🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Exclusive: Peak XV-backed Jupiter expands ESOP pool

EntrackrEntrackr · 1y ago
Exclusive: Peak XV-backed Jupiter expands ESOP pool
Medial

Neobanking platform Jupiter has expanded its employee stock option plan (ESOP) pool by Rs 40 crore (nearly $5 million). With this, the firm has joined a host of growth and late-stage companies which have expanded their ESOP pool in the ongoing calendar year. Jupiter has approved the issuance of 21,665 ESOP options to the “Jupiter Employee Welfare Trust, its regulatory filing accessed from the Registar of Companies (RoC) shows. Each equity share is priced at Rs 18,826.29, including premium, making the total ESOP worth Rs 40.7 crore. In March 2022, Jupiter had its last ESOP buyback worth $4 million for 21 employees. According to the filing, Jupiter’s total ESOP pool formed 7.89% of the total share capital. The development comes at a time when Jupiter is expanding its product portfolio and it recently received wallet licence from the Reserve Bank of India (RBI). The firm also scooped up strategic funding from its existing investor for its non-banking financial (NBFC) business Amica Finance. Entrackr had exclusively reported the development in June. Jupiter was last valued at around $710 million during a $86 million Series C round in December 2021. It has raised over $160 million to date from QED Investors, Peak XV and Matrix Partners among others. As per startup data intelligence platform TheKredible, Jupiter achieved a total revenue of Rs 56 crore but reported a loss of Rs 327 crore in FY23. Jupiter competes with the likes of Niyo, Slice, and Fi among others.

Infibeam Avenues receives RBI’s final nod for Payment Aggregator licence

EntrackrEntrackr · 1y ago
Infibeam Avenues receives RBI’s final nod for Payment Aggregator licence
Medial

Infibeam Avenues has received final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator under the Payment Settlements Act, 2007 for its payment gateway brand – CCAvenue. While Infibeam Avenues already received “in-principle” approval from the RBI late last year, the apex banking body has granted the final licence. RBI had introduced the payment aggregator framework in March 2020. Infibeam Avenues offers digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. The company’s payment infrastructure solution includes acquiring and issuing solutions and offering infrastructure for banks. Its enterprise software platform provides an online marketplace for government procurement. Razorpay, Cashfree, and Open were the first set of players to get the regulatory nod in December last year. Zomato, DigiO, Google, and Tata Digital among others are the other major players to get the payments licence. Infibeam Avenues claims that it has more than 10 million merchants on its platform and crossed half a million merchant onboarding in the first half of FY24. Infibeam Avenues had earlier launched CCAvenue mobile app, which is an advanced omni-channel payment app where its app features a pin-on-glass SoftPoS solution – CCAvenue TapPay for Merchants and Kiranas across the country. Infibeam Avenues had shown strong growth and this could be evident from its Q3 FY24 numbers. Its revenue from operations grew 15.4% to Rs 912 crore in Q3 FY24 whereas the firm also managed to grow its profit marginally to Rs 40.8 crore during the above mentioned period.

Razorpay POS gets RBI approval for offline payment aggregator licence

EntrackrEntrackr · 18d ago
Razorpay POS gets RBI approval for offline payment aggregator licence
Medial

Razorpay POS gets RBI approval for offline payment aggregator licence Razorpay POS, the offline payments arm of Razorpay, has received the Payment Aggregator Physical (PA-P) licence from the Reserve Bank of India (RBI). With this approval, Razorpay now holds all three key RBI payment licences: online payment aggregator, offline (physical) payment aggregator, and cross-border payment aggregator, placing it among a small group of fintech companies authorised to operate end-to-end across India’s payments ecosystem. In recent months, RBI approved online, offline and cross border payment aggregation for around half a dozen companies. These include Paytm, Razorpay, Easebuzz, PayU, Pine Labs and Airpay. With these clearances, the firms are authorised to offer a full stack of payment aggregator services across ecommerce transactions, in-store merchant payments and cross-border payment flows. The PA-P licence allows Razorpay POS to onboard merchants and process in-store digital payments at scale, covering large retailers, enterprises, and small and medium businesses. The company already operates across India’s offline commerce ecosystem through devices such as mPOS terminals, smart POS machines, soundboxes, and pin-on-mobile solutions. Razorpay entered the offline payments segment in 2022 through the acquisition of Ezetap, which was later rebranded as Razorpay POS. Since then, the company has expanded its physical payments footprint alongside its core online payments business. With the offline licence in place, Razorpay can now offer a fully compliant payment infrastructure across digital, in-store, and cross-border transactions.

Download the medial app to read full posts, comements and news.