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IIM Ahmedabad Launches its Own $25 Million Startup Fund

14May By NitishNo Comments

FUNDING

IIM Ahmedabad Launches its Own $25 Million Startup Fund

India's top management institute IIM-Ahmedabad has launched USD 25 million fund for startups working in the areas of financial inclusion, livelihood, education, and health over the next three to four years. The initiative is known as the Bharat Inclusion Initiative, which aims to invest in startups in fintech, education etc with the help of CIIE. The Center for Innovation, Incubation & Entrepreneurship (CIIE) planning to channelise approximately USD 25 million over the next 3-4 years towards backing game-changing startups leveraging the ongoing digital transformation in India, it said in a release. With seed support from Tata Trusts, CIIE has received an initial commitment of USD 12.5 million from the Bill and Melinda Gates Foundation, the Michael and Susan Dell Foundation, and ...

Paytm Will Invest $745 Million in Its Financial Services

7May By Sheldan RungasamyNo Comments

News

Paytm Will Invest $745 Million in Its Financial Services

Paytm, the digital payments giant is ready to bring its service to the next level with investment plans of over $745.16 Mn (INR 5,000 crore) in its central business. In an interview with ET, Founder and CEO of Paytm, Vijay Shekhar Sharma announced that the company is targeting to double the amount of transactions it records every quarter to 2 billion by the end of 2018. To achieve this target, Paytm will invest $745.16 Mn in payments and predominantly in the financial services. The focus on financial services is because “customer lifecycle is getting to the next level of maturity.” “It’s a logical extension as we worked on commerce last year like travel and ticketing, where we are just a few notches below market leaders. Our obligation will always remain to increase the market size ...

The Potential and Growth of Fintech Market in India

6May By Sheldan RungasamyNo Comments

ANALYSIS

The Potential and Growth of Fintech Market in India

In the first decade of the 21st Century, Fintech referred to computer technology applied to the back office of banks or trading companies. It was used as a portmanteau of financial technology for describing any emerging financial services sector. Now, the term has evolved to include any technological innovation in the financial sector, ranging from financial literacy and education, retail banking, investment to crypto-currencies like bitcoins. In the current decade of the 21st Century, Fintech is being defined as a financial institution that makes use of technological innovation to perform multiple business tasks ranging from the creation of digital money to double-entry bookkeeping. With the internet revolution, followed by the mobile revolution, financial technology has grown massively a...

3May By Sheldan RungasamyNo Comments

FUNDING

FinTech Startup Opentap Raises Rs 3 Crore Funding

OpenTap, a FinTech startup based in Chennai has received a funding of more than $ 450,000 (Rs 3 crore) from a set of high net-worth individuals, according to a statement from the company. The funds raise will be used to develop its team, strengthen its technological infrastructure, marketing and to widen the reach of its financial services network across the country, the statement added. Opentap which is operated by Vyatta Technology Private Limited, was founded in 2015 by Senthil Natrajan, Harish Devarajan and Suresh Venkataramani. All three co-founders have an experienced background in the finance field for prior to founding the company, Natarajan worked in Barclays and JP Morgan, Devarajan is the chief executive of Deep Value, a US-based cash equities algorithmic trading desk, and...

1May By NitishNo Comments

FUNDING

Mumbai based Fintech Startup Raises Funding

Mumbai based fintech Startup Rubique Technologies raises an undisclosed amount of funding led by Japan's Recruit Group and Russian venture capital management company, Emery Capital. The funding will enable Rubique to further strengthen its technology and analytics capabilities. Established in the year 2014, the company has registered 200k customers and facilitated loan disbursement worth approximately Rs. 2,670 crores and over 82,000 credit card setups through its platform. The company generated revenue of around $7.2 million. Rubique aims to break even in 2019 and achieve Rs. 100 crores revenue by 2021. "We have managed to successfully stand out in the FinTech space as an innovator par excellence and one of the genuine success stories of the domain through our unique asset-light...

14Apr By Sheldan RungasamyNo Comments

FUNDING

FinTech Startup AffordPlan Raises Funding from Lok Capital

AffordPlan, the healthcare financial planning platform recently raised a funding round of Rs 55.8 crore in a Series B funding round from Lok Capital and Omidyar Network. This funding round also saw the participation of existing investors Prime Venture Partners and Kalaari Capital. The company which is owned and operated by Usekiwi Infolabs Private Limited first allotted 20 equity share of Rs 10 a piece at a premium of Rs 52,741.18 a piece as well as 10,584 Series B preference share worth Rs 20 a piece at a premium of Rs 52,731.18 per share. Affordplan is a platform that helps its users plan and prepare medical expense for non-life threatening injuries and interventions. Affordplan is a company based in Delhi and was founded in 2015 by MIT/IIM alumni Tejbir Singh and Hemal Bhatt who a...

13Apr By Sheldan RungasamyNo Comments

FUNDING

FinTech Firm Aye Finance Raises Funding

Aye Finance, the FinTech platform based in Gurugram raised a funding round of Rs 30 crores as debt financing from BlueOrchard Finance Ltd, an impact investor based it Switzerland. The funds raised will serve the purpose of diversifying the lending portfolio of Aye Finance which will allow it to reach out to the large pool of micro, small and medium-sized enterprise (MSME) in India. Aye presently provides its service to over 10 states and boasts 72 branches in India so far. In the FY 17-18, it provided over 40,000 loans which were largely thanks to the customization of their products to meet the micro entrepreneur’s needs and provide them products at their own conditions. We are going to utilise the latest infusion of funds to increase our reach to bring the "missing middle" into the fo...

Chennai based Fintech Platform Raises $2.8 Million

10Apr By NitishNo Comments

FUNDING

Chennai based Fintech Platform Raises $2.8 Million

Kaleidofin, a Chennai based fintech platform raises $2.8 million seed funding to accelerate customer acquisition pan-India, expand the company's network of strategic partners, and enable deep investments in technology and analytics. The funding round was led by Omidyar Network, a Silicon Valley-based impact investing firm established by Pierre Omidyar, the founder of eBay, Blume Ventures, and individual investors, including Israeli serial entrepreneur and inventor, Professor Shlomo Ben-Haim. Kaleidofin will use this funding to expand its network to include partners in other segments, such as agents, banking correspondents, cooperatives, self-help groups, and microfinance institutions to deliver suitable financial solutions to the underserved at a faster scale. As per the data, mor...

28Mar By PriyankaNo Comments

FUNDING

Fintech Startup Raises $2 million Pre series A Funding

SmartCoin, a Bengaluru based Fintech startup raises $2 million funding in pre-Series A round from a top Chinese VC fund and Accion Venture Lab. An existing investment group Unicorn India Ventures also participated in the round, along with ISME ACE, a leading fintech accelerator. This funding round will use to expand the team and operation with an aim to cover a much larger customer base. SmartCoin is a mobile app based lending platform, capable of assessing the risk profile of a prospective borrower in real time, using data science and machine learning algorithms. "With this round, we expect to grow the momentum and further scale 10X over the next six to twelve months. Having specialists as investors, who are passionate about micro-lending, on board will only help us cover more g...

27Mar By AdityaNo Comments

FUNDING

Fintech Startup CashSuvidha Raises $1 Million Funding

Indian Fintech startup Cash Suvidha raises $1 million pre-Series A funding from the set of investors including Initia Holdings Ltd, Vipin Agarwal, Partner in India Industrial Growth Fund and others. The new funding round will use to facilitate further lending to SMEs, MSME, individuals and improve the technology infrastructure. Cashsuvidha is targeting users from Delhi NCR, Bangalore, Pune, Hyderabad, Mumbai, and Rajasthan locations to maximize borrowers. According to the company, which registered as a Usha Financial Services receives around 15,000 loan applications per month and disburses loans within two working days. The Delhi based company has raised total $5.2 million debt funding and distributed Rs 152 crore. As per the data, Cashsuvidha 80% loan goes to SME sector. ...

26Mar By Sheldan RungasamyNo Comments

FUNDING

Creditas Solutions Raises Pre-Series A Funding

Creditas Solutions, a FinTech startup received an unrevealed amount from Pre-Series A funding round which was run by 1Crowd, an equity crowd-funding platform. The funds from the investment will be used to expand the company’s team, data science abilities and to invest in technology. The technology is focused on banks a single platform to manage the entire delinquency cycle. "This new round of funding not only gives us the capital to scale exponentially but also validates the faith the Banking sector is reposing in our Solutions," said Creditas co-founder Anshuman Panwar. Creditas is an organization set up to help banks and non-banking financial companies (NBFCs) in enhancing customer acquisition, cross-sell, delinquency detection, financial literacy and debt recovery. They validat...

Hyderabad based Fintech Firm BASIX Sub-K raises 35 Crore

21Mar By NitishNo Comments

FUNDING

Hyderabad based Fintech Firm BASIX Sub-K raises 35 Crore

Hyderabad-based financial company BASIX Sub-K iTransactions Ltd has raised Rs. 350 million funding to deepen their efforts towards greater financial inclusion in India. The funds were raised from global nonprofit and financial inclusion pioneer Accion, and Nordic Microfinance Initiative (NMI), a public-private partnership, owned by among others, the Norwegian and Danish governmental funds for developing countries (Norfund and IFU). The company will use this large funding amount for business growth in small cities and rural area by investing in the expansion of its agent banking network and credit facilitation for micro and small businesses. Also, the amount will use to make the platform tech enable. The company position itself as a preferred FinTech as well as distribution partner...