Fintech
- Fintech48 minutes ago
Embattled bank names next CEO after investor challenge
Cashmere Valley Bank tapped a Nicolet executive to take the reins. But the investor who publicly pressured the Washington state-based lender said he's still pursuing changes at the board level.
- Fintech1 hour ago
Building Block’s Square base
The fintech is expanding its efforts to market local restaurants using its point-of-sale system across Cash App’s user base.
- Fintech1 hour ago
Valley National Bank to acquire Chicago-area lender for $247M
Acquiring Providence Bank & Trust would give the $66 billion-asset regional bank a branch footprint in a market where it operates a single commercial office.
- Fintech1 hour ago
Centricity Raises ₹280 Cr To Expand Wealthtech Platform, NRI Business
Wealthtech startup Centricity has raised ₹280 Cr (around $29 Mn) in a funding round led by SMBC Asia Rising Fund, comprising ₹230 Cr in equity and ₹50 Cr in venture debt. The round valued the startup at around ₹1,800 Cr (about $190 Mn) Existing investors Lightspeed India Partners, the Burman Family Office, RAAY Investments (Amit Patni Family Office), the Kuldeep Rathi Family Office (Ask Automotives Ltd), Stride Ventures, and Innoven Capital also participated in the round. The Gurugram-based startup plans to use the fresh capital to strengthen its technology stack and expand its B2B2C wealth-distribution platform. It will also deploy the funds to grow its private wealth and NRI client businesses and deepen its presence in India and overseas. Founded in 2022 by Manu Awasthy, Aditya Shankar, Gaurav Tiwari, Manish Sharma, and Pushpendra Singh, Centricity offers wealth management and investment solutions to independent financial advisers, retail investors, HNIs, UHNIs, and family offices. Its platform automates processes such as portfolio consolidation, reporting, risk analytics, and investment monitoring for financial advisers and family offices. Centricity operates multiple business verticals, including its partner-led B2B2C distribution platform One Digital, Invictus Private Wealth, and its Global Private Client business for NRIs. The startup is expanding the Global Private Client business, which allows NRIs and other global investors to access Indian and international investment opportunities through its offerings based in GIFT City and the Dubai International Financial Centre. Centricity claims to manage assets worth more than ₹15,000 Cr and serve over 20,000 partners and more than 1 Lakh investors. It also claims to have onboarded 250 family offices since its incorporation. The startup is targeting revenue of more than ₹150 Cr in FY27. Its operating revenue stood at ₹6.2 Cr in FY25, while its net loss was ₹4.4 Cr, according to Tofler. Centricity is yet to disclose
- Fintech1 hour ago
Bluehill.VC Marks Final Close Of ₹400 Cr Maiden Frontier Tech Fund
Early-stage VC firm Bluehill.VC has marked the final close of its maiden ₹400 Cr frontier tech fund. The fund includes a greenshoe option of ₹50 Cr. The fund saw participation from SIDBI, state governments Kerala and Uttar Pradesh, alongside leading family offices, accomplished entrepreneurs and UHNIs from India and the Middle East. The firm backs early-stage startups operating at the seed to Series A stages. The firm is focused on sectors like energy, EVs, nuclear technology, semiconductors, advanced materials, defence, space, water, manufacturing, robotics, industrial technologies and IoT. With the fund, the VC is looking at building a concentrated portfolio of 15-16 companies with an average first cheque of $1-2 Mn. “Our ambition is simple – to help build companies from India that don’t just participate in global markets, but define them,” Bluehill.VC managing partner Manu Iyer said. Moving forth, Bluehill is planning to deploy ₹80 Cr over the next six months, while targeting to launch its next fund in 2027. Founded in 2017 by Iyer and Sridhar Parthasarathy, Bluehill.VC claims to have deployed over ₹100+ Cr across seven entities till date. Its portfolio startups include EtherealX, Zebu Intelligent Systems, Sophrosyne Technologies, OptoML, Raptee Energy, Fyn Mobility and Helex. The fund close comes amid growing momentum in India’s deeptech sector, helped by policy support for semiconductors, defence indigenisation and advanced manufacturing. Earlier in June, the finance ministry’s expenditure finance committee (EFC) cleared a ₹1.25 Lakh Cr proposal for the India Semiconductor Mission 2.0 (ISM 2.0) programme. Amid the policy push, investors are also focussing their funds towards strengthening the deeptech startups of the country with their capital support. Just this week, early-stage VC firm AUM Ventures marked the first close of its India Innovation Fund II at ₹225 Cr and global venture capital firm Accel raised $550 Mn for a new India-focu
- Fintech1 hour ago
Navi To File For ₹3,000 Cr IPO By December: Report
Fintech unicorn Navi is reportedly planning to file its draft red herring prospectus (DRHP) for an initial public offering (IPO) as early as December this year, with the proposed issue estimated at about ₹3,000 Cr (about $314 Mn). According to a Bloomberg report, citing sources, the IPO is expected to comprise a fresh issue of shares, with no offer-for-sale (OFS) component from existing shareholders. Navi has also reportedly appointed JM Financial, Kotak Mahindra Capital, Goldman Sachs and JPMorgan as advisers for the proposed offering. However, deliberations are still ongoing, and details including the issue size, valuation and timing could change, the report added. Navi declined to confirm the IPO speculations as of now. “Unfortunately, we will not be able to comment on this matter. The recent reportage regarding Navi’s potential IPO, including the timelines, size, valuation and advisers, has been speculative,” the fintech unicorn said in a reply to Inc42. Speculations on Navi’s IPO have been going around for some time now. Most notably, Navi chairman Sachin Bansal, addressing a session during Startup Mahakumbh 2025, said that the company was considering launching its IPO in FY26. “We are at a stage where we can use more capital and the public market is the best source of capital, I believe, if you can handle what comes with it,” he said. The plans didn’t materialise in the anticipated timeline. However, recent reports indicate that the fintech major has restarted the IPO prep. Earlier in July, it was reported that Navi was looking to file its IPO paper by Q4 FY27. Ahead of the IPO, Navi is also likely to raise its maiden external equity funding round. Navi was also said to be looking to raise $250 Mn-$300 Mn from Prosus and Accel Growth Fund at a valuation of $1.8-2 Bn. However, as per reports, Prosus had pushed back on Navi’s proposed valuation. To note, Navi had previously filed its IPO documents in March 2022 for an issue of up to ₹3,350 Cr and received regula
- Fintech1 hour ago
Fino Payments Bank Slips Into Red, Reports ₹14 Cr Loss In Q1
Fino Payments Bank slipped into the red in the Q1 FY27, posting a net loss of ₹13.7 Cr against a profit of ₹17.8 Cr in the year-ago quarter. Sequentially, the bank reported a profit of ₹7.1 Cr in the March quarter. Fino Payments Bank’s total income declined 32.3% to ₹306.9 Cr in Q1 FY27 from ₹453.5 Cr in the corresponding quarter last year. On a QoQ basis, total income fell 9.7% from ₹340 Cr. EBITDA plunged 30% YoY and 23% QoQ to ₹43.1 Cr. The decline was primarily driven by a fall in other income, which includes fees and commissions from current account and savings accounts (CASA), micro-ATM and AePS transactions, domestic remittances, debit cards, third-party products, business correspondent banking, digital payments, and cash management services. Other income declined 40.2% YoY to ₹234.6 Cr during the quarter. However, interest income increased 18.4% to ₹72.2 Cr from ₹61 Cr in Q1 FY26. The payments bank’s total expenditure, excluding provisions and contingencies, fell 25.2% to ₹320.6 Cr from ₹428.8 Cr in the year-ago period. “Decline in revenue and profitability is primarily on account of recalibration of Digital Payments Services – B2B UPI P2M vertical and cash driven transaction business,” Fino said. In the quarter, digital payment services remained non-operational due to “strategic recalibration”. The company registerd a revenue of ₹50 lakh from the service in the quarter, down 99% YoY. It is expected to relaunch the services by Q4 FY27. Important to note that 23% of Fino’s total revenue in the year-ago quarter was driven by its digital payments services. The company said that UPI continued to impact transaction business (Remittance, MATM & AePS), reporting a 50% YoY decline in revenue and 44% decrease in throughput. Important to note that Fino was impacted significantly earlier this year in February after its erstwhile CEO Rishi Gupta was arrested the Hyderabad unit of the Directorate General of GST Intelligence (DGGI) on cha
- Fintech1 hour ago
Can Razorpay Turn ChatGPT Into India’s Next Commerce Channel?
ChatGPT is beginning to emerge as more than a search assistant for ecommerce. For a growing number of brands and marketplaces, it is also becoming a new channel for product discovery and, increasingly, shopping. Nykaa offered one of the clearest signals of that shift in its recent Q1 FY27 management commentary. The beauty retailer said it has become the top beauty brand on ChatGPT and Gemini through what it calls “Answer Engine Optimization” (AEO), and indicated that AI answer engines are emerging as a customer acquisition channel alongside Google Search. It also announced plans to bring Nykaa Beauty and Nykaa Fashion shopping experiences into ChatGPT as part of a broader OpenAI partnership. If AI assistants become another place where consumers discover products, merchants will need more than visibility, they will also need the ability to complete transactions inside those conversations. That is the opportunity Razorpay is betting on. Months before AI commerce entered mainstream investor conversations, the payments company began working with OpenAI and NPCI on infrastructure that enables merchants to build ChatGPT-native storefronts and complete purchases within the chat interface. According to CEO Harshil Mathur, Razorpay is currently working with around 50 brands and several ecommerce marketplaces experimenting with agentic commerce, with skincare brand Innovist among the first to go live on its ChatGPT commerce stack for select users. The experience will be enabled on UPI Reserve Pay, which allows users to block a specific amount of funds for future debits to designated merchants, and UPI Circle, a solution that delegates UPI authentication, enabling payments to be completed directly within ChatGPT without switching to external apps or websites. Razorpay sees its role extend beyond payments to helping merchants integrate product catalogues and storefronts into AI platforms, while using NPCI’s UPI Circle and UPI Reserve Pay to enable native check
- Fintech1 hour ago
Razorpay’s ChatGPT Gambit, Snapchat’s Next Big Quest & More
Razorpay Wants To Put Indian Brands Inside ChatGPT As ChatGPT and other AI assistants move from answering questions to recommending products and facilitating purchases, Indian payments companies are racing to build the scaffolding for this new commerce layer. Razorpay is betting on this shift and ChatGPT commerce as the next big battleground. What’s The Plan? The fintech giant is working with OpenAI and NPCI to help merchants create ChatGPT-native storefronts, sync product catalogues and enable checkout using UPI capabilities such as UPI Circle and UPI Reserve Pay. It is working with around 50 brands and several ecommerce marketplaces experimenting with agentic commerce. The company claims its technology can reduce the time required for a Shopify merchant to set up a ChatGPT storefront from 10 weeks to around 30 minutes. What’s In It For Merchants? With traditional digital acquisition getting expensive, AI commerce offers merchants a potential new route to access customers. Razorpay is using that pull to bring merchants onto its AI stack. However, the bigger bet is building a broader commerce infrastructure layer across AI agents and platforms. The challenge for now is figuring out how Razorpay eventually makes money from it. There’s A Catch? Consumers may be comfortable asking ChatGPT what to buy, but handing an AI assistant the power to complete a transaction is a different proposition. This is where Razorpay is seeing an opportunity. The company says its architecture keeps payment credentials away from AI models and requires user consent, but winning that trust at scale could determine how quickly agentic commerce takes off. As of now, it appears that ChatGPT is unlikely to replace ecommerce apps and marketplaces anytime soon. However, it could very well become a new layer for product discovery and shopping. Amid the current scheme of things, will Indian consumers trust AI assistants enough to make purchases through them? While that is a story for ano
- Fintech1 hour ago
Zaggle Q1 Profit Dips 33% YoY To ₹17.5 Cr Despite 28% Revenue Jump
Fintech SaaS company Zaggle’s net profit for the June quarter (Q1 FY27) dipped 33% to ₹17.5 Cr from ₹26.1 Cr in the year-ago period. Sequentially, the company’s profit plunged by 57% from ₹40.6 Cr. Operating revenue grew 28% to ₹423.3 Cr from ₹332 Cr in the corresponding quarter of the previous fiscal. However, it declined 32% on a sequential basis from ₹617.9 Cr in Q4 FY26. Zaggle’s adjusted EBITDA rose 4% YoY to ₹34.7 Cr from ₹33.4 Cr. However, its adjusted EBITDA margins narrowed to 8.2% from 10.1% in the year-ago period. The company registered other income of ₹6.6 Cr during the quarter under review, bringing its total income to ₹429.9 Cr. No exceptional items were reported during the quarter, while it earned an additional ₹2.3 Cr in profits from an associate and ₹27.8 Lakh in other comprehensive income, and spent ₹8 Cr on taxes. Total expenses surged 31% to ₹406.7 Cr in the quarter under review from ₹309.6 Cr in the year-ago period. However, the company’s expenditure narrowed 29% compared to ₹573.7 Cr in Q4 FY26. “Q1 FY27 marks an important inflection point for Zaggle as we move from a decade of profitable growth into a phase of transformation through consolidation,” founder and executive chairman Raj P Narayanam said. According to Zaggle, its EBITDA margin fell due to elevated expenses from its acquisition of enterprise spend management startup Dice in May. The company acquired the assets and IP of Pune-based enterprise spend management startup Dice Enterprises in May for a sum of ₹68 Cr. It further noted that revenue from Dice contracts will only reflect from Q2 FY27 onwards. Furthermore, it also incurred employee costs and other expenses from absorbing credit card fintech Rio.Money, which it had acquired last year and rebranded as ‘Zagg.Money’. The company also cited shifting previously capitalised expenses into the P&L and implementing salary hikes for existing employees as reasons for its lower profitability. During the quarter, Zaggle also invested ₹8
- Fintech1 hour ago
Turtlemint Q1: Loss Declines 19% YoY To ₹38 Cr, Revenue Up 40%
Recently listed insurtech company Turtlemint managed to trim down its Q1 FY27 net loss 19% to ₹37.8 Cr from a loss of ₹46.7 Cr in the same quarter last year. Sequentially, the company slipped into the red from a net profit of ₹3.1 Cr. Operating revenue jumped 40% to ₹294.1 Cr from ₹210.5 in the June quarter of the previous fiscal. On a sequential basis, the company’s top line dipped 18% from ₹357.2 C. Including other income worth ₹1.6 Cr, the company’s total income for the quarter stood at ₹295.7 Cr. Meanwhile, total expenses for the quarter under review increased 28% YoY to ₹333.5 Cr. Turtlemint’s service EBITDA, which is derived from operating revenue minus direct operational expenses, jumped 89% to ₹39 Cr in the quarter under review from ₹21 Cr in Q1 FY26. Meanwhile, adjusted EBITDA as a percentage of revenue improved to -9% in Q1 FY27 from -20% in Q1 FY26. The company attributed this growth to increased efficiency on the back of technology. “Service EBITDA growth of 89% YoY is a clear signal that our platform economics are strengthening at scale. Technology continues to be the core reason behind the increasing efficiency across every layer of the business, from digital partner onboarding to sales support,” Turtlemint’s COO Anand Prabhudesai said Founded in 2015 by Prabhudesai and Dhirendra Nalin Mahyavanshi, Turtlemint operates an insurance distribution platform, connecting consumers with insurers through a network of financial advisors for car, bike, health, and term life insurance. The company claims to have facilitated the sale of over 3 Cr+ insurance policies across health, life, motor, and business insurance, in partnership with 46 insurers. Operationally, the company is now active in 19,186 pincodes with 83 physical branches. The company serves three stakeholders in the insurance space — customers, digital partners, and insurers. This also includes PoSPs who have completed mandatory training and certification required under IRDAI’s PoSP Regulat
- Fintech1 hour ago
Dun & Bradstreet Delivers Verified Business Context to Gemini Enterprise for Financial Services
Financial institutions can leverage the D&B Commercial Graph for AI-driven customer onboarding, lending, and underwriting workflows Dun & Bradstreet announced AI capabilities built on Gemini Enterprise to power complex credit and risk workflows. Enabled by Model Context Protocol (MCP) server integrations, this collaboration helps users build governed AI systems for faster onboarding, stronger risk decisions, and scalable lending workstreams. AI is becoming an integral part of how financial institutions evaluate customers, extend credit, and manage risk, increasing the importance of the information that informs those decisions. But in a 2026 Dun & Bradstreet survey, only 8% of financial services and insurance organizations report that their enterprise data is fully ready to support AI at scale. The D&B Commercial Graph supports the shift to more reliable AI workflows by providing the foundational context layer that allows agents to understand business identity, relationships, and risk across the global economy. The resulting outputs are consistent, explainable, and auditable. “Banks have spent decades building digital infrastructure. The next competitive advantage is building an intelligence infrastructure for AI,” said Scott Spencer, General Manager of Finance & Credit at Dun & Bradstreet. “Our collaboration with Gemini Enterprise helps financial institutions apply AI to the business-critical decisions they make every day by grounding those decisions in verified business context.” Read More on Fintech : Global FinTech Interview: AI and the future of fintech with Hugh Cumming, CTO, Vena For financial institutions, the collaboration delivers practical benefits: Accelerated customer acquisition, credit assessment, compliance, and risk decisioning workflows Continuous monitoring, moving beyond traditional Know Your Customer (KYC) and Know Your Business (KYB) programs Strengthened governance, explainability, and confidence
- Fintech1 hour ago
Zaggle Plunges 20% To Hit Lower Circuit After Q1 Profit Slump
Update | August 17, 17:29 IST Shares of Zaggle ended today’s session at ₹160.45 apiece on the BSE, remaining locked at the lower circuit throughout the session after hitting the limit earlier in the day. Original| August 17, 11:30 IST Shares of fintech SaaS company Zaggle Prepaid Ocean Services plunged 20% during the intraday trading today to ₹160.45 apiece, hitting their lower circuit and a 52-week low after the company reported a sharp decline in its profit in the June quarter. The stock remained locked at the lower circuit, taking Zaggle’s market capitalisation to ₹2,157.3 Cr ($225.6 Mn). Today’s decline extended the stock’s recent slide. Shares of Zaggle have fallen 54% so far this year and 21.3% over the past five trading sessions. Following the results, brokerage Equirus retained its ‘LONG’ rating on Zaggle but cut its target price to ₹350 from ₹455, citing slower growth in the company’s core business and near-term margin pressure from the integration of DICE Enterprises. It also lowered its FY27 earnings estimate by 21%, expecting the acquisition to weigh on profitability in the near term. Zaggle’s consolidated net profit fell 33% to ₹17.5 Cr in the first quarter of FY27 from ₹26.1 Cr a year earlier. Sequentially, profit declined 57%. Operating revenue rose 28% YoY to ₹423.3 Cr but fell 32% from the preceding quarter. Profitability also weakened during the quarter. The company’s adjusted EBITDA rose 4% YoY to ₹34.7 Cr, but the corresponding margin narrowed to 8.2% from 10.1%. Reported EBITDA increased just 1.3% YoY to ₹30.9 Cr, while the margin contracted to 7.3% from 9.2%. Zaggle attributed much of the pressure to costs associated with DICE Enterprises, an enterprise spend-management startup whose assets and intellectual property it acquired for ₹68 Cr in May. Revenue from DICE contracts is expected to begin contributing from the second quarter, with a fuller impact likely from Q3. Zaggle also incurred costs related to integrating Zagg.Money, the consumer cr
- Fintech1 hour ago
Karnataka HC Quashes Sessions Court Orders To Defreeze Jar’s Accounts
The Karnataka High Court has quashed three Sessions Court orders directing the release of gold and silver and defreezing of bank accounts linked to wealthtech startup Jar. A bench of Justice M Nagaprasanna, in an order pronounced on August 10, set aside the April 4 orders passed by the Principal City Civil and Sessions Judge, Bengaluru, in a case involving Jar Gold Retail. The HC ruled that police do not require prior permission from a Magistrate to debit-freeze a bank account as an investigative and preservative measure under Section 106 of the Bharatiya Nagarik Suraksha Sanhita (BNSS). However, police must report the action “forthwith” to the jurisdictional Magistrate, the court said. The HC distinguished such a freeze from attachment of property under Section 107 of the BNSS. While Section 106 allows police to preserve property during an investigation, attachment under Section 107 involves a judicial process and may ultimately lead to the forfeiture or restoration of alleged proceeds of crime. The court said requiring police to secure judicial approval before every debit freeze could undermine investigations, particularly in cybercrime cases where funds can be moved between accounts within seconds. The development was first reported by Bar and Bench. Inc42 has reached out to Jar for comments on the development. The story will be updated on receiving a response. Beyond the question of bank-account freezes, the court also made observations on the regulatory treatment of digital gold. It said that the absence of direct regulatory supervision by the RBI and SEBI over digital gold does not put such transactions beyond the reach of criminal law. It stressed that the law must examine the economic substance of a transaction rather than merely the form in which it is presented. The court noted that financial fraud can increasingly involve commodities, digital assets and gold-linked products instead of conventional cash deposits. This comes after SEBI’s November 2025 warni
- Fintech1 hour ago
Sunil Mittal To Step Down As Airtel Payments Bank Chairman, Shabnam Sinha To Take Over
Sunil Bharti Mittal is set to step down as the non-executive chairman of Airtel Payments Bank and leave its board after serving in the role for more than a decade. His tenure will conclude on September 30, following which existing board member Shabnam Sinha will take over as chairperson on October 1 for a three-year term. Sinha’s appointment has been cleared by Airtel Payments Bank’s board and the RBI, the payments bank said in a statement. Mittal, the founder and chairman of Bharti Enterprises, was appointed non-executive chairman of Airtel Payments Bank in April 2016. During his tenure, the payments bank expanded its reach to more than 121 Mn monthly active users and nearly 30 Mn bank account customers. It currently operates a network of more than 5 Lakh banking points across the country. “… I thank our team, board and stakeholders for their trust, and I am confident that under Shabnam’s leadership, the Airtel Payments Bank will build on this foundation and further strengthen its position as one of India’s leading digital banking platforms,” said Mittal. Sinha has more than three decades of experience across development finance, financial services, public policy, and institutional transformation. She currently serves as an independent director on Airtel Payments Bank’s board and chairs its special committee for monitoring frauds. She is also a member of the board’s risk management and information technology committees. Sinha previously worked at the World Bank, where she advised governments and institutions across Asia, Africa, and Europe on governance, risk management, and operational effectiveness. The leadership transition comes as Airtel Payments Bank continues to expand its operations. In May, the payments bank said its revenue increased 18.4% YoY to ₹3,207 Cr in the financial year ended March 2026, while its net profit stood at ₹109 Cr. Customer balances increased 26% YoY to ₹4,612 Cr at the end of FY26, while its annualised gross merchandi
- Fintech1 hour ago
Razorpay Launches AI Foundation Model Vulcan To Expedite Digital Payments
Razorpay has launched a transformer-based AI foundation model Vulcan built to expedite digital payments. The IPO-bound startup claims that the model can make every digital payment more reliable and safer by scoring routes in real-time and flagging fraud that becomes visible across multiple merchants after it is in production. Built with NVIDIA and AWS technology, Vulcan combines Razorpay’s payments data with NVIDIA’s accelerated computing and AWS’ cloud infrastructure. Vulcan is a proprietary, ground-up model, with both its architecture and training data owned by Razorpay. The startup frames it not as an LLM, which understands text, but as a system that learns the movement of the money. The model learns from the entire payments ecosystem’s data points and keeps improving with every transaction it processes, instead of solving one narrow problem at a time. The startup claims that Vulcan is trained on approximately 3 Tn data points across 4 Bn payments and learns from roughly 3,000 signals per transaction. With this, it understands the complex movement of the financial journey at scale. Razorpay reports early results from deploying Vulcan’s components on live transactions. According to the company, the model has delivered: An 8-10% improvement in payment success rates An 8X increase in international card frauds detected and stopped A 5X rise in fraudulent or disputed transactions identified, without adding to the number of alerts 40% more shoppers seeing their preferred UPI app at checkout, helping complete an additional 1-2 lakh purchases every month “Every payment teaches the system something that makes the next payment better. That’s what makes this feel less like a product launch, and more like the starting point for how payments in India keep getting better on their own, for years to come,” CEO Harshil Mathur said. While Razorpay claims to be the first Indian player to introduce this offering, global incumbent Stripe also has p
- Fintech1 hour ago
MobiKwik Infuses ₹61 Cr In Lending Arm, Appoints Ex-Bajaj Markets’ Manish Pathania As Its CBO
Months after receiving a regulatory nod for its NBFC licence, MobiKwik has now completed the transfer of its digital lending operations and associated team to its wholly owned subsidiary, MobiKwik Distribution Services Private Limited (MDSPL). Beyond the restructuring, the fintech company has also announced that it will be pumping ₹60.85 Cr as equity into MDSPL. To strengthen the subsidiary’s operations, MobiKwik has appointed former Bajaj Markets exec Manish Pathania as the chief business officer (CBO) of MDSPL. Pathania, who brings nearly two decades of experience across financial institutions like GE Money and HDB Financial Services, will be responsible for supervising the digital lending business and drive its next phase of growth. The development comes months after RBI gave a conditional nod to MobiKwik’s NBFC application , specifying that its lending service provider (LSP) business be migrated to an independent subsidiary before issuing the Certificate of Registration (CoR). The NBFC licence will allow MobiKwik to launch a new lending division that will enhance its lending capabilities, credit products’ stack and serve a broader base of consumers and merchants. The transfer of its digital lending operations to MDSPL has been executed to fulfill this criteria. “We have built a strong lending franchise through partnerships with banks and NBFCs, while developing capabilities across the lending value chain. Consolidating the business and team under MDSPL, with Manish leading the subsidiary, gives us a dedicated structure to take this business forward,” MobiKwik cofounder, MD, and CEO Bipin Preet Singh said. MDSPL was incorporated last year to oversee financing, leasing, and hire-purchase activities across commercial assets including machinery, equipment, plants, vehicles, aircraft, ships, and real estate. Initially, MobiKwik had allocated an initial paid-up share capital of ₹1 Lakh for the newly set up subsidiary. Subsequently, in June, the fintech company also is
- Fintech1 hour ago
Resilient Asset Management Offloads Paytm Shares Worth ₹2,949 Cr
Vijay Shekhar Sharma-owned Resilient Asset Management, acting on behalf of Alibaba Group affiliate Antfin, has offloaded 1.92 Cr shares in fintech major Paytm in a block deal worth around ₹2,948.9 Cr. As per NSE data, Resilient sold 1.92 Cr shares in Paytm parent One97 Communications at ₹1,535.10 apiece to rake in the amount. This represented a minor discount of around 3% to the stock’s last closing price on Monday. The shares that flooded the market were lapped up by Goldman Sachs, BNP Paribas, ICICI Prudential, HSBC Mutual Fund, SBI Mutual Fund, Societe Generale, among other buyers. As per NSE data, the Chinese tech giant, via Resilient, indirectly held a 10.03% stake (on a fully diluted basis) in the fintech giant at the end of June 2026. Post the deal, the entity will own 7.2% stake in the company. Yesterday, Paytm had informed the bourses that Resilient proposed to undertake a “Block Market Trade” to sell up to 4.98% shareholding in Paytm, under its existing optionally convertible debenture (OCD) agreement with Antfin (Netherlands) Holding B.V. “The economic value to be received by Resilient will be retained by Antfin under the OCD agreement. Resilient had acquired an approximately 10.20% equity stake in Paytm from Antfin against OCDs issued to Antfin, as disclosed on August 7, 2023, with the economic interest continuing to belong to Antfin,” the disclosures read. Ant Financial (now Ant Group) first invested in Paytm in February 2015, infusing an initial capital of $200 Mn for a 25% stake in the fintech major. However, following escalating Indo-Sino tensions in 2023, Resilient, a holding entity fully owned by Sharma, acquired a 10.3% stake in Paytm from the Netherlands-based Antfin Holdings BV via off-market transactions. Subsequently, Resilient acquired ownership and voting rights of the 10.3% block and issued optionally convertible debentures (OCDs) to Antfin. The move effectively enabled the Netherlands-based holding entity to retain the economic value of th
- Fintech2 hours ago
Bajaj Finance’s personal-loan growth slows below 20% as competition intensifies
Bajaj Finance’s personal-loan book is equivalent to the combined personal-loan books of the next nine NBFCs, but several NBFCs and fintech platforms have been scaling up rapidly in the segment over the past few quarters.
