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News on Medial
DMI, Aditya Birla Finance in race to scoop up ZestMoney in firesale
Economic Times
·
1y ago
Medial
Non-banking finance companies DMI Finance and Aditya Birla Finance are in talks to acquire fintech lending startup ZestMoney. The startup, which offered buy-now-pay-later loans to customers, recently informed its employees about plans to shut down due to a withdrawal of debt lines from lending partners. The lenders are interested in acquiring ZestMoney's technology platform and taking over its loan book, which amounts to around Rs 400 crore. The deal is expected to be finalized soon. Both DMI Finance and Aditya Birla Finance have a strong partnership model with fintech startups and are looking to collect outstanding dues from ZestMoney customers.
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Backed by Jio platforms, ZestMoney founders launch SwiffyLabs
OutlookIndia
·
1y ago
Medial
Lizzie Chapman and Ashish Anantharaman, founders of Buy Now Pay Later firm ZestMoney, have launched a new B2B fintech startup called SwiffyLabs. Backed by Jio Platforms, the company aims to build infrastructure for banks and financial institutions, focusing on introducing modern products like embedded finance and invoice financing using advancements in AI and digital public infrastructure. This launch comes after ZestMoney shut down its operations amid regulatory discrepancies and failed acquisition discussions with fintech major PhonePe. Talks for DMI Finance and Aditya Birla Finance to acquire ZestMoney are currently underway.
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DMI Group acquires BNPL startup ZestMoney in a fire sale deal
Money Control
·
1y ago
Medial
NBFC DMI Finance has acquired Buy Now Pay Later startup ZestMoney in a fire sale deal. The move strengthens DMI Group's commitment to customer-centric financial solutions and opens up new possibilities for seamless checkout finance tools. The Walmart-backed fintech decacorn PhonePe was previously in talks to acquire ZestMoney, but backed out due to issues with due diligence. ZestMoney faced difficulties without PhonePe's involvement, leading to layoffs and eventual shutdown. However, DMI Finance has assured that all existing employees will remain with the company.
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ONDC is bulking up financial services play with consumer-facing apps
Economic Times
·
1y ago
Medial
Tata Neu and Paisabazaar are conducting pilot studies to enable credit disbursals through the ONDC network. Lenders such as DMI Finance and Aditya Birla Finance have already integrated with ONDC to provide loans. Tata Neu and Paisabazaar will serve as consumer-facing applications to source customers for these lenders. The credit on ONDC pilot has recently begun with five LSPs.
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Aditya Birla Capital infuses ₹750 crore into Aditya Birla Finance Limited
Livemint
·
1y ago
Medial
Aditya Birla Capital has invested ₹750 crore in its subsidiary, Aditya Birla Finance, through a rights issue. The investment aims to support the subsidiary's growth, funding requirements, and leverage ratio improvement. Aditya Birla Finance also plans to raise up to ₹2,000 crore through its maiden public issue of non-convertible debentures (NCDs). At least 75% of the net proceeds from the NCD issue will be used for lending, financing, and repayment of existing borrowings, while the remaining 25% will be allocated for general corporate purposes.
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Fintech players in various stages of onboarding: ONDC’s Koshy
Economic Times
·
1y ago
Medial
Fintech players like Aditya Birla Finance, Karnataka Bank, Tata Capital, Canara Bank, and Bajaj Finserv are integrating with the government-backed Open Network for Digital Commerce (ONDC), according to the CEO T Koshy. ONDC has specified protocols for financial sector players to onboard the network. The initial pilot involved providing small loans to individuals or proprietary concerns, with DMI Finance as the lender and Easypay as the buyer. Now, the entities are refining and scaling up operations, with more transactions expected in February. Other enterprises, including insurers and mutual fund companies, are also integrating with ONDC.
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DMI Group buys troubled BNPL startup ZestMoney in a fire sale deal
IndianStartupNews
·
1y ago
Medial
Indian financial company DMI Group has acquired the troubled 'buy now, pay later' startup ZestMoney in a fire sale deal. This acquisition will expand DMI's reach in digital finance, housing finance, and asset management. Despite facing significant challenges, including founder resignations and failed acquisition attempts, ZestMoney's existing employees will reportedly remain with the company following the acquisition. DMI aims to integrate ZestMoney's checkout financing platform into its offerings to enhance customer and merchant engagement.
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Aditya Birla Capital, subsidiary Aditya Birla Finance to merge
Livemint
·
1y ago
Medial
Aditya Birla Capital has decided to merge its subsidiary, Aditya Birla Finance, with itself to avoid the public-listing requirement imposed by the Reserve Bank of India. This move aims to simplify the group's structure, strengthen Aditya Birla Capital as an operating non-banking finance company, and reduce regulatory complexities. The merger is subject to regulatory and other approvals and is expected to take effect in the next 9-12 months. Aditya Birla Capital's CEO, Vishakha Mulye, mentioned that they would seek permission from the RBI regarding their stake in the life insurance business, which would exceed the allowed limit.
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Aditya Birla Finance to merge with parent in 12 months
Thehindubusinessline
·
1y ago
Medial
Aditya Birla Capital has announced the merger of its wholly-owned subsidiary, Aditya Birla Finance, to create a unified operating non-banking financial company (NBFC). The merger is expected to be completed within the next 9-12 months and will consolidate the business and entities, simplify the group structure, enhance financial stability, and align business plans. Aditya Birla Capital will convert from a holding company to an operating NBFC after the merger, with the equity investment in Aditya Birla Finance being cancelled. The merger is in line with RBI's scale-based regulations and is subject to regulatory approvals.
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ONDC to add banks, fintechs to take credit services to last mile
Economic Times
·
1y ago
Medial
Open Network for Digital Commerce (ONDC) is set to integrate banks such as HDFC Bank, IDFC First Bank, and Karnataka Bank, as well as fintech firms like Fibe, to offer unsecured personal loans and invoice loans targeting small merchants in underserved areas of India. ONDC is also piloting credit disbursals through partnerships with Tata Neu, Paisabazaar, DMI Finance, and Aditya Birla Finance. Additionally, ONDC plans to introduce business-to-business credit services and explore small ticket, short tenure loans based on alternative data. ONDC is also expanding into insurance and investments segments.
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Advent International-backed Aditya Birla Capital to merge with financial unit
VCCircle
·
1y ago
Medial
India's Aditya Birla Capital has announced plans to merge with its subsidiary Aditya Birla Finance, converting from a holding company to an operating non-banking financial company. Following the merger, the combined entity will have total assets of INR 1.10tn ($13.30bn) as of December 2023 and expects to see an increase in its total capital adequacy ratio. The merger aims to enhance Aditya Birla Capital's financial strength and flexibility while maintaining the existing shareholding structure and management. The company's shares have gained 8.1% year-to-date.
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