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News on Medial
More work needed to be done in Indian fintech sector: MobiKwik CFO
Inshorts
·
3m ago
Medial
MobiKwik Co-Founder and CFO Upasana Taku said it's an exciting time to be in India's fintech sector but there is much more work that's needed to be done. "400-500 million Indians are actively paying digitally...everyone else is still on cash," she said. "The overall market opportunity is still...very large...Next 20 years it's going to be a growth story," she added.
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BharatPe hires Rohan Khara as chief product officer
Economic Times
·
1y ago
Medial
Fintech company BharatPe has appointed Rohan Khara as its chief product officer. Khara will be responsible for product development, innovation, and user research across the BharatPe Group of companies. With experience in building and scaling financial services products in emerging markets, Khara has previously worked at FairMoney India, MobiKwik, and Quikr. He will report to the CFO and interim CEO of BharatPe, Nalin Negi. Khara aims to drive value for end users and balance innovation with fiscal prudence in his new role.
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What the new government must do to make public sector banks world-class
Money Control
·
1y ago
Medial
The government has made efforts to strengthen the banking sector but there are still issues to be addressed. In 2014, the government inherited a weak financial sector plagued with hidden non-performing loans and depleted capital. Since then, measures have been taken to fortify the banking sector and address its deficiencies. However, there is still work to be done to ensure the sector is robust and free from toxic loans. The upcoming government after the recent national elections will inherit a stronger banking sector with improved capital and reduced non-performing loans.
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MobiKwik faces criminal case for non-payment of dues to a vendor
Inc42
·
1y ago
Medial
Indian fintech unicorn MobiKwik, which recently filed its draft red herring prospectus (DRHP) with SEBI for its second IPO attempt, is facing a criminal case over non-payment of dues to a vendor. Xplore Private Limited has alleged that MobiKwik failed to clear 12 invoices, resulting in a loss of INR 1.61 crore. The complaint has been filed against MobiKwik and its directors. While the matter is currently pending in court, MobiKwik aims to raise INR 700 crore through a fresh issue of shares for business expansion and investment in AI and ML.
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Fintech startup MobiKwik elevates Mohit Narain as Chief Operating Officer - Consumer Payments
IndianStartupNews
·
1y ago
Medial
Fintech startup MobiKwik has promoted Mohit Narain as the Chief Operating Officer for Consumer Payments. Narain, who has been with MobiKwik for over five years, will be responsible for overseeing operational efficiencies in various payment services. Additionally, Harvinder Singh Chadha has joined Zaakpay, a subsidiary of MobiKwik, as Vice President. Chadha brings extensive experience in the banking and fintech sectors and will focus on leading the payment gateway business and driving merchant acquisition. Zaakpay has received regulatory approval from the Reserve Bank of India to operate as a payment aggregator.
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MobiKwik shares skyrocket 14%, rally extends to second day
Economic Times
·
7m ago
Medial
Shares of MobiKwik Systems surged 14% in early trading, reaching a high of Rs 605 on the BSE. This follows a 37% surge over two days after a strong listing on Wednesday. The company's IPO received massive investor interest with a subscription rate of 119 times. MobiKwik, which operates a payments platform serving over 161 million users and 4.26 million merchants, is focused on growth in financial services, AI research, and payment infrastructure expansion. Experts recommend booking profits due to high listing gains, while maintaining profitability and carving a niche in the fintech sector will be essential for continued success.
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Fintech M&A Activity Led By Lending Sector In 2023; Start-Up Incorporations Drop By 70% From 2021
OutlookIndia
·
1y ago
Medial
Lending fintechs accounted for 30% of all fintech acquisitions in 2023, reflecting increased regulatory scrutiny in the lending sector. Payments and Wealthtech were the other sub-sectors that saw high acquisition activity. The lending sub-sector's surge in acquisitions aligns with the tightening regulations in the space. In total, there were around 30 acquisition deals in the Indian Fintech space in 2023. Additionally, there has been a 70% decline in the incorporation of new fintech start-ups. The majority of acquisitions were done by larger companies for product enhancement and expanding capabilities. The fintech sector heavily relies on venture capital backing for sustainability. In the global market, fintech companies raised $46 billion between Q3 2022 and Q3 2023, indicating a focus on business fundamentals.
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India's fintech has come far, but so much more to be done: MobiKwik's Upasana Taku
Economic Times
·
3m ago
Medial
India's fintech sector is set for significant growth over the next two decades, driven by opportunities in digital payments and financial products, according to MobiKwik cofounder Upasana Taku. With only 10% of Indians using multiple financial products, the market offers vast potential. MobiKwik plans to focus on innovation, governance, and expanding its user base. Despite recent financial challenges, the company aims for long-term growth through diversification across payment and finance-related services.
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P2P investors take to social media to vent against new RBI rules
Economic Times
·
11m ago
Medial
The recent regulatory update on peer-to-peer lending guidelines in India has impacted the fintech sector. Firms like MobiKwik and Cred have stopped or restructured their P2P investment platforms due to the updated rules issued by the Reserve Bank of India. MobiKwik no longer offers instant withdrawal facilities for investors on its 'Xtra' platform, while Cred has halted new deposits. The regulatory changes prohibit access to secondary markets and reinvestment of proceeds, prompting concerns from customers and a need for restructuring. The future of P2P programs by large fintech platforms remains uncertain amid further directives from regulators.
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FM Nirmala Sitharaman Bats For Regulatory Support For Fintechs, Says ‘Compliances Have To Be Simplified’
Inc42
·
1y ago
Medial
Indian Finance Minister Nirmala Sitharaman has assured fintech startups of the government's support and assistance, saying that the problems faced by a few startups should not be seen as a sectoral issue. Sitharaman highlighted the need to simplify compliances and make them more user-friendly. She also emphasised that fintech startups are crucial for innovation and reiterated the government's commitment to supporting the sector. The comments were made during a meeting with fintech entrepreneurs, where concerns were raised regarding regulatory support and clarifications. Despite challenges, the Indian fintech sector has seen significant funding, with over $28 billion raised by 726 startups between 2014 and 2023.
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'ChatGPT went down': Sam Altman apologises after AI chatbot faces outage
Livemint
·
9m ago
Medial
OpenAI CEO Sam Altman apologized for the 30-minute outage experienced by their AI chatbot, ChatGPT. Around 19,000 people were affected by the unavailability of the chatbot. Altman acknowledged that while the company has made improvements in reliability, more work still needs to be done. He also mentioned that ChatGPT is now the 8th biggest website according to similarweb. Altman ended his post with an apology and a commitment to continue their work.
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