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News on Medial
Malaysian fintech major TNG Digital eyes IPO in next 2-3 years
Economic Times
·
10m ago
Medial
Malaysian fintech company TNG Digital is considering an IPO within the next few years that could raise over $300 million. The company, which owns Touch 'n Go eWallet and offers various financial services products, raised $179.3 million in equity funding last year. TNG Digital is backed by investors including Lazada, Ant Financial, and AIA. The potential IPO proceeds would be used for business expansion in Malaysia and Southeast Asia. TNG Digital currently has more than 20 million verified users and facilitates payments for over two million merchants.
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Razorpay eyes an international boost even as it moves base to India
Livemint
·
1y ago
Medial
Indian payment gateway company Razorpay is planning to expand its business in Southeast Asian and West Asian markets this year. The company aims to generate 5-10% of its revenue from international operations in the next 3-5 years. Razorpay recently acquired a majority stake in Malaysian recurring payments provider Curlec to facilitate its entry into international markets. While its payments gateway business has achieved profitability, newer products are still in the investment phase. The company is also in the process of shifting its domicile to India in preparation for a future listing on domestic bourses.
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Digital payment company Easebuzz bags $30 million lead by Bessemer
Economic Times
·
4m ago
Medial
Pune-based digital payments firm Easebuzz raised Rs 240 crore ($30 million) in a funding round led by Bessemer Venture Partners, marking its first major venture funding. This includes Rs 200 crore in primary capital and Rs 40 crore in secondary capital. Existing investors, 8i Ventures and Varanium Capital, also participated. With plans for an IPO in 2-3 years, Easebuzz aims to enhance brand building, attract talent, and explore cross-border payments while expanding in Southeast Asia and the Middle East.
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Razorpay To Shift Base To India By Year End; Eyes IPO In Next Two Years
Inc42
·
1y ago
Medial
Digital payments major Razorpay has announced plans to shift its headquarters from the US to India by the end of 2024. The company is in the process of seeking regulatory approval in both countries to facilitate the move. The decision is in line with Razorpay's plans to go public in the next two years. CEO Harshil Mathur stated that the shift is not solely focused on profits for the IPO but also forms a key part of the company's long-term plans. Razorpay has also partnered with Google and Open AI to enhance its payments and payroll business with AI-powered solutions.
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Fintech to remain key investment theme in MENA: Panellists at LP Summit Dubai 2024
VCCircle
·
10m ago
Medial
1. Fintech is expected to remain a key investment theme in the MENA region. 2. The sector has witnessed significant funding and will continue to grow in the coming years. 3. Digital transformation and improved regulatory frameworks are driving the growth of fintech in the region. 4. The VCCircle Limited Partners Summit in Dubai discussed the potential of fintech in MENA. 5. Industry executives highlighted the opportunities and future prospects in the fintech sector. 6. The event emphasized the role of fintech in driving innovation and financial inclusion in the region.
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Mumbai-based FINQY aims to achieve unicorn status in next 3-5 yrs
Inshorts
·
1y ago
Medial
Mumbai-based fintech startup FINQY has raised $2 million in a funding round led by Angel Bay India Accelerator, Family Offices and private investors. Founded in 2019, the startup leverages technology to empower sales professionals in the insurance, credit card, and loan sectors through its innovative B2B2C business model. Over the next 3-5 years, it aims to achieve unicorn status.
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Infibeam Avenues UAE Subsidiary to Raise USD 25 Million in Avenues World FZ-LLC from Pre-IPO Funding, Eyes Major UAE Expansion
VCCircle
·
1y ago
Medial
Infibeam Avenues, an AI-powered fintech company, is planning to expand its operations in the UAE market. Its UAE-based subsidiary, Avenues World FZ LLC, will raise $25 million in a pre-IPO round for this purpose. The funding will dilute up to 25% equity and Infibeam Avenues will retain a 75% stake. The company aims to replicate its success in digital payments achieved in the UAE across its international markets. The subsidiary, which currently processes digital payments for over 5,000 merchants in the UAE, plans to launch an IPO within the next 8-14 months.
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After Wakefit, Verlinvest lines up Purplle and Veeba for IPOs
Livemint
·
1m ago
Medial
Verlinvest, a Belgian investment firm, plans to list Indian consumer startups Purplle and Veeba on the public markets following Wakefit's IPO filing. The firm expects at least two more consumer startups from its India portfolio to go public in the next two years. Verlinvest's investment strategy involves adding 2-3 domestic brands annually while supporting existing portfolio companies in their growth and public listing endeavors.
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EXL eyes $2 billion revenue in two years on data, generative AI focus
Economic Times
·
1y ago
Medial
EXL, an analytics and digital solutions company, aims to reach $2 billion in revenue within the next two years. The company's CEO, Rohit Kapoor, attributes this goal to their focus on digital businesses and investments in generative AI (genAI). EXL has seen significant growth in data analytics, which now accounts for 46% of its business. Kapoor believes genAI will play a crucial role in their future and ensures its responsible use by utilizing closed and verified datasets and having human oversight. The company is investing in upskilling employees in emerging technologies to further their growth.
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Mobikwik eyes profitability, IPO in FY25
Economic Times
·
1y ago
Medial
Mobikwik, an Indian fintech company, is aiming to achieve profitability and plans to go public with an IPO in FY25. Mobikwik's CEO, Bipin Preet Singh, said the company's strategies for turning profitable, including a focus on expanding its user base, increasing revenue, and reducing costs. The article also mentions Mobikwik's partnerships with companies like Samsung and Zomato to offer digital payments services.
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PhonePe crosses 2 billion transanctions on app
Entrackr
·
1y ago
Medial
Digital Payment major PhonePe claims that they have crossed 2 billion digital transactions on the mobile application and has achieved annual run-rate of $70 billion on transactions from its platform. PhonePe is now accepted across more than 3 million merchants and has crossed 50 million monthly active users now. According to the company, 75 percent of transactions on PhonePe are from tier 2-3 cities. It had crossed one billion transaction mark in November 2018.
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