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Indian startups’ income from VC cash lying in bank deposits, mutual funds jumps again

VCCircle

VCCircle · 1y ago

Indian startups’ income from VC cash lying in bank deposits, mutual funds jumps again

Indian technology startups have seen an increase in non-operating revenue for the second consecutive year, although the growth rate has slowed down, according to a study conducted by VCCircle. The study analyzed the financials of the top 50 technology and tech-oriented startups in India and found that their aggregate other income increased by 49% in the fiscal year 2022-2023. This revenue includes income from secondary activities such as interest on fixed deposits, sale of mutual fund units, and fair value gain. However, the growth in other income slowed down compared to the previous year.

Related News

Paytm Shares Drop Over 4% Ahead Of Payments Bank Deadline

Inc42 · 1y ago

Paytm Shares Drop Over 4% Ahead Of Payments Bank Deadline

Amidst regulatory actions by the RBI, Paytm shares have seen a decline, with a 4.5% drop on March 14. The central bank has given a March 15 deadline for Paytm Payments Bank to halt all deposits, credit transactions, and top-ups in customer accounts. The shares, which have already decreased by over 60% since January 31, saw a slight recovery in February but have recently fallen again. Several mutual funds have divested their holdings in Paytm due to the declining stock price. Paytm is currently seeking a third-party application provider license to continue offering UPI services.

Jio Payments Bank to allow customers to invest idle deposits in overnight MFs

Economic Times

Economic Times · 4m ago

Jio Payments Bank to allow customers to invest idle deposits in overnight MFs

Jio Payments Bank plans to offer a new service that auto-invests customers' idle deposits in overnight mutual funds, aiming for higher returns. This was announced by Hitesh Sethia, CEO of Jio Financial Services. The bank serves 25 lakh customers with Rs 358 crore in deposits and is eyeing strategic expansions. It focuses on diversifying revenue through services like Aadhaar payments and UPI. Jio Credit manages Rs 11,600 crore in assets across various loans.

SBI shows margin resilience, but low RoA constraints re-rating

Livemint

Livemint · 4m ago

SBI shows margin resilience, but low RoA constraints re-rating

SBI has demonstrated strong margin resilience in the June quarter, maintaining a domestic net interest margin of 3%. This stability is expected to be supported by the repricing of deposits, fresh capital, and a reduced cash reserve ratio later in FY26. Although valuation lags behind private peers, fee income growth and stable asset quality contribute positively to SBI's outlook. The bank remains optimistic, anticipating an NIM boost from the repricing of savings and term deposits.

Halt Wallet Issuance, Refund Balances: RBI to TalkCharge

Inc42 · 1y ago

Halt Wallet Issuance, Refund Balances: RBI to TalkCharge

The Reserve Bank of India has once again directed payments platform TalkCharge Technologies to cease operation and issuance of its prepaid payment instruments and refund the remaining amount lying in these wallets to customers. Earlier this month, the central bank cracked down on the company for offering PPIs on its website and app without obtaining the requisite certificate of authorisation.

Deposits grew faster than credit amid cautious economic activities

Economic Times

Economic Times · 6m ago

Deposits grew faster than credit amid cautious economic activities

At the end of June 13, bank deposits in India grew by 10.4% year-on-year, surpassing the 9.6% credit expansion, reducing the credit-deposit ratio. The Reserve Bank of India's rate cuts contributed to deposit growth, as banks reduced deposit rates following a 50 basis points repo rate cut in June. However, maintaining this deposit growth could be challenging due to potentially discouraging lower deposit rates, with savers considering alternatives like mutual funds for better returns.

Banks start to see benefits of rate cuts, advances rise

Economic Times

Economic Times · 3m ago

Banks start to see benefits of rate cuts, advances rise

Indian Bank, South Indian Bank, and Karur Vysya Bank reported significant growth in advances during the second quarter of the year, following a 100-basis-point cut in policy rates. Indian Bank's advances increased by 13%, marking its highest quarterly growth since FY24, with deposits rising 12%. South Indian Bank saw a 9% increase in advances and a 9.7% rise in deposits. Karur Vysya Bank reported a 15.5% growth in advances and a 15.3% rise in deposits.

Startups Under I-T Dept Scanner, Get Tax Notices Over VC Funding

Inc42 · 1y ago

Startups Under I-T Dept Scanner, Get Tax Notices Over VC Funding

Several Indian startups, particularly in the fintech sector, have received tax notices from the Income Tax Department. The notices combine investments received with earned income, resulting in tax and penalties. Under Section 68 of the Income Tax Act, if a company fails to explain the origin and nature of its funding, the tax authorities may tax both capital and income. Startups affected by these demands must deposit 20% of the total tax demand to appeal, which may strain working capital needs. This comes as funding in the Indian startup ecosystem shows signs of picking up, with a 43% increase in funding raised in February compared to the previous month.

‘Saver turns investor in a rebalance,’ says Uday Kotak, as Indian households embrace equities, mutual funds | Mint

Livemint

Livemint · 1y ago

‘Saver turns investor in a rebalance,’ says Uday Kotak, as Indian households embrace equities, mutual funds | Mint

Indian households are shifting from traditional saving methods to more dynamic investment avenues, according to an analysis by Kotak Institutional Equities. The composition of household financial assets is changing, with a decrease in bank deposits from 53% in 2020 to 42% in 2024. This indicates a growing preference for equities, mutual funds, and other investment options. The analysis suggests a need for a broader perspective on financial management and a shift in mindset towards a holistic approach to financial services. The report also highlights factors contributing to the current market conditions, including positive sentiment among non-institutional investors and a favorable macroeconomic environment.

Six Mutual Funds Fully Exit Paytm Stock, Six Reduce Stake Sharply In February

Inc42 · 1y ago

Six Mutual Funds Fully Exit Paytm Stock, Six Reduce Stake Sharply In February

Paytm, the Indian fintech company, is facing divestment by several mutual fund companies following regulatory interventions by the Reserve Bank of India (RBI). Six mutual funds have completely divested their holdings in Paytm in February, while six others significantly reduced their stakes. The divestment comes after the RBI barred Paytm Payments Bank from various banking services due to non-compliance issues. As a result, 18 mutual funds now hold Paytm shares worth INR 1,426 crore, down from INR 3,384 crore in January. The National Payments Corporation of India is expected to grant Paytm a third-party application provider license by March 15.

Mutual Funds Increase Stake In Paytm In March Quarter, FII Holding Declines

Inc42 · 1y ago

Mutual Funds Increase Stake In Paytm In March Quarter, FII Holding Declines

Indian mutual funds have increased their stake in Paytm during the March quarter of FY24, amidst regulatory turmoil at the fintech company. Domestic mutual funds now hold a 6.15% stake, up from 4.99% in the previous quarter. Mirae Mutual Funds increased its shareholding to 3.76%. However, foreign institutional investors' stake in Paytm declined to 60.41% from 63.72%, with BNP Paribas Arbitrage and Societe Generale selling their stakes. Despite these challenges, Marshall Wallace and Morgan Stanley increased their stake in Paytm. Paytm's shares have dropped over 50% since the RBI's restrictions on Paytm Payments Bank.

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