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New banking data reveals ’huge’ leap within India business corridor

Livemint

Livemint · 8m ago

New banking data reveals ’huge’ leap within India business corridor

According to data from HSBC UK, business activity between the UK and India has seen significant growth in 2024. The value of payments received by UK clients from India rose by 121%, while payments made by UK businesses to India increased by 32% in the nine months leading up to October 2024. HSBC UK also reported a 36% increase in new business client referrals from HSBC India. This highlights strong business ties between the two countries and opportunities for expansion, particularly in India's growing middle class and as a hub for Global Capability Centres.

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Ambit Group's NBFC arm raises $82 mn in round led by Daiwa Securities

VCCircle

VCCircle · 1y ago

Ambit Group's NBFC arm raises $82 mn in round led by Daiwa Securities

Lending platform Ambit Finvest Pvt. Ltd, the NBFC arm of Ambit Group, has raised $82 million in a round led by Daiwa Securities Group. The company plans to use the funds to further grow its non-banking finance business and contribute to financial inclusion in India. The partnership between Ambit and Daiwa aims to seize opportunities in the expanding Indian NBFC sector and leverage the Indo-Japan corridor. Ambit Finvest provides secured and unsecured loans to small and medium-sized enterprises in India and has been investing in branch infrastructure and technology.

Nearly half of MSMEs polled prefer UPI for business transactions, says report - The Economic Times

Economic Times

Economic Times · 1m ago

Nearly half of MSMEs polled prefer UPI for business transactions, says report - The Economic Times

The MSME Digital Index Report by PayNearby reveals that nearly half of micro, small, and medium enterprises (MSMEs) prefer UPI for business transactions, with Aadhaar-enabled banking being the second choice. Among women entrepreneurs, Aadhaar banking is even more favored. The report, based on a survey of 10,000 individuals and MSMEs, highlights increased digital adoption, improved operational efficiency, and rising use of smartphones as primary business tools, showcasing MSMEs' modernization efforts.

KKR-owned Leap India converts to public company, appoints independent directors

Entrackr

Entrackr · 1m ago

KKR-owned Leap India converts to public company, appoints independent directors

Exclusive: KKR-owned Leap India converts to public company, appoints independent directors Logistics solutions startup Leap India is all set to convert into a public company, signalling plans to file for an initial public offer (IPO). LEAP India was reportedly eyeing a Rs 1,000 crore IPO in 2022, but the plans were later delayed after the entity was acquired by KKR. The board of Leap India passed a resolution to change its status to a public company and rename it from “Leap India Private Limited” to “Leap India Limited”, as per its regulatory filing accessed from Registrar of Companies (RoC). In line with regulatory requirements, the company has also appointed Harinarayanan Nair and Sanjiv Gupta as independent directors to strengthen its board and governance structure as it transitions into a listed entity. With over 30 years of experience in the logistics sector, Nair has held key positions at multiple companies including Wipro Pari, Signode, and ITW India. Gupta, Founder and Chairman of Bluwheelz, has also held leadership roles at Coca-Cola and SpiceJet. Founded in 2013 by Sunu Mathew, Leap India specializes in supply chain solutions, providing services such as equipment pooling, packaging, inventory management, transportation, and repair and maintenance. It caters to clients across industries including e-commerce, consumer durables, beverages, and automotive. According to startup data intelligence platform TheKredible, Leap India has raised over $180 million to date including a $63 million round raised in December 2024 led by KKR with the participation of Sixth Sense Ventures, FirstBridge India and others at a valuation of $600 million. KKR holds a controlling stake of 78.64% in the Mumbai-based firm. The global investment firm acquired the majority stake in Leap India in 2023 through a combination of primary and secondary investments. In January this year, Leap India acquired supply chain company CHEP India Private Limited (CIPL). The acquisition involved the transfer of CIPL’s assets, customer base, and team to Leap India. For the fiscal year ended March 2024, Leap India reported a 44% increase in operating income to Rs 365 crore from Rs 253 crore in the previous fiscal. Its profit also surged 4X to Rs 37 crore during the same period.

Swiss Network in India partners with HCLSoftware to tackle key public sector challenges

IndianStartupNews

IndianStartupNews · 1m ago

Swiss Network in India partners with HCLSoftware to tackle key public sector challenges

HCLSoftware has partnered with the Swiss Network in India to join the Indo-Swiss Innovation Platform, enhancing digital infrastructure and citizen-centric digital transformation in public sectors. The collaboration focuses on e-governance, healthcare, edtech, and agritech, fostering a cross-border GovTech innovation corridor. By leveraging HCL's Experience, Data, and Operations Blueprint, the partnership seeks to improve user experience, service delivery, and data-informed governance, promoting co-innovation between Switzerland and India.

Sales, marketing leaders most in demand as CXO hiring rises 15% in H1 of 2024

Livemint

Livemint · 1y ago

Sales, marketing leaders most in demand as CXO hiring rises 15% in H1 of 2024

Sales and marketing leaders are in high demand in India as companies seek to strengthen their senior leadership amidst rising competition. A study by search firm Accord India reveals a 15% YoY growth in leadership hiring in the first half of the year. Business head and COO appointments increased by 13%, CEO hiring increased by 8%, and CFO hiring saw an uptick due to the increased number of IPOs. Other search firms, such as Korn Ferry and Michael Page, also report a surge in leadership hiring in the banking, financial services, insurance, and tech sectors.

JP Morgan Chase India appoints Pranav Chawda as CEO after RBI approval | Mint

Livemint

Livemint · 10m ago

JP Morgan Chase India appoints Pranav Chawda as CEO after RBI approval | Mint

Pranav Chawda has been appointed as the new CEO of JP Morgan Chase India. He currently heads the commercial banking unit of JP Morgan and will assume the role for a three-year term. Chawda's appointment has been approved by the Reserve Bank of India. With over 20 years of experience in the banking sector, Chawda is expected to drive the corporate banking business forward in India. JP Morgan Chase India has offices in Mumbai, Bengaluru, and Hyderabad, and offers a range of financial services.

Former SBFC Finance exec Pankaj Poddar eyes fundraise for new venture

VCCircle

VCCircle · 2m ago

Former SBFC Finance exec Pankaj Poddar eyes fundraise for new venture

Pankaj Poddar, former chief risk officer at SBFC Finance Ltd, is planning to launch a new venture after resigning from the Mumbai-listed non-banking finance company. He is reportedly looking to raise funds for this new initiative. Poddar's recent departure and subsequent business plans have sparked interest, as he prepares to establish his own enterprise within the financial sector. His move signals a new direction post his tenure at SBFC Finance.

Kotak veteran Diwanji to step down, consumer banking division to be revamped

Money Control

Money Control · 1y ago

Kotak veteran Diwanji to step down, consumer banking division to be revamped

Virat Diwanji, Group President and Head of Consumer Bank at Kotak Mahindra Bank, will be stepping down from his role on July 31 due to superannuation. Following his departure, the bank's consumer banking business is expected to undergo a major revamp. As part of the bank's growth strategy, three critical functions of consumer banking have been identified, covering consumer products, distribution, and propositions. In addition, three new executives have been appointed to lead these functions. The departure of Diwanji, along with the ongoing reorganization, may lead to internal changes within the bank.

Varthana Bags $10 Mn Debt Funding To Offer Loans To Affordable Private Schools

Inc42 · 1y ago

Varthana Bags $10 Mn Debt Funding To Offer Loans To Affordable Private Schools

India-based education-focused non-banking financial company Varthana has secured $10m in debt funding from impact investor BlueOrchard Finance. Varthana will utilise the funds to provide financing solutions to affordable private schools in India. Since its establishment in 2013, Varthana has financed over 11,000 schools, offering loans for expansion and renovation. The start-up aims to offer loans to more than 100 million students in the country by 2025. Varthana faces competition from similar Indian firms Leap Finance and Eduvanz in the student loan market.

India central bank's operations to keep overnight rates within policy corridor, analysts say

Economic Times

Economic Times · 1m ago

India central bank's operations to keep overnight rates within policy corridor, analysts say

The Reserve Bank of India is managing liquidity withdrawal to maintain overnight interbank lending rates within the policy corridor, according to analysts. Recently, it withdrew ₹1 lakh crore ($11.7 billion) through a reverse repo operation. The RBI's policy repo rate stands at 5.50%, while the standing deposit facility rate is 5.25%. Analysts believe that the central bank aims to keep overnight rates closer to the SDF rather than pushing them towards the repo rate, allowing for effective policy transmission.

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