RAZORPAY PROFITABLE
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.
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.
Nykaa makes Rs 7.17 crore Esop allotment ahead of Q4 results
Companies typically expand their Esop pool to attract and retain talent, align employee and shareholder interests, and enhance overall performance. Private startups also institute buybacks of Esops to help create wealth for employees.
Infibeam Avenues reports 55% jump in profits at Rs 147 crore for FY24
Infibeam Avenues, the Ahmedabad-based company behind CCAvenue payment gateway and BuildaBazaar enterprise software, saw its annual revenue soar by 61% to Rs 3,171 crore in FY24, compared to Rs 1,962 crore the previous year. Profit after tax also jumped significantly, rising 55% to Rs 147 crore from Rs 94.6 crore.
Groww moves domicile to India from the US
Increasing number of large startups across sectors looking to shift from US, Singapore
Shareholder nod for Swiggy’s $1.25 billion IPO; Koo halts salaries
Online food delivery major Swiggy has received shareholder approval to go public. This and more in today’s ETtech Top 5.
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Sebi nod for Awfis IPO; Byju's NCLT saga continues
The stock market regulator has greenlit coworking startup Awfis’ IPO plans. Details on this and more in today’s ETtech Top 5.
Razorpay launches UPI switch in partnership with Airtel Payments Bank
Razorpay said this infrastructure can handle up to 10,000 transactions per second, at any given time, and enable five times faster access to UPI innovations for businesses.
Wipro Q4 results; RBI nod for Cred’s payment aggregator biz
IT services major Wipro saw an 8% fall in its consolidated net profit in the March quarter. This and more in today’s ETtech Top 5.
BillDesk reports slight growth in revenue, fall in profit in FY23
BillDesk's operational revenue increased to Rs 2,678 crore for FY23, with net profit at Rs 141.9 crore. Entrackr reported the financials, highlighting revenue stagnation and profit strain over the last three years, surpassing competitors like Razorpay and CCAvenue.
Razorpay’s payments entity reports flat profit of Rs 7.3 crore in FY23
Razorpay Software Pvt Ltd saw its revenue from operations grow 54% in FY23 to Rs 2,279 crore from Rs 1,481 crore in FY22. Employee benefits and salaries were one of the biggest cost centres for the startup, comprising 28% of the total expenses.
Tax payout for domiciling to India is high but we have accounted for it: Razorpay CEO
“We are at least two years from an IPO... Before that we want other parts of our business to break even and be profitable on all fronts. Our (online) payments business is break-even,” said cofounder and chief executive Harshil Mathur.
Byju's investors vote to oust founder; RBI nod for Paytm UPI migration
At the extraordinary general meeting on Friday, Byju’s investors voted to remove founder and CEO Byju Raveendran. This and more in today’s ETtech Top 5.
Razorpay, Cashfree eye lost market share, ShareChat’s third round of layoffs
With the PA license in place, both Razorpay and Cashfree have set up "war rooms" with executives from across teams. The aim is to reach out to as many waitlisted merchants as possible and convert them into clients.
RBI grants payment aggregator licences to Razorpay, Cashfree, others; FirstCry’s IPO details
While the payment aggregator licence was thought to be routine initially, for the likes of Razorpay and Cashfree, it makes a big impact as they step out of the ban on bringing in new customers.
ETSA panel discussion: Focus needed on building new ventures sustainably for public markets
Prashanth Prakash, partner at Accel India, said India’s public markets are one of the best things that the country has to offer to the new economy space, but the ecosystem “lost sight of what it is to practically build a company for the public market”.
ET Startup Awards 2023: Profitability ‘biz’word for Indian startups now
With union minister for commerce and industry Piyush Goyal and minister of state for electronics and information technology Rajeev Chandrasekhar as the guests of honour, ET feted eight startup champions at a gala ceremony in Bengaluru on Saturday.
Top honchos to discuss blueprint for sustainable business on ETSA night
The elite panel will assess the importance of building profitable and sustainable businesses in an environment where the 'growth at all costs' strategy has taken a backseat.
For startups, customer is king and consultant
In competitive ecommerce, founders and execs directly connect with users for mkt insight
ET Startup Awards 2023: What the jury said about winners and nominees
After more than two hours of deliberations on the basis of an 87-page dossier, the high-powered jury for the Economic Times Startup Awards 2023 selected the eight winners from a cohort of 38 nominees.
ET Startup Awards 2023: Mission starts to spot stars of the startup galaxy
A star-studded jury led by Kotak Mahindra Bank founder and director Uday Kotak will meet virtually on September 12 to pick the winners of The Economic Times Startup Awards (ETSA) 2023
ET Startup Awards 2023: Resilient and sustainable businesses key while picking winners, say jury members
Building lasting value as opposed to just pushing for near-term growth and ensuring sustainability even in turbulent times will be some traits the stellar jury members of the Economic Times Startup Awards 2023 will look for in the nominees.
Scoop: Razorpay’s ‘reverse flip’ to India; Blinkit delivery disruptions continue in parts of Delhi-NCR
Fintech major Razorpay is planning to move its holding company from the US to India amidst tightening regulations in the sector. This and more in Tuesday’s edition of ETtech’s Morning Dispatch.
Digital payments service BillDesk's profit declines 39% to Rs 149 crore, revenue grows to Rs 2,442 crore in FY22
Total consolidated revenues for the BillDesk’s parent stood at Rs 2,513.8 crore for FY22, company filings showed.
Razorpay FY22 net profit up 19% to Rs 7.37 crore
Revenue from operations for FY22 stood at Rs 1,481.1 crore.
Exclusive: Rivals snag new users as top payment gateways hit by RBI freeze
Indian banks that have their white-label payment processing offerings have also seen a rise in merchant signups, industry executives told ET.
Exclusive | CCI probe against Apple almost complete
CCI had launched the probe into Apple’s policies in December 2021 following allegations — levelled by a not-for-profit Together We Fight Society — about the high commission charged by Apple and the lack of third-party payment options.
Razorpay can go public in a few years without raising more funds, say company founders
Winner or the Startup of the Year category at the ET Startup Awards 2022, Razorpay has already surpassed its annual gross transaction value (GTV) target of $90 billion for this year, hitting the $100 billion mark even as online businesses are starting to see a slowdown.
ET Startup Awards 2022: Razorpay wins Startup of the Year award
In an almost neck-and-neck race, not seen in recent years, software testing startup BrowserStack emerged as another serious contender for the top award but missed it by a whisker amid multiple rounds of discussions and voting.
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