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'Too early…': Paytm advisory panel chief on identifying issues with fintech firm

Livemint

Livemint · 1y ago

'Too early…': Paytm advisory panel chief on identifying issues with fintech firm

Paytm's advisory committee, set up to address the concerns raised by the Reserve Bank of India (RBI) about Paytm Payments Bank, is yet to determine the main issue, according to the committee head M Damodaran. The RBI had ordered Paytm to halt certain transactions after February 29, which was later extended to March 15. Damodaran stated that the committee is currently focused on addressing regulatory matters and strengthening compliance but has not reached a stage where they can identify the core problem.

Related News

Paytm's advisory panel chief says yet to delve deep to identify any issue with firm

Economic Times

Economic Times · 1y ago

Paytm's advisory panel chief says yet to delve deep to identify any issue with firm

The advisory committee set up by Paytm's parent company, One97 Communications, following regulatory action on its payments bank business has not yet engaged deeply with the company to address any issues, according to the head of the panel, former chairman of Sebi M Damodaran. The committee was established to advise the company on compliance and regulatory matters after the Reserve Bank's order to stop further transactions and deposits in Paytm Payments Banks Limited. Damodaran also highlighted bandwidth challenges faced by Sebi in handling a large number of issues.

Respite For Paytm? Fintech Giant Set To Secure Govt Nod To Invest In Payments Gateway Arm

Startup News FYI

Startup News FYI · 1y ago

Respite For Paytm? Fintech Giant Set To Secure Govt Nod To Invest In Payments Gateway Arm

Paytm, the troubled fintech major, is reportedly close to securing approval for its investment in its payments gateway arm. The matter has been pending for two years and the approval could provide some relief amid regulatory challenges. The Chinese shareholder of Paytm, Ant Group, reducing its stake is said to have influenced the government's decision. The investment is less than $12 million, and an inter-ministerial panel will make the final call. This development comes as Paytm faces regulatory issues, including restrictions on its payments bank arm imposed by the Reserve Bank of India.

Investment advisory firm Equentis launches maiden angel fund

VCCircle

VCCircle · 8m ago

Investment advisory firm Equentis launches maiden angel fund

Investment advisory firm Equentis Wealth Advisory Services has launched its maiden angel fund, the Equentis Angel Fund, with a target corpus of $60 million. The fund will focus on early-stage, high-growth Indian startups in their Pre-Series A and Bridge-to-Series A funding rounds, with investments in the range of $530,000 to $1.3 million. The fund aims to invest in 40-50 startups over the next 18-24 months, with a focus on sectors such as defence, consumer-tech, deeptech, logitech, fintech, and AI. Equentis has already made its first investment in logitech startup OORJAA.

Indian parliamentary panel red-flags PhonePe and Google Pay cornering 83% of India's UPI payments amid Paytm clampdown

Startup News FYI

Startup News FYI · 1y ago

Indian parliamentary panel red-flags PhonePe and Google Pay cornering 83% of India's UPI payments amid Paytm clampdown

An Indian parliamentary panel has raised concerns about the dominance of PhonePe and Google Pay in India's digital payments market, which command over 83% of the sector. The panel has urged the government to support local fintech players to provide alternatives. This comes as Paytm, another leading payments firm, faces a clampdown on its operations. The Reserve Bank of India's directive could further boost the market share of PhonePe and Google Pay. The report also highlights the low market share of indigenous UPI app BHIM. The National Payments Corporation of India has previously expressed similar concerns about the duopoly in the market.

Elevation Capital partner and COO Vivek Mathur quits after 14-year

Entrackr

Entrackr · 6m ago

Elevation Capital partner and COO Vivek Mathur quits after 14-year

Vivek Mathur, partner and chief operating officer (COO) at Elevation Capital, has quit the venture capital firm after 14 years to focus on advisory and mentorship. Mathur said, "I am now focusing on advisory and mentorship, supporting an exciting cohort of founders across sectors like D2C, Agri, Agri Tech, Climate, and Defence Tech. These founders will play a big part in shaping India’s future and I am very excited to be a part of their journeys!" Mathur previously held leadership roles in companies such as Dell Technologies, Scope International, and Standard Chartered Bank, and through Elevation, he backed startups including ACKO, FirstCry, Paytm, Tracxn, and Xpressbees.

Contrarian Capital MD Somak Ghosh Joins Gemba Capital Board

Inc42 · 10m ago

Contrarian Capital MD Somak Ghosh Joins Gemba Capital Board

Gemba Capital has added Somak Ghosh, the Managing Director of Contrarian Capital, to its advisory board. Ghosh's expertise in fintech will provide valuable strategic guidance to Gemba Capital. With his experience in venture capital and banking, Ghosh has successfully funded start-ups through the Contrarian Vriddhi Fund. This addition strengthens Gemba Capital's advisory board as they continue to invest in early-stage fintech and consumer tech start-ups and launch a second fund.

Byju’s woes worsen: Rajnish Kumar, Mohandas Pai to step down from advisory panel

Livemint

Livemint · 1y ago

Byju’s woes worsen: Rajnish Kumar, Mohandas Pai to step down from advisory panel

Rajnish Kumar and T.V. Mohandas Pai, members of the advisory panel for Think & Learn Pvt. Ltd, the parent company of Byju's, will not be extending their tenure beyond 30 June. This comes as Byju's faces legal cases and financial challenges, with creditors and shareholders calling for the founder to be ousted. Byju's had established the advisory panel to address these concerns and work on improving communication with shareholders. The departure of Kumar and Pai is seen as a setback for Byju's, which has already seen its valuation slashed and investors write off their investment.

Equentis Wealth Advisory unveils AIF to back startups in defence, consumer tech, logistics, fintech

Economic Times

Economic Times · 8m ago

Equentis Wealth Advisory unveils AIF to back startups in defence, consumer tech, logistics, fintech

Mumbai-based Equentis Wealth Advisory has launched its first alternative investment fund (AIF) with a target size of INR 500 crore ($67 million). The wealth management firm aims to invest in early-stage startups operating in sectors like defence, consumer tech, logistics, and fintech. Equentis plans to back 40-50 startups with investments ranging from INR 4 crore to INR 10 crore. The firm has already raised INR 50 crore in commitments and intends to take advantage of the growing interest in startups as an asset class among smaller investors.

Indian parliamentary panel red-flags PhonePe and Google Pay cornering 83% of India's UPI payments amid Paytm clampdown | TechCrunch

TechCrunch · 1y ago

Indian parliamentary panel red-flags PhonePe and Google Pay cornering 83% of India's UPI payments amid Paytm clampdown | TechCrunch

An Indian parliamentary panel has recommended that the government support domestic fintech players to provide alternatives to PhonePe and Google Pay, which currently dominate the country's digital payments market. The report comes as Paytm, another leading payments firm, faces challenges in its payments bank business. PhonePe holds 46.91% of the UPI market share, while Google Pay controls 36.39%. The report highlights the need for local entities to be promoted in the fintech sector and addresses concerns about the duopoly in the mobile payments market. The National Payments Corporation of India has proposed enforcing a market share check.

Elevation Capital COO Vivek Mathur resigns from Paytm Board

Inshorts · 2y ago

Elevation Capital COO Vivek Mathur resigns from Paytm Board

Vivek Mathur, the Chief Operating Officer (COO) of Elevation Capital, has stepped down from his position as a Board member of fintech startup Paytm. Mathur served as the Alternate Director to Ravi Chandra Adusumalli, who holds a Non-Executive Non-Independent Director role at Paytm. Paytm clarified that Mathur's resignation was due to the absence of a necessity for an Alternate Director to Adusumalli, while Adusumalli will retain his position on the Paytm Board.

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