CITRUS PAY PAYTM
PayU eyes B2B pay, credit play under new top brass
From being an early player offering online payments to internet companies back in 2011, to facing severe competition from new-age startups such as Paytm and Razorpay, to a failed attempt to acquire Billdesk and facing a merchant acquisition embargo from the Reserve Bank of India, PayU has had a chequered history in India.
Puneet Chandok to head Microsoft India ops; PayU India may soon go for public listing
Former Amazon executive Puneet Chandok, who left the Seattle-based etailer’s Amazon Web Services team as its India and South Asia head, in June, will now lead the India operations of Microsoft. This and more in today’s ETtech Top 5.
India’s Startup Mafia 2.0: Oyo, Ola, Udaan spawn most number of entrepreneurs
Drawing on a record inflow of venture capital in the past decade, 297 founders have set up some 253 startups, igniting talk of a new-look “startup mafia,” as such cohorts of entrepreneurs are termed in industry parlance.
Lenskart bags $100 million from ChrysCapital; CCI challenges parts of NCLAT order on Google
After having secured $500 million from Abu Dhabi Investment Authority (ADIA), the Gulf Sovereign wealth fund (SWF) in March, eyewear startup Lenskart has now raised another $100 million from private equity fund ChrysCapital as it aims to expand to more markets.
India’s Startup Mafia 2.0: Oyo, Ola, Udaan lead the wave of entrepreneurship; more women logging out of tech jobs
India’s top internet firms like Flipkart have been fertile breeding grounds for entrepreneurs who left jobs to start something of their own. Drawing on a record inflow of venture capital in the past decade, 297 founders set up some 253 new companies, bolstering India’s Startup Mafia. This and more in today’s ETtech Morning Dispatch.
Payments checkout startup Nimbbl raises $3.5 million in funding from Sequoia, Groww, others
Nimbbl raised additional funds earlier this year, led by both Sequoia Capital India and Groww. GFC participated in both the funding rounds.
E-payments battle leads to $1 billion loss for top companies in FY19
While a large part of the losses for these companies (Softbank-backed Paytm, Walmart-owned PhonePe and Amazon Pay) were driven by marketing and promotion spends, including cashbacks to customers, costs related to technology and employees were other significant contributors.
How a pivot brought PayU India to the right route
While we had raised money on the back of the Citrus payments business, there were concerns amongst investors over Cube as a new business line and an investment into it.
PayU Money wallet to shut, co to focus on credit play
Having bought out Citrus Pay in 2016, PayU India ended with two e-wallet entities, after the acquisition.
Fintech firms pose no threat to banks in terms of innovative payments solutions. Read why
A couple of years ago, standalone and easy-to-operate wallets such as Paytm, Freecharge, Citrus, and MobiKwik shook up banks by offering huge discounts.
How Meru Cabs uses technology innovation to race ahead of competition
A good part of our business is pre scheduled rides. We use advanced forecasting algorithms. Any booking is accepted only if the predictive algorithm suggests availability of cabs at the customer location and the time requested by the customer
Naspers-owned PayU snaps up Citrus Pay for $130 million in one of the largest fintech deals in India
In largest deal in Indian consumer internet space, Naspers-owned payments service to buy Mumbai-based rival with big returns for early investors
Citrus Payments carves out Cube into separate entity; Cofounder Satyen Kothari to head new venture
Citrus Payments has hived off its mobile banking app Cube into a separate corporate entity, with one cofounder, Satyen Kothari, leaving to head the new startup.
Paytm partners with ICICI Bank to launch virtual prepaid cards for its wallet users
Mobile payments and commerce marketplace Paytm is partnering with ICICI Bank to offer virtual prepaid cards to its wallet users that can be used to pay for purchases both online and offline.
Sequoia Capital & Ascent Capital lead $25 million funding round in Citrus Pay
Payment solutions company Citrus Payment Solutions has raised about $25 million (about Rs162 crore) from a consortium of new and existing investors.
e-Paisa starts accepting wallet payments from Paytm, Mobikwik
Data from the Reserve Bank of India shows that close to 4.73 crore transactions valuing Rs 1429 crore were done through mobile wallets.
Mobile wallets like Paytm and Mobikwik are tying up with kirana stores in rural India
With rewards-linked loyalty programmes, they are incentivising cash users in these areas to convert their money into wallet money at the kirana stores.
Ecommerce payment delays can seriously hurt online merchants
Behind the glamour of being a micro-entrepreneur within the burgeoning ecommerce ecosystem is the handwringing process of tallying and reconciling payments.
Armed with Freecharge, Snapdeal rolls up sleeves to take on Paytm in India market
Delhi-based Snapdeal has signaled its ambition to build a services platform to stand out in a crowding online marketplace sector.
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