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EXCLUSIVE
BHARATPE HITS BACK AT ASHNEER, SAYS REGISTERED 4X SALES GROWTH IN Q1 2022
As Ashneer Grover took a dig at the board members of BharatPe over its first
quarter of alleged 'degrowth' and 'maximum cash burn', the fintech platform said
on Thursday that it actually registered the strongest quarter (Q1 2022) ever in
its history.
* IANS
* April 08, 2022, 08:14 IST
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New Delhi, As Ashneer Grover took a dig at the board members of BharatPe over
its first quarter of alleged 'degrowth' and 'maximum cash burn', the fintech
platform said on Thursday that it actually registered the strongest quarter (Q1
2022) ever in its history.
The company said it registered four times growth in its overall revenue in the
said quarter over the same period last year.
"On a sequential-quarter basis, the growth has been 30 per cent, despite the
third wave of Covid-19," a BharatPe spokesperson told IANS.
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"Comparing month-on-month, all our metrics have grown at the fastest pace --
merchant total payments value (TPV) (17 per cent), consumer TPV (39 per cent),
loans facilitated (31 per cent), and revenue (21 per cent) in March over
February," the spokesperson informed.
BharatPe revealed the first quarter numbers after Ashneer, former Co-founder and
Managing Director, hit out at the board members of the fintech company, saying
"snatching the keys and running a corner shop are two different skill-sets".
"So I just heard @bharatpeindia closed its first quarter of 'degrowth' and
'maximum cash burn' under able (sic) leadership of Rajnish Kumar (Chairman) and
Suhail Sameer (CEO). 'Chaabi chheenna and hatti chalana do alag alag skills
hai!' Ab Nani yaad aayegi - markets are the ultimate test & truth," he posted.
Last month, Ashneer was stripped of all company titles over alleged "extensive
misappropriation of company funds" and using "company expense accounts" to
"enrich themselves and fund their lavish lifestyles".
According to the company, they are tracking well to break even on its merchant
business and would further strengthen its consumer business.
"We request the media to take official comments from the company and not from
former employees who no longer possess business information," the spokesperson
said.
Ashneer, also a popular judge on the reality show 'Shark Tank India', has
accused BharatPe CEO Sameer of siding with the investors to remove him from the
company.
The company sacked Ashneer's wife Madhuri Jain after the probe found
misappropriation of funds during her time as head of controls, while Ashneer
quit as BharatPe accused him, his wife and their relatives of being engaged in
extensive misappropriation of company funds and grossly abusing company money to
fund their 'lavish' lifestyles.
Amid the Ashneer Grover-BharatPe tussle, the fintech platform's Co-founder
Shashvat Nakrani had said that the whole episode is an aberration and not the
norm, and the company will turn this crisis into an opportunity.
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FINTECH
* 3 hrs ago
CRYPTO EXCHANGES LOOK AT INSTITUTIONAL INVESTORS, COLLEGE STUDENTS AS VOLUMES
FALL
* 3 hrs ago
ASHNEER GROVER THREATENS LEGAL ACTION FOR BHARATPE CEO SUHAIL SAMEER’S
DEFAMATORY REMARKS, SEEKS RAJNISH KUMAR’S RESIGNATION AS INDEPENDENT DIRECTOR
* 5 hrs ago
BHARATPE CEO APOLOGISES FOR REMARK ON SALARY ROW; FIRM SAYS MARCH SALARY PAID
* 5 hrs ago
BHARATPE HITS BACK AT ASHNEER, SAYS REGISTERED 4X SALES GROWTH IN Q1 2022
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EDITOR'S PICK
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* 52 mins ago
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ANNOUNCEMENT
* 2 hrs ago
RBI RAISES INFLATION PROJECTION TO 5.7%, BLAMES GEOPOLITICAL CONFLICT
* 2 hrs ago
CARDLESS CASH IN ATMS VIA UPI TO BE EXTENDED SOON: RBI GOVERNOR DAS
* 3 hrs ago
RBI KEEPS KEY RATES UNCHANGED; TO FOCUS ON WITHDRAWAL FROM ACCOMMODATIVE
STANCE
BFSI VIDEOS
* THE WORD 'BANKING' HAS IMPROVED, BUT BANKING HAS NOT: ZAGGLE FOUNDER RAJ N
Raj N, founder and chairman of Zaggle, believes that the banking sector is at
a cross-section - either it has to evolve from here or it has to die.
"Earlier banks used to invest in FinTechs, but today the scenario is
reversed.. and a couple of scenarios have emerged where FinTechs have bought
a bank out," Raj said. This is happening because consumers want everything
"on the click", and has moved to a mobile revolution. "While the word banking
has improved, what has not improved is banking.. which for us is a great
opportunity.. and in the next five years, we would be at the forefront to
apply for a global digital banking licence," he said. Tune in to watch our
FinTech Diary of this week.
* 8 days ago
LENDENCLUB CEO SEES CREDIT PATTERN CHANGE IN NEXT 5-10 YEARS
* 9 days ago
THIS DECADE WILL BE OF TECH-LED COLLABORATIONS; BFSI TO BE ENTIRELY
API-DRIVEN, SAY LEADERS
* 14 days ago
FULL-FLEDGED DIGITAL MODEL BIT OF A CHALLENGE IN BFSI, SAY LEADERS
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EXCLUSIVE
CRYPTO EXCHANGES LOOK AT INSTITUTIONAL INVESTORS, COLLEGE STUDENTS AS VOLUMES
FALL
All exchanges in India have seen a drop of at least 50% in the last few days
compared to the trading volumes last year. This also comes at a time when
exchanges are grappling with how exactly to compute the 1% tax deducted at
source on each transaction.
* Sachin Dave
* ETtech
Click Here to Read This Story
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Mumbai: Cryptocurrency exchanges are hoping to rope in large institutional
investors on one hand and trying to get college students to explore blockchain
deals on the other to stem the drastic drop in daily trading volumes after India
introduced tax on virtual digital assets.
Many investors and traders are shunning crypto assets as profits will attract
30% tax from April 1. Not just the recent announcement of disallowing set-off
would result in loss for most investors, shrinking risk appetite.
All exchanges in India have seen a drop of at least 50% in the last few days
compared to the trading volumes last year. This also comes at a time when
exchanges are grappling with how exactly to compute the 1% tax deducted at
source on each transaction.
Exchanges hope that institutional investors would be more open to investing in
crypto assets as introduction of tax also confers legitimacy for cryptocurrency.
“We are moving to work on the traction seen from institutional investors and
we’re also set to go aggressive on educational initiatives based on crypto and
blockchain to empower and penetrate deeper into the active crypto ecosystem,”
said Shivam Thakral, CEO of BuyUcoin, a cryptocurrency exchange.
Daily volumes are important for the exchanges as it’s often used as a barometer
for valuation during investment rounds, say industry trackers.
Many exchanges are hoping the lull period is intensified due to the downward
trend in top cryptocurrencies.
“The trading volume was the highest on March 31 as users/ investors squared off
their positions before the start of the new financial year. Starting April 1,
there has been a decline, which is a usual trend at the start of every financial
year. However, this year, we are seeing a sharper decline due to the stringent
tax laws,” said Minal Thukral, Executive Vice President, Growth and Strategy,
CoinDCX, a cryptocurrency exchange.
This also comes at a time when order books of top exchanges are under stress.
Order books of cryptocurrency players are under renewed stress as investors
found it difficult to buy or sell such assets after liquidity providers decided
to stay away, deterred by tax complications, ET reported on Thursday.
Till March, liquidity providers helped exchanges with float or the difference
between buying and selling price for concluding a transaction.
In most cases these liquidity providers would provide such a float for a small
margin.
Youngsters from tier 2 and tier 3 cities had flocked to cryptocurrency platforms
during the Covid-19 pandemic and crypto exchanges recorded steeper growth in
smaller cities than metros.
Crypto exchange WazirX had earlier told ET that most of its users are below 35
years of age and the exchange had recorded 2,648% growth in user signups in 2021
from Tier-II and Tier-III cities of the country.
Other exchanges had recorded similar trends with most of the new cryptocurrency
investors coming from cities such as Lucknow, Ahmedabad, Patna, Bhopal,
Vadodara, and Kolkata. As per data available with BuyUcoin, a cryptocurrency
exchange, Bhopal had seen the highest jump in new investors last year.
But now that the taxation regime has started, many of these youngsters are
taking a back seat.
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Fintech
virtual digital assets
institutional investors
crypto exchanges
Crypto exchange WazirX
crypto assets
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EXCLUSIVE
ASHNEER GROVER THREATENS LEGAL ACTION FOR BHARATPE CEO SUHAIL SAMEER’S
DEFAMATORY REMARKS, SEEKS RAJNISH KUMAR’S RESIGNATION AS INDEPENDENT DIRECTOR
Ashneer Grover, ousted co-founder of fintech unicorn BharatPe, has written to
the board of the company calling for the resignation of Rajnish Kumar, former
SBI chairman who currently serves as an independent director of the company.
* John Sarkar
* TNN
Click Here to Read This Story
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NEW DELHI: Ashneer Grover, ousted co-founder of fintech unicorn BharatPe, has
written to the board of the company calling for the resignation of Rajnish
Kumar, former SBI chairman who currently serves as an independent director of
the company.
Grover has also threatened to initiate legal action against CEO Suhail Sameer,
who on Thursday targeted the former co-founder’s sister, Aashima on Linkedin and
accused her brother (Grover) of stealing money from the company.
“He (Suhail) said: “Aashima Behen - tere bhai ne saara Paisa Chura liya. Very
little left to pay salaries”. This was in response to a post put by an employee
in admin team who was terminated without reason and whose salary/reimbursements
was not paid for months—making him desperate to seek his dues on social media.
Suhail’s reply is not only blatantly defamatory, it is inappropriate language
towards any female on social media and tone deaf to the trials of a poor admin
level employee seeking his dues,” Grover wrote in a letter dated April 8 that
TOI reviewed.
The development comes against the backdrop of senior BharatPe executives,
including Sameer and Kumar embarking on an extensive damage control exercise
after the $2.8 billion firm was rocked by a string of scandals related to
alleged financial fraud and power struggle between investors and founders.
“As a Board which under the Chairmanship of Rajnish Kumar has claimed to be the
epitome of corporate governance, I would want to ask what action is the Board
going to take against Suhail Sameer,” Grover wrote, while urging the board to
serve a showcase notice to the Sameer and rope in an independent auditor to
investigate his dealings.
When contacted by TOI, a BharatPe spokesperson did not comment till the time of
this story being published.
On Wednesday, however, with his comments not going down well with a section of
Linkedin users, who sympathized with the executives awaiting their payments,
Sameer later toned down his approach. “I apologise to have irked many of you. In
hindsight, it was out of line. We are already working on past employees full and
final being paid out. My comment was a reaction to a particular statement, not
the post. But I accept the mistake,” he wrote on the professional networking
platform.
“I hereby seek a written apology from Suhail to me, my sister and the Board. In
absence of a written apology I and my sister reserve our rights to seek damages
and pursuing criminal defamation against Suhail Sameer and the BharatPe Board.
My sister, whose reputation has been irreparably damaged by this comment, will
also be in her right to take up this with the Women’s commission and appropriate
authorities,” wrote Grover, who could not be reached for comments.
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Fintech
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rajnish kumar
bharatpe
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aashima
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EXCLUSIVE
BHARATPE CEO APOLOGISES FOR REMARK ON SALARY ROW; FIRM SAYS MARCH SALARY PAID
A Bharatpe employee in a Linkedin post had raised the matter of termination of
administrative staff and non-payment of salaries, which attracted responses from
Grover and CEO Sameer. In response to a comment by a social media account in the
name of Aashima Grover, Sameer said "Behen- tere bhai ne saara paisa chura liya
(Sister, your brother has stolen all the money). Very little left to pay
salaries".
* PTI
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Fintech firm Bharatpe CEO Suhail Sameer on Thursday apologised for his remarks
in a social media post allegedly indicating that former company chief Ashneer
Grover has stolen money from the company and little is left to pay the salaries
of employees.
A Bharatpe employee in a Linkedin post had raised the matter of termination of
administrative staff and non-payment of salaries, which attracted responses from
Grover and CEO Sameer.
In response to a comment by a social media account in the name of Aashima
Grover, Sameer said "Behen- tere bhai ne saara paisa chura liya (Sister, your
brother has stolen all the money). Very little left to pay salaries".
The comment was criticised by many on social media.
Sameer later apologised for his remarks.
"Friends - I apologise to have irked many of you. In hindsight, it was out of
line. We are already working on past employees' full and final being paid out.
My comment was a reaction to a particular statement, not the post. But I accept
the mistake. I request you to also have patience, and refrain from building a
story based on a false narrative," he said in a post on Linkedin.
The company's associate Karan Sarki on Linkedin had raised the issue of the
sacking of old staff and non-payment of salaries.
"We haven't received our salary for March month yet despite following so many
times on email and visiting the office. All the old admin staff of BharatPe has
been terminated by you without giving any reason and their salaries have not
been paid. We were with BharatPe ever since the Company started and now we are
nowhere because of your internal politics," Sarki said.
He said that employees have been spending their own money for the company's
petty expenses and bills have not been reimbursed since December.
"All the staff of BharatPe is enjoying office paid trip to Goa and we engraved
employees are fighting for their salaries and job. What kind of leaders you
are," Sarki said.
However, Bharatpe denied the claim on social media about the non-payment of
salaries to employees.
"BharatPe strongly denies any social media comments which suggest that the
company has not paid salaries to its employees. All the employees of the company
have been paid their March salary in full. As per the company policy, employees
serving their notice period will receive their full and final settlement amount
in the due course as per company policy," the company said in a statement.
Ashneer Grover replied to the post and marked it to Sameer and BharatPe's head
of financial control Hersimran Kaur to resolve the salary payment issue.
"Folks please look into this. Not done - their salaries have to be paid first
before anything," Grover said.
Bharatpe CEO asked Sarki to approach him if the settlement is not done by
Friday.
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EXCLUSIVE
INDIA LEADS IN TOTAL NUMBER OF FIRST-TIME CRYPTO INVESTORS IN LAST 3 MONTHS:
REPORT
The company surveyed 30,000 individuals in 20 countries between November 2021
and February 2021, which includes 1706 respondents from India, 1700 from Brazil,
and 1105 from Hong Kong.
* TIMESOFINDIA.COM
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India leads in the total number of first-time crypto investors in the last three
months, ahead of even Brazil and Hong Kong. According to a report by crypto
exchange firm Gemini, 54% of respondents from India and 51% from Hong Kong and
Brazil were first-time investors in cryptocurrencies over the past year.
The company surveyed 30,000 individuals in 20 countries between November 2021
and February 2021, which includes 1706 respondents from India, 1700 from Brazil,
and 1105 from Hong Kong.
In contrast, nearly half of all crypto owners in the United States (44%), Latin
America (46%) and the Asia Pacific (45%) first bought crypto in 2021.
According to the report, women represent at least half of crypto owners in
Israel (51%), Indonesia (51%) and Nigeria (50%), but only a third of current
crypto owners in developed countries and regions are women: United States (32%),
Europe (33%) and Australia (27%).
The report also found that inflation is a primary driver for cryptocurrency
adoption. The study noted that the over 200% devaluation of the Brazilian real
is likely accountable for 41% of its respondents owning cryptocurrencies. In the
US and in India, two in five (40%) crypto owners see crypto as a hedge against
inflation, the study added.
Regulation is a concern globally. Among non-owners, 39% in Asia Pacific, 37% in
Latin America, and 36% in Europe said there is legal uncertainty around
cryptocurrency. In addition, for 30% of respondents in the Middle East, 24% in
Asia Pacific, and 23% in Latin America, the tax complexities of owning
cryptocurrency have kept them from investing in crypto.
In India, at least 46% of the respondents first began investing in
cryptocurrency in 2021.
Among those who plan to invest in crypto in 2022, more than one in five (22%)
are between the ages of 18-24 and 17% are between the ages of 45-54, compared to
17% and 14%, respectively, in 2021. And, at least 59% of the respondents in
India said crypto is the future of money.
Indians and Americans have been ranked at the 10th place, for owning
cryptocurrency at 20% while Brazil tops the chart. Based on the sample's gender
data, 62% of Indian men hold crypto assets as opposed to 38% of Indian women.
The APAC region shows great promise with 2 out of every 5 crypto owners being
women.
Venture capital investment in crypto and blockchain firms has surpassed $30
billion, with more than $10.5 billion invested in the last quarter of 2021. The
market value of cryptocurrencies has nearly reached $3 trillion, with bitcoin
reaching an all-time high of over $65,000, making crypto the best-performing
asset class in the last 10 years.
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EXCLUSIVE
CRYPTO PLAYS KEY ROLE IN HUMANITARIAN AID: BINANCE DONATES $2.5 MN WORTH OF
STABLECOINS FOR RELIEF EFFORTS IN UKRAINE
BUSD is a stablecoin developed in a collaboration between New York-based trading
and custody platform Paxos and Binance.
* Sunainaa Chadha
* TIMESOFINDIA.COM
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NEW DELHI: USA for UNHCR, the UN Refugee Agency, on Thursday accepted its first
stablecoin crypto donation towards the organization’s humanitarian support for
families forced to flee Ukraine for neighboring countries. The $2.5 million USD
equivalent from Binance through Binance Charity.
BUSD is a stablecoin developed in a collaboration between New York-based trading
and custody platform Paxos and Binance.
The BUSD donation is further demonstration of how cryptocurrency is playing a
key role in raising vital funds and providing humanitarian aid for the crisis in
Ukraine.
The UN refugee agency, USA for UNHCR, has accepted its first stablecoin crypto
donation of $$2.5 million equivalent from crypto exchange platform Binance
towards the organisation’s humanitarian support for families forced to flee
Ukraine to neighboring countries.
Stablecoins prices are tied to a reserve asset like the US dollar or gold.
The Binance USD (BUSD) donation is a demonstration of how cryptocurrency is
playing a key role in raising funds and providing humanitarian aid for the
crisis in Ukraine.
The donation will go towards providing humanitarian, legal and social assistance
including psychosocial support and emergency shelter to people in need. More
than 10 million people have already been displaced due to the crisis.
Four million people have found safety in neighbouring countries like Poland,
Moldova, Romania and Hungary, while millions more have been forced from their
homes but remain inside Ukraine.
“Binance Charity’s commitment to the families fleeing the war in Ukraine shows
the innovative philanthropic power of crypto in action,” said Anne-Marie Grey,
Executive Director and CEO of USA for UNHCR. “This generous support will make a
life-changing difference for families forced to flee, and more importantly, it
shows families that a caring and committed global community is stepping forward
to help during their darkest times.”
Helen Hai, Head of Binance Charity, said: “Every day we see more casualties,
more destruction, more lives lost. Our hearts ache for the people of Ukraine. We
are proud that we’ve been able to work with UNHCR to deliver its first BUSD
crypto donation. UNHCR’s tireless efforts and second-to-none experience in
assisting refugees, makes them an obvious choice to support as part of our $10
million USD in crypto donations.”
This is the latest donation following Binance’s $10 million USD commitment to
help people impacted by the crisis in Ukraine. Through Binance Charity, more
than $4.5 million has already been donated, bringing the total amount to $7
million including the funding to USA for UNHCR.
In addition to the $10 million USD commitment, Binance Charity launched a
crowd-funding platform, which has raised approximately $900K USD from the crypto
community. This money will also be allocated to humanitarian efforts.
Binance Charity's donation comes at a time when the UNHCR is working with US
government authorities in Ukraine, other UN agencies, local community groups and
other partners to provide humanitarian assistance.
In 2019, Unicef launched a crypto fund, becoming the first U.N. organization to
not only accept but also disperse cryptocurrency to support projects for
children around the world. In 2020, it also provided crypto investment funding
of startups.
Ukraine has been raising funds in various cryptocurrencies since Russia launched
its military assault in February.
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EXCLUSIVE
INDONESIA IMPOSES TAX AND VAT ON CRYPTO INCOME AND PURCHASES AT 0.1 PERCENT
The Director explained the rationale behind imposing income tax and VAT on
crypto purchases. The Indonesian government levied income tax and VAT on crypto
purchases because the central bank, Bank of Indonesia, and the Ministry of Trade
consider crypto a commodity, and not a means of payment. However, Saksama said
that crypto assets are not considered currency either.
* TIMESOFINDIA.COM
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The Indonesian government announced the imposition of income tax at 0.1 percent
on crypto income and VAT on crypto purchases on April 1. The Director of tax
regulations for the Ministry of Finance Hestu Yoga Saksama confirmed to CNN
Indonesia that the Indonesian government has decided to tax capital gains income
from crypto investments at 0.1 percent.The same rates would be levied on
value-added tax (VAT) on crypto purchases. Both the taxes would be applicable
from May 1. The government is still working on the implementation of tax
regulations.
The Director explained the rationale behind imposing income tax and VAT on
crypto purchases. The Indonesian government levied income tax and VAT on crypto
purchases because the central bank, Bank of Indonesia, and the Ministry of Trade
consider crypto a commodity, and not a means of payment. However, Saksama said
that crypto assets are not considered currency either.
It is also noteworthy that VAT imposed on crypto assets is much lower than the
11 percent VAT levied on most goods and services in Indonesia. adding that the
0.1 percent income tax on capital gains matches that on shares listed on the
Indonesian stock exchange.
The adoption of crypto assets spiked in Indonesia during the COVID-19 pandemic,
with exponential increase of the number of crypto asset holders to 11 million by
the end of 2021. The crypto asset transactions in commodity futures markets
reached $59.8 billion in 2021 which was more than 10 times higher than 2020's
transaction value, according to the data from the Commodity Futures Trading
Regulatory Agency, Reuters reported. Currently, the Indonesian government allows
trading of crypto assets as a commodity but prohibits using it as a means of
payment.
The new taxation comes after the Indonesian parliament approved a law in October
2021 for major tax overhauls, including raising VAT in 2022 for generating more
revenues that were hit during pandemic and ensuring tax compliance.
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EXCLUSIVE
BHARATPE EMPLOYEES COME OUT IN THE OPEN: “SUFFERING BECAUSE OF INTERNAL
POLITICS”
In yet another episode of the BharatPe discord, employees took to LinkedIn
against the senior management for not paying salaries at time or reimbursing
their bills. "We were with BharatPe ever since the Company started and now we
are nowhere because of your internal politics," said a senior IT associate.
* ETBFSI
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Karan Sarki, a senior IT associate at BharatPe, claimed that he and his
colleagues did not receive their salaries for March despite multiple follow ups
and visits to the office.
"All the old admin staff of BharatPe have been terminated by you without giving
any reason and their salaries have not been paid.We were with BharatPe ever
since the Company started and now we are nowhere because of your internal
politics. We are poor people and have our houses to run, small kids to take care
of," he said in a LinkedIn post.
The employees have been spending their own money for the company's petty cash,
and reimbursement bills have not been paid since December, he said. "All the
staff of BharatPe are enjoying paid office trips to Goa and we engraved
employees are fighting for their salaries and job. What kind of leader you are,"
he added, tagging BharatPe CEO Suhail Sameer and co-founders Ashneer Grover and
Shashvat Nakrani.
Dhananjay Kumar, Associate Admin at BharatPe who claims to be one of the oldest
employees at the company, also took to LinkedIn saying he also has to follow up
on his salary and reimbursements. "Why were we thrown out of the company without
any reason? My mother is suffering from Lung Disease and is hospitalized. Please
give our dues and ESOPs back," he commented.
In reply, Grover asked Sameer to look into the matter. "Not done. Their salaries
have to be paid first before anything."
Following this, Grover's sister Aashima also joined the conversation, describing
BharatPe's top management as a "shameless bunch".
Sameer hit back at her for her remark and said : "Tere bhai ne saara paisa chura
liya (your brother stole all the money). Very little left to pay salaries."
The brawl between Ashneer Grover and BharatPe’s management has been going on for
quite some time, and there seems to be no sign of cooldown between the two.
Suhail was criticised for his comment by Binod Acharya, a business manager. "I
can't believe a "CEO" of your stature answering with such brazenness. I feel
like you're trying to score some personal points here trying to be sarcastic or
ironic. The moot point is that an employee has NOT BEEN PAID for his sweat and
blood he put in your company," he said.
Ashneer Grover and his wife Madhuri Jain Grover have been accused of financial
irregularities, and the company said the couple had "grossly abused" company
expense accounts to fund their lavish lifestyles.
Madhuri was sacked as the company's head of controls in February, while Ashneer
was removed from all his positions at BharatPe in March.
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EXCLUSIVE
NFT PLATFORM BITSCRUNCH PARTNERS WITH MASTERCARD
Mastercard is entering the crypto space to facilitate transactions where
non-crypto users may purchase digital assets with fiat currencies (credit and
debit cards).
* ETMarkets.com
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New Delhi: NFT verification facilitating platform bitsCrunch has partnered with
MasterCard for a new Web3 project. bitsCrunch will be incubated through their
Master Start Path.
The expertise from MasterCard will help ingenious later-stage startups grow and
reach a global customer base. bitsCrunch and MasterCard Start Path will provide
customers with cutting-edge collaboration solutions through this partnership.
Mastercard is entering the crypto space to facilitate transactions where
non-crypto users may purchase digital assets with fiat currencies (credit and
debit cards).
bitsCrunch can assist even non-crypto users in securing their digital assets
through this partnership.
bitsCrunch has products such as Unleash NFTs, Scour, Liquify, Crunch DaVinci,
which help to provide matchless, secure, and credible solutions to meet the
needs of MasterCard customers around the world to make informed decisions over
NFTs.
Vijay Pravin Maharajan, Founder & CEO, bitsCrunch said, “With tech-savvy tools,
an incredible team, and industry expertise, bitsCrunch ensures consistent
quality and safety across the digital assets startups."
Collaborating with MasterCard Start Path helps us deliver the best-in-class
solutions to emerging crypto industry customers and transform business
landscapes, he added.
Mastercard Start Path is a program designed to help later-stage startups scale
through Mastercard's technology, solutions expertise, and global network of
partners.
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EXCLUSIVE
EXCLUSIVE: VIJAY SHEKHAR SHARMA GETS NEW STOCK OPTIONS AHEAD OF PAYTM IPO
Vijay Shekhar Sharma is getting a significant amount of new stock options in
One97 Communications, a move that would increase his stake in the parent company
by 2-3% ahead of the $2.2-billion Paytm IPO.
* Digbijay Mishra
&
* Ashwin Manikandan
* ETtech
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Bengaluru | Mumbai: Paytm founder Vijay Shekhar Sharma is getting a significant
amount of new stock options in One97 Communications, a move that will increase
his stake in the parent company by 2-3%, people close to the matter said.
This comes ahead of the $2.2-billion Paytm IPO, billed as the biggest in India
in at least a decade.
The digital payments firm recently more than doubled its ESOP pool to around
61,094,280 equity options of face value Re 1 each from 24,094,280 equity
options. Sources said a “significant chunk” of these new stock options have been
allotted to Sharma. “They sought the shareholder approval for ESOP pool
expansion in August, which was approved earlier this month. Almost half of it
has been allocated to Sharma,” a source said.
Sharma, who holds around 15% stake in One97 Communications, is planning to sell
a part of his holding through an offer for sale (OFS) in the upcoming Paytm IPO.
The new stock options given to him will increase his holding even after he
offloads a part of his shareholding. These are performance-linked and based on
Paytm achieving certain milestones, sources said. “This is also a way of the
management rewarding Sharma for scaling Paytm to this point (IPO) as a leading
payments firm,” another person close to the company said. Besides Sharma,
investors like Ant Group, Alibaba Group, SoftBank and Elevation Capital are also
expected to sell parts of their stakes in the Paytm IPO.
When contacted, a Paytm spokesperson did not immediately respond to a query sent
by ET.
Pre-IPO moves
To be sure, the allocation of new stock options to Sharma is not an anomaly as
many top-tier founders have received such grants before an IPO so that they can
reap the benefits of listing. On September 10, ET reported that founders of
Tata-owned BigBasket were also granted new management stock options to “retain,
attract and motivate” talent at the online grocer.
Over the past few months, Paytm has seen its current and former executives also
converting their stock options to shares, hoping to cash in during the IPO. In
August, the company also granted new ESOPs to 166 former and current employees,
which were then converted into shares of the company, regulatory filings
accessed by ET showed.
Additionally, Paytm has formalised three appointments to the board of directors:
* Neeraj Arora, former chief business officer of WhatsApp, as non-executive
independent director
* Ashit Ranjit Lilani, managing partner of Saama Capital, as non-executive
independent director
* Douglas Feagin, senior vice president at investor Ant Group, as a director
Paytm had in July filed a draft red herring prospectus with the markets
regulator, the Securities and Exchange Board of India (Sebi), to raise Rs 16,600
crore ($2.2 billion) through a public issue.
The offering will comprise a fresh issue worth Rs 8,300 crore and a secondary
issue or an offer for sale of the same size, according to the draft papers. The
company has kept an open window for a pre-IPO funding round of up to Rs 2,000
crore. If that happens, the size of the fresh issue will be adjusted
accordingly.
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