PAYTM INSURTECH
Insurtech startup Finsall raises Rs 15 crore from Unicorn India Ventures, Seafund
Finsall, a Bengaluru-based insurtech startup, raised Rs 15 crore in bridge funding led by Unicorn India Ventures and Seafund. The funds will be used to establish a non-banking finance company for scaling lending operations and enhancing partnerships with insurers and lenders.
Mygate enters insurance distribution business, partners with Acko
Mygate app, in partnership with Acko General Insurance, received an aggregator licence from IRDAI to distribute insurance policies, offering exclusive pricing and expanding product range.
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.
Digit IPO coming soon; TCS’ Krithivasan earnings
Bengaluru-based insurtech startup Go Digit General Insurance has announced that its IPO will open on May 15 and close on May 17. This and more in today’s ETtech Top 5.
Regulatory scrutiny may queer the pitch for insurtech; and other top startup & tech stories this week
Multiple people in the know have told me that the insurance regulator is not comfortable with the typical corporate structures of startups, and may not be in favour of granting them an insurance manufacturing licence. The regulator wants these firms to get rid of any holding company structures, onboard investors directly into the applying entity, and have founders bring in sufficient amount of net worth before applying.
Startups in queue for insurance licence face stricter norms
Backing of a large local investor, considerable net worth of promoter and founder are among key requirements laid down by the sector regulator.
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Oyo may pause IPO plans; GSV Ventures' Deborah Quazzo on Byju's and edtech
Oyo's initial IPO attempt hit a snag in January 2023 when the regulator sent its papers back for revisions. Following this, the SoftBank-backed company resubmitted a toned-down version, aiming for a much smaller offering through a confidential filing. Oyo was among several companies asked to adjust their IPO plans.
With Irdai opening doors, insurtech firms look to transform into general insurers
Insurtech firms such as Bengaluru-based Onsurity and Pune-based Loop Health help employers offer group health policies to their employees and run a platform to offer employee wellness services, too. They want to capitalise on the Insurance Regulatory and Development Authority of India (IRDAI) move of opening the heavily regulated sector to new participants.
The rise & rise of new-age stock brokers; and other top tech, startup stories this week
A crop of tech-first stockbrokers is not only leading from the front in adding new customers, they’re also generating strong revenues and profits. These stock-broking platforms, which have diversified beyond stock trading to position themselves as full-fledged financial services firms, have left behind the traditional players in terms of user sign-ups.
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.
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.
Startups vs IAMAI, redux; Mojocare investors mull legal action against founders
Startups are once again at odds with the Internet and Mobile Association of India (IAMAI) over the latter’s stance on the digital competition bill. The latest in this feud and more in today’s ETtech Morning Dispatch.
ED summons crypto execs; startup valuations drop sharply
ED has issued notices to a few crypto firms and summoned their top executives as it probes alleged violations of India’s foreign exchange laws.
Stocks in the news: Bajaj Finance, Tech Mahindra, Paytm, HFCL and Tata Power
Bajaj Finance, ICICI Pru Life, L&T Tech, Tata Elxsi, Trident, ICICI Securities, DCM Shriram, Network 18 and Just Dial are among the companies that will announce their December quarter results today.
2021 Year in Review | Indian startups come of age with 8 IPOs in 2021
As many as eight Indian startups launched IPOs in 2021, both in India and abroad. Every one of them had something for the record books.
IPOs that crashed and burned
Paytm’s disastrous stock market debut—where its share price tanked 27.4% from its issue price—shares similarities with listing day performance of Deliveroo, Robinhood Markets, Uber and Lyft.
Open to investing in fintech post Paytm's listing, missed out on SaaS deals earlier: SoftBank
SoftBank Vision Fund, an investor in newly listed Policybazaar and Paytm, is expecting a bunch of portfolio firms to tap the buoyant IPO window amid skyrocketing valuations for tech startups.
A Diwali bonus for bourses, courtesy startup IPOs
In all, at least $33 billion in market capitalisation would be added to Dalal Street within a fortnight by companies that didn’t exist a decade ago — Nykaa, Policybazaar and Paytm — by way of their initial public offerings (IPOs).
Paytm founder Vijay Shekhar Sharma to self-finance stake increase in insurance biz
One97 Communications founder Vijay Shekhar Sharma and two of his holding companies — VSS Holdco and VSS Networks — together will own close to 66% in Paytm Insuretech and Swiss Re almost the rest.
Indian startups raise $10B in a quarter; Blockchain explained
India’s startups continue to notch up new records in an unprecedented year for fundraising. The latest is that the country’s new-age firms have raised more than $10 billion in a quarter for the first time ever.
PharmEasy’s new backers, Facebook whistleblower revealed
PharmEasy is in talks with a clutch of new investors, including two hedge funds, to join its pre-IPO funding round.
Paytm courts Swiss RE, Info Edge cofounder on startup IPOs
Paytm has been waiting for more than a year for regulators to approve its acquisition of general insurance firm Raheja QBE. Now, it is on the verge of bringing on board a Swiss veteran of the insurance business as a strategic partner.
Fintechs attract record $2 billion in H1: Report
Most of the money has flown into the digital banking space and the second biggest was insurtech.
Why legacy insurance brands are logging off from online marketplaces
HDFC Ergo recently delisted its products from online insurance aggregators, including Policybazaar. The development isn't an isolated event but indicative of a wider pushback.
Paytm files for biggest Indian IPO in at least a decade
Paytm parent One97 Communications has filed a draft red-herring prospectus (DRHP) with Sebi to raise Rs 16,600 crore ($2.2 billion) in what will be the biggest Indian initial public offering (IPO) in at least a decade.
String of IPOs will sustain funding frenzy, say founders, investors
The first half of the year saw massive capital inflows as startups raised as much as $12.1 billion from venture capitalists and private equity firms
Jungle Ventures makes its first insurtech investment in Turtlemint
Insurtech startup Turtlemint will use the latest funding to grow its distributor network in the next 18 months, and for product development and marketing.
Insurtech firm Turtlemint raises $30 million in Series D round of funding
The startup plans to use funds raised for increasing advisory network, product enhancement, technology upgrades, and increasing the engineering staff.
Paytm grabs 50% share in merchant payments space: Report
The report said that the current 160 million unique mobile payment users will multiply by five times to reach nearly 800 million by 2025.
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