Adani Energy Approves Raising $502 Million Via Share Sale
The Adani Group unit's board passed an enabling resolution to raise the amount via 'Qualified Institutional Placement' in one or more tranches, according to an exchange filing Saturday.
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Yahoo
15 minutes ago
- Yahoo
Indian fintech Paytm wins a major regulatory battle days after key investor exit
Indian fintech giant Paytm has received long-awaited approval from the country's central bank to operate as a payment services provider for online merchants — just days after one of its Chinese investors sold its entire stake — marking a key regulatory breakthrough after months of setbacks and scrutiny. On Tuesday, the Reserve Bank of India granted 'in-principle' approval to Paytm's Payment Services unit to operate as an online payment aggregator, parent company One97 Communications said in its filing (PDF) to Indian stock exchanges. The approval comes more than two years after the Noida-based fintech was initially denied the license in November 2022 due to non-compliance with India's rules on receiving investments from countries that share a land border. Without the license, Paytm was barred from onboarding new online merchants. At the time, the company said the restriction had 'no material impact' on its business or revenues. However, at its annual general meeting last September, One97 Communications founder and CEO Vijay Shekhar Sharma stated his intention to reapply for the payment aggregator license. The approval also comes over a year after the RBI banned Paytm Payments Bank from accepting fresh deposits and enabling credit transactions. Paytm weathered that impact by quickly shifting gears and partnering with Axis, HDFC, State Bank of India, and Yes Bank to make them serve as payment system providers for its consumers and merchants involved in online transactions and autopay mandates. With the new license, Paytm can operate as a service provider for online merchants, enabling them to accept a range of payment methods, including cards, net banking, and the Indian government-backed Unified Payments Interface (UPI). The approval also lifts the online merchant onboarding restrictions imposed by the central bank in 2022. The approval comes just a week after China's Ant Group exited Paytm by selling its remaining 5.8% direct stake in One97 Communications for $454 million through block deals. This follows an earlier exit in 2023, when Ant Financial sold a 10.3% stake — worth $628 million — to Sharma in a no-cash deal. Paytm is required to undertake a 'system audit,' including a cybersecurity review, and submit its report to the Reserve Bank of India within six months. If it fails to do so, the approval will lapse, per the RBI letter enclosed with the company's stock exchange filing. The license is also limited to online payment services and does not extend beyond that scope. The latest development will help Paytm control most of its value chain, from its offline sound boxes to the online payment gateway, and reduce its reliance on other bank partners, fintech investor Osborne Saldanha told TechCrunch. Paytm is currently the third most-used UPI payments platform, behind Walmart-owned PhonePe and Google Pay. The fintech accounted for 6.9% of the total 18.4 billion UPI transactions in June and 5.6% of the transaction value, per the National Payments Corporation of India (NPCI). In total, Paytm processed 1.27 billion UPI transactions worth ₹1.34 trillion (approximately $15 billion). Although Paytm trails PhonePe and Google Pay in the UPI market — with the duo handling over 82% of all UPI transactions in June — the company offers a broad suite of businesses and services to attract both consumers and merchants. These include offline merchant payment solutions with integrated hardware, software, and service layers, as well as a growing credit and lending business. Paytm reported (PDF) net income of ₹1.23 billion (approximately $14 million) for the first quarter of its financial year 2026, ending in June — a turnaround from a loss during the same period last year. The results beat expectations, as analysts had projected a loss of ₹1.27 billion (approximately $14.5 million). Revenue rose 28% year-over-year to $224 million, while the company's contribution margin improved to 60%, up from 50% a year ago. In addition to its recent financial growth, Paytm's shares have risen 13.25% year-to-date in 2025, signaling that the company is beginning to regain market confidence after more than a year of regulatory setbacks. The stock closed at ₹1,118.50 (approximately $13) on Wednesday, just before the regulatory approval was announced. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
17 minutes ago
- CBS News
AI startup Cluely redfines "cheating," says Ivy League dropout co-founder
Just months ago, Neel Shanmugam decided to drop out of his Ivy League university to forge his own path. Today, he is the co-founder and chief operating officer of Cluely, a San Francisco-based artificial intelligence startup that has raised millions in venture capital in under a year. "I'm pretty certain I learned nothing from the 2½ years at Columbia. Like zero things in the Columbia classroom," Shanmugam said. "Uh, the one class I learned, I did a bartending class at Columbia, that's probably like the only class I took anything away from." Shanmugam, who grew up in the United States after his parents emigrated from India, said the Ivy League path didn't feel right. Alongside co-founder Chungin "Roy" Lee, he made the decision to skip college, a move his parents initially resisted. "I totally blindsided them with it. So, they were very not happy, I guess, with the decision," he said. "That was the main difficulty. But I think I talked them through it, and in the end, they were very supportive. Because it was very clear … I knew internally so, so strongly that this was something I wanted to do." Cluely builds AI-powered tools designed to give users an advantage in real time, something the founders describe as "cheating to win." Its software can, for example, suggest responses during job interviews, flag key points in meetings, and help users quickly adapt to unfamiliar topics. Shanmugam said the idea is to rethink traditional measures of preparedness, especially as AI changes the nature of knowledge work. Reflecting on his decision to drop out, he says he feels confident about his pivot. "A degree is not going to save you," he said. "I think, like, actually doing things is going to save you. In a world where AI is everywhere, you actually going and doing things and building things and creating things is like what you need to be doing." While Shanmugam doesn't advise students to follow his exact path, he said dropping out was right for him. He and several teammates now live out of their San Francisco office to focus entirely on the company. "I think you have to be in San Francisco, because this is where people are doing things," he said. "And you need to be where people are doing things to give yourself the best chance at success." It's the kind of calculated risk Shanmugam believes defines both the startup world and the shifting landscape of education, and the kind of edge Cluely is betting will resonate with a generation comfortable blurring the lines between studying hard and working smart.
TechCrunch
an hour ago
- TechCrunch
Indian fintech Paytm wins a major regulatory battle days after key investor exit
Indian fintech giant Paytm has received long-awaited approval from the country's central bank to operate as a payment services provider for online merchants — just days after one of its Chinese investors sold its entire stake — marking a key regulatory breakthrough after months of setbacks and scrutiny. On Tuesday, the Reserve Bank of India granted 'in-principle' approval to Paytm's Payment Services unit to operate as an online payment aggregator, parent company One97 Communications said in its filing (PDF) to Indian stock exchanges. The approval comes more than two years after the Noida-based fintech was initially denied the license in November 2022 due to non-compliance with India's rules on receiving investments from countries that share a land border. Without the license, Paytm was barred from onboarding new online merchants. At the time, the company said the restriction had 'no material impact' on its business or revenues. However, at its annual general meeting last September, One97 Communications founder and CEO Vijay Shekhar Sharma stated his intention to reapply for the payment aggregator license. The approval also comes over a year after the RBI banned Paytm Payments Bank from accepting fresh deposits and enabling credit transactions. Paytm weathered that impact by quickly shifting gears and partnering with Axis, HDFC, State Bank of India, and Yes Bank to make them serve as payment system providers for its consumers and merchants involved in online transactions and autopay mandates. With the new license, Paytm can operate as a service provider for online merchants, enabling them to accept a range of payment methods, including cards, net banking, and the Indian government-backed Unified Payments Interface (UPI). The approval also lifts the online merchant onboarding restrictions imposed by the central bank in 2022. The approval comes just a week after China's Ant Group exited Paytm by selling its remaining 5.8% direct stake in One97 Communications for $454 million through block deals. This follows an earlier exit in 2023, when Ant Financial sold a 10.3% stake — worth $628 million — to Sharma in a no-cash deal. Paytm is required to undertake a 'system audit,' including a cybersecurity review, and submit its report to the Reserve Bank of India within six months. If it fails to do so, the approval will lapse, per the RBI letter enclosed with the company's stock exchange filing. The license is also limited to online payment services and does not extend beyond that scope. Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital, Elad Gil — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $600+ before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | REGISTER NOW The latest development will help Paytm control most of its value chain, from its offline sound boxes to the online payment gateway, and reduce its reliance on other bank partners, fintech investor Osborne Saldanha told TechCrunch. Paytm is currently the third most-used UPI payments platform, behind Walmart-owned PhonePe and Google Pay. The fintech accounted for 6.9% of the total 18.4 billion UPI transactions in June and 5.6% of the transaction value, per the National Payments Corporation of India (NPCI). In total, Paytm processed 1.27 billion UPI transactions worth ₹1.34 trillion (approximately $15 billion). Although Paytm trails PhonePe and Google Pay in the UPI market — with the duo handling over 82% of all UPI transactions in June — the company offers a broad suite of businesses and services to attract both consumers and merchants. These include offline merchant payment solutions with integrated hardware, software, and service layers, as well as a growing credit and lending business. Paytm reported (PDF) net income of ₹1.23 billion (approximately $14 million) for the first quarter of its financial year 2026, ending in June — a turnaround from a loss during the same period last year. The results beat expectations, as analysts had projected a loss of ₹1.27 billion (approximately $14.5 million). Revenue rose 28% year-over-year to $224 million, while the company's contribution margin improved to 60%, up from 50% a year ago. In addition to its recent financial growth, Paytm's shares have risen 13.25% year-to-date in 2025, signaling that the company is beginning to regain market confidence after more than a year of regulatory setbacks. The stock closed at ₹1,118.50 (approximately $13) on Wednesday, just before the regulatory approval was announced.
