FINTECH NEWS
Top startup and tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories that we covered this week. Here’s a recap if you missed them.
New credit card rules: HDFC Bank, Axis Bank, other banks customers cannot make credit card bill payments using PhonePe, Paytm
Credit card bill payment rules: As of July 1, customers with credit cards from major banks like HDFC Bank and Axis Bank will no longer be able to settle their credit card bills using third-party applications such as PhonePe, Amazon Pay, and Paytm.
Fintechs' secure credit play; New Jersey turns IT hub
Happy Monday! Fintech companies like Cred, PhonePe and Paytm are seeking partnerships with NBFCs to enter the secured credit market. This and more in today’s ETtech Morning Dispatch.
Fintech firm Pine Labs weighs $1 billion IPO in India
Pine Labs is reportedly considering a US IPO that could value the company at over $6 billion. The offering is expected to include both new and secondary shares, and the company may pursue a pre-IPO funding round.
MarketsMojo appoints Tata Digital's Amit Golia as group CEO
MarketsMojo appointed Amit Golia as group chief executive. Golia led investments at Tata Digital and has experience in fintech and securities firms.
IPO-bound cos wary after poll results; NBFCs’ balancing act
Happy Friday! New-age firms planning to go public are moving cautiously as stock market volatility remains a concern after the 2024 general election results. This and more in today’s ETtech Morning Dispatch.
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Stocks in news: Hero MotoCorp, ICICI Bank, ITC, PB Fintech, Tata Chemicals, Indian Oil
Benchmark indices show positive momentum for the second consecutive day with lower volatility compared to the results day. Hero MotoCorp, ICICI Bank, ITC, PB Fintech, Tata Chemicals, and Indian Oil are in focus for various news developments. Allcargo Terminals, Bajaj Finserv, RVNL, Muthoot Microfin, and Pidilite Industries have also made significant announcements.
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.
Sebi issues show cause notice to PB Fintech Chairperson Yashish Dahiya on $2 million investment
PB Fintech is pursuing legal action regarding the SCN and maintains that there will be no material impact on the company's financials or operations. The announcement was made after market hours and the stock ended at Rs 1,288 on the NSE, down by 5.35 or 0.41%.
PB Fintech shares climb over 5% amid block deal
PB Fintech, an online insurance aggregator, saw its shares surge by 5.2% to Rs 1,360 in Thursday's trading on the BSE following a block deal. This transaction, valued at around Rs 428 crore, represented a 0.73% stake in the company.
Stock brokers push lending; InsuranceDekho’s latest acquisition
Happy Tuesday! Tech-first broking companies are looking to diversify into the credit business to build a larger financial services play. This and more in today’s ETtech Morning Dispatch.
New-age brands buzz on deal street; Unacademy founders’ voting rights
Happy Friday! New-age brands are attracting capital from VC funds, founders and other types of investors. This and more in today’s ETtech Morning Dispatch.
Oyo’s maiden annual profit; RBI guidelines for fintech SRO
In a significant turnaround, hospitality startup Oyo reported its first annual profitable fiscal on Thursday. This and more in today’s ETtech Top 5.
Not engaged in any discussions: Paytm issues clarification on report claiming Adani in talks to acquire stake in company
One97 Communications responds to speculation of Adani Group chairman Gautam Adani considering acquiring a stake in Paytm's parent company. The company clarifies that no discussions are ongoing, emphasizing compliance with SEBI regulations.
A quarter of hits & a few misses; and other top tech, startup stories
Welcome to another edition of ETtech Unwrapped – our weekend newsletter. This is Pranav Mukul in New Delhi. This week we’ve wrapped up another compelling quarterly earnings season for listed new-age companies from Zomato and Delhivery to Paytm and PB Fintech.
Ashish Kacholia-backed smallcap stock jumps 8% after company's Q4 PAT rises 153%
Zaggle Prepaid Ocean Services, a smallcap company supported by ace investor Ashish Kacholia, saw its shares surge by almost 8% to Rs 338 on Friday's trading session on the BSE. This spike followed the announcement of strong fourth-quarter results.
Stocks in news: Vodafone Idea, Biocon, PB Fintech, ZEEL, JSW Steel
Shares of ZEEL, JSW Steel, Godrej Industries, Glaxo and Sobha will be in focus as the companies will announce their quarterly results.
PB Fintech's top executives to offload marginal stakes; floor price at Rs 1,258
Substantial portions of the proceeds from the sale will be used to make the payment of taxes on current and future ESOP exercises. ESOPs are subject to payment of taxes on exercise in addition to the payment of capital gain tax on the sale of shares. Post the sale Yashish Dahiya will continue to have a 4.83% stake and Alok Bansal will have a 1.63% stake in PB Fintech on a fully diluted basis.
Digit IPO: tempering tech valuations & other top startup stories this week
This is Pratik Bhakta in Bengaluru. Insurance startup Digit, by valuing itself at a discount of 25% to its last known private market valuation, seems to have stuck its neck out. And it’s a move that’s certainly got everyone talking.
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.
Stocks in news: L&T, Hero MotoCorp, Voltas, PB Fintech, LTIMindtree
Shares of L&T, Tata Power, Canara Bank, Hero Moto and BSE will be in focus today as the companies will announce their fourth quarter results.
PB Fintech Q4 Results: Policybazaar parent reports PAT of Rs 60 crore vs loss of Rs 9.34 crore YoY
PB Fintech Q4 Results: The consolidated revenue for the reporting quarter stood at Rs 1089.57 crore, which was up 25.36% over Rs 869.10 crore reported in the year-ago period. For FY24, the PAT improved from a loss of Rs 488 crore to a profit of Rs 64 crore.
Stocks in news: PB Fintech, Dr Reddy's, HPCL, Godrej Consumer, LTIMindtree
Pharma company Lupin on Monday reported 52% year-on-year growth in its consolidated net profit at Rs 368 crore for the quarter ended March 2024.
Q4 results this week: SBI, Tata Motors, L&T, Asian Paints, TVS Motor and PB Fintech
Various widely tracked companies like Tata Motors, SBI, Asian Paints, BPCL, Larsen & Toubro, Tata Power, Canara Bank, TVS Motor, Hero MotoCorp, Godrej Consumer Products, JSW Energy, Dr. Reddy's Laboratories, PB Fintech, and Bank of Baroda will be releasing their March quarter report cards this week. Here’s a list:
A week of hits and misses in fintech; and other top tech, startup stories
Hi, this is Pratik Bhakta in Bengaluru. It’s been a busy news week for us here at ETtech covering some of the most important stories in the fintech space. We had a string of big exclusives, wrapping it up here just in case you missed reading them.
PB Fintech jumps over 7%, hits 52-week high on ICICI Lombard partnership
In March, the promoter of PB Fintech approved the incorporation of PB Pay, which was created to conduct the business of payment aggregator with a paid-up capital of Rs 27 crore.
Trust Fintech IPO allotment likely tomorrow: Check status, listing date, GMP and other details
In the unlisted market, Trust Fintech's shares are commanding a GMP of Rs 45.The IPO, which was completely a fresh equity issue of 62.82 lakh shares, received an overwhelming response from investors with a subscription of 100X.
4 out of 5 SME IPOs sail through within hours of opening today
As many as five SME IPOs opened for subscription earlier on Tuesday and four of them sailed through within hours of opening, as usual, backed by strong retail interest.
Stocks in news: Paytm, Sula Vineyards, ZEE, Omaxe, SpiceJet
Zee Entertainment has alleged that Star India has not acted in accordance with the agreement between them over the sharing of the TV broadcast rights of ICC cricket matches and has sought a refund of Rs 68.54 crore from the Walt Disney-owned firm.
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