Latest news with #Bizongo
Economic Times
5 hours ago
- Business
- Economic Times
Banks rule UPI rails; Bizongo under scanner
Happy Friday! A small group of banks quietly control most of the money received through UPI. This and more in today's ETtech Morning Dispatch. Also in the letter: ■ Meesho files for IPO ■ ISRO tech transfer■ Luma Fertility fundraise Four banks bag bulk of UPI beneficiary payments A small number of banks are quietly dominating the receiving side of the Unified Payments Interface (UPI), India's preferred retail payments system. Yes Bank leads the pack, with nearly 40% market share, mainly driven by merchant payments. Driving the news: Yes Bank has doubled its share of payee-side UPI volumes in just two years. Both PhonePe and Paytm Payments Bank use Yes Bank's escrow accounts to process merchant payments. The bank now handles around 318 million daily transactions on the receiving side. Axis Bank also stepped up, growing its share from 7% in 2023 to about 10% now. Why it matters : While most conversations around UPI focus on payer-side risk and app dominance, the bank layer follows a similar pattern – only a few lenders are doing the heavy lifting behind the scenes. Concentration risk on UPI: NPCI is considering a 30% market share cap for third-party UPI apps to reduce concentration risk. But the enforcement deadline has been pushed back by two years. Also Read: UPI sees marginal dip in June transactions, value down 4% BFSI's big AI turn to move the business needle for slump-hit IT firms India's IT industry may finally get a boost, and it's coming from its oldest and biggest client – BFSI. Long the top buyer of tech services, the sector is now expected to drive growth for the $280-billion IT industry, which has been stuck in a low-growth cycle. Purse strings: Banking, financial services and insurance (BFSI) makes up about 30% of the Indian IT sector's total revenue, going by data from Nasscom and analysts. Now, as one of the earliest tech adopters, BFSI is also set to lead the AI and GenAI charge. It's expected to account for the largest share of spending on transformation, around 35–40%, totalling $270-290 billion, per Unearthinsight data. Accenture, which reported earnings for the March-May quarter, saw BFSI grow the fastest among its verticals, with 13% year-on-year growth. Muted Q1: As we reported on Thursday, Indian IT firms are bracing for a weak June quarter, weighed down by sluggish deal pipelines. TradeCred files criminal complaint against Bizongo, alleges Rs 69 crore fund misappropriation TradeCred has filed a criminal complaint against Bizongo, accusing the startup of misappropriating at least Rs 69 crore. The complaint, submitted to the Mumbai Police's Economic Offences Wing, names Bizongo's founders, CEO, and major investors, including Accel, B Capital, Chiratae, and IFC. Go deeper: Despite receiving funds from invoice buyers through a controlled escrow setup, Bizongo allegedly diverted customer payments into its own bank instead of routing them through the designated escrow, in breach of contractual terms, according to TradeCred's complaint. This, according to TradeCred, constitutes a double recovery, where Bizongo benefited from both upfront invoice financing and the final payment from customers. Context: Bizongo has already come under scrutiny for weak financial controls, which led to senior exits and a shift away from supply chain financing. The latest dispute highlights growing concerns about governance in India's booming private credit and invoice discounting space. In response: Bizongo, on its part, said it has been steadily paying its dues, bringing down the outstanding principal from Rs 250 crore to Rs 66 crore. It added that a settlement plan has already been shared with TradeCred. The big picture: The case highlights how rapid growth and opaque business models in startup-led finance can leave retail investors dangerously exposed. TradeCred's move could trigger oversight of platforms offering invoice-based investment products. Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees. The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Interested? Reach out to us at spotlightpartner@ to explore sponsorship opportunities. Meesho files confidential prospectus for its IPO Sanjeev Barnwal and Vidit Aatrey, founders, Meesho Ecommerce unicorn Meesho has confidentially filed its draft red herring prospectus with Sebi for a Rs 4,250 crore ($500 million) IPO. Driving the news: Backed by SoftBank and Prosus, Meesho recently moved its domicile from the US to India. The company reported revenue of Rs 7,615 crore for FY24, a 33% year-on-year increase, while slashing its adjusted loss by 97% to Rs 53 crore. Tell me more: Meesho joins a growing queue of Indian tech firms gearing up to go public, including Groww, Pine Labs, and Urban Company. In FY25, the company processed 1.8 billion orders, demonstrating strong user adoption despite facing valuation markdowns. Also Read: IPO watch: Which Indian startups are next to hit the stock market? Zoom in: If all goes to plan, Meesho could become the first horizontal ecommerce platform to list on Indian exchanges. The IPO will be closely watched as a barometer for public investor interest in the scaled consumer businesses, ahead of Flipkart's much-anticipated listing next year. Also Read: Startups aim to raise over Rs 18,000 crore via IPOs in major D-Street push Keeping Count Ecommerce platform Meesho, which filed its papers for an IPO on Thursday, is targeting the largest fresh issue size among new-age companies at Rs 4,250 crore, followed by Rs 4,000 crore of edtech firm PhysicsWallah. (ET) Other Top Stories By Our Reporters ISRO transfers 10 key space technologies to Indian firms: Space regulator and promoter, the Indian National Space Promotion and Authorisation Centre (IN-SPACe), facilitated the transfer of technology to six companies to encourage industry participation in the space value chain. Peak XV leads Luma Fertility seed funding round: The fertility-tech startup raised $4 million from Peak XV's Surge platform, with participation from Metropolis Healthcare chair Ameera Shah and B2V Ventures chairperson Vijay Taparia. Global Picks We Are Reading ■ AI is eating venture capital, or at least its dollars (Axios) ■ Deerhoof did not want its music 'funding AI battle tech' — so it ditched Spotify (The Verge) ■ The promise and peril of digital security in the age of dictatorship (Wired) Updated On Jul 04, 2025, 07:19 AM IST
Time of India
5 hours ago
- Business
- Time of India
Banks rule UPI rails; Bizongo under scanner
Next Banks rule UPI rails; Bizongo under scanner Want this newsletter delivered to your inbox? Also in the letter: Four banks bag bulk of UPI beneficiary payments Driving the news: Both PhonePe and Paytm Payments Bank use Yes Bank's escrow accounts to process merchant payments. The bank now handles around 318 million daily transactions on the receiving side. Axis Bank also stepped up, growing its share from 7% in 2023 to about 10% now. Why it matters Concentration risk on UPI: Also Read: BFSI's big AI turn to move the business needle for slump-hit IT firms Purse strings: Now, as one of the earliest tech adopters, BFSI is also set to lead the AI and GenAI charge. It's expected to account for the largest share of spending on transformation, around 35–40%, totalling $270-290 billion, per Unearthinsight data. Accenture, which reported earnings for the March-May quarter, saw BFSI grow the fastest among its verticals, with 13% year-on-year growth. Muted Q1: TradeCred files criminal complaint against Bizongo, alleges Rs 69 crore fund misappropriation Go deeper: Context: In response: The big picture: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Meesho files confidential prospectus for its IPO Driving the news: Tell me more: Also Read: Zoom in: Also Read: Keeping Count Other Top Stories By Our Reporters ISRO transfers 10 key space technologies to Indian firms: Peak XV leads Luma Fertility seed funding round: Global Picks We Are Reading Happy Friday! A small group of banks quietly control most of the money received through UPI. This and more in today's ETtech Morning Dispatch.■ Meesho files for IPO■ ISRO tech transfer■ Luma Fertility fundraiseA small number of banks are quietly dominating the receiving side of the Unified Payments Interface (UPI), India's preferred retail payments system. Yes Bank leads the pack, with nearly 40% market share, mainly driven by merchant Bank has doubled its share of payee-side UPI volumes in just two years.: While most conversations around UPI focus on payer-side risk and app dominance, the bank layer follows a similar pattern – only a few lenders are doing the heavy lifting behind the is considering a 30% market share cap for third-party UPI apps to reduce concentration risk. But the enforcement deadline has been pushed back by two IT industry may finally get a boost , and it's coming from its oldest and biggest client – BFSI. Long the top buyer of tech services, the sector is now expected to drive growth for the $280-billion IT industry, which has been stuck in a low-growth financial services and insurance (BFSI) makes up about 30% of the Indian IT sector's total revenue, going by data from Nasscom and we reported on Thursday, Indian IT firms are bracing for a weak June quarter , weighed down by sluggish deal has filed a criminal complaint against Bizongo, accusing the startup of misappropriating at least Rs 69 crore. The complaint, submitted to the Mumbai Police's Economic Offences Wing, names Bizongo's founders, CEO, and major investors, including Accel, B Capital, Chiratae, and receiving funds from invoice buyers through a controlled escrow setup, Bizongo allegedly diverted customer payments into its own bank instead of routing them through the designated escrow, in breach of contractual terms, according to TradeCred's according to TradeCred, constitutes a double recovery, where Bizongo benefited from both upfront invoice financing and the final payment from has already come under scrutiny for weak financial controls, which led to senior exits and a shift away from supply chain financing. The latest dispute highlights growing concerns about governance in India's booming private credit and invoice discounting on its part, said it has been steadily paying its dues, bringing down the outstanding principal from Rs 250 crore to Rs 66 crore. It added that a settlement plan has already been shared with case highlights how rapid growth and opaque business models in startup-led finance can leave retail investors dangerously exposed. TradeCred's move could trigger oversight of platforms offering invoice-based investment Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship Barnwal and Vidit Aatrey, founders, MeeshoEcommerce unicorn Meesho has confidentially filed its draft red herring prospectus with Sebi for a Rs 4,250 crore ($500 million) by SoftBank and Prosus, Meesho recently moved its domicile from the US to India. The company reported revenue of Rs 7,615 crore for FY24, a 33% year-on-year increase, while slashing its adjusted loss by 97% to Rs 53 joins a growing queue of Indian tech firms gearing up to go public, including Groww Pine Labs , and Urban Company . In FY25, the company processed 1.8 billion orders, demonstrating strong user adoption despite facing valuation all goes to plan, Meesho could become the first horizontal ecommerce platform to list on Indian exchanges. The IPO will be closely watched as a barometer for public investor interest in the scaled consumer businesses, ahead of Flipkart's much-anticipated listing next platform Meesho, which filed its papers for an IPO on Thursday, is targeting the largest fresh issue size among new-age companies at Rs 4,250 crore, followed by Rs 4,000 crore of edtech firm PhysicsWallah. ( ET Space regulator and promoter, the Indian National Space Promotion and Authorisation Centre (IN-SPACe), facilitated the transfer of technology to six companies to encourage industry participation in the space value fertility-tech startup raised $4 million from Peak XV's Surge platform, with participation from Metropolis Healthcare chair Ameera Shah and B2V Ventures chairperson Vijay Taparia.■ AI is eating venture capital, or at least its dollars ( Axios ■ Deerhoof did not want its music 'funding AI battle tech' — so it ditched Spotify ( The Verge ■ The promise and peril of digital security in the age of dictatorship ( Wired
Time of India
18 hours ago
- Business
- Time of India
Bizongo under criminal lens; Meesho files IPO papers
Bizongo under criminal lens; Meesho files IPO papers Also in the letter: TradeCred files criminal complaint against Bizongo, alleges Rs 69 crore fund misappropriation Go deeper: This, the TradeCred claims, constitutes a double recovery — where Bizongo benefitted from both upfront invoice financing and the final payment from customers. Context: Responding to allegations: The big picture: Meesho files confidential prospectus for its IPO Driving the news: Tell me more: Zoom in: Foxconn recalls Chinese staff from India, disrupting Apple's iPhone 17 plans Driving the news: Apple's bind: India's dilemma: Also Read: Tech layoffs: Microsoft, TikTok lead latest round of job cuts Axing again: Google, Meta, and Amazon announced hundreds of redundancies in the first half of the year as part of broader cost-cutting efforts. Efficiency game: Silicon Valley fumes as Indian techie Soham Parekh works multiple founders The long con: The alert: Avalanche: Soham-gate: Invoice discounting platform TradeCred has filed a criminal complaint against Bizongo for alleged misappropriation of funds. This and more in today's ETtech Top 5.■ Apple teeters under China pressure■ Microsoft, TikTok layoffs■ Indian techie's 'side hustle'TradeCred has filed a criminal complaint against Bizongo , accusing the startup of misappropriating at least Rs 69 crore. The complaint, submitted to the Mumbai Police's Economic Offences Wing, names Bizongo's founders, CEO, and major investors, including Accel, B Capital, Chiratae, and receiving funds from invoice buyers via a controlled escrow mechanism, Bizongo allegedly collected the actual payments from customers directly into its own bank accounts rather than routing them through designated escrow accounts as contractually required, as per TradeCred's has already come under fire for weak financial controls, which triggered senior exits and a pivot away from supply chain financing. The latest dispute highlights growing concerns about governance in India's booming private credit and invoice discounting said that it has been repaying its dues to TradeCred and has reduced the outstanding principal from Rs 250 crore to Rs 66 crore now. The company said it has already presented a settlement plan to case shines a light on how fast-paced growth and opaque business models in startup-led finance can leave retail investors dangerously exposed. TradeCred's move could trigger oversight of platforms offering invoice-based investment unicorn Meesho has confidentially filed its draft red herring prospectus with Sebi for a Rs 4,250 crore ($500 million) by SoftBank and Prosus, Meesho recently moved its domicile from the US to India. The company reported revenue of Rs 7,615 crore for FY24, a 33% year-on-year increase, while slashing its adjusted loss by 97% to Rs 53 joins a growing queue of Indian tech firms gearing up to go public, including Groww, Pine Labs, and Urban Company. In FY25, the company processed 1.8 billion orders, demonstrating strong user adoption despite facing valuation all goes to plan, Meesho could become the first horizontal ecommerce platform to list on Indian exchanges. The IPO will be closely watched as a barometer for public investor interest in the scaled consumer businesses, ahead of Flipkart's much-anticipated listing next Donald Trump's threat to slap tariffs on Apple products manufactured outside the US has jolted the tech giant's global supply chain. China, sensing an opportunity, is moving fast to stymie Apple's India Apple's largest supplier, has quietly withdrawn hundreds of Chinese engineers and technicians from its Indian plants. Over 300 Chinese workers have exited Foxconn's iPhone assembly facilities in India in the past two months, according to Bloomberg. But Beijing isn't stopping is also curbing technology transfers and tightening controls on equipment exports to India and Southeast Asia, Apple's key hubs outside China. The goal is clear: protect China's long-term leverage if fresh trade walls go up in the relies on both a skilled workforce and high-end tech from China. So far, the impact has been limited, but it could worsen. New Delhi is betting on Apple to become a pillar of its manufacturing company is gearing up to make the iPhone 17. India already accounts for 20% of global iPhone output and was hoping to scale further. With Trump targeting Southeast Asia with higher tariffs, India appeared best placed to pick up the Vietnam, another key Apple outpost, has moved faster, striking a deal with Washington that allows duty-free American imports and caps tariffs on Vietnamese goods at 20%, far below Trump's proposed 46%. India, meanwhile, is still waiting for its interim trade agreement ahead of the July 9 second half of the year has begun much like the first, with more layoffs in the tech sector . Microsoft and TikTok are the latest to trim headcount as Big Tech continues to tighten is letting go of another 4% of its workforce, or around 9000 employees, just a month after cutting 6,000 roles . Bloomberg reports that King, its Barcelona-based gaming unit behind Candy Crush, is shedding 200 at TikTok, job cuts are expected at its ecommerce vertical, TikTok Shop. The company said it is undergoing 'organisational and personnel changes', aimed at boosting says it wants to flatten its organisational structure, reduce management layers, and sharpen its 'agility.' It's also funnelling big money into artificial intelligence (AI), which means shifting people and capital, and dropping also stated that the move follows "careful analysis of how to create more efficient operating models for the team's long-term growth."Soham ParekhWhile most engineers juggle one demanding job, Indian techie Soham Parekh managed to work with several startups at once—many backed by Y Combinator—without telling a soul.A graduate of the University of Mumbai and Georgia Institute of Technology in the US, Parekh had the credentials and the charm. He aced interviews, delivered work on time, and raised no flags. But his loyalty was split across Doshi, founder of Playground AI, Mixpanel and Mighty, blew the whistle on X. 'There's a guy named Soham Parekh (in India) who works at 3-4 startups at the same time. He's been preying on YC companies and more. Beware.'Doshi's post lit a fire. Founders piled in, saying they'd interviewed or even briefly hired Parekh. One employer messaged Doshi saying he'd just fired him after reading the caught in the storm, reached out to Doshi for advice. His message: 'Have I completely sabotaged my career?'
