April 2024 - NewNerve

Revolutionizing Digital Payments: RBI’s New Rule on UPI Payments from PPI Wallets via Third-Party Apps and the Impact on Payment Service Providers

5Apr

By Ankit3 Comments

Banking, Fintech, Payments

Revolutionizing Digital Payments: RBI’s New Rule on UPI Payments from PPI Wallets via Third-Party Apps and the Impact on Payment Service Providers

A Boost for Paytm and Digital Payments? The Reserve Bank of India (RBI) has recently proposed a new policy that will allow Prepaid Payment Instruments (PPIs) to be linked through third-party UPI applications, enabling PPI wallet holders to make UPI payments more conveniently. This move is expected to enhance customer convenience and boost the adoption of digital payments for small value transactions. Currently, UPI payments from bank accounts can be made using a bank's UPI application or any third-party UPI application. However, PPI wallet holders can only make UPI transactions using the web or mobile application provided by the PPI issuer. By permitting the linking of PPIs through third-party UPI applications, the RBI aims to provide more flexibility to PPI wallet holders in...

Paytm-Backed Pai Platforms Introduces PaiPai Shopping App on ONDC, 2024

5Apr

By Ankit1 Comment

Fintech, Payments

Paytm-Backed Pai Platforms Introduces PaiPai Shopping App on ONDC, 2024

Pai Platforms, a company backed by Paytm founder Vijay Shekhar Sharma, has recently launched a shopping app on the Open Network for Digital Commerce (ONDC). The app, named “PaiPai,” aims to provide a seamless shopping experience for users. Here are the key points about this development: ONDC Focus: The government-backed ONDC has become an important focus area for Paytm. The company sees it as the next big opportunity in the e-commerce space. Separation of Businesses from Paytm: Paytm has taken steps to clearly separate its fintech and e-commerce businesses. While Paytm does not own any shares in Pai Platforms, the ‘PaiPai’ app has been developed by the fintech major’s parent entity, One97 Communications. Merchant Sign-Ups: Vijay Shekhar Sharma stated,...

Zomato-Backed Startup Magicpin: Co-Founder Brij Bhushan’s Exit and What It Means

5Apr

By Ankit2 Comments

Startups, Technology

Zomato-Backed Startup Magicpin: Co-Founder Brij Bhushan’s Exit and What It Means

In a significant development, Magicpin, the hyperlocal e-commerce startup backed by Zomato, bids farewell to one of its co-founders. Brij Bhushan, who co-founded Magicpin in 2015 alongside Anshoo Sharma, recently announced his decision to step away from the company. As a journalist, let’s delve into the details of this departure and its implications. The Rollercoaster Journey Bhushan’s LinkedIn post reveals a nine-year journey filled with highs and lows. He describes it as a “rollercoaster,” emphasizing growth, challenges, and profound learnings. Now, he believes it’s time to take a step back, leaving Magicpin in capable hands. Magicpin’s Resilience Amidst Adversity Covid-19 Resilience: When the pandemic threatened Magicpin’s existence, the team fought back. T...

5Apr

By AnkitNo Comments

AI, Startups, Technology

OpenStack 29: Accelerating Innovation in AI with Advanced Features

OpenStack, the leading open-source cloud infrastructure platform, has unveiled its latest release, version 29, aptly named 'Caracal.' This update brings significant improvements to support artificial intelligence (AI) and high-performance computing (HPC) workloads, further solidifying OpenStack's position as a comprehensive alternative to proprietary offerings like VMware. With enterprises increasingly focusing on deploying AI models while maintaining control over their data, OpenStack's latest features cater to the evolving needs of large-scale organizations. Empowering Enterprises in the AI Era: As the world stands at the brink of a multi-trillion dollar investment wave in data center infrastructure, OpenStack emerges as a vital software layer for managing private deployments. While la...

BlaBlaCar Accelerates: Profitability Milestone and $108 Million Debt Line

5Apr

By AnkitNo Comments

Startups

BlaBlaCar Accelerates: Profitability Milestone and $108 Million Debt Line

BlaBlaCar, the popular carpooling platform, has achieved a significant milestone by securing a $108 million debt line. This comes after the company reached profitability, signaling its financial stability and growth trajectory. The debt financing will likely fuel BlaBlaCar’s expansion plans, enhance its services, and further solidify its position in the ride-sharing market. As the platform continues to connect travelers and drivers, this funding injection could lead to exciting developments for both users and investors. Also Read: Navi’s 90-10 Rule: Scaling Up Despite RBI’s Unsecured Loan Norms BlaBlaCar’s Background and Unique Trajectory BlaBlaCar, an iconic name in the French startup ecosystem, has been on a remarkable journey. What began as a carpooling and bus tic...

Navi’s 90-10 Rule: Scaling Up Despite RBI’s Unsecured Loan Norms

5Apr

By Ankit1 Comment

NBFC, Digital Lending, Fintech, Startups

Navi’s 90-10 Rule: Scaling Up Despite RBI’s Unsecured Loan Norms

Navi Technologies Scaling Up Despite RBI’s Unsecured Loan Norms In an exclusive interview with Moneycontrol, Navi Technologies founder and chairman Sachin Bansal revealed that despite the recent tightening of risk weight for unsecured loans by the Reserve Bank of India (RBI), the company has been scaling well. Navi Finserv, a fintech company, is currently offering its third non-convertible debentures (NCDs) with an issue size of Rs 600 crore. Notably, around 90 percentof Navi’s portfolio consists of unsecured loans, such as personal loans, while the remaining 10 percent comes from home loans. Also Read:Microfinance Sector Witnesses Robust Growth: Loan Accounts Surge 9% and NBFC Disbursements Soar 32% What’s particularly interesting is that two-thirdsof Navi Technologies’ cus...

Microfinance Sector Witnesses Robust Growth: Loan Accounts Surge 9% and NBFC Disbursements Soar 32%

4Apr

By Ankit1 Comment

BFSI, Digital Lending, Lending, NBFC

Microfinance Sector Witnesses Robust Growth: Loan Accounts Surge 9% and NBFC Disbursements Soar 32%

The microfinance sector in India is experiencing a remarkable surge in loan accounts, with significant growth indicators across various metrics. Let’s delve into the latest developments: Loan Accounts Reach New Heights As of December 31, 2023, the number of microfinance loan accounts serviced by micro lenders has witnessed a 9% year-on-year increase, totaling an impressive 140.8 million accounts. This surge reflects the growing demand for microfinance services, especially among underserved communities. Diversified NBFCs Lead the Way Notably, diversified non-banking financial companies (NBFCs) have played a pivotal role in driving this growth. Their microfinance disbursements surged by an astounding 32% year-on-year during the December quarter, marking the highes...

From Crisis to Control: India’s Post-Pandemic Stimulus Earns Praise for Inflation Management, 2024

4Apr

By AnkitNo Comments

Economics, Finance

From Crisis to Control: India’s Post-Pandemic Stimulus Earns Praise for Inflation Management, 2024

In the wake of the global pandemic, India's fiscal stimulus measures have been hailed as well-managed and effective, according to a recent study conducted by the Reserve Bank of India (RBI). The study reveals that India's post-pandemic fiscal stimulus had a minimal impact on inflation compared to other major economies around the world. These findings highlight the prudent and strategic approach taken by the Indian government and the Reserve Bank of India in mitigating the negative effects of the pandemic. Study Highlights: The RBI study analyzed the impact of pandemic-induced fiscal expansions on inflation in both advanced economies and emerging market economies. It considered supply-side factors and found that countries with larger fiscal stimulus measures experienced higher post-pa...

The Machiavellian Mindset: Strategy Lessons for the Modern Business Leader, Chapter-1

3Apr

By AnkitNo Comments

Blog, Business

The Machiavellian Mindset: Strategy Lessons for the Modern Business Leader, Chapter-1

"The Prince" is a political treatise written by Niccolò Machiavelli in the early 16th century. The Machiavellian Mindset is derived from the same. It is considered one of the most influential works in political philosophy and has had a lasting impact on various fields, including politics, leadership, and strategic thinking. Machiavelli wrote "The Prince" with the intention of offering practical advice to rulers on how to acquire, maintain, and expand their power. The book is structured as a series of letters addressed to Lorenzo de' Medici, the ruler of Florence at the time. Machiavelli draws on historical examples and his own observations to provide insights into effective governance. Niccolò Machiavelli's "The Prince" offers valuable insights into decision-making that can be applied to...

Lentra’s Operational Streamlining: Impact of Recent Layoffs, 2024

3Apr

By Ankit1 Comment

Fintech

Lentra’s Operational Streamlining: Impact of Recent Layoffs, 2024

Pune-based fintech SaaS startup Lentra recently undertook a major restructuring process, resulting in layoffs across various departments. The decision was aimed at optimizing operations and adapting to changing market dynamics. According to sources, the number of employees impacted by this restructuring could be as high as 70-80, although this figure remains unverified. Background In June of last year, Lentra secured $27 million (approximately INR 223 crore) in its extended Series B funding round. The funding was led by MUFG Bank and Dharana Capital, positioning Lentra as a promising player in the finance SaaS industry. The Restructuring at Lentra Cofounder and President Ankur Handa attributed the layoffs to the startup’s commitment to streamlining operations. A...