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How Paytm's Setback Becomes a Boon for Its Rival

StartupTalky

StartupTalky · 1y ago

How Paytm's Setback Becomes a Boon for Its Rival

Paytm, the prominent Indian fintech company, is facing a setback as the Reserve Bank of India restricts its banking operations beyond February 29. The limitations prevent Paytm from processing deposits, FASTag transactions, and credit transactions through major financial institutions. This development has prompted rival fintech companies like Google Pay, Yes Bank, HDFC Bank, and PhonePe to approach businesses that accept Paytm as payment. Experts believe that if Paytm loses its license due to ongoing investigations and allegations, it could have a significant impact on the Indian startup scene. However, the regulatory crackdown presents an opportunity for Paytm's competitors to gain a larger market share.

Related News

New Japanese rocket is destroyed during first test flight to space | Japan News

Money Control

Money Control · 1y ago

New Japanese rocket is destroyed during first test flight to space | Japan News

A new Japanese rocket faced a major setback during its first test flight to space. The rocket, launched by the Japanese space agency, failed just minutes into the demonstration flight. This failure is a significant blow to Japan's efforts to enhance its space technology and capabilities. It remains to be seen how this setback will affect Japan's future endeavors in space exploration.

ValueBridge buys Boon Capital to ramp up early-stage advisory business

VCCircle

VCCircle · 4m ago

ValueBridge buys Boon Capital to ramp up early-stage advisory business

ValueBridge Capital, a subsidiary of Merisis Advisors, has acquired Boon Capital to enhance its early-stage venture fundraising advisory services. While financial terms remain undisclosed, the acquisition includes Boon Capital founder Garima Seth and her team. ValueBridge focuses on pre-Series A and Series A fundraises, advising startups with investment needs of $3 million to $15 million. Boon Capital, founded in 2021, has aided in fundraising for companies such as Rusk Media and Gynoveda.

Boeing under scrutiny again after Air India crash: How it fares against Airbus

Livemint

Livemint · 29d ago

Boeing under scrutiny again after Air India crash: How it fares against Airbus

Boeing is facing scrutiny after an Air India crash involving its 787 Dreamliner, marking another setback in a challenging decade for the company. While the cause of the crash remains unknown, it tarnishes Boeing's image, especially compared to its rival Airbus, which has maintained profitability and stayed out of negative headlines. The incident also overshadowed the annual Paris Air Show, leading to canceled appearances and briefings by Boeing and associated companies.

Apple's EV exit shows the challenges of the once red-hot market

Business Insider

Business Insider · 1y ago

Apple's EV exit shows the challenges of the once red-hot market

Apple has reportedly scrapped its plans for an electric car after a decade of work. The company's EV project had undergone several changes in leadership and strategy since its launch in 2014. The decision comes as demand for electric vehicles has slowed, forcing manufacturers to cut costs. While the move may be seen as a setback for Apple, it could also provide a boost for rival EV makers as some of Apple's employees may now join their ranks. Apple's stock surged 2% in response to the news.

MobiKwik boosts ad spend to race ahead in digital wallet business

Livemint

Livemint · 1y ago

MobiKwik boosts ad spend to race ahead in digital wallet business

IPO-bound MobiKwik has increased its advertising spending and expanded its product offerings to gain a competitive edge in the prepaid payment instruments (PPI) wallet market, taking advantage of Paytm's recent regulatory setback. MobiKwik's market share has risen from 5% to 23% in PPI wallet transactions, driven by the launch of its Pocket UPI feature and aggressive marketing efforts in smaller towns. However, the company still faces the challenge of increasing its customer base and wallet accounts compared to Paytm and PhonePe.

Zomato to raise Rs 8,500 crore via QIP to fight quick commerce competition

Economic Times

Economic Times · 8m ago

Zomato to raise Rs 8,500 crore via QIP to fight quick commerce competition

Food delivery firm Zomato plans to raise Rs 8,500 crore through a qualified institutional placement. The company aims to enhance its cash position in response to the competitive landscape and the increasing scale of its business. Zomato's rival Swiggy is also preparing for a $1.25 billion IPO, while Zepto, a competitor in the quick commerce space, has recently raised over $1 billion. Zomato's acquisition of Paytm's events and ticketing business for Rs 2,014 crore in August has reduced its cash balance to Rs 10,813 crore.

Watertech startup Boon secures $5 million in funding from Roca Group Ventures

Economic Times

Economic Times · 1y ago

Watertech startup Boon secures $5 million in funding from Roca Group Ventures

Boon, a water tech startup, has raised $5 million in funding led by Roca Group Ventures. Co-founded by Vibha Tripathi and Advait Kumar, Boon focuses on remote water purification, monitoring, and dispensing products. The company plans to use the capital to scale its products, including an AI-enabled WaterIot platform that monitors water quality and allows for app-based adjustments. Roca Group praised Boon's commitment to sustainability and technological innovation, noting that this marks their first investment in an Indian startup.

Ola Electric's recent market share loss a cause of worry, says HSBC

Money Control

Money Control · 10m ago

Ola Electric's recent market share loss a cause of worry, says HSBC

HSBC, the brokerage firm, has expressed concerns about Ola Electric Mobility losing market share. Ola Electric recorded its lowest monthly sales in August, resulting in a decline in market share from 49% to 31%. HSBC attributes this loss to the increased availability of low-cost variants from rival companies. Despite this setback, HSBC remains optimistic about Ola's prospects and has retained its 'buy' call on the stock. Ola Electric's share price has experienced fluctuations since its IPO, but it is still up almost 50% from its IPO price of Rs 76.

Can This IoT Startup Solve India’s Drinking Water Woes?

Inc42 · 9m ago

Can This IoT Startup Solve India’s Drinking Water Woes?

- Vibha Tripathi, an IITian, is dedicated to bringing electricity and water to her native village in Uttar Pradesh's Hardoi district. - Tripathi founded a watertech startup called Boon, which addresses India's water concerns with innovative, tech-driven solutions. - Boon's patented technologies use AI for predictive filter maintenance, ensuring high efficiency and reliability in water purification systems. - Boon has saved 2 Lakh bottles and removed 10 Lakh kg of plastic, catering to hospitality chains, multinational companies, and Fortune 500 enterprises. - Boon's smart purification system, Boon Purify, goes beyond traditional RO systems, leveraging IoT and AI for water health monitoring, TDS levels, and filter maintenance. - The company plans to focus on refill solutions to reduce plastic usage and aims to reach a revenue of INR 75 Cr by FY25.

Paytm Payments Bank | Latest & Breaking News on Paytm Payments Bank | Photos, Videos, Breaking Stories and Articles on Paytm Payments Bank

Money Control

Money Control · 1y ago

Paytm Payments Bank | Latest & Breaking News on Paytm Payments Bank | Photos, Videos, Breaking Stories and Articles on Paytm Payments Bank

Paytm Payments Bank has been in the news lately due to various issues surrounding its license and compliance with regulations. According to the Financial Intelligence Unit, the bank failed to implement a mechanism to detect and report suspicious transactions as required under the PMLA. Speculations over the revoking of Paytm Payments Bank's license have caused its stock to fall. Additionally, the controversy has led to a drop in Paytm's UPI market share. The bank has been fined for violating the PMLA. Despite efforts to cut ties with the bank, Paytm still relies on it in multiple ways. The board of Paytm's parent company has approved the termination of agreements with Paytm Payments Bank. Various financial changes, including restrictions on Paytm Payments Bank accounts, may impact users. Paytm's stock has been in decline and Yes Bank has expressed interest in acquiring the merchant accounts of Paytm Payments Bank. Paytm's efforts to resolve the issues with the regulator are seen as a delay tactic. A Paytm employee committed suicide due to fears of job loss. The board of Paytm Payments Bank has been restructured and the bank has faced various restrictions and an extended deadline for compliance. Despite setbacks, merchant loyalty to Paytm remains intact. Paytm's stock has shown some recovery but Goldman Sachs has reduced its target price. The decline in daily downloads of the Paytm app has been noted, while rival BHIM UPI has seen an increase. Overall, Paytm Payments Bank is facing significant challenges and uncertainties.

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