KARTHIK GANAPATHY
Govt evaluating RBI proposal for higher infrastructure provisioning; bankers, NBFCs voice concern
Lenders may oppose the draft rules, which proposes provisioning of up to 5% from current 0.4%, due to concerns over rising interest rates and potential disruption to capital expenditure. Banks plan to lobby against the steep increase, arguing it could affect project viability and economic momentum. State-owned NBFCs and infrastructure firms are also raising concerns, emphasizing the need to balance risk and support for infrastructure financing.
Mirae Asset Mutual Fund launches UPI AutoPay mandate
“At Mirae Asset one of our foremost principles is Clients First approach, we have always believed in providing our investors with efficient solutions. UPI has already revolutionised payments, with UPI autopay we are introducing a new facility which has the potential to revolutionise SIPs. We are confident this facility should help our investors to adopt UPI autopay as a preferred mode for Mandate registrations.” said Shrinivas Khanolkar, Head - Products, Marketing & Corporate Communications, Mirae Asset Investment Managers (India) Pvt. Ltd.
The great churn: Tech majors bring in new leadership amid course correction
The $245-billion Indian IT industry is seeing an unprecedented churn in senior leadership at a time when it grapples with subdued global demand and macro instability in its main markets
Payments Council of India re-elects Vishwas Patel as chairman
Srinivasu founded BillDesk twenty years ago along with Ajay Kaushal and Karthik Ganapathy, his colleagues at Arthur Andersen. He led the company to become one of India’s one of the few profitable fintech companies in India.
CCI seeks more info to clear mega PayU-BillDesk deal
“CCI has not questioned the merits of the proposed transaction, but requested for additional information, as of now,” said a one person directly aware of CCI’s queries to PayU.
Indian trio reap $500 million each selling payments startup
In an age where every funding round is touted in press statements and staff parties, Prosus-owned PayU found itself having to take complete charge of the acquisition announcement because BillDesk had never employed a PR firm.
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Prosus-backed PayU to acquire Indian payments gateway firm BillDesk for $4.7 billion
This will be one of the largest acquisitions in India’s digital payments space and by far the biggest move to consolidate the fast-growing sector. It comes at a time when the digital payments ecosystem is seeing huge traction.
Exclusive: Prosus deal adds to our heft, gives us necessary growth capital, says BillDesk cofounder
BillDesk, founded in the year 2000 by MN Srinivasu, Ajay Kaushal and Karthik Ganapathy, has been acquired by global technology investor Prosus in a $4.7 billion deal, one of the largest such transactions in the digital economy.
BillDesk cofounder on Prosus deal; pre-IPO boost for Paytm
BillDesk, the Indian fintech firm that predates the word 'fintech', will soon be acquired by global tech investor Prosus in a $4.7 billion all-cash deal. MN Srinivasu, one of the firm's cofounders, told us why BillDesk said yes to Prosus
Prosus to pay $4.7B for BillDesk
Prosus Ventures is set to buy BillDesk, one of India’s oldest digital payment firms, for a cool $4.7 billion in what will be one of the acquisitions ever in the sector.
Failure rate in debit transactions could mean economy not out of woods yet
The high failure rates in debit payments in June have surprised analysts who had expected it to come down as restrictions in economic activity had started to ease with the fall in infections. Bounce rates have increased above 30% in May and June after falling to 27.48% in April 2021 which was much lower than the 36.65% reported in April 2020.
J.P. Morgan ties up with BillDesk for online payments partnership
Through this partnership, J.P. Morgan’s clients in India will be able to independently initiate statutory and utility payments online with more than 100 merchants that BillDesk partners with, securely and without additional manual assistance from their partner banks.
BillDesk strikes it rich amid payments crisis
Co set to monopolise recurring payments market as top banks take SI Hub services
Pay cuts, job losses may lead to defaults on unsecured loans
Banks have offered customers a moratorium on payment of loan instalments for three months starting March. However, customers will have to pay back additional interest on them.
Fiscal pressures prompt Modi govt to raise money from finance sector
Govt skipped injecting fresh capital into lenders for the first time since it came to power in 2014.
Banks get $7.6 billion boost from India bankruptcy recovery
Sped up bankruptcy recovery could see SBI, IDBI, BoI, Canara Bank and Bank of Baroda get their dues.
Visa takes minority stake in Billdesk, valuation hits $1.8 billion
Visa’s investment and collaboration will help BillDesk develop new product lines for its payments and loyalty businesses.
India sails past another hockey heartbreak, equals best medal haul at Asiad
On the penultimate day of competitions, the euphoria of track-and-field gold rush was far over but the momentum was certainly retained with a silver and a couple of bronze coming in from the sailing events.
RBI may question Kotak Mahindra Bank's preference share issue
As per RBI guidelines promoter group shareholding shall be 15% of paid-up capital.
Striking gold: A look at India's growing club of Unicorns
From 2011 to 2017, India had 10 Unicorns, the nomenclature given to private technology companies valued over $1 billion.
Visa may invest in BillDesk, valuing co at $1.5-2 billion
For Visa, an investment in BillDesk would help the American firm cement its position in the payments ecosystem in India.
Housing finance cos scorch the charts on upgrade hopes
Investors expect boost in demand after govt's housing push & regulatory easing; long-term return potential draws investors.
Agri loan waiver to add to heap of farm NPAs
UP's decision to waive farm loans will worsen the credit culture of rural India.
Usher in a new yuga of harmony through yoga: PM Narendra Modi
Stating that the family of Lord Shiva is a symbol of harmony in diversity , Modi said India too is a nation of unparalleled diversity.
Narendra Modi unveils 112 ft Shiva bust, extols Yoga
Founder of Isha Foundation, Jaggi Vasudev, said the bust of 'Adiyogi' was built in eight months, He also lauded Modi for practising Yoga.
HDFC Bank lets go of 4,500 employees in Q3, may go slow on hiring
The employee reduction is probably the largest by the bank in a single quarter and is likely to continue if the economic recovery does not quicken.
General Atlantic picks up 20% stake in Billdesk
Global private equity investor General Atlantic has picked up 20% stake in online payment gateway solutions provider Billdesk for $120 million from the company's existing private equity investors TA Associates and others.
BillDesk to raise $200 million at $1 billion value
illDesk plans to explore inorganic growth as consolidation is likely to play out in the emerging online payment gateway sector.
Private equity fund TA Associates to grow holding in BillDesk with Rs 450 crore infusion
In 2012, TA Associates purchased a minority stake from State Bank of India and Clearstone Venture Partners for an undisclosed sum.
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