Paytm parent company One97 Communications and Adani Group have denied speculations of the stake deal happening. After the clarification from One97 Communications, the shares of Paytm jumped 5% to hit the upper circuit.
The fintech industry leaders on Wednesday hailed the three major initiatives of the Reserve Bank of India (RBI) which include the PRAVAAH portal, the Retail Direct Mobile App and a FinTech Repository.
Gautam Adani, chairman of the Adani Group, is reportedly looking into acquiring a stake in One97 Communications, the parent company of Paytm, according to sources cited by The Times of India. Paytm’s founder and CEO, Vijay Shekhar Sharma, met with Adani in Ahmedabad to discuss the details of the potential deal.
Amidst its diverse portfolio, the Adani Group ventures into India’s digital payments domain with co-branded credit cards and plans for UPI operations. Expanding its footprint, the conglomerate eyes e-commerce via the ONDC platform, facilitated by the ‘Adani One’ app.
This decline brings the total investments in the fintech space for 2024 to $203 million, according to a report by Digital Fifth.
Insurtech startup Coversure raised $4 million in pre-series A funding led by Enam Holdings. They plan to build a consumer-centric insurance engagement platform using data intelligence and machine learning capabilities.
FinTech Industry experts appreciated RBI’s focus on baseline level of compliance for P2P lending companies with improved risk assessment models and adequate disclosures to investors. However, the leaders also highlighted that this will bring in increased compliance, and thus, investors will have for factor in the compliance costs.
Business-to-business (B2B) banking tech startup Gravity will use the fresh capital to strengthen “our engineering strength to build the product and take it to the next version, offering the best in product engineering we can,” cofounder and chief executive Satish Krishnaswamy told ET.
Troubled fintech Paytm will increase focus on insurance distribution. It had earmarked Rs 950 crore to invest in the entity applying for the general insurance licence but it now expects to conserve that cash. The Noida-headquartered company will focus on distributing small ticket-size insurance products such as life, health, motor, shop and gadgets.
The legal battle began in 2018 when PhonePe issued a legal notice to BharatPe, asking the latter to stop using ‘Pe’ in Devanagari script in their brand name.
