We are not trying to be profitable in a hurry: Policybazaar Chairman

In an interview, Yashish Dahiya, Chairman and Chief Executive Officer of PB Fintech highlighted the following – “We started our new initiatives after the market started focusing on profitability. We are not reducing our new initiatives or killing them. We are only getting a little more efficient, which is exactly what we would do anyway. … Read more

Reliance announces demerger and separate listing of financial services segment

Alongside Q2 FY 23 results, Reliance Industries Limited (RIL) has announced demerger and listing of a subsidiary, Reliance Strategic Investments Limited (RSIL) to focus on the financial services segment. RSIL is currently a wholly-owned subsidiary of RIL and is a RBI-registered non-Deposit taking Systemically Important (ND-SI) Non-Banking Financial Company (NBFC). RIL will demerge it’s financial … Read more

Trading App Brings in Williams Sisters As Investors

Tennis icons Venus and Serena Williams have become investors in social trading app Shares. The London-based startup recently closed a $40 million round led by Peter Thiel’s Valar Ventures. Check out the 20-slide pitch deck Shares used to raise its $40 million Series B round. Two of the most iconic tennis players ever Venus and … Read more

Investor advisory firm recommends voting against key Paytm resolutions

One 97 Communications, the parent Company of Paytm is scheduled to hold it’s AGM on August 19, 2022. Ahead of the meeting, Institutional Investor Advisory Services India (IiAS), a proxy advisory firm, has advised shareholders of One 97 to vote against some key proposed resolutions. Reappointment of Vijay Shekhar Sharma (VSS) as the MD – … Read more

Did Axis overpay in Citi deal? Analysts think so

With Citibank’s credit card spends share falling to 3.9% in June from 4.8% a year ago, analysts said may have overpaid for the Citi retail assets deal. During the same period, Axis Bank’s market share has increased to 9.3% from 8.3%, according to Reserve Bank of India data. “We remain concerned about the steady decline … Read more

Paytm commits to become operating breakeven by September 2023

In it’s quarterly operating performance update for March 2022 quarter, Paytm founder Vijay Shekha Sharma (VSS) has informed the following – Paytm should be Operating EBITDA (before ESOP cost) break-even in the next 6 quarters i.e., by September 30, 2023. During December 2021 quarter, Paytm had reported EBITDA (before ESOP cost) loss of Rs 393 … Read more

‘Paytm got customers by way of cashbacks, not by rendering services’

Veteran banker Aditya Puri on Tuesday raised questions about Paytm’s business model, saying the recently listed financial services company has earned customers not by rendering services but by way of cashbacks.   Puri, who led HDFC Bank from inception and made it into the largest in the private sector space by the time he retired … Read more

RBI stops Paytm Payments Bank from onboarding new customers

Paytm Payments Bank (PPB) is a joint venture between Paytm founder Vijay Shekhar Sharma and the listed holding company One97 Communications, the parent of Paytm. Sharma owns 51% in the bank in his personal capacity. It had started operations in 2017 and claims to have 60 million bank accounts with 4 lakh users added every … Read more

Sachin Bansal’s Navi Tech files draft papers for ₹3,350 cr IPO

Sachin Bansal-led Navi Technologies has filed draft papers for an initial public offering (IPO) with Sebi. The IPO comprises of fresh equity issue of up to ₹3,350 crore, according to the draft offer document. Sachin Bansal’s Navi Technologies is a technology-driven financial products and services company in India focusing on the digitally connected young middle-class … Read more