Latest news with #Z47
Mint
a day ago
- Business
- Mint
Neobank Jupiter in early talks to raise up to $50 million from existing investors to expand
Mumbai: Neobanking startup Jupiter is in early-stage discussions to raise $30-$50 million from existing investors to fund expansion, according to four people familiar with the plan. 'QED Investors, Z47 (formerly Matrix Partners), Peak XV Partners, 3one4 Capital and Beenext will double down on their investment," one person said. Peak XV declined to comment on the plan. Jupiter, QED, Z47, 3one4 and Beenext did not respond to Mint's emails seeking comment. 'The company has received interest from external investors as well and the round could become larger," a second person said, adding that details of the exact size, terms and valuation are still evolving as the company improved its financials over the past two years. Jupiter last raised $87 million four years ago as a part of its Series C funding round led by investors including Tiger Global Management and Sequoia Capital India at a valuation of $668 million, according to data from market intelligence provider Tracxn. Also Read | Neobanking startup Jupiter sees three senior exits amid crucial restructuring Amica Financial Technologies Pvt Ltd, which owns Jupiter, also operates a non-banking financial entity that raised about $2.4 million from existing investors in June last year. In July, the company secured an NBFC licence from the Reserve Bank of India and, more recently, a mobile wallet licence. The NBFC licence allows it to lend. The company achieved considerable success targeting mostly young, urban individuals for its credit business, which it now wants to replicate in the small and medium enterprise space, founder Jitendra Gupta told Mint last year. Jupiter, which competes with companies such as Open, NiYO, FamPay, Fi Money, and RazorPayX, is among a dozen neobanks that have emerged in the past few years, looking to disrupt the banking, financial services and insurance sector. Cost control Founded in 2019, the company is an online-only platform that offers savings accounts, money transfers, and cash withdrawals and lets users monitor their transactions through a dashboard. Much like its peers, Jupiter is lossmaking, but it has focused on controlling cost decisions around hiring, technology, and revenue expansion. Gupta said earlier that one of the goals was to shrink the time needed to recover the money spent on gaining customers. 'Last year, our visibility was that we would be able to recover our CAC (customer acquisition costs) in 22 months. This year, we will be able to recover our CAC in 14 months," he said. Also Read | Jupiter's many rings: After finding quick success lending to individuals, neobank eyes SMEs Beyond banking and lending, cards, and revenue from its execution-only platform for mutual fund investments, Jupiter is looking at more co-lending partnerships and awaiting a licence to start insurance broking, which is expected to improve its revenue and margin profile. Amica reported revenue rose to ₹80.5 crore in FY24 from ₹56 crore a year earlier. Its loss narrowed to ₹275.9 crore from ₹327 crore in FY23, according to Tracxn data.
Time of India
3 days ago
- Business
- Time of India
Stable Money raises $20 million in flat Series B round led by Fundamentum
BENGALURU: Wealth-tech startup Stable Money has raised $20 million (Rs 173 crore) in a Series B round led by Fundamentum Partnership, the early-stage fund co-founded by Nandan Nilekani. Aditya Birla Ventures also participated, along with existing investors Z47, RTP Global and Lightspeed. The round comes less than a year after the company's previous fundraise. Stable Money plans to use the capital to expand its product offerings, strengthen its network of banking and non-banking financial company (NBFC) partners, and extend its reach into smaller cities and towns. Founded in 2022, the Bengaluru-based startup operates a digital platform that facilitates fixed-return investments. It allows users to book fixed deposits without opening a savings account and offers features such as instant withdrawal, a 7-day trial fixed deposit (FD), and FD-backed credit cards. The company recently launched Stable Bonds as part of its product expansion. Stable Money said it currently has over 20 lakh users and manages more than Rs 3,000 crore in assets across FDs and bonds. India's fixed deposit market includes more than 230 million account holders and continues to grow at an annual rate of around 12%. The company had previously raised $20 million across earlier funding rounds from investors including Z47, Lightspeed, RTP Global, and Marshot, along with angel backers such as Swiggy's Sriharsha Majety and Snapdeal founders Kunal Bahl and Rohit Bansal. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
3 days 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.'
The Hindu
06-05-2025
- Business
- The Hindu
Emversity secures ₹50 lakh in Pre-series A led by Lightspeed and Z47
Beyond Odds Technologies, parent of the skill-based training and higher-education platform Emversity, announced the close of a ₹50 lakh Pre-Series A round. The round was led by Z47 and Lightspeed, with participation from Alteria Capital and Innoven Capital. The funding comes on the back of a breakout first year for Emversity in which it expanded its footprint to 36 campuses across 18 Indian states. The company has also launched Travel & Hospitality and is aiming to end the current financial year with more than 75 campuses. Under the 'Emversity School of Allied Health Sciences', students train for roles such as nurses, therapists, caregivers, OT technicians, lab technicians, paramedics and other allied-health professionals. The newly launched 'Emversity School of Hospitality' has partnered with two large hotel chains to offer skill-based training in rooms, F&B service, and culinary at nine campuses starting this year. Founded by Vivek Sinha, former COO of Unacademy, Emversity attempts to bridge the skilled-workforce gap in industries by embedding work-integrated, technology-driven training into degree programs at Higher Education Institutions (HEIs). Its model tackles what Sinha calls the 'three-pronged problem' in the higher-education-to-workforce pipeline: capacity shortage, inaccessibility due to prohibitive fees and misaligned curriculum. 'Millions of roles in healthcare, hospitality and construction lie vacant, while one-third of graduates remain unemployed,' Sinha explains. 'Our employer-sponsored stipend model solves accessibility, industry co-designed curriculum ensures relevance, and our Centres of Excellence expand capacity.' 'In a sector full of broken promises, quality and outcomes are our biggest differentiators. We stay obsessed with best-in-class training and employment results; scale will follow,' he adds. Commenting on the investment, Harsha Kumar, Partner at Lightspeed said, 'Vivek and his team are bridging a systemic gap between education and employment by aligning training infrastructure with real industry demand, creating a more job ready workforce for critical sectors. What excites me the most is the non-linear impact Emversity can unlock by connecting global demand with the talent pipeline that they are developing.' Rajat Agarwal, Managing Director at Z47, led the investment, alongside Chandrasekhar Venugopal, Principal at Z47. Venugopal commented, 'Rajat and I are privileged to partner with Vivek and the team at Emversity as they take on this hard, but critical problem facing the country. From the first meeting, Vivek's insight on fixing the education-employment gap through a job relevant pedagogy stood out. In under a year, he's taken Emversity from this insight to national scale, with real outcomes and smart unit economics. At Z47 we are thrilled to go deeper on this journey with Vivek as Emversity scales in size and impact.'
Khaleej Times
27-01-2025
- Business
- Khaleej Times
India's fintech evolution — pioneering progress in digital finance
The fintech growth in India has been bolstered by an evolving regulatory landscape that has promoted innovation while upholding security and compliance, both critical in promoting consumer trust. India's fintech ecosystem, currently valued at over $100 billion, stands as a prominent figure in the global fintech landscape. It is strategically positioned as one of the top three fintech destinations worldwide, after US and UK exhibiting robust growth potential with an estimated 2-3 times value increase anticipated in the next decade. The sector has witnessed a significant uptick in its valuation, evidenced by a 3.5x increase in Minicorns and a 3x rise in Unicorns and Soonicorns over the past four years. Fintechs have been pivotal in driving financial inclusion in India, with a remarkable 56 per cent revenue growth from 2022 to 2023, contrasting with the global fintech growth rate of about 13 per cent during the same period. Despite generating over $100 billion in value within 10 years, Indian fintechs are still considered to be in their "middle" phase of development, especially when compared to traditional incumbents who have created over $600 billion in value over 30-50 years, according to Boston Consulting Group report released in August 2024 in collaboration with Z47 (fka Matrix Partners India). Yashraj Erande Global Leader — Fintech India Leader, Financial Institutions, BCG, said: 'The Indian Fintech ecosystem is the third largest globally and continues to grow rapidly with tripling of Unicorns/Soonicorns and quadrupling of Minicorns over the last four years. The ecosystem has also matured significantly with 35+ Fintechs at $500M+ valuation, compared to only 13 in 2020. We are now in the "middle journey" of growth, with a long roadmap ahead to stabilize and scale. As we continue to witness this transformation, it's essential to probe into the rising strategic needs of this sector and identify initiatives companies must execute to catapult their growth journey and manage potential risks.' A significant portion of the Indian population, 63 per cent, resides outside the top cities, underscoring a massive opportunity for fintech services in the country, particularly in Tier 2 cities. This demographic is primed for the next wave of fintech penetration, expected to drive further market expansion. The focus within the fintech sector is increasingly pivoting towards profitability, with over 40 per cent of fintech founders and CXOs prioritising unit economics alongside market expansion. This shift is evident across various stages of company development, from early growth stages to pre and post-IPO, where there is a heightened emphasis on profitability, technology investment, infrastructure, and security. Different segments within fintech, such as LendingTech, InsurTech, SaaS/InfraTech, and PayTech, have distinct focal points. While market share and growth remain primary for most, PayTech firms are notably concentrating on unit economics. The profitability outlook continues to improve year-over-year, particularly for Neobank and InsurTech sectors. Madhusudanan R, Founder – M2P Fintech, said: 'The powerful combination of JAM (Jan Dhan, Aadhaar, Mobile) and UPI (Unified Payments Interface) has transformed India's financial ecosystem over the last decade. JAM brought over 500 million people into the banking system, while UPI has become the world's largest real-time payment platform, processing over 15 billion transactions monthly. This hypergrowth is largely driven by fintech companies, working hand-in-hand with banks and regulators to enable financial inclusion on an unprecedented scale.' Fintech is bridging the financial inclusion gap, especially in rural India, where traditional banking has been scarce. Mobile wallets, UPI, and micro-lending platforms are opening new doors for financial participation, allowing people to send money, pay bills, and access micro-loans — all from a mobile phone, even basic ones. Aadhaar-based authentication and digital IDs have made banking accessible to low-income families, facilitating direct benefit transfers and reducing corruption. These solutions are helping millions open bank accounts, receive subsidies, and integrate into the formal financial system. 'Fintech is also fuelling entrepreneurship at the grassroots level, enabling small businesses to access affordable credit and grow. As digital literacy rises, India's fintech revolution is set to empower millions, driving economic independence and financial empowerment across the country. With the Global South looking to India's leadership, the future of fintech in India is both promising and transformative,' added Madhusudanan. Cybersecurity remains a significant challenge, with the industry losing over $20 billion to cyber and digital attacks in the past two decades. Compliance and robust risk management are critical, with a need for integrating these elements as foundational rather than remedial measures. Over 80 per cent of surveyed fintech executives acknowledge the importance of strong governance to foster partnerships with incumbents and secure a competitive advantage. IPO readiness and market dynamics The transition to public markets is a critical phase for fintechs, with a trend showing that Indian startups typically go public 3.5-4 years after achieving Unicorn status. The current market momentum is strong, as indicated by an increase in IPO filings from 75 annually during 2018-2019 to 120-140 per year from 2021 to 2023. However, despite the critical nature of profitability, leadership, and governance for successful IPOs, only 40-60 per cent of fintech founders feel fully prepared in these areas. Strategic imperatives for fintech founders As the fintech landscape evolves, foundational strategies for fintech founders include building resilient, tech-led internal architectures, embedding compliance from the inception, and maintaining constant calibration and collaboration of policy to balance innovation with risk management. The journey ahead for fintechs involves not only preparing for an IPO but also ensuring sustainable business practices that withstand market challenges and regulatory scrutiny. Swethal Kumar, CEO, Startupscale360, said: 'India's Fintech revolution is transforming lives at the foundational level, enabling financial inclusion through innovation and accessibility. Regulatory support from initiatives like RBI's UPI framework and digital banking licenses has empowered startups and incumbents like Paytm to deliver seamless payment solutions. Beyond India, the success of UPI has inspired global adoption, with countries like Singapore and the UAE integrating or exploring similar real-time payment systems. This cross-border influence demonstrates how India's Fintech innovations are setting a benchmark for affordable, efficient financial solutions worldwide, bridging gaps and creating opportunities for millions. Programmes under Startup India foster a vibrant ecosystem by offering funding, mentorship, and infrastructure, driving FinTech adoption in underserved communities.' The digital revolution in India's financial sector is fundamentally transforming how millions access financial services, particularly at the grassroots level. With increasing smartphone penetration and the widespread adoption of UPI, financial services are reaching regions once considered unreachable, creating unprecedented opportunities for economic empowerment, points out Sailesh Pillai, Founder and CEO, LeoCompare. LeoCompare is a FinTech marketplace transforming the cross-border payments landscape. Launched in the UAE, the platform empowers users to discover, compare, and select the remittance services that offer the best value, helping them save money effortlessly. With a focus on transparency and simplicity, LeoCompare enables users to make smarter financial decisions while minimizing costs. Its mission extends beyond remittances to encompass a broader range of payment products, striving to bring financial transparency, promote literacy, and empower users to make informed choices that maximize their savings. Pillai said: 'We witnessed firsthand how platforms like ours can empower a migrant worker to find the best remittance solution, enabling them to send money home securely and at lower costs, all in a seamless and informative way. Small vendors in remote villages are now able to accept digital payments and access formal credit based on their digital footprint. These are not mere conveniences—they are pathways to economic dignity and long-term stability.' While projections indicate a Fintech market size of $50-60 billion by 2025, the real story goes beyond the numbers. The true impact lies in how digital payment solutions are systematically dismantling traditional barriers to financial access. UPI, once a novel technology, has become the backbone of a national financial language, driving unprecedented growth in digital transactions and making financial services more accessible, affordable, and inclusive for millions. Looking ahead, this convergence of technology and finance holds the promise of even greater inclusion. 'As more Indians adopt digital financial solutions, we are witnessing the emergence of a more equitable financial landscape—one where geography, income, or social status no longer limit access to essential financial services. This is not just a technological milestone; it is a socio-economic revolution, rewriting the rules of financial inclusion, one digital transaction at a time,' concludes Pillai.
