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News on Medial
SBI Chairman pitches for dedicated institutions to track end-use of funds raised by small businesses
YourStory
·
7m ago
Medial
State Bank of India Chairman, CS Setty, advocates for a dedicated market infrastructure institution to monitor the end-use of funds by small businesses, ensuring they serve their intended purposes. This proposal aims to comfort lenders and investors, addressing concerns over fund misuse and making pricing more competitive. Setty emphasizes the need for a reliable mechanism, especially as capital requirements grow, stressing the role of capital markets in supporting economic growth and proper risk assessment for MSMEs.
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SBI plans to enhance threshold limit under instant loan scheme for MSME sector
YourStory
·
10m ago
Medial
The State Bank of India (SBI) plans to increase the threshold for its instant loan scheme for the MSME sector. The scheme, called 'MSME Sahaj - End to End Digital Invoice Financing', aims to provide quick and easy credit to small businesses. Through this scheme, borrowers can apply for a loan, complete documentation, and receive the sanctioned amount within 15 minutes, with minimal manual intervention. SBI Chairman C S Setty stated that the bank aims to simplify MSME credit and enable more businesses to enter the formal borrowing system by reducing collateral requirements. Additionally, SBI plans to open 600 branches across the country this fiscal year.
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SBI bets on digital tools and tie-ups for sustaining market leadership
Economic Times
·
1m ago
Medial
State Bank of India (SBI) is leveraging digital tools and strategic partnerships to maintain market leadership. Chairman C S Setty highlighted initiatives like expanding their digital app YONO to Singapore and revamping YONO business. SBI celebrated its 70th anniversary with initiatives such as the SBI Scholar Quiz, distributing prize money to students. The bank is also enhancing customer experience through paperless onboarding, digital access for small businesses, digital document execution for loans, and UPI-based cash withdrawal machines.
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‘Extreme customer convenience-focused approach’ redefining banking business, says SBI’s new chairman
Economic Times
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11m ago
Medial
Fintech startups are forcing traditional financial institutions to adapt as they reshape the banking industry. The State Bank of India (SBI) is looking to align its business with the changing fintech landscape and is actively seeking partnerships with fintech companies. SBI is developing a new version of its mobile app, Yono, with a pilot launch planned for November 2024. SBI chairman, C S Setty, also acknowledged the ongoing competition for deposits among banks and the need for innovative products to attract customers.
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SBI raises Rs 10,000 cr via bonds to fund infra projects
YourStory
·
1y ago
Medial
State Bank of India (SBI) has raised Rs 10,000 crore through its fifth infrastructure bond issuance. The issue was oversubscribed by four times and attracted bids in excess of Rs 19,884 crore. The funds will be used to enhance long-term resources for funding infrastructure and affordable housing segments. SBI Chairman Dinesh Khara hopes that this issuance will develop a long-term bond curve and encourage other banks to issue longer-tenor bonds.
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Sharpsell.ai raises Rs 30 Cr in Series A led by Equentis Angel Fund
Entrackr
·
12d ago
Medial
Sharpsell.ai, a SaaS-based sales playbook automation platform, has raised Rs 30 crore in a Series A round, with Rs 10 crore coming from Equentis Angel Fund. The funds will be used to enhance product capabilities, expand within existing verticals like BFSI and pharma, and drive international expansion across Southeast Asia and MENA. Founded in 2022, Sharpsell.ai provides AI-led sales enablement tools used by lakhs of field sales representatives across more than 30 Indian companies, including LIC, Axis Bank, IDFC First Bank, SBI Life, Mahindra, and Whirlpool. The platform offers ready-to-use sales pitches, dynamic personalized content, and contextual coaching tools to improve frontline sales performance. Sharpsell.ai competes with the likes of Pitchlane, Showell, and Allego in the global sales enablement segment.
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This startup believes mobile apps for businesses should work more like consumer apps
TechCrunch
·
1y ago
Medial
European startup, The Mobile-First Company, is focusing on developing a suite of mobile-first business apps tailored to small and medium-sized businesses. The aim is to provide apps that solve specific tasks extremely well rather than offering an all-in-one solution. The company's first app, Amoa, is designed to help small businesses track their inventory, allowing users to scan barcodes and add pricing details. The Mobile-First Company plans to release six applications by the end of the year and monetise the most promising ones through premium features.
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CredAble raises Rs 30 Cr from SIDBI
Entrackr
·
1y ago
Medial
Fintech startup CredAble has raised Rs 30 crore ($3.6 million) in debt funding from SIDBI. The fund will be used to scale up its operations and extend affordable financing solutions to MSMEs and women-led businesses in India, CredAble said in a press release. Founded in 2017 by Nirav Choksi and Ram Kewalramani, CredAble provides working capital to large, mid, and emerging corporates, as well as micro, small, and medium enterprises (MSMEs), and financial institutions. Beyond traditional banking and loan products, the company has built a comprehensive working capital infrastructure for digitising corporate-led financing and underwriting needs. CredAble’s platform hosts over 125 corporate customers, over 3,50,000 small business borrowers, and more than 35 large financial institutions and banks. The company recently had dedicated Rs 200 crore to back women-led enterprises and has supported more than 50 such businesses across India over the course of 10 months. In March, CredAble raised $10 million in a new round from Singapore-based Equentia Natural Resources. It has raised nearly $60 million to date. CredAble’s revenue from operations grew 2.78X to Rs 13.94 crore in FY23 from Rs 4.92 crore in FY22. In pursuit of growth, the losses of the company surged 3.37X to Rs 22.40 crore in FY23 from Rs 6.53 crore in FY22.
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Aye Finance Secures INR 137 Cr Debt From German's Invest In Visions
Inc42
·
1y ago
Medial
Fintech lending startup, Aye Finance, has raised a debt funding of INR 137 crore from Germany-based Invest in Visions. The funds will be used to facilitate financial assistance to underserved micro, small, and medium enterprises (MSMEs) in India. Aye Finance plans to use the funds for on-lending purposes, aiding the growth of these businesses and contributing to economic development. The collaboration between Aye Finance, Invest in Visions, and Agents for Impact aims to empower MSMEs and enhance financial inclusion in India. Aye Finance has provided over INR 10,000 crore in loans to small businesses and reports an active client base of more than 450,000 micro enterprises.
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Star fund manager Sohini Andani quits SBI Mutual Funds
Money Control
·
1y ago
Medial
Sohini Andani, a fund manager at SBI Funds Management in India, is set to step down. Andani has been managing the SBI Bluechip Fund and SBI Magnum Midcap Fund, making her one of the women fund managers handling a significant amount of assets. With a good track record, Andani's funds have delivered strong returns over the past few years. She follows a blend of growth and value style of stock-picking and looks for companies with long-term growth potential, strong management, and higher promoter ownership.
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Tiger Global-backed Wiz Freight raises $11.24 million in Series B
Entrackr
·
1y ago
Medial
Chennai-based supply chain startup Wiz Freight has raised $11.24 million in a Series B funding round led by SBI Investments. Other investors include Tiger Global, Nippon Express Fund, and Axilor Technologies Fund. Wiz Freight plans to utilize the funds for growth, expansion, and general corporate activities. The company, which offers end-to-end shipment management solutions, saw a significant increase in revenue and turned profitable in FY22. This latest round brings the total funding raised by Wiz Freight to over $50 million.
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