Posts Tagged ‘India’

JP Morgan, IIMA-CIIE To Setup Financial Inclusion Lab To Incubate Fintech Startups

Global banking and financial services provider JP Morgan has collaborated with IIMA-CIIE to set up a Financial Inclusion Lab worth $9.5 Mn, aimed at identifying and bringing to scale early-stage Indian fintech startups. JP Morgan will provide up to $7 Mn over the next four years towards this initiative. This would be the largest philanthropic commitment […]

Indian State Government Works with Tech Mahindra to Build a Blockchain District

The Telangana state government has partnered with the multinational IT services giant Tech Mahindra, an IT services giant headquartered in India, to build a “blockchain district” within the capital of the state dedicated to blockchain startups. The blockchain district will occupy an area inside Hyderabad – the state’s capital city – with physical buildings to house and […]

Indian police bust $4M ‘Ripple Future’ cryptocurrency scam

In the latest crypto-bust, Indian police arrested two suspects for allegedly duping 300 million Indian Rupees ($4 million approximately) from 1,800 people. The accused were running a fake cryptocurrency company named ‘Ripple Future,’ which promised to triple investor money in 250 days, and also ran daily and weekly payment schemes. The Ripple Future management team claimed […]

Freshworks raises $100 million, becomes India’s newest unicorn

Customer engagement software maker Freshworks has secured $100 million in a series G financing round that values it at about $1.5 billion, making it India’s latest unicorn. The infusion, led by Sequoia and Accel Partners, will be used to expand Freshworks’ global footprint as well as continue investment in its integrated Software-as-a-Service platform. Freshworks has more than […]

Mumbai-based fintech startup PaySense raises $18 million from PayU, Jungle Ventures and Nexus Venture Partners

PaySense raised $18 million in series B round of funding led by PayU. Other investors that participated in the round included existing investors Jungle Ventures and Nexus Venture Partners. PaySense offers individuals credit options ranging from Rs. 5,000 to Rs. 2 lakh and also carries out the credit scoring and documentation processes using India Stack. In […]

We would like to keep investing in emerging fintech companies in India: PayU

The digital payment services company PayU offers consumer credit through its deferred payment facility LazyPay, and is piloting Monedo, an instant loan product. Fortune India spoke to the company’s India CEO, Amrish Rau, who believes mobile wallets are dead, and says PayU wants to grow its credit business and invest in smaller companies. Read the interview

Fintech’s reach is limited to the rich 23% of Indians, says report

Fintech companies have succeeded to cater to only 23 per cent of the elite/affluent section of the Indian economy while a huge portion still remains untapped. The lower and middle income segment, which comprises 47 per cent of the population, remains a potential market, states a study supported by JP Morgan. Fintechs have the opportunity […]

AmEx Ventures-backed financial marketplace IndiaLends secures $10 Mn Series B round

Fintech startup IndiaLends has raised $10 million in its Series B round of funding led by London-based ACPI Investment Managers and India-focused Ganesh Ventures. The funding round also saw participation from existing investors such as American Express Ventures, DSG Consumer Partners, and AdvantEdge Partners. IndiaLends will use the fresh funds to launch new products such as […]

Alibaba’s Jack Ma partners with Chinese VC Ganesh Ventures to invest $250mn in Indian startups

Ganesh Ventures is all set to make an aggressive India entry as they announce their plans to invest $250 million. The company also becomes a strategic partner of Jack Ma’s eWTP Ecosystem Fund. The fund aims to invest the amount in Indian startups across sectors like TMT, consumer products, fintech and health-tech over the next […]

Fintech firm Groww raises funds from Insignia, others

Online investment platform Groww has raised $1.6 million in a pre-series A funding round from Insignia Venture Partners, America’s Lightbridge Partners and Kairos fund. Existing investors, including CureFit founders Mukesh Bansal and Ankit Nagori, also participated in the round. Groww also counts the American seed accelerator, Y Combinator, as an investor. The Bengaluru-based start-up plans to […]