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Veranda Learning completes first‑ever QIP worth Rs 357 Cr

EntrackrEntrackr · 3m ago
Veranda Learning completes first‑ever QIP worth Rs 357 Cr
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Veranda Learning, an education company offering end-to-end learning solutions across the education value chain, has completed its first-ever Qualified Institutional Placement (QIP), raising Rs 357.42 crores through the issuance of 1,58,71,173 equity shares of face value Rs 10 each. The QIP witnessed participation from domestic and global institutional investors, including Authum Investment, Trust Mutual Fund, Resonance Opportunities Fund, Necta Bloom VCC, Saint Capital Fund, among others. The proceeds will be used to deleverage the balance sheet, including repayment of the Ascertis Credit facility and growth initiatives across verticals, aimed at unlocking long-term shareholder value, Veranda said in a press release. According to Veranda, the demand reflects broad endorsement of its differentiated multi-vertical education model and its long-term growth strategy. Systematix Corporate Services acted as the sole Book-Running Lead Manager for the transaction. Veranda Learning offers a variety of training programs, including competitive exam preparation for exams like State Public Service Commission, Banking, Insurance, Railways, IAS, and CA, as well as professional upskilling courses. The company operates through a multi-modal delivery system, including online, offline, and hybrid formats. Founded in 2018 by the Kalpathi AGS Group, Veranda Learning has a presence across schools, test prep, study abroad, software upskilling, and higher education. Its differentiated pedagogy, multi-modal delivery, and commitment to student outcomes have driven rapid expansion across India. It aims to democratize high-quality education at scale using technology, robust academic frameworks, and outcome-driven models.

BigHaat’s gross revenue nears Rs 700 Cr in FY23

EntrackrEntrackr · 1y ago
BigHaat’s gross revenue nears Rs 700 Cr in FY23
Medial

Agritech startup BigHaat registered over five-fold growth during the fiscal year ending March 2023. However, in pursuit of rapid scale its losses also rose in a similar proportion during the same period. BigHaat’s gross revenue surged 5.3X to Rs 643 crore in FY23 from Rs 120 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Founded in 2015, BigHaat leverages technology to provide a wide range of solutions and services to farmers, helping them optimize their agricultural practices and increase productivity. Market linkages formed 92% of the overall gross revenue which increased 6.6X to Rs 594 crore in FY23. The rest of the income comes from input business, exports, commission of marketplace, and others. See TheKredible for the detailed revenue breakup. In tune with growth in scale, its cost of procurement emerged as the largest cost center accounting for 92.5% of the total expenditure. This cost rose by 5.4X to Rs 623 crore in FY23 from Rs 115 crore in FY22. Its employee benefits, selling cum distribution, legal-professional, information technology, fulfillment, and other overheads took the total expenditure to Rs 673 crore in FY23 from Rs 128 crore in FY22. Head to TheKredible for the complete expense breakup. Expenses Breakdown Total ₹ 128 Cr https://thekredible.com/company/bighaat/financials View Full Data To access complete data, visithttps://thekredible.com/company/bighaat/financials Total ₹ 673 Cr https://thekredible.com/company/bighaat/financials View Full Data To access complete data, visithttps://thekredible.com/company/bighaat/financials Cost of procurement Cost of procurement Employee benefit Employee benefit Selling and distribution Selling and distribution Legal professional Legal professional Information technology Information technology Fulfilment cost Fulfilment cost Others To check complete Expense Breakdown visit thekredible.com View full data The spurt in procurement and employee benefits resulted in a significant increase in losses, rising 5.8X to Rs 35 crore in FY23 from Rs 6 crore in FY22. Its ROCE and EBITDA margin stood at -40% and -4.3%, respectively. On a unit level, it spent Rs 1.05 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -6% -4.3% Expense/₹ of Op Revenue ₹1.07 ₹1.05 ROCE -14% -40% BigHaat has raised $29 million to date and was valued at $58 million in its last round. As per the startup data intelligence platform TheKredible, JM Financial is the largest external stakeholder with 27.29% followed by Ankur Capital and Beyond Next Ventures. Its co-founders Sateesh Nukala and Sachin Nandwana cumulatively command 23.29% of the company. The numbers would indicate a business that is more about trading and arbitrage than anything else, unless BigHaat incurred some major one off expenses. But at this scale, it’s obvious that the firm has the ability and knowledge to make it count, which is what should make it an interesting agritech to track from here on.

Portea’s revenue stays flat in FY23; losses grow 32%

EntrackrEntrackr · 1y ago
Portea’s revenue stays flat in FY23; losses grow 32%
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Home healthcare solution provider Portea has been struggling to scale which is evident from its stagnant growth in FY23. At the same time, the Accel-backed firm’s losses grew 32% during the fiscal year ending March 2023. Portea’s revenue from operations declined 3.3% to Rs 145 crore in FY23 from Rs 150 crore in FY22, its annual consolidated financial statements filed with the Registrar of Companies show. Portea brings quality medical care into patients’ homes to make primary healthcare accessible and accountable. Income from the products used and services offered to the patients were the primary source of revenue for the company. As per Portea’s website, the company has provided services to over 1 million patients and conducts 700,000 patient visits annually. Additionally, it has established partnerships with 63 leading hospitals. For the home healthcare provider, the consumables used for patient treatment and employee benefits jointly formed more than half (51%) of its overall expenditure. These costs stood at Rs 55 crore and Rs 50 crore respectively during FY23. Its consultancy fees, advertising cum promotional, traveling, legal, information/technology, and other overheads catalyzed the overall expenditure to Rs 206 crore in FY23 from Rs 204 crore in FY22. View TheKredible for the complete expense breakdown Expenses Breakdown Total ₹ 204 Cr https://thekredible.com/company/portea/financials View Full Data To access complete data, visithttps://thekredible.com/company/portea/financials Total ₹ 206 Cr https://thekredible.com/company/portea/financials View Full Data To access complete data, visithttps://thekredible.com/company/portea/financials Employee benefit Employee benefit Cost of material consumed Cost of material consumed Advertising promotional Advertising promotional Consultancy expenses Consultancy expenses Travelling conveyance Travelling conveyance Information technology Information technology Others To check complete Expense Breakdown visit thekredible.com View full data The stagnant scale and fixed overheads led Portea to register a Rs 53 crore loss during FY23 where the figures stood at Rs 40 crore in FY22. Its ROCE and EBITDA margins stood at -94% and -27.5%, respectively. On a unit level, Portea spent Rs 1.42 to earn a rupee in FY23. Caveat: We have excluded an exceptional item of Rs 20.5 crore while calculating the bottom line for FY23. Portea has raised around $90 million across several rounds. According to the startup data intelligence platform TheKredible, Accel is the largest external stakeholder with 32.38% followed by Ventureast, MEMG, and Qualcomm. Head to TheKredible for the complete shareholding pattern. FY22-FY23 FY22 FY23 EBITDA Margin -20% -27.5% Expense/₹ of Op Revenue ₹1.36 ₹1.42 ROCE -206% -94% Founded by Meena Ganesh and Ganesh Krishnan, after their successful exit from Tutorvista in 2011, Portea benefited from the reputation of its founder to attract strong investor interest. It did well enough to even consider an IPO in 2022, before hitting a wall. While blaming Covid would be an obvious excuse here, we believe the firm actually had its chance to build a reputation during and post the pandemic, even if at a higher temporary cost, but fluffed it. For now, it seems like a promising business on a standalone basis, but will be weighed down by its long decade plus legacy. With its last funding raised in 2021, Portea faces a moment of reckoning, and it remains to be seen if the founder’s experience with compelling narratives and exits will come to its rescue soon.

Bijnis records 100% growth in FY23; losses touch Rs 100 Cr

EntrackrEntrackr · 1y ago
Bijnis records 100% growth in FY23; losses touch Rs 100 Cr
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Bijnis, a B2B (business-to-business) marketplace for the unorganized retail segment has registered 100% year-on-year growth during the fiscal year ending March 2023. However, the losses for the Delhi-based company also rose almost 75% touching Rs 100 crore mark during the same period. The revenue from operations for Bijnis surged to Rs 52 crore in FY23 from Rs 26 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Bijnis is a B2B marketplace which connects manufacturers, suppliers, traders, and retailers, enabling them to expand their businesses effectively. Commission charged from the sale of supplies on its platform formed 90% of the total operating revenue which increased 2.1X to Rs 47 crore in FY23. Collection from freight and sale of goods are other revenue drivers for Bijnis. The Peak XV-backed firm also added Rs 13 crore from interest and gain of investment bringing its total income to Rs 65 crore during FY23. View TheKredible for a detailed revenue breakup. Similar to other technology startups, its employee benefits accounted for 50% of the overall expenditure. This cost grew by 82.2% to Rs 82 crore in FY23 from Rs 45 crore in FY23. In tune with scale, its freight cost increased 60% in FY23. The company’s cost of procurement, advertising, traveling, information technology, legal and other overheads catalyzed the overall expenditure up by 84.3% to Rs 164 crore in FY23 from Rs 89 crore in FY22. Expenses Breakdown Total ₹ 89 Cr https://thekredible.com/company/bijnis/financials View Full Data To access complete data, visithttps://thekredible.com/company/bijnis/financials Total ₹ 164 Cr https://thekredible.com/company/bijnis/financials View Full Data To access complete data, visithttps://thekredible.com/company/bijnis/financials Employee benefit Employee benefit Freight Freight Advertising promotional Advertising promotional Travelling conveyance Travelling conveyance Information technology Information technology Cost of material consumed Cost of material consumed Others To check complete Expense Breakdown visit thekredible.com View full data Head to TheKredible for a detailed expense breakdown. The surge in employee benefits, freight, and advertising outpaced the revenue growth, leading to a 74.6% increase in losses, which amounted to Rs 100 crore in FY23 compared to Rs 57 crore in FY22. Its ROCE and EBITDA margin stood at -70% and -150% respectively. On a unit level, it spent Rs 3.15 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -170% -150% Expense/₹ of Op Revenue ₹3.42 ₹3.15 ROCE -26% -70% Bijnis has raised around $42 million across rounds including its $30 million round led by Westbridge Capital in September 2021. According to the startup data intelligence platform, TheKredible Info Edge is the largest external stakeholder with 26.3% followed by Matrix Partners and Peak XV Partners with 14.21% each. A B2B firm dominating in only one segment is relatively rare, and Bijnis just has seen a particularly accessible opportunity in footwear to do so. Or perhaps used the exposure here to build further. With a firm like Zetwerk on a similar track to look up to, the firm seems to be seeking the wider, but tougher opportunity in smaller firms with factories. It will need a longer runway to get traction here, and that will make support from existing investors well worth tracking in the coming quarters.

Toothsi-parent MakeO’s revenue spikes 2X in FY23, posts Rs 220 Cr loss

EntrackrEntrackr · 1y ago
Toothsi-parent MakeO’s revenue spikes 2X in FY23, posts Rs 220 Cr loss
Medial

Toothsi and skincare brand Skinnsi-parent MakeO has managed over two-fold growth in its operating scale in FY23. Significantly, the company also controlled its losses which grew around 20% in the last fiscal. Though the operating income is yet to come close to its losses. MakeO’s revenue from operations surged 2.15X to Rs 168 crore in the fiscal year ending March 2023 from Rs 78 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Toothsi Founded in 2018 by Arpi Mehta Shah, Pravin Shetty, Manjul Jain and Anirudh Kal, MakeO started as an aligner brand Toothsi. Later, it merged its flagship brands, including Skinnsi. Under the two brands, the firm provides dental, skin, and hair treatment solutions. The sale of tooth aligners formed 69% of the total operating revenue which spiked 75.8% to Rs 116 crore in FY23. The rest of the revenue came from the sale of Skinsi services which include facial, anti-aging, acne reduction, and other skin treatments. See TheKredible for the detailed revenue breakup. Employee benefits emerged as the largest cost center for MakeO, accounting for 32.1% of the overall expenditure. This cost grew 76.4% to Rs 127 crore in FY23. This includes Rs 21 crore as ESOP costs. MakeO’s consultant fees which include scanning and therapist charges grew 15.4% to Rs 60 crore in FY23. The firm’s procurement, payment gateway, marketing, rent, legal /professional, and other overheads took its overall expenditure up by 50.2% to Rs 395 crore in FY23. Head to TheKredible for the complete expense breakup. Expense Breakdown Total ₹ 263 Cr https://thekredible.com/company/toothsi/financials View Full Data To access complete data, visithttps://thekredible.com/company/toothsi/financials Total ₹ 395 Cr https://thekredible.com/company/toothsi/financials View Full Data To access complete data, visithttps://thekredible.com/company/toothsi/financials Cost of procurement Cost of procurement Employee benefit Employee benefit Consultant Fees Consultant Fees Rent Rent Subvention and Payment Gateway Charges Subvention and Payment Gateway Charges Marketing Marketing Legal and Professional Legal and Professional Others To check complete Expense Breakdown visit thekredible.com View full data Makeo’s two-fold surge in scale and controlled expenditure kept its losses under control which increased 19.6% to Rs 220 crore in FY23. Its ROCE and EBITDA margin stood at -135% and -115.4%, respectively. On a unit level, it spent Rs 2.35 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -218% -115.4% Expense/₹ of Op Revenue ₹3.37 ₹2.35 ROCE -276% -135% MakeO has raised over $90 million across rounds including its latest fundraising of $16 million led by 360 One Asset. According to the data intelligence platform TheKredible, Eight Road Ventures is the largest stakeholder in the company followed by Think Investments. While controlling its losses might seem like a positive here, in its business , it might also point to the high fixed costs that are truly sticky. That would imply a need for a massive improvement in topline for MakeO, something that doesn’t look easy by any stretch in a fiercely competitive market. Especially for Skinnsi. We believe this is a firm that is definitely not out of the woods yet despite improving financials.

Exclusive: Blume Ventures leads pre-Series B funding in Virohan

EntrackrEntrackr · 1y ago
Exclusive: Blume Ventures leads pre-Series B funding in Virohan
Medial

Healthcare edtech startup Virohan has raked in Rs 14.9 crore or $1.8 million funding in an extended pre-Series B round led by Blume Ventures. The funding round comes after a gap of 14 months for the Gurugram-based company. The round also saw the participation of Mitsui Sumitomo Insurance Venture Capital, a venture capital fund managed by MS&AD Ventures, along with Suneight OK Partnership (Suneight), Bharat Inclusive Technologies, GoldenBird MultiProduct LLP, VVAG Partners, and individuals namely Pankaj Sharma, Sridhar Subramanian, Upasana Tilak Wadhwa, Viraj Nanda, Bhargav Suhas Jangle, and Vinita Bimbhet. The board at Virohan has passed a special resolution to issue 1,226 pre-Series B2 compulsory convertible preference shares (CCPS) at an issue price of Rs 1,21,496 per share to raise Rs 14.9 crore or $1.8 million, as per the regulatory filing with the Registrar of Companies. Blume Ventures infused Rs 6.15 crore while Mitsui Sumitomo Insurance Venture Capital and Suneight invested Rs 4.08 crore and Rs 2.48 crore, respectively. The remaining amount came from the other investors mentioned in the above paragraph. As per the startup intelligence platform TheKredible’s estimates, Virohan has been valued at around Rs 425 crore or $51 million (post-money). This marks a significant 1.8X jump in the company’s valuation as compared to its previous fundraise. Before this round, the firm raised $7 million in funding led by Blume Ventures. Entrackr had exclusively reported this in December 2022. To date, the startup has scooped around $15 million from Rebright Partners, AngelList, and Elea Foundation among others. Founded in 2018 by Archit Jayasal, Kunaal Dudeja, Nalin Saluja, and Parul Dudeja, Virohan offers healthcare vocational training to students to build a career in the healthcare industry. It operates hybrid classrooms at over 20 campuses and online training across India in cities including Delhi, Gurgaon, Faridabad, Roorkee, Raipur, Mumbai, Nagpur, et al. Followed by the fresh capital raised, co-founders Kunaal Dudeja and Nallin Saluja own 14.3% shares each while another co-founder Archit Jayasal-owned OXYS Impact LLP also has a 14.3% stake. Further, Blume Ventures increased its shares to 13.17% in the company. For complete details, visit here. Virohan’s operating scale surged 63.8% during FY23 to Rs 10.65 crore from Rs 6.5 crore in FY22. As per TheKredible, the company’s losses also rose 43.4% to Rs 18.58 crore in FY23 as compared to Rs 12.96 crore in FY22.

Indian startups mop up $2.77 Bn in March 2024 quarter: Report

EntrackrEntrackr · 1y ago
Indian startups mop up $2.77 Bn in March 2024 quarter: Report
Medial

Indian startups registered a steady growth in fund inflow during the first quarter of 2023 as they managed to cross $2.75 billion in funding. Importantly, funding in March stood out for crossing the $1 billion threshold for the first time in 2024. However, even as funding recovers, layoffs, shutdowns and departure of top-level executives continue to loom. Indian startups mopped up $2.77 billion across 326 deals in the March quarter or Q1 2024, as per data compiled by TheKredible. This included 74 growth-stage deals worth $1.87 billion and 213 early-stage deals amounting to $898 million. There were 39 undisclosed rounds. Unlike in the first quarter of 2023, two startups – Krutrim SI Designs and Perfios – entered the unicorn club after their latest fundraise in the first quarter of 2024. [Month-on-Month and Year-on-Year trend] March saw a decent jump in funding to $1.18 billion from $875 million in February and over $700 million in January. However, on a year-on-year basis, Q1 2024 recorded a fall from $12 billion in Q1 2022 and $3.4 billion in Q1 2023. [Top growth stage deals] Biotech startup Engrail scooped up $157 million in its Series B funding round to become the top-funded growth stage company in the first quarter of 2024. Audio series platform Pocket FM and logistics company Shadowfax managed to go past the $100 million funding mark in Q1 2024. Capillary Technologies, Perfios, Vivifi, Lohum, AiDash, ShareChat and Wow! Momo, were among the top 10 growth-stage deals. [Top early-stage deals] Digital lending platform mPokket, AI company Krutrim, energy tech company International Battery Company (IBC), blockchain company Avail, and generative AI startup Ema topped the list of early-stage startups. Check TheKredible for a full list. [City and segment-wise deals] City-wise, Bengaluru-based startups remain on top with 122 deals, contributing around 54% of the overall funding in the first quarter of 2024. Delhi-NCR and Mumbai followed with 77 and 54 deals, respectively. The list further counts Pune, Hyderabad, Chennai, Kolkata, Jaipur, Ahmedabad, and Thane among others. Segment-wise, e-commerce startups (including D2C brands) led the list with 64 deals followed by fintech (47), healthtech (31), SaaS (26), EV (15), AI (13), and edtech (13) startups. The complete breakdown of the city and segment can be found at TheKredible. [Stage-wise deals] Series-wise, 95 startups raised funding in Seed round followed by 71 Series A, 35 Pre-Series A, and 33 Pre-seed deals. Among early-stage, as many as 4 startups raised funding in their angel round. While 22 startups raised debt funding worth $276.65 million during the period. [Most active investors] Early-stage venture capital firm Inflection Point Ventures and Blume Ventures have emerged as the most active investors in Q1 2024 with 11 and 10 investments, respectively. Venture Catalysts was next on the list with nine deals followed by Fireside Ventures, Anicut, Accel, and Stride Ventures. The full list can be found at TheKredible. [Mergers and acquisitions] The first quarter of 2024 registered 26 merger and acquisition deals. Acquisition of Tapasya Educational Institutions by Veranda, InSemi by Infosys, Qdigi Services by Onsitego were the top 3 disclosed mergers and acquisitions deals. During the period, listed gaming firm Nazara’s subsidiary Nodwin acquired two startups: Comic Con India and Ninja Global FZCO. Among the undisclosed deals, Kuvera was acquired by fintech unicorn CRED, Captain Fresh took over CenSea while OneVerse acquired three startups including Spartan Poker, BatBall11, and Calling Station. Check the full list here. [Layoffs, shutdowns and departures] Layoffs continued in the March quarter as more than 1,100 employees received pink slips. Among them, foodtech company Swiggy topped the list with laying off of 350 employees followed by Cult.fit, InMobi, and Pristyn Care with 150, 125 and 120 employees, respectively. During the first quarter, five companies shut their operations. The list includes Resso, Rario, OKX India, GoldPe, and Muvin. Rario, however, added that it will launch a brand new platform that will enable users to play new and engaging cricket-based games. Besides layoffs and shutdowns, nearly two dozen top-level executives hung up their boots. Vijay Shekhar Sharma, founder of Paytm Payments Bank, resigned as the part-time non-executive chairman and board member of the company. Meanwhile, Third Wave Coffee’s chief executive officer Sushant Goel stepped down from his position to become a board member. The list also includes Indus Appstore CEO Rakesh Deshmukh, DealShare’s co-founder Sourjyendu Medda, and Fashinza’s co-founder Jamil Ahmed. [ESOP buyback] Amid all the ups and downs, the startup ecosystem witnessed employees stock buyback by growth and late-stage companies. For context, e-commerce company Meesho rolled out its largest ESOP buyback worth $25 million for 1,700 employees. Community management app MyGate and edtech company Classplus also announced their employee stock buyback program earlier this year. The full list can be found here. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [Conclusion] As funding revives, it is safe to say that the trend in layoffs will also subside in the coming months, if not weeks. The strength in fintechs continues, and the category will continue to seek more money and throw up the next big startups, as scale arrives faster for many. Newer categories, be it AI, Chip Design, or niche parts of healthtech look set to emerge soon, going by the churning in the markets. The big hope is that the many corporate governance issues that have plagued the ecosystem in the past two years will also take a backseat now, thanks to lessons learnt hopefully. Looking at the numbers, especially for Q1 2022 ($12 billion), many would say that opportunities and capital have been wasted. But that is the very nature of the Startup world, with tiny amounts of money and a dollop of innovation sometimes achieving what no amount of money thrown at a problem doesn’t. We remain optimistic that by Q4 of this year, India’s startup ecosystem will be stronger and more diversified than ever before.

RBI grants brief relaxations to Paytm Payments Bank customers

EntrackrEntrackr · 1y ago
RBI grants brief relaxations to Paytm Payments Bank customers
Medial

The Reserve Bank of India (RBI) made brief relaxations on Friday for customers affected by its business restrictions imposed on Paytm Payments Bank Limited (PPBL). The central bank has also released a FAQ section to address key concerns over the move. The RBI has extended the earlier stipulated timeline from February 29, 2024, to March 15, 2024, for further deposits, credit transactions, or top-ups in customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, etc. The same timeline extension has been given to banking services such as fund transfers, BBPOU, and UPI facilities. Other elements of the original January 31 directive have remained unchanged. For instance, withdrawal or utilization of balances by customers from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards, etc., are allowed without any restrictions, up to their available balance. The bank, however, also maintained that the nodal accounts of One97 Communications Ltd and Paytm Payments Services Ltd maintained by PPBL are to be terminated at the earliest, in any case not later than February 29, 2024. The central bank further directed that the PPBL should ensure withdrawals upto available balance from all accounts and wallets except for those frozen or flagged by the law enforcement authorities or judicial authorities. “Further, it is directed that the bank shall facilitate a seamless withdrawal of customer deposits that are parked with partner banks under the automatic ‘sweep-in sweep-out’ facility without causing any inconvenience to such customers,” the bank said. Earlier this week, RBI deputy governor Swaminathan J clarified that the crackdown on Paytm’s payments bank was not sudden but followed several conversations and giving the company ample time to take corrective measures. “When constructive engagement doesn’t work or when the regulated entity does not take effective action, we go for imposing business restrictions,” Das is quoted as saying. Paytm has said it is working with the authorities to resolve the matter. According to reports, Paytm founder Vijay Shekhar Sharma held meetings with Finance Minister Nirmala Sitharaman over the crisis faced by the company’s banking vertical. But it appears there has been no immediate relief for the company. Following the RBI notification, Paytm’s shares have continued to nosedive to hit all-time low. Though on Friday, it surged 5% to Rs 341.50 from the previous close of Rs 325.25 on the BSE. Some of the key question- answers posted by the RBI on the business restriction on the Paytm bank are as follows: Q: My salary is credited into my account with Paytm Payments Bank. Can I continue to receive my salary into this account? RBI: No. After March 15, 2024, you will not be able to receive any such credits into your account with Paytm Payments Bank. It is suggested that you make alternative arrangements with another bank before March 15, 2024 to avoid inconvenience. Q: I receive a subsidy or certain direct benefit transfers linked to my Aadhar from the Government in my account with Paytm Payments Bank. Can I continue to receive it into this account? RBI: No. After March 15, 2024, you will not be able to receive any such credit into your account with Paytm Payments Bank. Please arrange to change your linked account to another bank before March 15, 2024 to avoid any inconvenience or disruption. Q: I have a FASTag issued by Paytm Payments Bank. Can I continue to use it to pay toll after March 15, 2024? RBI: Yes. You can continue to use your FASTag to pay toll upto the available balance. However, no further funding or top ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024. It is suggested that you procure a new FASTag issued by another bank before March 15, 2024 to avoid any inconvenience. You can check out the complete FAQs here.

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