FINTECH ELEVATION CAPITAL
How investors struck gold in the new-age IPO boom
In the last month, several new-age companies backed by venture capital, have or are set to hit the public markets. This has resulted in a gold rush for their investors. Travel tech platform Ixigo is set to go public next week, while insurtech firm Go Digit and coworking startup Awfis have already listed on the exchanges in the past one month. Their investors, including Peak XV Partners, Elevation Capital, ChrysCapital and TVS Capital and A91 Partners, are sitting on multiple returns from some of these investments.
RBI cracks down on payment frauds; layoffs at Simpl
The central bank is setting up a panel headed by former NPCI chief Abhaya Hota to take on payment frauds. This and more in today’s ETtech Top 5.
B2B fintech startup Vegapay raises $5.5 million from Elevation Capital
Vegapay had raised $1.1 million in its first institutional funding round in 2023 led by Eximius. According to the company, the newly raised fund will be used to enhance Vegapay’s product suite, focusing on product development and regulatory compliance.
Paytm’s lending biz in trouble; inside Tata Digital’s top-level churn
Happy Wednesday! Paytm’s lending business has hit a roadblock as partner NBFCs have stopped issuing loans. This and more in today’s ETtech Morning Dispatch.
Fintech firm BharatPe elevates interim CEO Nalin Negi as chief executive
Nalin Negi appointed CEO of BharatPe, focusing on empowering MSMEs. With experience in SBI Card and GE Capital, Negi aims for growth after Suhail Sameer's exit. Board chairman expresses confidence in Negi's leadership.
Fintech funding in Q4 down over 50% YoY, but up 59% from Q3
According to the Fintech India report released by data intelligence platform Tracxn, funding during the January-March quarter dried up year on year across stages, with seed stage down 77% to $9.9 million, early stage down 42% to $147 million and late stage falling 60% to $394 million, compared to the previous year.
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Mukesh Bansal’s Cultfit gets new CEO; Google unveils Arm-based chip
Cultfit has formally appointed Naresh Krishnaswamy as CEO. Details on this and more in today’s ETtech Top 5.
Sprinto raises $20 million in funding from Accel, Elevation Capital, Blume Ventures
The risk and compliance automation platform for businesses plans to use the funds for R&D, improving customer experience and expanding into new markets.
Wealthtech startups Dezerv, Stable Money close fresh funding amid larger fintech stress
Wealthtech startups secure investments; Dezerv, Stable Money, and Fisdom funding rounds ongoing. Scripbox, Angel One also seek funding. Stable Money expanding to corporate bonds; attracts user attention.
Why RBI's disproportionate action against fintechs may be bad for business and investor sentiment?
In a situation where financial liabilities of citizens have grown from 3.8% to 5.8% of GDP between 2021 and 2023, is it not reasonable to expect that regulatory and supervisory actions are taken in a 'calibrated' fashion, keeping an eye on customers credit needs and financial convenience? In an age when gov and corporations promote light-touch digital solutions as a universal panacea, should regulatory boundaries remain static and stifle new lending models?
Digital lenders’ play for MSMEs; Ola Electric to launch e-autos
MSME-focused digital lenders are increasingly gaining traction as banks slow down on unsecured consumer loans. This and more in today’s ETtech Morning Dispatch.
RBI governor on fintechs; Google, Indian apps in temporary truce
The banking regulator's recent actions are not directed against any fintech but against a regulated entity, the Governor underlined in a reference to the Paytm case that has caused major ripples in India's fintech industry.
Payment firms and KYC compliance; Cabinet nod for Tata chip unit
Despite the regulator’s insistence on adhering to prescribed norms, many payment firms seem to be lax in conducting bank-grade KYCs. This and more in today’s ETtech Morning Dispatch.
Fortunes of startup founders swing with stock prices in past 12-14 months
During the last 12-14 months, startup founders such as Zomato’s Deepinder Goyal and Policybazaar’s Yashish Dahiya and Alok Bansal have reaped mega rewards. However, Paytm founder and CEO Vijay Shekhar Sharma has seen his wealth eroded.
Fintechs and the KYC conundrum; other top tech, startup stories this week
KYC is best understood as the doorway to formal banking channels. So improper KYC can open up banking to the risks of money laundering, fraudulent transactions and such. When customers open bank accounts, they need to submit identity documents, PAN cards to be verified by bank officials as a part of the KYC process.
Elevation Capital’s massive gamble on Paytm backfires
The Ravi Adusumalli-led fund’s 15% stake in One 97, which was valued at about Rs 6,100 crore when the post-IPO lock-in expired in November 2022, had shrunk by nearly 40% to Rs 3,800 crore at the end of trading on Thursday.
Byju's EGM in focus; Elevation's long Paytm bet
The investors have red-flagged the acquisition of Aakash Educational Services Ltd (AESL) saying Byju's agreed to “onerous” and “prejudicial” loan terms with Davidson Kempner (DK), among other matters.
Elevation Capital says fintech companies building tailored products are finding takers
Despite regulatory challenges imposing higher governance costs, procedural delays and hurdles in establishing partnerships with banks for fintech firms, such actions serve as a runway for them to build a scalable platform in the long run, said senior partners at early-stage venture capital investor firm Elevation Capital.
Boosting cooperation in energy, digital infra, ports focus of PM Modi's visit to UAE
During the visit, Prime Minister Modi will inaugurate the BAPS Mandir, marking the first Hindu temple in Abu Dhabi. The UAE is an important partner for India, with a Comprehensive Strategic Partnership, significant bilateral trade, and foreign direct investments.
Fintech firm Mylapay raises Rs 4.6 crore in seed funding round led by CDM Capital
Mylapay addresses challenges in the payment industry, such as high transaction failure rates and the intricacies of complex payment operations through the company's unified cloud-based platform.
Bhavish Aggarwal's Krutrim AI plans; Elevation Capital report on startup outlook
Ola founder Bhavish Aggarwal on Friday unveiled the large language model (LLM) Krutrim, which he described as ‘India’s own AI’. This and more in today’s ETtech Top 5.
Startups expect fundraising prospects to improve in coming months: report
Nearly half of the more than 250 startup founders surveyed said they expect the funding freeze to thaw over the coming months, allowing them to extend their runways.
ZestMoney to shut down by December-end, lay off 150 employees
ZestMoney employees were informed by CBO Mandar Satpute to start looking for new jobs. Two major NBFCs who were supporting ZestMoney via credit lines withdrew them last week citing RBI's curbs on unsecured loans
Travel fintech Scapia raises $23 million in round led by Elevation Capital, Binny Bansal’s Three State Ventures, others
The new capital will be used to double down on the company’s growth, expand its customer base, onboard more banking partners, and strengthen its product suite, Goteti said.
Rich Indians a big catch for fintechs, says report
A report released by Elevation Capital shows that together the niche market and the mass market will have a revenue pool of more than $170 billion by 2030.
Digital payments firm Razorpay elevates Rahul Kothari as COO
In his new, expanded role, Kothari will work closely with company founder and chief executive Harshil Mathur to develop and implement strategies to improve its overall performance.
Risk investors spot an opening in fintech infrastructure players building banking-as-a-service
Early-stage startups such as credit card management platform 42 Card Solutions; banking service platform Falcon; and credit management platform Knight Fintech have held talks with investors to raise fresh equity capital, said two industry executives, requesting anonymity.
Vridhi Home Finance secures Rs 150 crore from Elevation Capital
With the fresh funding, the lending startup wants to scale up operations, raise credit lines from larger lenders and enter into new geographies.
Value of fintech-led businesses to rise to $400 billion by 2030: report
Between 2018 and 2022, equity infusion has gone up to $6 billion from around $2 billion, the report from Elevation Capital found. However, 2023 overall has been a slow year in terms of venture funding.
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