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News on Medial
ET WLF: Can AI increase credit penetration in an underserved market
Economic Times
·
10m ago
Medial
The ET World Leaders Forum highlights the importance of responsible and secure access to credit for Indians. Ambarish Kenghe, VP of Google Pay, discusses the role of artificial intelligence in enabling this.
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TVS Credit posts 20% growth in profit for second quarter
VCCircle
·
9m ago
Medial
TVS Credit, the non-banking financial arm of TVS Motor Company, has reported a 20% increase in profit for the second quarter of the fiscal year. The company's net profit reached INR 161 crore, driven by growth in assets under management which stood at INR 26,652 crore, a 13% rise year-on-year. TVS Credit attributes its strong growth to an increase in distribution reach, supported by consumption growth and improved penetration. The company has also taken steps to strengthen credit norms and expand product offerings. TVS Credit operates in 27 states with 44,000 touchpoints and 130 area offices.
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ZET partners with SBM Bank for FD-backed credit card
Economic Times
·
2m ago
Medial
ZET has partnered with SBM Bank to launch an FD-backed credit card in India, aimed at helping users build a credit score over 750. The card targets credit underserved and unserved populations by offering a straightforward way to establish credit history. Users can link the card to any UPI app, earn interest on fixed deposits, and utilize up to 90% of their deposit as a credit limit. The initiative removes the need for existing credit history or income proof.
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BimaPay Nets $2 Mn To Offer Tech-Based Insurance Solutions
Inc42
·
1y ago
Medial
Insurtech startup BimaPay has raised $2 million in a funding round led by LC Nueva Investment Partners. The funds will be used to expand the startup's presence in the financial inclusion and insurance space through the use of technology. BimaPay offers digital lending solutions, including insurance premium financing, to increase affordability and accessibility in the insurance sector. The startup aims to penetrate underserved markets and promote insurance penetration in India. The insurtech market in India is projected to reach over $304 billion by 2030, according to a report by Inc42.
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Flipkart’s Super.Money Plans To Raise External Funds, To Launch FDs, Credit Lines Via UPI
Inc42
·
11m ago
Medial
Super.Money, a Flipkart-backed fintech venture, has partnered with Utkarsh Small Finance Bank to launch the SuperCard, a co-branded credit card. Users can secure credit cards with limits starting from INR 90 by making deposits ranging from INR 100 to INR 10 lakh. Super.Money aims to provide a simplified and vibrant payment experience, targeting young and affluent users in India. The company has plans for external fundraising in December and aims to cater to the underserved market of the emerging Indian economy, focusing on being a credit-first company.
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Middle India’s e-commerce revolution: A new wave of startups redefining online retail
Inc42
·
1y ago
Medial
Middle India's ecommerce market is expanding rapidly, with startups using technology to reach underserved rural consumers. Morgan Stanley predicts a 50% YoY growth rate, projecting the market to reach $150 billion by 2025. Investments in Middle India's ecommerce space, such as BuyEazzy, are providing valuable insights into the needs of Middle Indian consumers. These startups are reshaping online retail by catering to local demands, utilizing technology to connect with rural customers, and building robust logistics networks. While challenges like low internet penetration and lack of infrastructure persist, the growing penetration, increasing disposable incomes, and rising urbanization present significant opportunities for ecommerce in Middle India.
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PC penetration doubles since Covid-19 to 15% households in 2024 - The Economic Times
Economic Times
·
26d ago
Medial
India's household PC penetration nearly doubled between 2019 and 2024, reaching 13-15%, driven by rising demand, affordability, and interest in AI PCs. Despite low overall adoption, growth potential exists in smaller cities. Analysts predict steady expansion, with AI PCs and education fueling future demand. Although challenges like limited purchasing power persist, brands are offering financing options. Companies like HP and Lenovo aim to increase penetration, particularly with AI PCs, in tier-II and III cities.
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Thai Credit Bank taps offshore investor for $205 mn IPO
VCCircle
·
1y ago
Medial
Thai Credit Bank is bringing in an offshore investor for a substantial cornerstone investment in its $205 million IPO. The bank has secured an equity investment of up to $30 million for the IPO, as it focuses on serving the underserved segment in Thailand.
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Cost structure of logistics biggest challenge for ecommerce: Flipkart CEO
Economic Times
·
1y ago
Medial
Ecommerce in India is facing challenges due to the high cost structure of logistics, according to Flipkart CEO Kalyan Krishnamurthy. While the government has simplified taxation and adopted ease of doing business, reducing logistics costs is crucial to increase penetration in the market. Flipkart plans to transition its delivery fleet to electric vehicles by 2030. The ecommerce penetration in India is around 7-8%, but higher in product categories like electronics. Despite a 9.4% increase in net total income for FY2023, Flipkart's losses have also widened.
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Alakh Pandey-led Physics Wallah's profit declines 91% from Rs 98.2cr to Rs 8.9 crore in FY23
IndianStartupNews
·
1y ago
Medial
Alakh Pandey-led edtech unicorn PhysicsWallah witnessed a significant drop in net profit for FY23, with a decline of 91% to Rs 8.9 crore. This decline can be attributed to a substantial increase in expenses, including employee benefits, advertising costs, and rent expenses due to offline expansion. However, the company saw a notable increase in total revenue of 234% to Rs 798 crore, driven by its expanded penetration in the offline category. PhysicsWallah has also pursued an aggressive expansion strategy, including acquisitions and entry into primary education.
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'India's success with UPI offers replicable model for other nations'
Economic Times
·
8m ago
Medial
The success of India's Unified Payment Interface (UPI) is lauded in a paper titled 'Open Banking and Digital Payments: Implications for Credit Access.' The paper highlights how UPI has facilitated financial inclusion, innovation, and equitable economic growth by combining public digital infrastructure with open banking policies. UPI has allowed previously underserved groups to access formal credit, with loans to new-to-credit borrowers growing by 4% and to subprime borrowers by 8% in regions with high UPI adoption. The paper also emphasizes that UPI has enabled lenders to expand responsibly, with no significant increase in default rates.
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