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Bloomberg Acquires Barclays Risk Analytics

25Aug By AnkitaNo Comments

ACQUISITION

Bloomberg Acquires Barclays Risk Analytics

US-based Bloomberg today completed acquisition of Barclays Risk Analytics and Index Solutions Ltd for an undisclosed sum. The transaction includes the widely-used Barclays fixed income benchmark indices, Barclays Risk Analytics strategy indices, and the intellectual property of the POINT portfolio analytics solution, Bloomberg said in a statement. The benchmark indices will be co-branded Bloomberg Barclays Indices for an initial period of five years. Bloomberg will also act as the calculation agent for the Barclays quantitative investment strategy index business and Barclays strategy indices. The acquisition enables Bloomberg to incorporate sophisticated models and analytics from POINT into Bloomberg PORT and augment these with data, news, alerts, mobile capabilities and Bloomb...

Flipkart Will Provide Rs 75 Cr Loans to Sellers

25Aug By AnkitaNo Comments

News

Flipkart Will Provide Rs 75 Cr Loans to Sellers

E-commerce major Flipkart, after facilitating loans worth Rs 125 crore for sellers on its platform in last one year, is looking to help merchants avail credit facility of over Rs 75 crore in the next few months. The Bengaluru-based firm, which has partnered eight financial institutions including Axis Bank, Bajaj Finserv, NeoGrowth, Lendingkart and Capital First to offer collateral-free loans to sellers on its platform, has already disbursed Rs 125 crore worth of loans in the last one year. Under the Flipkart Growth Capital programme, launched in July last year, Flipkart sellers can avail loans with interest rates starting at 11.40 per cent, Flipkart said in a statement. The programme had received over 3,000 applications in the initial months of the launch and over 800 loans have b...

28Jun By NitishNo Comments

FUNDING

Lendingkart Raises 205 Cr in Series B

Online loan platform Lendingkart Group today said it has raised Rs 205 crore (USD 32 million) in second round of funding led by Bertelsmann India Investments. The fresh round of funding also saw participation from Darrin Capital Management and existing investors - Mayfield India, Saama Capital and India Quotient, it added. With this, the company has raised Rs 260 crore (USD 41 million) till date. "With Bertelsmann India Investments (BII) onboard, we look forward to leveraging its deep understanding of global financial products as well as Internet businesses," Lendingkart Group co-founder and CEO Harshvardhan Lunia said in a statement. Of the Rs 205 crore funding, about Rs 128 crore (USD 20 million) was raised as equity and about Rs 77 crore (USD 12 million) as debt in the second round or...

Players in Financial Services May Relocate From London: T V Mohandas Pai

24Jun By Press Trust of IndiaNo Comments

Entrepreneurs Talk

Players in Financial Services May Relocate From London: T V Mohandas Pai

Indian IT players catering to clients in the financial services space in London may shift their operations to other parts of Europe in the wake of Britain's exit from the European Union, says tech investor T V Mohandas Pai. For the Indian IT industry, the biggest immediate impact would be the shift in the movement of Pound Sterling, which has now become cheaper, Pai said. "That's already impacting them, marginally, depending upon who is exposed to business in the UK," he told news agency noting that over a period of time, lot of work is being done by Indian IT companies in UK financial services space in London. "Now, many of them may migrate to (other parts of) Europe. In case they migrate to Europe, they have to shift to Europe. What happens there is something that needs to be seen. So...

19Jun By AdityaNo Comments

INDIA

Raghuram Rajan Leaving Not a Good Sign For Indian Economy: ASSOCHAM

The ASSOCHAM has said at a time when a tumultuous global economy posed several risks to India along with the banks grappling with an unprecedented challenge of mounting non-performing assets, the decision of Reserve Bank of India (RBI) Governor Raghuram Rajan to not continue with his current post after the end of his tenure was unfortunate. "While it is the institutions which are paramount, individuals provide leadership and a quality leadership makes all the difference. That is what Dr Rajan has done to the RBI. Over the last three years, he provided a new dimension to entire approach of the central bank with a global perspective, yet keeping intact, the unique advantages of the Indian economy and eco system," ASSOCHAM Secretary General D. S. Rawat said. He expressed hope that Rajan was...

18Jun By Press Trust of IndiaNo Comments

INDIA

India’s RBI Chief Raghuram Rajan Resigns, Industry Terms it Nations Loss

Buffeted by political attacks coupled with unending speculation over his continuance, RBI Governor Raghuram Rajan today said no to a second term in the post, a surprise decision the industry and opposition parties termed as nations loss. Ruling that his work on containing inflation and cleaning up books of the banks was "yet to be completed", Rajan said, "While I was open to seeing these developments through, on due reflection, and after consultation with the government, I want to share with you that I will be returning to academia when my term as Governor ends on September 4, 2016." Speculation has been rife over whether Rajan, former IMF Chief Economist known to have predicted the 2008 global financial crisis, would get a second term after BJP leader Subramanian Swamy launched a no...

Not Interested to Join Interest Rate War With Banks – Shinjini Kumar, CEO, Paytm Bank

9Jun By AnkitaNo Comments

Entrepreneurs Talk

Not Interested to Join Interest Rate War With Banks – Shinjini Kumar, CEO, Paytm Bank

Financial technologies player Paytm Bank today ruled out joining the rate war in the savings account interest rate space when it launches its payments bank, instead, it will focus on increasing revenue-accretive transactions. "Obviously, we do not want our customers to lose money if they are keeping their money with us, but at the same time we dont want to fight a war on interest rates," Shinjini Kumar, CEO of the Paytm payments bank venture, told reporters. Kumar, who just joined the bank from consultancy major Pricewaterhouse Coopers, explained that it is "counter intuitive" for a payments bank to offer higher interest rates as it has restrictions on how it uses the deposits. "It is very counter-intuitive for a payments bank to offer higher rate of interest on savings because they w...

8Jun By AdityaNo Comments

FUNDING

CreditVidya Raises $2M Series A Funding From Kalaari Capital

Kalaari Capital, an early-to-mid-stage venture capital firm invested a Rs 13.3 crore funding in Mumbai-based startup CreditVidya. Creditvidya is a financial technology startup Infocredit Services, which operates credit score advisory platform. It has also received additional 1 crore from Paragon Partners, Siddharth Parekh, an early backer of the venture of the creditvidya in his personal capacity. The company will use the Series A funding to further build its technology platform, launch new products and expand its headcount, with a particular focus on ramping up its data sciences team. "India's demographic profile consists primarily of people without a credit history. CreditVidya's solutions enable lenders to increase profitability by more accurately assessing the credit risk o...

Taxi Aggregator Meru Targeting Revenue of Rs 850 crore in 2016-17

6Jun By NitishNo Comments

News

Taxi Aggregator Meru Targeting Revenue of Rs 850 crore in 2016-17

Working on a model to "make every city profitable", taxi services provider Meru is targeting a revenue of Rs 850 crore in 2016-17 on the back of new services and deeper penetration into existing markets. The company, which returned to profits in December quarter of the previous fiscal after a gap of almost 1.5 years, clocked a revenue of about Rs 600 crore in 2015-16. "We are growing steadily by 35 per cent every year, and are targeting a revenue of Rs 850 crore by the end of the current fiscal on the back of our new channels, deeper penetration into existing markets and expansion. We are working on a model to make every city profitable," Meru Group CEO Siddhartha Pahwa said. Presently, Mumbai, Delhi, Bengaluru, Hyderabad, Ahmedabad and Kolkata have become entirely profita...

Rajans Reappointment Should Not be of Medias Interest: PM Modi

27May By Press Trust of IndiaNo Comments

INDIA

Rajans Reappointment Should Not be of Medias Interest: PM Modi

Prime Minister Narendra Modi has said the issue of reappointment of RBI Governor Raghuram Rajan was an administrative subject and it should not be an issue of interest of the media, in his first comments in the wake of continuing attack on the top economist in recent months. "I dont think this administrative subject should be an issue of interest to the media," Modi said. "Besides, it will come up only in September," he told The Wall Street Journal, referring to the three-year term of Rajan which ends in September. "Do you support the reappointment of Mr Rajan, the central bank governor?" the Prime Minister was asked. As an outspoken RBI Governor, Rajan has expressed his views on host of issues, including intolerance and has even described India as one-eyed king in the land of ...

20May By AnkitaNo Comments

FUNDING

i2ifunding, Leading Peer-to-Peer Lending Platform Raises Angel Funding

i2ifunding , one of the leading peer to peer lending platforms in India, today announced that the company has secured Angel funding from a group of industry veterans. Company plans to utilize the fund towards technology expansion and also towards increasing its presence geographically. "We are delighted that this distinguished group of investors has chosen to support i2ifunding in our mission to increase financial inclusion in India by helping the borrowers access loans for various needs at lower than market rates and at the same time provide an alternative high return investment option to retail investors," said Vaibhav Pandey, the CEO of the company. "This investment could not have come at a better time as RBI has talked about 2 Cr capital requirement for P2P players in the concept pa...

Biz2Credit Partners With TaxSpanner,to Boost Financing Success

19Apr By AdityaNo Comments

BUSINESS

Biz2Credit Partners With TaxSpanner,to Boost Financing Success

Biz2Credit, a leading online resource in personal and small business finance, today announced a marketing partnership with TaxSpanner, one of Indias largest and most trusted company that offers online preparation and filing of Income Tax Returns (ITR) for individuals and businesses. "Our agreement will ultimately enable individuals and entrepreneurs to access personal and business finance more efficiently," suggests Biz2Credit CEO Rohit Arora. "Were always seeking opportunities to enhance the experience of our clients and we are pleased to be able to provide them with a valuable resource on our platform." Through this partnership, Biz2Credit and TaxSpanner will leverage their client channels to offer customized services that will holistically grow their companies. Individuals who are see...