Latest news with #Flipkart-backed
Time of India
a day ago
- Business
- Time of India
Wealthtech startup Stable Money raises $20 million in round led by Nilekani's Fundamentum Partnership
Wealthtech startup Stable Money, which provides digital fixed-return investment products, has raised $20 million (Rs 173 crore) in a funding round led by Infosys cofounder Nandan Nilekani 's Fundamentum Partnership . Existing backers Z47, RTP Global and Lightspeed, along with Aditya Birla Ventures, also participated in the round. The Bengaluru-based company will use the fresh capital to expand its suite of wealth products and accelerate customer acquisition by strengthening its distribution, cofounder Saurabh Jain told ET. 'In the last four or five years, most of the investments have come into categories like mutual funds, stocks and crypto, and they have seen massive growth. Everybody thought that was the opportunity for India,' Jain said. 'But there is a larger segment, which is currently under-tapped. That's when we started with fixed deposits ( FDs ), and I think that segment has given us a lot of love and volumes, which is very surprising, even to us,' he added. Users can create FDs on the platform starting at Rs 1,000, Jain said. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Jain previously served as CEO of Navi Mutual Fund and held leadership roles at Swiggy . His cofounder, Harish Reddy, was formerly with the broking firm Estee. The company plans to onboard at least eight new banks and non-banking finance companies (NBFCs) in 2025. It currently has partnerships with around eight banks and two NBFCs. It also aims to broaden its marketing efforts to target underserved investors in tier-II and tier-III cities. As per its mobile application, banks currently integrated on the platform include IndusInd Bank, South Indian Bank, Slice Small Finance Bank, Ujjivan Small Finance Bank, Unity Small Finance Bank, and Suryoday Small Finance Bank. Stable Money had earlier raised $20 million across multiple rounds from investors, including Z47, Lightspeed, RTP Global, and Marshot, as well as angel investors such as Swiggy cofounder Sriharsha Majety and Titan Capital's Kunal Bahl and Rohit Bansal. Since its launch in 2022, Stable Money has onboarded more than 150,000 users, who have invested in FDs and bonds, taking its total assets under management (AUM) to over Rs 3,000 crore. The company noted that FDs remain India's most popular financial product, with over 230 million Indians holding them. The category continues to grow at the rate of 12% annually. In addition to FDs, Stable Money also offers investment products such as recurring deposits (RDs), secured credit cards, and bonds on its platform. While platforms such as Groww and Zerodha offer FDs, sovereign gold bonds (SGBs), and other fixed-income products as part of broader investment portfolios, several fintech players have also recently launched FD offerings. For instance, Flipkart-backed launched its FD product in November 2024, while payments firm MobiKwik rolled out instant FDs on its app last year. 'Stable Money is reimagining savings by building a highly trusted, digital-first fixed-income investment platform. They've blitzscaled from zero to over Rs 3,000 crore in AUM and have demonstrated 40% growth over the last three months. The team has democratised access to fixed-income products and built incredible customer love along the way,' said Mayank Kachhwaha, principal at Fundamentum. Vikram Vaidyanathan, managing director at Z47, added: 'We are seeing a generational shift in how Indians approach wealth, with a cohort of investors prioritising long-term compounding of savings over short-term gains. Stable Money has built deep trust in fixed-income products through a combination of user education, access, and a superlative consumer experience.'
Time of India
27-05-2025
- Business
- Time of India
Trucking aggregator Blackbuck logs 31% rise in Q4 revenue, turns in a profit of Rs 280 crore
Live Events Trucking aggregator Blackbuck on Tuesday announced its January-March quarter results for the financial year 2024-25, which saw a 31% year-on-year (YoY) increase in operating revenue to Rs 121.8 crore from Rs 93.2 crore reported in the year Bengaluru-based company also turned profitable in the fourth quarter. Its net profit for the fourth quarter of FY25 stood at Rs 280.1 crore, which is a significant improvement from the Rs 90.7 crore loss reported last year for the same quarter. This is on account of the reduction in total expenses as well as a deferred tax credit of Rs 247 the March quarter, the company reduced its employee benefit cost to Rs 33 crore in Q4 FY25 from Rs 128 crore in Q4 FY24. Depreciation, amortisation and other expenses together brought the total expenses to Rs 93 crore, down from Rs 186 crore reported last year for the same company's core businesses, tolling and vehicle tracking solutions, continued to account for the majority of revenues and saw a 28% YoY growth in the March quarter compared to the year before for the financial year ended 31 March 2025, the company's losses narrowed to Rs 8.6 crore from Rs 193.9 crore reported in FY2024. The operating revenue for FY25 almost doubled to Rs 426.7 crore from Rs 296.9 crore.'Platform engagement metrics continue to grow, on a YoY basis: almost 21% growth in monthly transacting truck operators, almost 35% growth in payments GTV and growth of about 8.5% in time spent by users on the app in FY25,' the company said in its investor the company informed the stock exchanges that in a meeting held on Tuesday, its board of directors approved a proposal to change the company's name from 'Zinka Logistics Solutions Limited' to 'Blackbuck Limited' or any other name after the ministry of corporate affairs approves, subject to shareholder approval. Accel and Flipkart-backed Blackbuck got listed on the stock exchanges last November . On Tuesday, its share dropped 1.56% to close at Rs 457.45 on the BSE. The results were announced post-market hours.
&w=3840&q=100)
Business Standard
20-05-2025
- Business
- Business Standard
Flipkart-backed super.money eyes neo-bank play in India's fintech race
Flipkart-backed fintech firm has its eyes set on executing a neo-banking strategy, building on its rapid growth on India's real-time payments system, the Unified Payments Interface (UPI). The Bengaluru-based company, which will complete a year since its operational launch in July, is targeting a place among the top five neo-banks in India, as the market expands with the growth of the digital financial services ecosystem. 'In India, because of the National Payments Corporation of India (NPCI) and UPI, there will emerge 10 to 20 neo-banks. We want to be one of the top three to five players... While everybody does mobile banking, how do you truly make it mobile-native is the opportunity,' Prakash Sikaria, chief executive officer (CEO) of told Business Standard. 'We will be doing every other financial services product that a bank does. It could be wealth, mutual funds, or insurance. The good part is we don't need to be tied to one banking service, so we try to get the best product for our customers. This is what I think of neo-banking,' he added. Sikaria noted that in its current avatar, the company would continue to follow a distribution-first approach — a strategy commonly used by fintechs in India. However, he indicated that as the firm scales, it may explore manufacturing its own financial products. 'Thus far we have not felt the need to go and create the products on our own. We prefer co-creating. But in future, as we go deeper into any of these and the need arises, we may,' he added. Cashbacks As of April, the company ranks fifth on the UPI leaderboard, processing 175.24 million transactions — one of the fastest trajectories for any third-party application to reach such volumes. Sikaria said the company's success stemmed from tapping demand for a fresh platform and its early focus on the scan-and-pay market, which refers to peer-to-merchant (P2M) transactions. The company also offers a 5 per cent cashback on every transaction — a feature that, alongside other operational levers, results in a monthly average cash burn of Rs 10 to Rs 20 per user. Currently, the platform has 10 million monthly active users, with 15 million total app downloads. 'We never gave activation cashbacks. We rather repurposed it to make it a feature of the product. It has worked in that context… I don't think we need to slow down on rewards. I think what we need to do is rev up our revenue engines to fund those rewards,' he said.
Time of India
29-04-2025
- Business
- Time of India
New players in UPI sweepstakes; Urban Company's IPO papers
New players in UPI sweepstakes; Urban Company's IPO papers Also in the letter: In fierce UPI fight, new players Flipkart-backed Navi, Cred start to gain ground Driving the news: How they're doing it: A broader financial services play beyond payments, with fintechs willing to subsidise UPI losses to cross-sell credit and bill payment services. Large incumbents like PhonePe, Google Pay, and Paytm have scaled back cashback offers, giving new entrants room to grow. Rising UPI volumes during the IPL season, fuelled by gaming and betting transactions. Big picture: Yes, but: Setting target: Also Read: Urban Company files DRHP for Rs 1,900-crore IPO Key details: Rs 429 crore via fresh issue; Rs 1,471 crore via secondary share sale by investors including Accel, Elevation, Tiger Global, and Vy Capital. Founders Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra will not sell shares. Use of funds: Financials: Ather Energy's IPO sees 16% subscription on first day By the numbers: 86 lakh shares bid against 5.34 crore on offer. RII (retail) portion subscribed 63%. NII (non-institutional) portion subscribed 16%. Background: Electronics parts PLI draws in Dixon, Tatas, Foxconn and others Details: Tata Electronics is targeting the enclosures segment; Dixon aims to apply for multiple categories including display and camera modules. Foxconn is exploring smartphone display module assembly. Startups step in, too: Other Top Stories By Our Reporters Dailyhunt parent VerSe's internal controls inadequate, says Deloitte audit: IPO-bound Meesho to change Indian parent entity's name from Fashnear Technologies: YouTube appoints Gunjan Soni as new India managing director: Global Picks We Are Reading Happy Tuesday! In the longstanding UPI battle, fresh players are giving incumbents a tough fight. This and more in today's ETtech Morning Dispatch.■ New PLI draws interest■ Deloitte's Dailyhunt red flags■ Meesho's pre-IPO refreshNew-generation UPI apps such as Navi, Cred, Bhim, and have been quietly gaining market share over the last six months, aggressively using cashbacks and incentives to carve out a slice of the growing digital payments data shows that these smaller apps have collectively nearly doubled their market share. While their overall percentage remains modest, the absolute gains in user numbers are and Google Pay still dominate UPI, controlling over 80% of all transactions. But the NPCI is pushing smaller players to break this remains non-remunerative and largely commoditised. Few fintechs may have the appetite to continue burning cash indefinitely to capture minister Nirmala Sitharaman on Monday underlined a target of one billion UPI transactions per day within 2–3 years and emphasised accelerating UPI's internationalisation through interoperable frameworks and wider global Singh Bhal, CEO, Urban CompanyAt-home services platform Urban Company has filed draft IPO papers for a Rs 1,900-crore offering, trimming the size from the Rs 3,000 crore planned Company plans to allocate Rs 190 crore towards tech development and cloud infrastructure, with the rest going towards office leases and company posted Rs 846 crore in operating revenue in the first nine months of FY25, up 41% year-on-year, and reported a net profit of Rs 242 Mehta, founder, Ather EnergyElectric two-wheeler maker Ather Energy opened its IPO on April 28 , garnering a 16% subscription on the first Rs 2,981-crore issue , priced at Rs 304-321 per share, is the first mainboard IPO of FY26. The offer closes on April firms including Dixon Technologies, Tata Electronics, and Foxconn plan to invest under the new electronics components PLI manufacturer Zetwerk is actively scouting partnerships across multiple categories, its electronics president Josh Foulger said.L-R, Umang Bedi and Virendra Gupta, founders, DailyhuntVerSe Innovation's auditor, Deloitte, has flagged issues in the internal controls of the parent of Dailyhunt and Josh for the financial year ended March 31, 2024, stating that these "material weaknesses" could potentially lead to misstatement in accounting aspects including operating expenses, trade payables and expense account ecommerce firm Meesho's board has approved changing the name of its Indian entity, Fashnear Technologies Pvt Ltd, to Meesho Pvt Ltd, according to regulatory filings made with the Registrar of said on Monday that it had appointed Gunjan Soni as the country's managing director. The US-based video platform said Soni, who brings over two decades of leadership experience spanning business, technology, marketing and ecommerce, will lead YouTube's growth and innovation efforts in India.■ Poop drones are keeping sewers running so humans don't have to ( Wired ■ Why Trump can't build iPhones in the US ( FT ■ China's chipmakers are catching up to Nvidia and TSMC. Here's how they compare ( Rest of World
Time of India
29-04-2025
- Business
- Time of India
In Fierce UPI Fight, Fresh Faces Gain Some Ground
Newer Unified Payments Interface (UPI) apps such as Flipkart-backed Navi, Bhim, and Cred are increasing their share in the payment market amid a spike in UPI transactions, luring consumers with cashback offers and other incentives. #Pahalgam Terrorist Attack India stares at a 'water bomb' threat as it freezes Indus Treaty India readies short, mid & long-term Indus River plans Shehbaz Sharif calls India's stand "worn-out narrative" The newer entrants have grown their collective share to around 4% in March 2025, up from 2.3% in October 2024 and negligible a year earlier, according to data released by the National Payments Corporation of India (NPCI), which runs the UPI network. Even so, PhonePe and Google Pay continue their domination, holding on to a combined market share of 82%—47% and 35%, respectively—in the last two months, the data showed. 'The newer apps are not offering pure-play payments; they are going beyond that with credit, ecommerce, and bill payments,' said Rohan Lakhaiyar, partner at Grant Thornton Bharat. 'UPI is their customer acquisition hook, and it seems to be working,' he said. Navi is focused on consumer lending, Cred is expanding unsecured loans and bill payments through Bharat Connect, and is binding itself into Flipkart's ecommerce ecosystem. These firms are offering cashbacks and other incentives to move consumers away from their preferred apps at a time when the growth rate of UPI has slowed down. The payment network grew about 36% in 2023 and 2024, down from around 54% growth in 2022, albeit on a larger base, ET reported on April 7. Currently UPI is estimated to have more than 200 million active users. While is offering up to 5% cashback on every UPI transaction, Navi is positioning UPI payments as a 'rewarding' experience, bundling features such as buy-now-pay-later through Navi Trezo. Cred had until recently promoted cashbacks for every Cred UPI transaction.
