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Wint Wealth bags NBFC licence after RBI clears Ambium acquisition

Economic Times

Economic Times · 1y ago

Wint Wealth bags NBFC licence after RBI clears Ambium acquisition

Wint Wealth Group gains approval from the Reserve Bank of India (RBI) for the majority acquisition of NBFC Ambium Finserve. The newly launched Wint Capital, focusing on lending to growth-stage NBFCs and joint retail loans, plans to extend its current Rs 50 crore loan book to Rs 500 crore by 2024. Wint Capital aims to offer corporate bonds to retail investors, leveraging its NBFC license. Wint Wealth Group, backed by prominent investors, joins others like Jupiter, Cred, and Groww that obtained licenses through acquisition or fresh approvals.

Related News

3one4 Capital-Backed Wint Wealth Acquires Ambium

Inc42 · 1y ago

3one4 Capital-Backed Wint Wealth Acquires Ambium

Bengaluru-based fintech startup Wint Wealth Group has acquired a majority stake in Chandigarh-based non-banking financial company (NBFC) Ambium Finserve. The deal, which has received approval from the Reserve Bank of India, provides Wint Wealth Group with an NBFC license. Ambium Finserve has started wholesale lending operations under the brand name Wint Capital, focusing on lending to growth-stage NBFCs for onward lending. Wint Capital's loan book is expected to grow to INR 500 crore by the end of 2024. Wint Wealth Group, founded in 2020, helps customers navigate fixed deposits, corporate and sovereign gold bonds, and bond baskets.

Exclusive: Wint Wealth Fires 20% Of Its Workforce

Inc42 · 1y ago

Exclusive: Wint Wealth Fires 20% Of Its Workforce

Fintech startup Wint Wealth has laid off around 20% of its workforce in a recent restructuring exercise. The layoffs impacted various departments, including marketing and sales. The company confirmed that this was part of a regular business performance evaluation. This development comes after Wint Wealth acquired a majority stake in NBFC Ambium Finserve. The company now holds an NBFC license and expects its loan book to grow to INR 500 crore by the end of 2024. Wint Wealth has previously raised $16 million in funding and has over 53,000 users on its platform.

Now, Innoviti Bags Payment Aggregator Licence From The RBI

Inc42 · 1y ago

Now, Innoviti Bags Payment Aggregator Licence From The RBI

India-based digital payments solutions company, Innoviti, has obtained an online payment aggregator (PA) licence from the Reserve Bank of India (RBI). Innoviti's PA, 'Innoviti Link', currently serves around 2,500 online merchants. This approval comes two years after Innoviti received in-principle permission to operate as a PA. The company offers payment processing solutions, point of sale terminals, and customer relationship management solutions to retailers. Innoviti claims to process over $10bn in purchase volume annually and has a presence in 28 Indian states. The RBI has been actively issuing PA licences to digital payment players, with a total of 13 granted in 2024.

Groww gets into corporate bond distribution, set to apply for Sebi licence

Economic Times

Economic Times · 1m ago

Groww gets into corporate bond distribution, set to apply for Sebi licence

Groww, a Bengaluru-based stockbroker, plans to apply for an Online Bond Platform Provider (OBPP) licence to expand into corporate bond distribution via its mobile app. This move aligns with Groww's strategy to evolve beyond stockbroking into a comprehensive financial services platform. Already offering primary sales of corporate bonds, obtaining an OBPP licence will allow Groww to compete with platforms like Wint Wealth. Recently, Groww raised significant funding and is preparing for a public listing.

Supply chain finance startup Vayana bags NBFC licence, set to raise $20 million

Economic Times

Economic Times · 4m ago

Supply chain finance startup Vayana bags NBFC licence, set to raise $20 million

Vayana, a Pune-based supply chain finance startup, has acquired an NBFC license from the Reserve Bank of India, allowing it to enter co-lending partnerships with larger lenders. This move aims to bolster its operations in invoice discounting and trade financing. Backed by SMBC Asia Rising Fund and others, Vayana is set to raise an additional $20 million to capitalize its NBFC business. Founded in 2017, it processes significant financing volumes monthly, serving numerous enterprises.

CCI clears Amazon Asia's 76% stake buy in Frontizo

YourStory

YourStory · 1y ago

CCI clears Amazon Asia's 76% stake buy in Frontizo

The Competition Commission of India (CCI) has approved Amazon Asia-Pacific Holdings' acquisition of a 76% stake in Frontizo from Zodiac Wealth Advisors. Frontizo's subsidiary, Appario Retail, operates as a retail and wholesale business in India, offering products on the Amazon India Marketplace. The CCI has also cleared the acquisition of Appario's business by Clicktech Retail Pvt Ltd and the acquisition of a 1% shareholding by Haverl in New Trends Commerce Pvt Ltd. Additionally, the CCI has approved Sanlam Emerging Markets' proposal to acquire a 16.12% stake each in Shriram LI Holdings and Shriram GI Holdings.

All In Capital unveils second early-stage VC fund, marks first close

VCCircle

VCCircle · 4m ago

All In Capital unveils second early-stage VC fund, marks first close

All In Capital, an early-stage venture capital firm, has launched its second fund, marking its first close nearly three years after finalizing its debut fund. The firm, known for backing startups like PierSight Space, MasterChow, and Wint Wealth, was co-founded by ex-upGrad executive Kushal Bhagia and former Stride Ventures partner. This new fund continues All In Capital's strategy to support promising early-stage ventures.

Worldline’s India Arm Gets Payment Aggregator Licence

Inc42 · 1y ago

Worldline’s India Arm Gets Payment Aggregator Licence

Worldline ePayments India Pvt Ltd, the Indian arm of French digital payments company Worldline, has received authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This approval will allow Worldline to acquire merchants and offer digital payment acceptance solutions in India. The company entered the Indian market in 2017 through the acquisition of Chennai-based payments platform MRL PosNet. The RBI has been granting payment aggregator licenses to several companies recently, indicating the significance of the expanding digital payment industry in India, which is expected to grow further in the coming years.

Paytm NPCI Licence: Paytm gets third-party licence before March 15 deadline

Livemint

Livemint · 1y ago

Paytm NPCI Licence: Paytm gets third-party licence before March 15 deadline

Paytm has received a third-party application provider license from the National Payments Corporation of India (NPCI), allowing its customers another option to use the app for payments after its banking arm Paytm Payments Bank shuts down by March 15. The license will enable four banks (Axis Bank, HDFC Bank, State Bank of India, and YES Bank) to act as Payment System Provider banks for One97 Communications. In February, the RBI asked the NPCI to consider Paytm's request for becoming a third-party application provider.

UK antitrust regulator clears Microsoft's acquisition of Activision

Economic Times

Economic Times · 1y ago

UK antitrust regulator clears Microsoft's acquisition of Activision

Microsoft's acquisition of Activision Blizzard has been cleared by Britain's antitrust regulator after concerns were addressed. The deal was initially blocked in April due to concerns over Microsoft gaining too much control in the cloud gaming market. However, Microsoft offered remedies and concessions to ensure enforceability, leading to the approval. The regulator praised Microsoft's concession on streaming, stating that it prevents the tech giant from monopolizing the cloud gaming market. The acquisition is expected to benefit players and the global gaming industry.

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