PAYTM LENDING
Top fintechs dial NBFCs for secured credit partnerships
Fintech startups, having built trust as unsecured loan providers, are setting their sights on the secured credit market. Companies like PhonePe, Cred, and Paytm are seeking collaborations with non-banking financial institutions (NBFCs) to facilitate these secured loans. Lenders also want to work with fintechs for such products, as they look to source prime customers through these platforms.
Deven Choksey on one sub-sector to be bullish on in run up to Budget
Maybe for buying the deep value investment opportunity, we will have to see a correction in the market. If at all it comes, that would be a good opportunity to buy into it. But otherwise, I maintain that I think, yes, the fundamental is not doubted. The current valuations are not comforting.
Zomato in talks to acquire Paytm's movies, ticketing business; deal pegged at around Rs 2,000 crore
Zomato’s interest in acquiring Paytm's events and movie ticketing business is in line with the Gurgaon-based company's efforts towards capturing consumer demand across categories like food, grocery and entertainment. If the transaction goes through, it will be the second biggest acquisition for Zomato after it acquired quick commerce platform Blinkit in 2022 in an all-stock deal for Rs 4,447 crore.
Zomato-Paytm ticketing deal; Oyo’s Rs 1,000-crore funding
Zomato is looking to strengthen its ‘going-out’ business with the acquisition of Paytm’s ticket booking and events business. Details on this, and more in today’s ETtech Morning Dispatch.
Paytm employees cry foul after being asked to quit
Paytm layoffs: Following the RBI's decision to terminate Paytm Payments Bank and the wallet business, numerous employees are being asked to "voluntarily resign" without prior notice. Many have reported being denied severance pay and instructed to repay joining and retention bonuses. Despite the lack of formal communication outlining the restructuring process, some employees allege that termination clauses were not included in their offer letters.
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.
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Paytm shares locked-in 10% upper circuit amid heavy volumes
Shares of One97 Communication, the company behind the digital payments platform Paytm, experienced a significant surge of up to 10% intraday on Friday following an upward revision of the circuit filter at the stock exchanges.
Paytm reports almost flat growth in UPI payments in May
After RBI restricted Paytm Payments Bank, the UPI transactions on the Paytm app fell. This is the first month the fall has been arrested since February. In terms of the share of UPI payments by volume, Paytm stood at around 8.1% in May — almost at the same level as the previous month.
Paytm withdraws general insurance licence application; to focus on distribution-only model
Troubled fintech Paytm will increase focus on insurance distribution. It had earmarked Rs 950 crore to invest in the entity applying for the general insurance licence but it now expects to conserve that cash. The Noida-headquartered company will focus on distributing small ticket-size insurance products such as life, health, motor, shop and gadgets.
Paytm shares drop 3% after Q4 results. Should You buy or sell?
Paytm's Q4 results show widened losses and reduced revenue, impacted by disruptions and regulatory actions. Analysts vary: Bernstein sees signs of recovery, Macquarie remains cautious, Motilal Oswal maintains a neutral stance, while JM Financial advises selling.
Wipro promotes veterans; Paytm & Nykaa Q4 financials
Happy Thursday! Wipro CEO Srinivas Pallia is betting on internal talent to propel growth. This and more in today’s ETtech Morning Dispatch.
Paytm halts postpaid loans, to focus on distribution-only model
Fintech major Paytm's losses widened to Rs 550 crore in the fourth quarter ended March 2024. The same stood at Rs 169 crore in the last year quarter.
Paytm Q4 losses tripled; Oyo IPO withdrawn
Troubled fintech Paytm reported its first quarterly earnings after the RBI banned its payments bank in January. This and more in today’s ETtech Top 5.
Paytm expects near-term impact on revenue, profitability due to regulatory action: Vijay Shekhar Sharma
Paytm’s parent, One 97 Communications Ltd, is taking steps to “strengthen the governance framework across our group entities (especially regulated entities)” by appointing subject matter experts as advisors of independent directors, says founder Sharma in letter to shareholders. Going forward in the ongoing fiscal, Paytm also anticipates reduction in employee costs.
Paytm witnesses slowdown in core businesses of merchant payments, consumer lending
In the first four months of 2024, Paytm’s user base shrank by 24% to 80 million, while the count of its active devices dropped by about 1 million over February and March on account of attrition, according to its quarterly filings with the stock exchanges. User attrition happened as a result of regulatory action by the RBI, it said.
Paytm employees warned of potential job losses after hit from RBI probe
Paytm, the Indian fintech pioneer, signalled job cuts and asset trimming after reporting its first sales decline on record due to a regulatory probe. The company's net losses surged to 5.5 billion rupees, with revenue dropping by 2.6%. Paytm aims to recover by streamlining operations and focusing on core businesses.
Paytm Q4 Results: Loss widens to Rs 550 crore; revenue drops 3% YoY
Paytm Q4 Results: The fintech major's March quarter results were impacted by temporary disruptions on account of the UPI transition and permanent disruption because of the payments bank embargo. The company said Payment Bank's products like Paytm wallet and FASTag were distributed but due to the current embargo, it anticipates a steady state of an annualised direct impact on EBITDA to be around Rs 500 crore.
Paytm shares jump nearly 10% in 2 days after hitting all-time low
The stock fell 20% for two consecutive days after January 31, when the Reserve Bank of India imposed restrictions on Paytm Payments Bank including accepting fresh deposits and doing credit transactions. On March 11, the RBI barred Paytm Payments Bank from onboarding new customers.
Paytm shares hit 5% upper circuit on dip buying
Paytm Share Price: The stock, which stooped to a new all-time low of Rs 310 on Wednesday, witnessed a reversal on Thursday amid strong volumes with over 88 lakh shares getting traded on the NSE around 12:20 pm.
What's the new RBI proposal giving cold sweats to lenders?
The Reserve Bank of India (RBI) has proposed stringent new rules for project finance, aiming to minimize risks associated with long-gestation infrastructure projects. These regulations include higher provisioning during construction phases and classification of delayed projects as non-performing assets. However, banks and NBFCs fear these rules may hinder project viability and impede India's capital expenditure momentum.
Paytm shares plummet 5%, hit all-time low as lending partners invoke loan guarantees
Paytm Share Price: Paytm shares plummeted to an all-time low after Aditya Birla Finance invoked loan guarantees due to repayment defaults. Other partners like Piramal Finance and Clix Capital have also terminated their partnerships, reflecting stress in Paytm's lending business amidst regulatory actions and market conditions.
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.
Aditya Birla Finance, others may have invoked Paytm’s loan guarantees
Aditya Birla Finance invoked loan guarantees from Paytm due to defaults. Partnership stress with other lenders. Paytm's lending business faces challenges post central bank's ban. Changes in top management. Reduced consumer loan portfolio to less than 1%.
BofA resumes coverage on Paytm with 'underperform' rating
The company which operates Paytm is expected to witness a gradual growth in its lending business, the brokerage said in a review note.
Plans afoot to digitalise KYC, curb illegal online lending
The Financial Stability and Development Council (FSDC), led by Nirmala Sitharaman, plans to digitalize the KYC process and curb unauthorised lending. Recent restrictions on Paytm Payments Bank Ltd highlight non-compliance with KYC norms. FSDC focuses on inter-regulatory coordination, stability risks, and GIFT IFSC's role as an international centre.
Indifi Technologies appoints Jasmeet Arora as chief growth officer
“Jasmeet brings vast experience that will play a crucial role in enhancing Indifi's market presence and fostering impactful financial inclusion. We look forward to achieving new milestones under his leadership and unlocking fresh avenues for growth,” said Sangram Singh, CEO at Indifi Technologies.
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.
Paytm lending decoded: Where does it stand after slowdown in small-ticket credit?
Paytm scaled down one of its most popular credit products Paytm Postpaid in December. The impact of this on Paytm’s business became evident on January 19, when the company reported its December quarter financials.
ETtech Exclusive: Paytm lays off over 1,000 across units amid cost-cutting
At least 10% on payroll hit in one of year’s biggest startup layoffs. Paytm spokesperson disputed the number of fired employees, but acknowledged layoffs, pointing out that it intends to save 10-15% of staff costs.
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