in Spocto Solutions
The acquisition will help CredAvenue include a digital collection solutions for lenders and help mitigate risk and curb fraud on its platform. It will also help improve collection efficiency.
CredAvenue appoints Flipkart's Krishnendu Majumdar as chief product officer
Most recently, he served as the vice-president of catalogue and buying experience at Flipkart. He has experience across domains like banking, online brokerage, supply chain management, advertising, and e-commerce. In his new position, he will drive the firm's product strategy and build deeper synergies within different product verticals through technology-oriented solutions.
New-age firms roll out unlimited childcare leaves
These companies are also offering their staff childcare reimbursement and extended maternity and paternity leaves, with the third Covid wave prolonging the work-from-home routine for the majority of India’s organised-sector talent.
New-age firms expand childcare benefits to give employees greater flexibility
These companies are also offering their staff childcare reimbursement and extended maternity and paternity leaves, with the third Covid wave prolonging the work-from-home routine for the majority of India’s organised-sector talent.
CredAvenue brings on board ByteDance's Abhishek Mehrotra as CHRO
Debt markets platform CredAvenue has brought on board Abhishek Mehrotra as chief human resource officer. Mehrotra joins the firm from Bytedance.
2 big trends for PE investors in India in 2022: Gopal Srinivasan
“The IPO trend is fabulous. The fact is India has got the liquidity and depth to price these mega IPOs and there are still a few more to come. The second big trend is in financial services, logistics and supply chain. There is a massive opportunity in the area of the un-served market.”
Fintech startup Uni raises $70 million led by General Catalyst
Existing investors Lightspeed and Accel India also participated in this round, post which the startup is now valued at $350 million. The startup will use the new funds to launch more products and scale monthly disbursements through its Uni cards.
Zolve secures $40 million funding led by DST Global
The round, one of the largest Series A funding rounds in India’s startup ecosystem, values Zolve at $210 million, a company executive told ET.
CredAvenue raises $90 million in India's biggest Series A funding round
CredAvenue has raised $90 million in a Series A funding round led by Sequoia Capital, at a valuation of $410 million. The funding will be used to expand the product suite and ramp up technology, CredAvenue founder Gaurav Kumar says.
Vedantu joins unicorn club; Tata’s super app gets a name
Vedantu, an edtech platform, has become the 28th Indian startup unicorn of 2021, a year that has seen unprecedented funding pour into the country’s new-age companies.
Online debt arranging platform CredAvenue to double headcount by March 2022
"We expect to double our headcount to 700 by the end of FY22, from 350 now. It was 250 last year. Of the total staff, as much as 450 will be in the technology vertical and we have already hired 100," Gaurav Kumar, founder and chief executive of CredAvenue, told PTI on Friday.
FlexiLoans partners with Vivriti Capital to disburse Rs 300 crore to MSMEs
Flexiloans has so far disbursed more than Rs 1000 crore to more than 30,000 customers across 1500 cities across India. It receives over 100,000 applications per month, largely from Tier II, III and Tier IV cities in India.
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