INDIAN FINTECH ECOSYSTEM
My aim is to make Mumbai global fintech capital, says PM Modi as he launches Rs 29,000 crore infrastructure projects
Prime Minister Narendra Modi has launched a Rs 29,000 crore investment drive in Mumbai, focusing on crucial infrastructure projects in roads, railways, and ports. This aims to elevate Maharashtra as a global financial powerhouse, with Mumbai set to lead in fintech. PM Modi highlighted the projects at Goregaon's NESCO Exhibition Centre, emphasizing their role in boosting economic growth and connectivity. Key projects include the Goregaon-Mulund Link Road to reduce travel time and enhance urban mobility, underscoring a commitment to sustainable development in Mumbai.
Indian fintech sector sees 59% drop in funding in H1 2024, remains among top three globally
The fintech sector saw a nearly 60% slump in funding for the first six months of 2024. Startups in the space raised $795 million during this period, as against $1.9 billion in the first half of 2023.
CXO-level shifts rearrange top deck at Indian startups
The world of startups witnessed a series of top-level movements in the first half of 2024, including Naveen Tahilyani taking the helm as CEO of Tata Digital and the resignation of Surinder Chawla, managing director and chief executive officer of Paytm Payments Bank.
Better to own a set of stocks from the digital ecosystem rather than betting on one stock? 15 stocks with upside potential of upto 48%
Few day’s back there was an issue with the telecom provider and the services stopped for some time. Now which would be the companies which got impacted the most, the telecom service provider, the answer is no. As a customer one would not get any reduction in the monthly billing because services were down for some time. The companies which may have got impacted would be a platform company on which one orders food, such as a swiggy or zomato. The reason, in the peak time of demand, a customer is not able to order food online due to internet service being down, that demand will not come back when the internet is back. But the other platform company which sells insurance was also not impacted. The reason is, if one was planning to buy an insurance policy and there is no internet, the demand will get postponed not get extinguished. The digital ecosystem is making things simple but it is yet complicated when it comes to investing.
Surprise poll results impact startups' plans, and other top stories this week
In a week charged with political buzz, the BJP government came back to power after a stormy election, but without a full majority that left it dependent on the whims of its alliance partners. Unnerved, the markets went into a tailspin on counting day, with both benchmark indices, Sensex and Nifty50, dropping 8% intraday. They recovered a day later as hopes of a stable government revived.
Stock prices of new-age firms swing on poll results
Major new-age companies including Zomato, Paytm, Delhivery, Nykaa and PB Fintech saw their stock prices plummet on Tuesday. However, as the broader markets recovered some losses on Wednesday, these stocks also saw their prices rise. This plunge followed massive gains on Monday when exit polls had suggested a clear mandate for the ruling Bharatiya Janata Party (BJP).
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Stage set for new government to press on next-generation reforms
India will continue to be the world’s fastest-growing economy and the Indian-corporate world has its hopes up as it expects the next government to continue on the reform path and steer the Indian economy towards high growth.
Mukesh Ambani's fintech juggernaut starts rolling: The road ahead
Ambani's latest fintech business under Jio Financial Servics Ltd (JFSL) aims to ride on extensive consumer network as well the data Reliance has acquired. The tracks that consumers leave while shopping and using Reliance products and services will form a strong databank for JFSL.
RBI unveils final guidelines for fintech SRO
The RBI had unveiled draft guidelines in January this year, following which industry participants sent in their responses. The regulator wants the SRO to be truly representative of multiple participants across the fintech space.
Sanjay Nayar’s Sorin Investments raises Rs 1,350 crore
Early-stage venture firm Sorin Investments, founded by veteran dealmaker and former KKR India CEO Sanjay Nayar, made the final close of its maiden fund at Rs 1,350 crore, sources told ET. Through this fund, Sorin will back startups looking to raise Series A funding.
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.
BharatPe, PhonePe settle long-standing trademark dispute
BharatPe and PhonePe settle long-standing legal disputes over trademark 'Pe' suffix.
How Amazon Smbhav Venture Fund is funding small businesses with a digital-first focus
The fund’s portfolio includes investments across industries like consumer brands, healthcare and financial services; it has invested in brands such as Acko, Cashify, Fitterfly, Axio and M1xchange.
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.
Groww moves domicile to India from the US
Increasing number of large startups across sectors looking to shift from US, Singapore
Atlan’s valuation nearly doubles; decoding PB Fintech’s FY24 financials
Data collaboration software startup Atlan has raised $105 million at nearly double the valuation since its last round. Details on this and more in today’s ETtech Top 5.
Government holds discussion with fintechs on cybersecurity, digital financial fraud
Government, FinTechs, law enforcement agencies collaborate on addressing cybersecurity, fraud. Workshop discusses registry creation, geotagging transactions, AML system. Topics include digital KYC audits, money mules. Fintech associations, regulators join to address cybersecurity and fraud challenges.
PayU invests $5M in BRISKPE to boost cross-border payments ecosystem for MSME merchants
This investment underscores the importance of seamless international payments as part of PayU India’s strategy.
Small towns, retail investors central to fintech’s AMC plans
Fintech startups Groww, Zerodha, Navi are venturing into asset management, focusing on passive funds and non-metro retail investors. Challenges include pricing competition and market size discrepancies between Amazon users and stock market investors.
CIFDAQ launches innovative blockchain ecosystem in India
CIFDAQ, a new-age fintech company that offers integrated solutions spanning the blockchain layer 1, native coin, exchange services, MPC Wallet, DeFi, NFT, gaming, and other products, has launched its India operations.
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.
How India's rising gaming ecosystem is bringing investment opportunities
With the advent of cutting-edge technologies such as Gen AI, cloud gaming, 5G, and XR, the gaming industry in India is growing rapidly.
Not how fast but how long they live
The next wave of startup funding will be driven by investors seeking quick dispersal of AI among economic processes. AI has the potential to disrupt and create value at a pace faster than previous technology cycles.
'AWS working with Indian startups to solve for world'
Cloud major looking to export ‘great ideas’ from here, says Gaurav Arora, director and head of startup business in Asia Pacific and Japan at AWS.
Navigating India's entrepreneurial ecosystem: Insights for foreign startups
The Indian ecosystem offers an attractive opportunity for emerging entrepreneurs globally, providing an extensive consumer base, advantageous government policies, and enormous scalability potential with a young and tech-savvy population eager for innovative solutions.
India needs more founders with deep technical expertise: Peak XV’s Rajan Anandan
The next frontier for the country’s entrepreneurial landscape would be to foster industries built on intellectual property which can be addressed over the next two decades, Anandan said during a fireside chat with Deepak Dara of Ontario Teachers’ Pension Plan at the Indian Venture and Alternate Capital Association (IVCA) event in Mumbai.
India Stack will be transformative for Indian credit ecosystem: William Lansing, Global CEO, Fico
"In India, due to the government's management of infrastructure, we'll quickly understand consumer behaviours that took other countries decades to grasp. This positions us to rapidly grow the consumer credit segment of the Indian economy."
PayU eyes B2B pay, credit play under new top brass
From being an early player offering online payments to internet companies back in 2011, to facing severe competition from new-age startups such as Paytm and Razorpay, to a failed attempt to acquire Billdesk and facing a merchant acquisition embargo from the Reserve Bank of India, PayU has had a chequered history in India.
Indian fintech industry to generate $190 billion in revenue by 2030: Report
The report ‘State of the Fintech Union 2023’, also highlighted that as the industry matures, the industry is looking at ‘meaningful scale’ and closely tracking profits as a metric. It further added that product expansion, apart from profitability, was the top focus area for fintech executives.
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