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Exclusive: CashFlo all set to acquire LogiTax to foray into enterprize biz

EntrackrEntrackr · 1y ago
Exclusive: CashFlo all set to acquire LogiTax to foray into enterprize biz
Medial

Finance automation and payments platform CashFlo is all set to acquire tax compliance management solution provider LogiTax, sources aware of the development told Entrackr. As per sources, the deal will help CashFlo to foray into enterprize business. Founded in 2018 by Ankur Bhageria and Dushyant Agarwal, CashFlo helps vendors to access short-term capital while it enables corporates to optimize working capital flow and increase topline by managing their supply chain’s finances efficiently. In September 2022, CashFlo raised nearly $9 million led by General Catalyst with participation from existing investor, Elevation Capital. So far, the Mumbai-based firm has raised over $12 million. Pune-based LogiTax is an end-to-end tax compliance management solution which helps in managing GST filing to auto-validating invoicing data to generate e-invoices and keeping data audit-ready. Its product suite is available for ERP partners, SMEs and corporates. Founded by Aditya Kulkarni, LogiTax is a bootstrapped firm launched in 2017. It competes with Clear (formerly Cleartax), Treflo, myGSTcafe, myBillBook and Vyapar. Sources also added that the term sheet has been signed and the official announcement may happen soon. Post acquisition, Kulkarni will lead the enterprize business of CashFlo. Queries sent to CashFlo and LogiTax did not elicit any response. We’ll update the post in case they do. CashFlo was chasing growth at a high cost and this could be evident from its financial performance in FY23. As per startup data intelligence platform TheKredible, the firm registered a two fold jump in its operating revenue to Rs 4.73 crore in FY23 while its losses stood at Rs 21.52 crore during the same period. On the other side, LogiTax recorded Rs 2.12 crore revenue and Rs 12.34 lakh losses in FY23. Both companies are yet to file their FY24 numbers.

Exclusive: Infibeam entering UPI payments with new app RediffPay

EntrackrEntrackr · 10m ago
Exclusive: Infibeam entering UPI payments with new app RediffPay
Medial

Infibeam Avenues Limited is planning to enter the unified payments interface (UPI) market with its new payment app, RediffPay, sources aware of the development told Entrackr. This move would position Infibeam Avenues among well-established competitors like PhonePe, Paytm, Google Pay, and MobiKwik in the UPI space. Last month, Infibeam Avenues acquired 54% stake in Rediff.com India, signaling plans to relaunch Rediff.com in its new avatar as a consumer-facing digital financial services aggregator. “Infibeam aims to extend beyond UPI payments with inclusion of insurance, lending, stock trading, and wealth management,” said a source requesting anonymity. In April 2024, Finance Minister Nirmala Sitharaman highlighted that India registered 131 billion UPI transactions worth Rs 200 trillion in FY24. According to a source, Infibeam plans to leverage Rediff’s established user base and brand recognition, combined with its own expertise in digital payments, to drive the growth of its UPI offering. For context, Rediff claims 55 million monthly visits and over 70 million registered email users. Last year, Infibeam acquired a 49% stake in Pirimid Technologies, a capital market trading software provider. The company is working on integrating this capability into its digital payments platform for its domestic and international clients, with RediffPay expected to play a key role in supporting this initiative, as per sources. “Unlike other UPI players who had to start from scratch, Rediff’s existing customer base of millions will give it a significant advantage, coupled with CCAvenue’s strong presence in B2B payments,” said another source. The source added that Rediff’s substantial customer base is expected to provide the app with a ready user base. This foray will also mark Infibeam’s first major foray into the B2C segment, with a focus on consumer payments. Through RediffPay, the company will offer UPI services alongside other financial solutions, including credit on UPI and bill payments. Queries sent to Infibeam and Rediff didn’t elicit any responses till this story went to the press. Infibeam is also developing comprehensive payment technology focused on enhanced transaction security, which could give Rediffpay an edge over competitors. This aligns with Infibeam’s investment in AI through Phronetic.AI. In January, Infibeam roped in Rajesh Kumar SA as the chief executive officer (CEO) of the artificial intelligence business. Currently, PhonePe controls 48% market share by volume in UPI followed by Google Pay and Paytm with 37.3% and 7.21% shares, respectively. While CRED emerged as the fourth largest player in terms of UPI transactions, several new players such as Flipkart, NAVI and BharatPe have also entered the consumer facing payments market.

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