Groww, the Bengaluru-based discount stock brokerage, is planning an IPO within the next 12 months, seeking a valuation of $6-8 billion. The company aims to raise $600-800 million through the offering. This move comes as regulatory changes affect the derivatives trading space, impacting revenues of brokers like Groww and its competitor, Zerodha.
The National Payments Corporation of India clarified that reports of the ‘Jumped Deposit’ Scam do not reflect breaches on the Unified Payments Interface platform. Transactions on UPI require user intervention, and no external party can withdraw funds without the user’s authorization, ensuring the platform’s security.
With the Union budget presentation for the next fiscal year around the corner, rural-focused fintechs have requested some tax sops and support from the Union government. The fintech industry wants the government to incentivise the rural economy further so that the post-Covid-19 bounceback continues to gather steam in rural India.
PhonePe has introduced an affordable insurance plan for travelers attending the 2025 Maha Kumbh Mela in collaboration with ICICI Lombard. The plan, available for Rs 59 for train/bus travelers and Rs 99 for air travelers, covers hospitalization, personal accidents, trip cancellations, and more, ensuring a safe pilgrimage.
PM Modi on Nikhil Kamath podcast: The PM also said if the youth of the country has one mobile phone in his pocket, he needs nothing else. “The youth of this country will remember that once, there was a technology-driven government which enabled a whole set of opportunities for me with just a phone.”
According to data from National Payments Corporation of India, UPI processed Rs 23.49 lakh crores across 16.58 billion financial transactions in October 2024. This marks a 45% on-year growth from 11.4 billion transactions a year ago. UPI now has 632 banks connected to its platform and dominates India’s payments landscape.
India’s fintech ecosystem is witnessing rapid growth, with players like One97 Communications Ltd (Paytm) scaling operations while working toward achieving steady-state economics.
The programme invites applications from startups developing gender-inclusive financial solutions, specifically those with a proven MVP/Product, in the pre-Seed to pre-Series A funding stage, or already generating revenue or traction.
Speaking with ET, Raman Khanduja, cofounder, Mintoak said that through this deal with Z3Partners, the idea is to reach out to more banks in West Asia and Africa, since some of the investor’s limited partners are well connected in those areas. Currently Mintoak gets less than 10% of its overall revenue from its international business …
Mintoak gets a new investor Z3Partners through a secondary deal Read More »
The company plans to launch commercial operations in a few weeks, Anurag Jain, its Founder and Executive Director, said.
