Fintech & Business Fusion

PhonePe unveils Device Tokenization Solution for secure Card Transactions! We’re committed to making digital transactions not just seamless but also highly secure. That’s why we’re excited to introduce our Device Tokenization Solution—a cutting-edge feature that enhances the security of card transactions across merchants, apps, and websites. With this solution, users can replace sensitive card details with a secure ‘token’, ensuring that actual card information is never shared during transactions. This means better fraud protection, seamless payments, and compliance with RBI’s tokenization guidelines. To read more about how we are ensuring security and innovation for our users here: https://lnkd.in/gMsXZHS6 #PhonePe #DigitalPayments #SecureTransactions #Tokenization #FintechInnovation #CardSecurity #Innovation

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Online food delivery platform Swiggy has launched a new app, SNACC, for delivering quick bites, beverages and meals in just 15 minutes. Bengaluru-based Swiggy already brought its food delivery, quick commerce, hyperlocal delivery, and dining-out services under its main app. SNACC's landing page displays various categories such as Indian Breakfast, Coffee, Bakes, Cold Beverages, Eggs, and Protein, offering a variety of quick meal options to customers on the go. While Swiggy has collaborated with brands such as Blue Tokai and The Whole Truth in some sub-categories, the remaining are unbranded and sourced from third-party food providers. Reportedly, the app and offerings have been conceptualised only around mid-December and the services have gone live in less than a month. Swiggy’s SNACC comes after its success with Bolt, a rapid food delivery arm that delivers orders in 15 minutes. It only enlists eateries that can be delivered within a fixed timeline. On the other hand, SNACC currently delivers from a centralised location catering mostly to fulfil breakfast orders. Incidentally, Zomato has just rolled out a 15-minute food delivery service to enter the Instant Food Delivery Space. Notably, Deepinder Goyal’s Zomato discontinued its 10-minute delivery service in January 2023, a year after trying it out in Bengaluru, Gurugram, and select areas of Delhi. Presently, Zomato is following the strategy of Swiggy’s Bolt by limiting deliveries to restaurants within a two-kilometre radius to provide quick service. #startuppedia #startup #swiggy #zepto #zomato #fooddelivery

Sanjay Malhotra Appointed as New Governor of RBI: Sanjay Malhotra has been appointed as the new Governor of the Reserve Bank of India (RBI) for a three-year term, starting from Wednesday. Malhotra, a 1990-batch IAS officer from the Rajasthan cadre, brings a wealth of experience to the role, having worked in various sectors like power, finance, taxation, and information technology. He holds a degree in Computer Science from IIT Kanpur and a Master's in Public Policy from Princeton University. Prior to his appointment as Revenue Secretary, Malhotra served as the Secretary in the Department of Financial Services and played a key role in shaping tax policies for both direct and indirect taxes. He succeeds Shaktikanta Das, who served as the 25th Governor of the RBI since December 2018 and was granted an extension after completing his initial term. #Businessnews

PhonePe to Discontinue Partnership with Juspay: Shifts to Direct Payment Gateway Integrations PhonePe has decided to end its partnership with Juspay, a payment orchestration platform. Instead, PhonePe will offer its payment gateway solutions directly to merchants, bypassing third-party platforms like Juspay. This change will help PhonePe build closer relationships with its customers and speed up the delivery of new products. Sources suggest that about 15% of PhonePe's payment gateway transactions were being processed through Juspay. This shift could impact Juspay’s business, as it accounts for a large portion of their revenue. However, Juspay has stated that there are no further talks of other payment gateways leaving their platform. This move follows a global trend where larger payment platforms, like Stripe and Adyen, have integrated orchestration features into their own services, making standalone orchestration businesses less popular. It will be interesting to see how Juspay adapts to this changing landscape. #Digitalpayments #Payments #Paymentgateway #Fintech #PhonePe #Juspay #Businessnews

RBI Lifts Restrictions on Navi Finserv, Resuming Loan Operations: The Reserve Bank of India (RBI) has lifted the restrictions on Sachin Bansal-led Navi Finserv, allowing the company to resume sanctioning and disbursing loans. The restrictions were imposed in October due to concerns over excessive interest rates, non-compliance with regulations, irregular loan classifications, and inadequate disclosures. After several discussions with the RBI, Navi Finserv addressed these issues and revamped its processes and systems. The RBI is now satisfied with the company's improvements and has decided to lift the ban, effective immediately. Founded by Flipkart co-founder Sachin Bansal in 2018, Navi Finserv offers personal, vehicle, and home loans via its app. The company generates most of its revenue through loan interest and investments. Navi Finserv expressed gratitude to the RBI for its support and guidance throughout this process. The company is now committed to ensuring compliance, particularly with loan pricing fairness, and maintaining high standards of governance and operational excellence. Before the ban, Navi secured a $24.5 million loan deal with Goldman Sachs. Despite the restrictions, Navi's other services, such as UPI transactions, continued to thrive, making it India's fourth-largest UPI player as of October. For the financial year 2023-24, Navi Finserv reported operating revenue of INR 1,906.2 crore and a profit after tax of INR 115.6 crore. #Fintech #Lending #Businessnews #Navi

RBL Bank and Bajaj Finance End Co-Branded Credit Card Partnership: RBL Bank has mutually agreed with Bajaj Finance to stop issuing new co-branded credit cards. This decision follows discussions between both companies over the past month, which revealed that the synergies from the partnership had changed. Existing cardholders will not be impacted, as their cards will continue to work as usual, and upon renewal, they will be reissued as RBL Bank-branded cards. RBL Bank has significantly grown its credit card business in the past 18 months, reducing its reliance on Bajaj Finance. New co-branded card issuance has dropped from 126,000 in September 2023 to 37,000 in September 2024. Despite ending the partnership, the 3.4 million co-branded credit cards issued will still be serviced, ensuring customer satisfaction. #Creditcards #Paymentbusiness #Issuance #Payments #Businessnews

Navi Overtakes Cred to Become 4th Largest UPI App, Fueling Growth in India’s Digital Payments Navi, the fintech app founded by Sachin Bansal, has surged in popularity, registering 158 million UPI transactions in October—a 31% growth from September. This growth has helped Navi overtake Cred, becoming the 4th largest UPI app in India, behind PhonePe, Google Pay, and Paytm. Despite reduced incentives, Navi’s transaction volume continues to rise, with both Navi and Cred holding around 1% of the UPI market share. Flipkart’s super.money app also saw impressive growth, doubling its transactions to 50 million in October. While UPI transaction volumes increased by 11% in October due to festive sales, challenges remain in curbing the dominance of top players like PhonePe (48% market share) and Google Pay (37%). The National Payments Corporation of India (NPCI) had planned to cap the market share of dominant apps, but has delayed this plan due to implementation challenges. Navi, which offers loans, insurance, and investment products on its app, stands out by being a manufacturer of financial products rather than just a distributor. Meanwhile, super.money is focusing on selling credit products and has gained significant attention with its million-strong waitlist for a Rupay credit card. Despite these gains by smaller players, the big players continue to dominate UPI transactions in India. #UPI #Digitalpayments #Businessnews #Fintech

NTPC Green Energy IPO: The much-awaited IPO of NTPC Green Energy Ltd, a subsidiary of NTPC Ltd, is set to launch on November 19, 2024. The company plans to raise ₹10,000 crore by offering fresh shares to the public, with a valuation target of nearly ₹1 lakh crore. Here are the key details about the IPO: 1. IPO Dates: Opens on Nov 19 and closes on Nov 22. 2. Price Band: ₹102 to ₹108 per share. 3. Lot Size: Minimum investment of ₹14,904 for 138 shares. 4. Reservation: 75% for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors, and 10% for Retail Investors. 5. Purpose: Funds will be used for investments in NTPC Renewable Energy Ltd and general corporate purposes. 6. Allotment & Listing: Shares will be allotted on Nov 25, credited to demat accounts on Nov 26, and listed on Nov 27 on BSE and NSE. About NTPC Green Energy: NTPC Green Energy is India's largest renewable energy public sector company (excluding hydro), with 3,320 MW in operational solar and wind capacity. The company is focused on growing its renewable energy portfolio with plans to reach 60 GW capacity by 2032. Its revenue and profits have grown rapidly, making it a strong player in the green energy sector. Reliance Securities recommends subscribing to the IPO for long-term growth, citing NTPC Green Energy's robust financial position, strong management, and alignment with India's net-zero goals. #NTPCGreenEnergy #IPO #Stocks #RenewableEnergy #Investing #StockMarket #CleanEnergy #Businessnews

Nykaa Q2FY25 Results: Strong Growth in Revenue & Profit; Beauty Segment Leads Performance Net Profit Surge: Nykaa (FSN E-Commerce Ventures) reported a consolidated net profit of ₹10.04 crore for Q2FY25, a 71.6% YoY increase from ₹5.85 crore. Revenue Growth: Consolidated revenue for the quarter stood at ₹1,874.74 crore, up 24.4% from ₹1,507.02 crore in Q2FY24. Increased Expenses: Operating expenses for the quarter rose by 23.7% YoY to ₹1,858.93 crore. GMV Growth: Gross Merchandising Value (GMV) increased by 24% YoY to ₹3,652.5 crore. EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew 29% YoY to ₹103.7 crore, with an EBITDA margin of 5.5% (up 18 bps YoY). Segment Performance: Beauty Segment: Revenue grew 24% YoY to ₹1,703 crore, with GMV up 29% YoY to ₹2,783 crore. Fashion Segment: Revenue increased by 22% YoY to ₹166 crore, with GMV rising 10% YoY to ₹863 crore. Customer Growth: Nykaa saw a 31% YoY increase in new beauty customers, with a cumulative beauty customer base of 30 million and total One Nykaa customers at 37 million. Retail Expansion: Nykaa now operates 210 stores across 72 cities, with a 25% YoY increase in retail space and industry-leading store productivity of ₹3,500 per square foot. Nykaa continues to lead in the Indian beauty retail market, driven by strong customer acquisition and expanding retail presence. #Ecommerce #Q2Results #Businessnews #Growth