FINTECH FIRM BHARATPE
Ecommerce in slow lane; PhonePe-BharatPe truce
Happy Monday! Online sales haven’t picked up during the final quarter of FY24, industry officials said. This and more in today’s ETtech Morning Dispatch.
PhonePe, BharatPe settle legal dispute over 'Pe'
The legal battle began in 2018 when PhonePe issued a legal notice to BharatPe, asking the latter to stop using 'Pe' in Devanagari script in their brand name.
Don’t make third-party rights on shares transferred by Bhavik Koladiya, HC tells Ashneer Grover
Koladiya had moved the HC claiming that he had transferred these shares to Grover, but the latter did not pay him. Last year, the court noted Grover’s statement that he “will not create any third-party interest in the suit shares and in any rights that accrue to him as a consequence thereof”.
HC asks Ashneer Grover not to create third party rights in shares transferred by BharatPe cofounder
Delhi High Court restrains Ashneer Grover from transferring shares to prevent irreparable loss to Bhavik Koladiya. The legal battle involves claims over shares transferred before BharatPe's incorporation, highlighting Grover's resignation in March 2022.
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.
Nalin Negi is new BharatPe CEO; Namma Yatri’s cabs play
Fintech firm BharatPe has elevated its interim CEO Nalin Negi as the company’s full-time chief executive officer. This and more in today's ETtech Top 5.
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BharatPe rejigs senior management
BharatPe restructured senior management, appointing Sandeep Indurkar as CEO of payment vertical for Resilient Payments Pvt Ltd. Rijish Raghavan now handles device business, and Kohinoor Biswas leads Zillion, achieving operational profit in October 2023.
Processing charges a drag on fast-growing payments startups
Digital payment startups are facing rising payment processing charges despite revenue growth, impacting profitability. High operation costs persist due to fees charged by network operators and system maintenance expenses.
Exclusive: Startups under I-T scanner again; payments startups & processing charges
Indian startups are under scrutiny from the income-tax department over the funding that they’ve raised. This and more in today’s ETtech Morning Dispatch.
Flipkart eyes quick-commerce entry; No point Googling ‘swadeshi’
Flipkart has been working to cut down the timeline of its deliveries across categories for some time now. The firm rolled out same-day delivery of products across several categories at no extra cost from February.
ED probe likely for Paytm; BharatPe gets MCA notice
Troubled fintech Paytm faces a potential probe by the Enforcement Directorate after the central bank flagged concerns, sources told ET. This and more in today’s ETtech Morning Dispatch.
BharatPe gets fresh notice from MCA
BharatPe confirmed receipt of the notice and in a reply to ET’s questions, said it is related to an inquiry that started in 2022. The Registrar or Companies, an arm of the ministry, has sought additional information in a letter to the company, a spokesperson said.
Average unicorn time for startups down to 5.5 years: Report
India ranks third on the list of most unicorns birthed by a country, but only two companies hit the $1-billion-plus valuation last year. The new economy of startups had contributed 15 public listings so far, the report added.
BharatPe logs nearly three-fold revenue growth in FY23, trims losses
BharatPe, in a release, said its financial performance for the fiscal year 2023, showcased substantial growth and strategic advancements across key business segments.
RBI grants payment aggregator licences to Razorpay, Cashfree, others; FirstCry’s IPO details
While the payment aggregator licence was thought to be routine initially, for the likes of Razorpay and Cashfree, it makes a big impact as they step out of the ban on bringing in new customers.
FirstCry to file IPO papers soon; BharatPe’s Rs 500 crore debt plan
Omnichannel retailer FirstCry aims to raise $500-600 million from its public listing and is likely to file its draft IPO papers in the next few days. This and more in today’s ETtech Top 5.
HC rejects BharatPe cofounder Nakrani’s interim plea to stop Grover from selling shares
The court asked Grover, who is also a cofounder, to intimate Nakrani if and when he planned to sell those shares. The rejection of the interim plea is part of a broader case where Nakrani is trying to get his shares back from Grover.
NCLT tells Ashneer Grover to establish maintainability of plea against BharatPe
On Wednesday, the tribunal heard arguments on the quantum of stake Ashneer Grover, who is also the founder of BharatPe, holds in the company.
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?
Whenever we see a line being breached, we will go back to court: BharatPe’s stand-in CEO Nalin Negi
Negi’s comments come at a time when BharatPe’s parent, Resilient Innovations, has filed a fresh case in the Delhi High Court seeking an injunction against Grover to prevent him from divulging “confidential information” related to the company.
Ashneer Grover apologises, Delhi HC imposes Rs 2 lakh costs over posts against BharatPe
The Delhi High Court has imposed Rs 2 lakh as costs on BharatPe co-founder Ashneer Grover in the matter related to his alleged defamatory social media posts against the fintech company even as he tendered an apology for his conduct
BharatPe files fresh case against Ashneer Grover for divulging confidential information
Last week, Grover had posted on social media platform X (formerly Twitter) about the equity allocation and secondary components undertaken during the company’s Series E funding round which was led by Tiger Global and saw participation from Dragoneer Investor group among others.
Piyush Goyal talks India up to tech firms in US; Tata Tech IPO details
Commerce and industry minister Piyush Goyal met senior executives from American tech giants such as Micron, YouTube and Tesla to outline opportunities in India during his four-day US tour.
BharatPe probe finds invoice discrepancies, vendor linkages to Grover’s family members
The bank accounts of at least eight human resource (HR) consultancy firms involved with BharatPe for recruitment services have been found linked to relatives of former head of controls, Madhuri Jain, with some of these firms established to siphon funds from the fintech unicorn.
Groyyo investors tap Deloitte; new-age firms hired more in FY23
Big4 company Deloitte has been mandated by the investors of Groyyo — Tiger Global and Alpha Wave Global — to ‘work with’ the startup and take a closer look at its trading business. This and more in today’s ETtech Morning Dispatch.
BharatPe CPO Ankur Jain quits as senior exodus continues
Over the last year, BharatPe has seen a top-level exodus in senior management with Nehul Malhotra, head of buy-now-pay-later product, PostPe; Vijay Aggarwal, chief technology officer; Rajat Jain, chief product officer for lending and consumer products, and Geetanshu Singla, vice president, technology, resigning from the startup.
BharatPe in talks to raise fresh funding amid several top-level exits
The exodus of top-level talent from the company continues as Nishant Jain, chief business officer, Prashant Gagneja, vice president of organised trade (mid-sized retailers) and Ashish Aggarwal, vice president in charge of user growth have left.
For many fintechs, NBFC tag may be elusive
An NBFC licence would allow fintechs to offer loans from their own books, thereby build an asset base. Without this licence, they remain confined as marketplaces to source loans for banks and other NBFCs.
One Card founders and Uni Cards NBFC licence applications face roadblocks from RBI
ET has learnt that sellers need to apply to the central bank saying that they intend to transfer the licence to the acquirer’s name.
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