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Zeta raises USD 250 mn from SoftBank at USD 1.45 bn valuation

25May By PriyankaNo Comments

FUNDING

Zeta raises USD 250 mn from SoftBank at USD 1.45 bn valuation

Mumbai, May 25th, 2021: Technology startup in banking sector Zeta raises USD 250 million from Japanese investment major SoftBank at a valuation of USD 1.45 billion, its co-founder and chief executive Bhavin Turakhia announced on Monday. This was the first-ever institutional investment in the 2015 founded company and also a first for Turakhia, a serial entrepreneur who has started four businesses. The investment happened from SoftBank's Vision Fund II. Zeta's main product offering is focused on retail banks, which integrates mobile app, debit processing, credit processing and lending platform without changing the existing core banking systems. Its customers include the largest domestic private sector lender HDFC Bank and a slew of others. The company had raised an undisc...

Uday Kotak to sell 2.8 pc stake in Kotak Mahindra Bank

1Jun By Press Trust of IndiaNo Comments

BUSINESS

Uday Kotak to sell 2.8 pc stake in Kotak Mahindra Bank

Mumbai, Jun 1, 2020: Billionaire banker Uday Kotak, who had a long run-in with the Reserve Bank over his excess personal holding in Kotak Mahindra Bank, will sell 2.8 percent stake in the lender for at least $90 million (Rs 6,800 crore). The move would bring the curtains down on a long standoff between the regulator and the bank over the issue, which saw Kotak dragging the RBI to the Bombay High Court in December 2018, and the case is still pending. "The stake dilution will be done through a block deal and will be completed shortly at a price band of Rs 1,215 to Rs 1,240 a share," a person familiar with the development told PTI. As per the term sheet, the deal would be worth $90 million at the lower end of the price band. Currently, Kotak and his family hold a 28.8 percent stake ...

7Mar By PriyankaNo Comments

ACQUISITION

SBI to Pick up 49 pc Stake in Yes Bank

India's leading government bank State Bank of India (SBI) will pick up 49 percent stake in the crisis-ridden Yes Bank under a government-approved bailout plan, with Finance Minister Nirmala Sitharaman assuring that depositors' money is safe. A day after imposing moratorium on Yes Bank and restricting withdrawals, the RBI on Friday evening issued a draft reconstruction scheme for the private sector lender and said SBI has "expressed its willingness" to make an investment. Earlier in the day, SBI Chairman Rajnish Kumar met the finance minister. A former SBI CFO has already been appointed administrator of the Yes Bank, whose board has been superseded. "The investor bank shall agree to invest in the equity of the reconstructed bank to the extent that post infusion it holds 49 per cen...

17Sep By PriyankaNo Comments

Market

India Based Online Marketplace Indiamart Gets Permission to Launch IPO

Online marketplace IndiaMART InterMESH Ltd have received markets regulator Sebi's go-ahead to float initial share sale offers. With this, the number of companies getting Sebi's approval to float an initial public offer (IPO) has reached 50 this year so far. Indiamart which had filed draft their respective draft offer documents with Sebi in June, obtained the regulator's "observations" on September 14, according to the latest update with the markets watchdog. Sebi's observations are necessary for any company to launch IPO, follow-on public offer and rights issue. Through IndiaMART's public issue, a total of 42,88,801 equity shares will be divested by the promoters and private equity firms Intel Capital (Mauritius) Ltd, Amadeus Capital Partners and Accion Frontier Inclusion Mauri...

German Bank Acquires Mumbai-based Fintech Startup

16May By Sheldan RungasamyNo Comments

ACQUISITION

German Bank Acquires Mumbai-based Fintech Startup

Deutsche Bank, the German investment bank and financial services recently announced the acquisition of its first Indian fintech startup, Quantiguous Solutions for an undisclosed amount. The acquisition was made as the bank looks to strengthen several divisions and applications. Post the acquisition deal, all employees of Quantiguous will move to Deutsche Bank offices and will integrate the core team posted to develop and roll-out the bank’s global application programming interface (API). Quantiguous solutions will be assigned to help develop Deutsche Bank’s global transaction banking franchise business. “The future of banking depends on connectivity which is key to drive growth for our global franchise,” said head of global transaction banking, John Gibbons. “The need to provide a...

26Apr By Lavina TolaniNo Comments

INDIA

Indian Economy Suffers a Loss of $3 bn due to Internet

According to a study by Indian Council for Research on International Economic Relations (ICRIER), Indian economy is estimated to have suffered a loss of USD 3 billion due to internet shutdown from 2012-17. The study was conducted to observe the internet shutdown across various devices and ecosystems linked to them. Rajat Kathuria, director and chief executive at ICRIER said, A total of 16,315 hours of Internet shutdown in India cost the economy approximately USD 3.04 billion during the period 2012 to 2017. According to a detailed report on Anatomy of an Internet Blackout, 12,615 hours of mobile internet shutdowns in India costs economy approximately USD 2.37 billion while 3,700 hours of mobile and fixed internet shutdowns in India have resulted in a loss of USD 678.4 million during...

27Dec By PriyankaNo Comments

FUNDING

Lendingkart Raises Rs 25 Cr. In Debt Funding From SBI

Online money lending platform Lendingkart has recently raised Rs 25 crore debt funding from State Bank of India. In a press release, Lendingkart said that the funding is in the form of cash credit facility which will allow the company to draw the amount over separate tranches as and when required. This investment also marks the entry of public sector banks in a rush to reach out to more borrowers by backing up startups in the field. Earlier, Lendingkart got backed up by private banks- Yes Bank and Kotak Mahindra. “We feel extremely privileged to have partnered with India’s largest bank which also shares the same vision of supporting the unbanked SME (small and medium enterprise) sector,” said Harshvardhan Lunia, co-founder and chief executive officer at Lendingkart. “SBI, being...

Wipro Acquired Brazil Based IT Services Provider

26Jan By NitishNo Comments

ACQUISITION

Wipro Acquired Brazil Based IT Services Provider

Wipro Ltd. a leading global information technology, consulting and business process services company today signed an agreement to acquire InfoSERVER S.A. for BRL 27.6 Million (USD 8.7Mn). InfoSERVER, an IT services provider, which is focussed on the Brazilian market, provides custom application development and software deployment services. Two-decade old InfoSERVER, which counts some of the largest Brazilian banks as its clients, will help Wipro in expanding its presence in the country’s highly traditional and competitive Banking, Financial Services & Insurance market besides adding invaluable domain and process knowledge on the sector. This acquisition closely aligns with Wipro’s vision to localise, expand its presence and become a significant partner of choice in the LATAM ma...

Mobme Looking to Raise Upto Rs 130 Crore

19Jan By NitishNo Comments

FUNDING

Mobme Looking to Raise Upto Rs 130 Crore

Telecom and banking technologies start-up Mobme said it is looking to raise up to Rs 130 crore in the latter part of 2017 to invest in research and development and expansion to international geographies. "We are looking to raise Rs 100-130 crore after June, primarily for our digital banking and customer experience analytics businesses," its chief executive Sathya Kalyanasundaram told reporters here. He said up to USD 10 million or 70 per cent of the money that will be raised by the decade-old company will be invested in research and development efforts, including conversational banking, voice technology and artificial intelligence products like chat BOTS. Kalyanasundaram said the company is cash-positive right now and delivering profits every year, but it needs to do the investmen...

Alipay Could Acquire Stakes in German Banking Software Wirecard

27Jun By PriyankaNo Comments

CHINA

Alipay Could Acquire Stakes in German Banking Software Wirecard

Wirecard AG is negotiating with representatives of Alipay, a unit of Chinese e-commerce giant Alibaba, about it taking a stake of up to 25 percent in the German banking software company, a newspaper reported on Sunday. Without citing its sources, the Bild am Sonntag weekly said Wirecard was in confidential talks with Alipay about it taking a stake of up to 25 percent, and possibly more later. A Wirecard spokeswoman declined to comment on the specifics of the report but confirmed that the company was in strategic talks with various partners, without elaborating. A source familiar with the matter said Ant Financial, which operates the Alipay platform, was not talking to Wirecard about an investment. In December, the two companies agreed to a deal to provide mobile phone payment servi...

SBI Launched mVisa, a Mobile-Based Payment Solution App

7May By NitishNo Comments

News

SBI Launched mVisa, a Mobile-Based Payment Solution App

State Bank of India (SBI), India's largest commercial bank launched mVisa, a mobile-based payment solution app. The app would enable customers to make cashless payments simply by scanning the unique merchant quick response (QR) code at shopping outlets. mVisa is a mobile based payments solution that would facilitate payments by scanning the QR code from the merchant's mobile. SBI customers, including debit card holders and internet banking customers who have transaction rights, can now make payments to merchants by scanning the code. This would eliminate the need to swipe physical cards at a card swiping machine. "With availability of smart phone increasing by leaps and bounds, Mobile-based payments in India have to rise in a big way. Introduction of mVisa, a convenient scan and pay-...