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

Fintech Bolt Is Raising Funding, Looking for a $14 Billion Valuation

Bolt, a San Francisco fintech startup that provides an online checkout solution for other companies, is still in talks to raise new money at a valuation of $14 billion, according to a source familiar with the matter. The deal comes only weeks after Bolt closed $355 million in a Series E round, valuing it at … Read more

Microsoft CEO Satya Nadella joins Groww as investor, advisor

Tiger Global-backed Groww on Saturday said Microsoft chief executive officer Satya Nadella has joined the company as an investor and advisor. “Groww gets one of the world’s best CEOs as an investor and advisor. Thrilled to have @satyanadella join us in our mission to make financial services accessible in India,” Groww’s co-founder and CEO Lalit … Read more

SBI does another interesting investment. This time into Pine Labs.

The bank is making a $20 mn investment into Pine Labs (PL). Key points to note – In May-July 2021, PL was valued at $3.5 bn when it had raised $ 600 mn from reputed investors including Fidelity, Blackrock and others. Later in September it had raised another $100 mn from Invesco at an undisclosed … Read more

PB Fintech to set up an Account Aggregator subsidiary

PB Fintech’s board has approved to set-up a wholly owned subsidiary to carry on the business of an Account Aggregator (AA). Key points to note – Account Aggregator Network – a financial data sharing system was recently introduced in India in September 2021. An Account Aggregator (AA) is a type of RBI regulated entity (with … Read more