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EXCLUSIVE


PHONEPE LEADS AMID WIDE GULF BETWEEN TOP THREE UPI SERVICE PROVIDERS

While PhonePe has nearly 50 per cent market share, Google Pay had over 34 per
cent share while Paytm had over 10 per cent in December.

 * ETBFSI Research
 * ETBFSI
 * January 14, 2023, 08:00 IST

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PhonePe has stayed as the top Unified payments interface (UPI) service provider
with nearly 50 per cent of the transactions processed in December.

It processed around 367.42 crore transactions worth Rs 6.49 lakh crore during
the month, which value-wise was 46.92 per cent market share.



Google Pay

Google Pay was a distant second with 34.34 per cent, or 271.2 crore, of the
total UPI transaction processed in December with a value of Rs 4.4 lakh crore.
Paytm was the third player with 10.82 per cent of the transaction count as it
processed 117 crore transactions worth Rs 1.38 Lakh cr in December, according to
the National Payments Corporation of India (NPCI) data.

Together, PhonePe, Google Pay and Paytm accounted for 96.5 per cent of the
market share.

Other players

CRED, the new player saw its share in UPI transactions inch up to 0.4 per cent
in December from 0.3 per cent in November though its share of transaction value
fell slightly from 1.56 per cent in November to 1.53 per cent in December last
year.

The rest of the market was with banks and other fintech players.

During December a total of 782.9 crore transactions were processed which were
worth 12.82 lakh crore. During the entire 2022, the UPI transactions totalled
7,404.45 crore at a value of Rs 125.95 lakh crore.

Most of the transactions were for groceries and supermarkets, restaurants,
recharges, fast food restaurants and games, which have low ticket sizes and high
repeat value.



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   banks, govt depts


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FINTECH

 * 7 hrs ago
   
   BUDGET 2023: WHAT FM CAN DO TO PROMOTE GROWTH IN THE START-UPS SPACE

 * 2 days ago
   
   PHONEPE LEADS AMID WIDE GULF BETWEEN TOP THREE UPI SERVICE PROVIDERS

 * 2 days ago
   
   CRYPTOS ARE NOTHING BUT GAMBLE, THEIR VALUE ONLY MAKE-BELIEVE: RBI GOVERNOR

 * 3 days ago
   
   ONLINE PAYMENTS FIRM CASHFREE LAYS OFF AROUND 100 EMPLOYEES TO REDUCE COSTS

View More


EDITOR'S PICK

 * 2 hrs ago
   
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 * 3 hrs ago
   
   FAILURE TO MITIGATE CLIMATE CHANGE WILL BE A SEVERE THREAT IN SHORT TERM :
   WEF REPORT

 * 7 hrs ago
   
   BUDGET 2023: WHAT FM CAN DO TO PROMOTE GROWTH IN THE START-UPS SPACE

 * 3 hrs ago
   
   PAYMENT AGGREGATOR LICENSE: THE TWISTS AND TURNS IN JOURNEY SO FAR

 * 9 hrs ago
   
   BUDGET 2023: HERE'S WHAT NBFC LEADERS EXPECT FROM UNION BUDGET 2023


BFSI VIDEOS


 * INSURANCE CXOS DISCUSSION: BUILDING CUSTOMER RELATIONS OVER DATA
   
   Synopsis: The stiff competition in the insurance sector demands that
   organisations should have an edge over their competitors. This requires an
   in-depth analysis of the customer data and offering products that suit their
   needs. This session will deliberate how organisations can mine their data to
   build and nurture relations with their customers.Moderator: Rajan Chhabria,
   Partner & ED - Insurance & Financial Markets Cluster, IBM Consulting; Sachin
   Seth, MD & CEO, BSE Ebix Insurance Broking; Priya Deshmukh Gilbile, COO,
   ManipalCigna Health Insurance; Goutam Datta, CIO & CDO, Bajaj Allianz Life;
   Suhail Ghai, CIO & CDO, Max Life Insurance; Suvendu Prusty, Co-Founder,
   Riskcovry.

 * 5 days ago
   
   INSURANCE LEADERS' DISCUSSION: THRIVING IN THE WORLD OF DIGITAL

 * 7 days ago
   
   EGI CHIEF SHANAI GHOSH ON THE UPCOMING TRENDS IN INSURANCE INDUSTRY

 * 9 days ago
   
   NBFCS LEADERS DISCUSSION: THRIVING IN THE WORLD OF DIGITAL

View More




EXCLUSIVE


BUDGET 2023: WHAT FM CAN DO TO PROMOTE GROWTH IN THE START-UPS SPACE

Union Budget 2023 for startups: For the growth seen in 2021 to be a long-term
phenomenon, the government could boost the investment flows into the start-ups
through some key changes.

 * ETBFSI

Click Here to Read This Story
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India Budget 2023: The beginning of every year heralds a need for clarity in the
economic and fiscal policies of the Government of India and the first glimpse of
such clarity/change is seen through the Union Budget, which is announced
annually on the 1st of February.

While the Union Budget is all-encompassing, each set of beneficiaries has their
own set of aspirations which they expect to be met from it. With the booming
business landscape in India, the start-up ecosystem has mushroomed; with a
record 44 Indian start-ups achieving ‘unicorn’ status and over 14,000 recognized
start-ups being incorporated in 2021 alone.

With such growth, some misgivings about the usage of the term to refer to
entities that are a ‘start-up’ in spirit but evolved in other metrics like
profitability, size, scale etc. lend perspective to the possibility of unbridled
growth a favourable regulatory system could yield.



A key factor aiding rapid growth is the simplification of regulations and
incentive schemes targeted at start-ups and their stakeholders. It is no
surprise that there is much fervour on what the upcoming budget will entail for
them. It is critical that the government recognizes the difficulties and
addresses them to prevent stagnation and promote growth in this space.

Budget 2023 Survey: Let FM know what you think

For the growth seen in 2021 to be a long-term phenomenon, the government could
boost the investment flows into the start-ups through some key changes. Some key
areas that the budget could focus on would be

Investment incentives


 * Rationalisation of long-term capital gains tax rates - Presently, the
   effective tax rate for resident individual investors could be as high as
   28.5% while for non-resident investors, it could be as low as 10.92%. A move
   towards parity of tax rates could provide the much-needed fillip in boosting
   resident investment flow into Indian start-ups.
 * Recognition of swap of shares as exempt transaction - The tax law recognises
   only court-approved restructuring as tax exempt. With increased consolidation
   in the start-up world, most restructuring happens by way of the swap of
   shares without any cash outgo. Being similar in nature to a court-approved
   restructuring, an extension of tax exemption to share swap would seem
   logical.
 * Overseas listing of start-ups – Listing of Indian start-ups overseas would
   only go to benefit the world’s view of India as a start-up/innovation hub.
   Similar to the ADR/GDR transactions, exemption from Indian tax of the shares
   of these overseas listed companies would make such overseas listing a real
   possibility.

Business and talent-related



 * Longer shelf life for losses – Start-ups operate in businesses which have a
   long lead time to profitability with a focus on growth, capturing the market,
   consumer behaviour etc. At present, tax laws allow a restricted period for
   the set off of losses with the need for 51% of ownership to be the same
   between the year of the loss and the utilisation of such losses. A relaxation
   of this condition is necessary.
 * Super premium tax – While valuations and investments are forward-looking in
   nature, we’ve seen a rejection of valuation reports and methods of valuation
   by tax officers in the year of audit basis prevailing facts which are ~2
   years from the actual fund infusion. Also in many cases, the addition of such
   premium is made under provisions related to unexplained cash
   credits/investments etc. Clarity on these aspects will reduce the friction
   and issues involved in the tax assessments of start-ups.
 * One of the trends in start-ups, irrespective of industry, is the issuance of
   consultant stock options (i.e., shares to third parties outside the
   organization) especially to conserve cash. Presently, there is no clear-cut
   guidance on how the stock option will be taxed in the hands of the recipient.
   Bringing clarity to taxation by aligning it to the existing ESOPs tax scheme
   would be a good change.

Also Read | Union Budget 2023: 5 ways to make digital rupee or CBDC a success

Regulations related


 * Start-ups being at the forefront of disruption, often are caught ahead of
   regulatory oversight. Especially in the recent past, sectors such as fintech,
   and ed-tech have seen regulatory changes which have upended their business
   models overnight. This has forced start-ups to curtail operations, and pivot
   to other business models where clearly the underlying business
   rationale/market has been proven to exist with size.
 * Financial inclusion, access to education for all, and equitable growth are
   overt objectives of the government. Therefore, while the regulators, and
   government agencies, have tried at times to include dialogue around these
   areas, a more graded set of changes with a list of dos and don’ts, and
   principle-based regulations would help the proverbial baby not be thrown with
   the bathwater.

In essence, the expectation within the start-up community from the upcoming
budget is for relaxation and simplification in regulations which would improve
the ease of doing business within India

(KT Chandy is Partner and Co-leader – Private Tax, EY India. Views expressed are
personal)


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EXCLUSIVE


CRYPTOS ARE NOTHING BUT GAMBLE, THEIR VALUE ONLY MAKE-BELIEVE: RBI GOVERNOR

Reserve Bank governor Shaktikanta Das reiterated the need for an outright ban on
cryptos saying though those supporting it call it an asset or a financial
product

 * PTI

Click Here to Read This Story
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Reserve Bank governor Shaktikanta Das on Friday reiterated his call for an
outright ban on cryptocurrencies, saying these are "nothing but gambling" and
their perceived "value is nothing but make-believe." To further its opposition
to such currencies and also to take a lead over other central banks, the RBI
recently launched its own digital currency (central bank digital currency), in
the form of e-rupee on a pilot mode, first for the wholesale in late last
October and a month later for retail customers.

Speaking at a Business Today event this evening here, Das reiterated the need
for an outright ban on cryptos saying though those supporting it call it an
asset or a financial product, there is no underlying value in it not even a
tulip (alluding to the Dutch tulip mania blow-up in the early part of the past
century).

"Every asset, every financial product has to have some underlying (value) but in
the case of crypto there is no underlying... not even a tulip...and the increase
in the market price of cryptos, is based on make-believe. So anything without
any underlying, whose value is dependent entirely on make-believe, is nothing
but 100 per cent speculation or to put it very bluntly, it is gambling," the
governor said.



"Since we don't allow gambling in our country, and if you want to allow
gambling, treat it as gambling and lay down the rules for gambling. But crypto
is not a financial product," Das asserted.

Warning that legalizing cryptos will lead to more dollarization of the economy,
he said cryptos masquerading as a financial product or financial asset, is a
completely misplaced argument.

Explaining it, he said the bigger macro reason for banning them is that cryptos
have the potential to and the characteristics of becoming a means of exchange;
an exchange of doing a transaction.

Since most cryptos are dollar-denominated, and if you allow it to grow, assume a
situation where say 20 per cent of transactions in an economy are taking place
through cryptos issued by private companies.

Central banks will lose control over that 20 per cent of the money supply in the
economy and their ability to decide on monetary policy and to decide on
liquidity levels. Central banks' authority to that extent will get undermined,
it will lead to a dollarization of the economy.

"Please believe me, these are not empty alarm signals. One year ago in the
Reserve Bank, we had said this whole thing is likely to collapse sooner than
later. And if you see the developments over the last year, climaxing in the FTX
episode, I think I don't need to add anything more," Das said.



To a question whether he sees any threat to the safety and security of banking
from the increased digitization of payments, Das said banks have to ensure that
they are not swallowed by big tech which today control most digital
transactions.

"Issues of data privacy and issues of robustness of the tech infrastructure of
banks have to be the focus of banks. Since many banks are actively engaged with
many big tech, their challenge is to ensure that this should not lead to a
situation where banks are swallowed up by the big tech. Banks should take their
own decisions and not to be allowed to be dominated by big tech," Das said.

On the CBDC being piloted now, he said central banks issued digital currencies
are the future of money and its adoption can help save on logistic and printing
costs.

"I think CBDC is the future of money," the governor said, adding "since lots of
central banks are doing/working on it and we cannot be left behind but at the
same time we have to ensure that its technology is robust and very safe and
ensure that it's not cloned or counterfeited."

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EXCLUSIVE


ONLINE PAYMENTS FIRM CASHFREE LAYS OFF AROUND 100 EMPLOYEES TO REDUCE COSTS

Bangalore-based fintech startup Cashfree, backed by the likes of YCombinator and
Apis Partners said the layoffs will impact around 6-8% of its employees.

 * Tarush Bhalla
 * ETtech

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Online payments service provider Cashfree has laid off around 100 employees as
it looks to reduce costs and cash burn, multiple people aware of the development
told ET.

The Bengaluru-based fintech startup, backed by YCombinator and Apis Partners,
sacked employees across sales and merchant onboarding earlier this week, the
sources said.

Cashfree is the latest large internet firm to cut jobs in a tough funding
environment, joining several Indian startups -- especially edtech firms -- and
big tech firms such as Meta and Amazon, which have announced layoffs in the last
few months.



Electric mobility startup Bounce; Tiger Global-backed business-to-business (B2B)
marketplace Moglix and ecommerce rollup startup Upscalio have also sacked
employees this month.


“Cashfree Payments has been periodically evaluating performances and processes
as a standard business practice. The organisation has re-evaluated the relevance
of certain roles and functions leading to movement of talent within teams and a
few employee exits. This process of organisational restructuring has impacted
around 6-8% of employees,” a spokesperson told ET.

The spokesperson, however, denied that over 100 employees had been fired.

Read | Fund-starved startups sacked nearly 18,000 employees

People in the know said private sector lender ICICI Bank had paused its
partnership with Cashfree’s bulk payout product offering. Payouts by Cashfree
Payments is a payment disbursal product that allows businesses to make bulk
payments.

The payment gateway provider was offering this service to ICICI Bank’s business
customers, after know-your-customer (KYC) approved accounts were created by it.

The Cashfree spokesperson denied that ICICI Bank had paused support for its
payout product.

The layoffs at Cashfree come at a time when the fintech sector is grappling with
a funding crunch and tightening of regulations by the Reserve Bank of India.



Cashfree had been in talks to raise almost $100 million since the past year but
the funding round remained stuck due to the economic downturn and several
regulatory changes by the central bank.

Also read | VC funding for startups down 30% to $24 billion in 2022

The company was last valued at $200 million in June 2021 after it raised
strategic funding from India’s largest lender, State Bank of India (SBI).

In December 2022, the RBI asked Cashfree to step up checks and stop
self-onboarding services for its new merchants, ETtech reported on December 16,
citing sources. As a result, the payments company had slowed its enterprise
onboarding, we reported earlier. The central bank had also barred Cashfree’s
competitor Razorpay from onboarding new merchants.

According to people aware of the matter, the central bank’s decision to pause
merchant additions for these gateways was linked to their payment aggregator
(PA) licences.

Entities that apply for a PA licence must submit to a system audit, which
includes a cybersecurity audit. Firms that have received RBI’s nod for a PA
licence must also shift from using nodal accounts to escrow accounts.

Illustration and graphics by Rahul Awasthi


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EXCLUSIVE


ONLINE PAYMENTS FIRM CASHFREE LAYS OFF AROUND 100 EMPLOYEES TO REDUCE COSTS

Bangalore-based fintech startup Cashfree, backed by the likes of YCombinator and
Apis Partners said the layoffs will impact around 6-8% of its employees.

 * Tarush Bhalla
 * ETtech

Click Here to Read This Story
 * 
 * 
 * 
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Online payments service provider Cashfree has laid off around 100 employees as
it looks to reduce costs and cash burn, multiple people aware of the development
told ET.

The Bengaluru-based fintech startup, backed by YCombinator and Apis Partners,
sacked employees across sales and merchant onboarding earlier this week, the
sources said.

Cashfree is the latest large internet firm to cut jobs in a tough funding
environment, joining several Indian startups -- especially edtech firms -- and
big tech firms such as Meta and Amazon, which have announced layoffs in the last
few months.



Electric mobility startup Bounce; Tiger Global-backed business-to-business (B2B)
marketplace Moglix and ecommerce rollup startup Upscalio have also sacked
employees this month.


“Cashfree Payments has been periodically evaluating performances and processes
as a standard business practice. The organisation has re-evaluated the relevance
of certain roles and functions leading to movement of talent within teams and a
few employee exits. This process of organisational restructuring has impacted
around 6-8% of employees,” a spokesperson told ET.

The spokesperson, however, denied that over 100 employees had been fired.

Read | Fund-starved startups sacked nearly 18,000 employees

People in the know said private sector lender ICICI Bank had paused its
partnership with Cashfree’s bulk payout product offering. Payouts by Cashfree
Payments is a payment disbursal product that allows businesses to make bulk
payments.

The payment gateway provider was offering this service to ICICI Bank’s business
customers, after know-your-customer (KYC) approved accounts were created by it.

The Cashfree spokesperson denied that ICICI Bank had paused support for its
payout product.

The layoffs at Cashfree come at a time when the fintech sector is grappling with
a funding crunch and tightening of regulations by the Reserve Bank of India.



Cashfree had been in talks to raise almost $100 million since the past year but
the funding round remained stuck due to the economic downturn and several
regulatory changes by the central bank.

Also read | VC funding for startups down 30% to $24 billion in 2022

The company was last valued at $200 million in June 2021 after it raised
strategic funding from India’s largest lender, State Bank of India (SBI).

In December 2022, the RBI asked Cashfree to step up checks and stop
self-onboarding services for its new merchants, ETtech reported on December 16,
citing sources. As a result, the payments company had slowed its enterprise
onboarding, we reported earlier. The central bank had also barred Cashfree’s
competitor Razorpay from onboarding new merchants.

According to people aware of the matter, the central bank’s decision to pause
merchant additions for these gateways was linked to their payment aggregator
(PA) licences.

Entities that apply for a PA licence must submit to a system audit, which
includes a cybersecurity audit. Firms that have received RBI’s nod for a PA
licence must also shift from using nodal accounts to escrow accounts.

Illustration and graphics by Rahul Awasthi


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EXCLUSIVE


PAYTM TO BE KEY BENEFICIARY OF UPI INCENTIVE SCHEME, MAY CASH IN 5-7% OF TOTAL:
MORGAN STANLEY

This report by the firm came right after the Union Cabinet on Wednesday approved
the incentive scheme with a financial outlay of Rs 26 billion for the promotion
of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M) for 2022-23,
compared with Rs 15 billion in 2021-22.

 * ANI

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Digital payments and financial services company Paytm is expected to be a key
beneficiary of India's latest UPI incentive scheme, said brokerage and global
investment firm Morgan Stanley.

This report by the firm came right after the Union Cabinet on Wednesday approved
the incentive scheme with a financial outlay of Rs 26 billion for the promotion
of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M) for 2022-23,
compared with Rs 15 billion in 2021-22.

"Apart from banks, Paytm should be a key beneficiary of the above (scheme). On
our estimates, Paytm would have received 5-7 per cent of the FY22 incentive, and
assuming a similar share for FY23, this would represent 3-5 per cent of our
contribution profit estimate (1 per cent higher than what we previously assumed
for FY23)," the brokerage firm also mentioned.



The associate of Paytm's parent firm One97 Communications' Paytm Payments Bank
is the top beneficiary and leading remitter bank for UPI transactions.

Paytm Payments Bank being an Issuer and PSP Bank in itself along with being an
acquirer of UPI transactions. Under the scheme, acquiring banks are provided
with financial incentives for promoting point-of-sale and e-commerce
transactions using RuPay debit cards and BHIM-UPI transactions.

Vijay Shekhar Sharma, Founder, CEO and MD of Paytm, welcoming the Cabinet's
move, tweeted, "Huge commitment by GOI Cabinet to push Digital Payments thru UPI
and RuPay! The #DigitalIndia mission of our government will bring long-term
benefits to our economy."

During its last earnings call, Paytm's top management had said, "UPI merchant
payments (which are free for the merchant) have become revenue-generating given
the government is encouraging digital payments in the form of incentives for UPI
P2M transactions. UPI helps us with efficient customer and merchant acquisition
and allows us to better monetize our platform by upselling financial services as
well as payments devices."

This incentive scheme will facilitate the building of a robust digital payment
ecosystem and promote RuPay Debit Card and BHIM-UPI digital transactions.



In line with the objective of 'Sabka Saath, Sabka Vikas', the scheme will also
promote UPI Lite and UPI 123PAY as economical and user-friendly digital payments
solutions and enable further deepening of digital payments in the country,
across all sectors and segments of the population.

The government also intends to continue the financial support for digital
payments announced in the previous Budget, with a focus on promoting use of
payment platforms that are economical and user-friendly. The scheme has been
formulated in compliance with the aforesaid Budget announcement.

Meanwhile, the Paytm Super App continues to see growing consumer engagement with
the average Monthly Transacting User for the quarter that ended December 2022 at
85 million, registering a growth of 32 per cent on a yearly basis. The total
merchant Gross Merchandise Value processed through the platform for the quarter
ended December 2022 aggregated to Rs 3.46 Lakh crore (USD 42 billion), marking a
yearly growth of 38 per cent.

Moreover, Morgan Stanley pegged Paytm's shares target price to be at Rs 695
going ahead as against Rs 579 at Wednesday's close. It essentially means there
is an upside potential of about 20 per cent returns on investment for investors.


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EXCLUSIVE


RBI GRANTS IN-PRINCIPLE APPROVAL FOR PAYMENT AGGREGATOR LICENCE TO ENKASH

Founded in 2018, EnKash claims to have assisted 1 lakh businesses to digitise
and decentralise their corporate payments.

 * ETtech

Click Here to Read This Story
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Fintech startup EnKash said on Wednesday it has received in-principle approval
from RBI for payment aggregator's licence. The licence will enable EnKash to
broaden its product offerings to millions of businesses for digital
transactions.

Founded in 2018, EnKash claims to have assisted 1 lakh businesses to digitise
and decentralise their corporate payments.

"RBI's in-principle approval to EnKash reiterates the need for digital solutions
to manage business cash flows in an efficient way to sustain growth and
profitability. This will help us streamline the cash flow process for businesses
where they will be able to seamlessly consolidate their all payable and
receivable and make necessary actions around payments," EnKash co-founder
Yadvendra Tyagi said.



The company had raised $20 million in a Series-B funding round led by Ascent
Capital with participation from Baring India, White Ventures & existing
investors in 2022.

Meanwhile, end-to-end payment solutions provider Hitachi Payment Services and
fintech unicorn BharatPe also said on Tuesday that they had received in
principle nod from RBI for a payment aggregator licence.

All three firms have joined fintech platforms such as Open, Infibeam, Cashfree,
Paysharp and Worldline ePayments which already have such approvals in place.

In March 2020, the RBI released the payment aggregator framework, wherein all
payment gateways were required to obtain a licence to acquire merchants and
offer them payments services.

Following this, at least 185 fintech companies, including big names like Cred,
Razorpay, and PhonePe, submitted proposals seeking the licence, ET reported
earlier.

Last month, ET reported that RBI had asked multiple payment gateways, including
Razorpay, which received the regulator’s in-principle approval for the licence,
to stop onboarding new merchants.

RBI has also asked payment services provider Cashfree to stop self-onboarding
services for its new merchants and step up checks.



Payment aggregators help e-commerce sites as well as merchants accept various
payment instruments from customers to complete their payment obligations.


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EXCLUSIVE


SUDDEN SPUR IN FINTECH FUNDING FOR DECEMBER, BACK TO SEPTEMBER LEVEL

The FinTech sector had seen a sudden spur in FinTech fundraising in the month of
December, with Kreditbee leading the list, followed by Money View, NeoGrowth and
Zype. Here are the FinTechs that raised the most in December, 2022, according to
1Lattice (prev. PGA Labs).

 * Anushka Sengupta
 * ETBFSI

Click Here to Read This Story
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Kreditbee led the list of FinTech deals, having raised the most in November. The
digital lending platform raised a whopping $80 million in December, led by top
investors like Premji Invest, Newquest, MUFG, India Business Excellence Fund,
Motilal Oswal and Mirae Asset Venture Investments, revealed data by 1Lattice.

Following Kreditbee, fintechs like Money View, NeoGrowth, Zype, MintOak and
GrayQuest raised the most in December.

Money View raised a total of $75 million, NeoGrowth raised $36.4 in total and
Zype raised 17.7 million.



The data revealed that the month of December saw a total investment of about $
226 million from 12 leading FinTechs of India, registering a growth of
approximately 151 percent. The sector had raised a total of $ 90 million in
November and $ 108 million in October.

A total of $ 4041 million were raised this calendar year, from January, 2022 to
December, 2022, according to data by 1 Lattice (prev. PGA Labs).

During a recent panel discussion at ETBFSI Converge, FinTech industry stalwarts
said that they believe there is no funding winter in the FinTech sector now,
pressing to the fact that fundraising is more real now, there's more value out
there and it's not that money or funds are not there. (Link copy)

To give an overview, here are the top funding rounds in the FinTech sector,
totalling to $ 226 million from the month of December, as per data collated by 1
Lattice.



Sl NoCompanyFunds Raised (In $ million)Investors1KreditBee80Premji Invest,
Newquest, MUFG, India Business Excellence Fund, Motilal Oswal, Mirae Asset
Venture Investments2Money View75Apis Partners3NeoGrowth36.4Dutch development
bank FMO and existing investors4Zype17.7Xponentia Capital & Vivek Vig (BFSI
sector veteran)5Mintoak3.76HDFC Bank6GrayQuest3.75Pravega Ventures, VIC
Enterprises and Stallion Ventures along with existing backers.7Yellow Metal3MSA
Capital, WaterBridge Ventures, Spiral Ventures, LetsVenture’s LV Angel Fund and
Java Capital’s Csquare Venture Partners Fund 8AlgoBulls2Venture Catalysts,
LetsVenture, DSP Group, Hemant Sood, Sharath Kumar, Yuvraj Thakker, Milan
Parikh, Nitin Shahi9Cybrilla2Florintree10Insurance Samadhan2IIFL Finance, Raay
Global Investments, and existing investors including Equanimity Investments and
9Unicorns.



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EXCLUSIVE


LEADING FINTECH STARTUP RING TO LAUNCH IPO IN NEXT FISCAL: CEO RANVIR SINGH

In the latest episode of Fintech Diary with Amol Dethe, Ring founder, Ranvir
Singh, reveals exclusively that they are planning to launch an IPO in FY24 after
raising one or two more rounds of funding. Here is what he said about the
development.

 * ETBFSI

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After one or two more funding rounds, Ring will be all set to launch an IPO,
said Ranvir Singh in an exclusive interaction with ETBFSI.

Although there is a ‘not so positive view’ on the markets, he believes that in
the next two to three years that may change and that would be the right time to
launch an IPO, which also means that they have to prepare for an IPO right now
and they have already started the journey.

The CEO told that the company follows a rule of ‘seven- two’. Here, seven is the
number of lending products they want to sell and two is beyond lending which is
lending plus the number of products they want to sell. Hence, they wish to get
to a rule of seven, two for the large expanse of 40 million customers that we
are trying to tap into.



They have already started with one funding round and as far as the entire debate
around ‘Funding Winter’ goes, Ranvir believes that it has not been difficult for
lending companies to raise funds as there are Private Equity firms which have
been sitting on ample dry powder.

Watch: Fintech can ask better price to banks if they own customers says Ring

“Primarily the growth funds operating out of the U.S showing a keen interest in
the Indian market and what we are trying to state from a fundraise standpoint is
some combination of private equity and growth fund which we'll use to basically
have our next equity loan,” he added.

The IPO Journey so far
A lot of new-age businesses or startups such as Paytm (One97 Communications),
Zomato, Nykaa and Policybazar.com have hopped onto the bandwagon of hitting
Dalal street but have given negative returns to their shareholders.

New-age startups have eroded investor wealth by as high as 50%. Here's a quick
snapshot of how these firms have performed since they were listed.
Zomato: -57%
Paytm: -63%
Nykaa: -63%
Delhivery: -41.5%
PB fintech: -64%

With rich valuations, very high burn and thinner profitability prospects, these
new-age startups have not had a great rally in the market, but rather destroyed
the money put in by investors.



Lastly, he concludes by saying that FY24 or FY25 will be the year when they will
hit Dalal Street.



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EXCLUSIVE


BHIM UPI: IS THERE A LIMIT TO THE AMOUNT OF MONEY THAT CAN BE SENT USING BHIM?

A Virtual Payment Address (VPA) is a unique identifier, which you can use to
send and receive money on UPI. You can transfer and receive money from any
person using UPI

 * Sneha Kulkarni
 * ET Online

Click Here to Read This Story
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BHIM – Bharat Interface for Money is a UPI based payment interface that allows
real time fund transfers using a single identity like your mobile number or
name.

How to download Bhim app
Step 1: Download and Install BHIM app from Google Play store/Apple App Store.
Step 2: Select your preferred language.
Step 3: Select SIM card which has the mobile number registered with your
respective bank.
Step 4: Set the application passcode required to enter the app.
Step 5: Link your bank accounts using bank account option.
Step 6: Set your UPI PIN by providing last 6 digits of debit card and expiry
date of debit card.
Step 7: Click on send and enter UPI ID. You can also Scan & Pay the QR of the
person to whom you want to send money.
Step 8: Enter the UPI Pin you set earlier to authenticate the transaction.
Step 9: Check ‘Transaction’ to see the status of the transaction.

Is there a limit to the amount of money that can be sent using BHIM?A user can
send up to Rs 100,000 per transaction and a maximum of Rs 100,000 per day for
one bank account. This limit is available per bank account linked on BHIM.



Here are important FAQs on BHIM transactions.
Where and how can I pay using BHIM?
• Pay your friends or relatives directly through their UPI ID.
• While shopping online, click on the ‘Pay by UPI/BHIM’ option
• Scan UPI QR/BHIM OQ code at merchant outlets to make payments

What can I do with BHIM?
• You can transfer and receive money from any person using UPI
• You can pay bills on merchant websites with UPI
• You book flight tickets or recharge your mobile
• You can scan a QR code to make quick payments
• You can check your transaction history on UPI
• You can send money to Account and IFSC code

What can I do with BHIM?
• You can transfer and receive money from any person using UPI
• You can pay bills on merchant websites with UPI
• You book flight tickets or recharge your mobile
• You can scan a QR code to make quick payments
• You can check your transaction history on UPI
• You can send money to Account and IFSC code.

What is VPA?
A Virtual Payment Address (VPA) is a unique identifier, which you can use to
send and receive money on UPI. Think of it as an email ID which you can use to
transfer money.

Does BHIM run without internet?
Yes. You can dial *99# to avail offline features of BHIM, on any mobile phone.



How can I use BHIM if my bank is not live on UPI?
BHIM is interconnected with every bank through the UPI ecosystem. Hence, you
will be able to link your account on BHIM application.

What methods are available on BHIM for sending money?
• BHIM users can send money by using one of the following details of the
beneficiary.
• VPA (Registered on UPI)
• Mobile No. (Registered on UPI)
• Account Number and IFS code.

How many VPAs can be added to BHIM?
BHIM allows you to use two VPAs. First one is the default VPA (mobile
number@upi). You can create the second one, by going to the ‘My Profile’ page.

Can I save the beneficiary details for later transactions?
Yes, you can save details of the beneficiary for future transactions. While
sending money to a receiver, you have to click on the option ‘Add to
Favourites’.

How can I use the ‘Scan & Pay’ feature for sending money?
Scan & pay option is present in the Home page where you can click and the QR
scanner opens up. Using this you can scan the QR code of the receiver and send
them money. You can also use scan and pay on your passcode screen. You can also
upload a QR code saved on your phone as an image.

How can I generate my QR code?
Once you register on BHIM, a QR code and default VPA is created for you. You can
check these details in the ‘My Profile’ section of the BHIM app.


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