PhonePe has reduced customer support staff by 60% in five years, leveraging AI-driven chatbots to resolve over 90% of issues, amidst a 40-fold transaction increase. Despite challenges like the zero MDR law and the COVID-19 pandemic, this automation helped PhonePe achieve profitability.
One97 Communications, which runs Paytm, is set to see increased revenue growth in the second quarter of 2024. However, its losses are likely to widen to Rs 660 crore. Despite this, losses should decrease from the previous quarter due to growth in payment services to merchants and financial services.
Maldives President Mohamed Muizzu has established a consortium to introduce India’s Unified Payments Interface (UPI) in the Maldives, aiming to enhance financial inclusion, transaction efficiency, and digital infrastructure. This initiative follows recommendations from the Cabinet and agreements made during External Affairs Minister S. Jaishankar’s visit to the country.
India’s digital payment landscape has witnessed a significant innovation with the launch of UPI Switch, a middleware solution streamlining UPI transactions. Here’s a detailed FAQ explainer on what UPI Switch is, what purpose it solves, its benefits for businesses, and more.
FFH is committing up to Rs 252 crore more and will have a controlling stake, subject to regulatory nods, the statement said.
The Mumbai-based VC firm had initially invested Rs 9.7 crore in M2P Fintech through its debut fund. That investment grew to Rs 115.9 crore, delivering an internal rate of return (IRR) of 131%. According to the firm, the exit generated 1.27 times the total corpus of Fund I on a pre-tax basis while using only …
8i Ventures exits M2P Fintech with 12 times return Read More »
Fintech firm Lendingkart is facing a cash crunch as the company’s profit margin declined in recent years and its valuation has reportedly nosedived by more than 60 per cent.
Ashneer Grover withdrew his NCLT plea after settling with BharatPe, agreeing to no longer be involved with the company or its shareholding, ending a legal dispute since his 2022 removal.
India’s fintech sector is experiencing rapid consolidation as smaller players grapple with tightening regulations and funding hurdles. Industry experts see mergers and acquisitions as a vital survival strategy, paving the way for a more stable and mature fintech market.
Foreign Portfolio Investors (FPIs) Societe Generale, Tiger Pacific Master Fund and UBS Principal Capital Asia brought their holdings in One 97 Communications below 1% in the September-ended quarter. Shares of Paytm dropped to a low of Rs 700 on the BSE, falling by 3% intraday amid weakness in the overall markets. The stock has witnessed …
FPIs Societe Generale, UBS and Tiger Pacific reduce stakes in Paytm below 1% Read More »
