British insurer Aviva is under investigation by Indian tax authorities for allegedly breaching local commission regulations through a system of fake invoices and covert cash payments. The Directorate General of GST Intelligence has accused Aviva of orchestrating a scheme to bypass commission caps by channeling about $26 million to fictitious vendors between 2017 and 2023.
According to a notice…
Pilgrim, a burgeoning direct-to-consumer (D2C) beauty and personal care brand, has successfully raised approximately $9 million in a Series B extension funding round. The round was led by prominent investors Fireside Ventures and Vertex Ventures, with significant contributions also made by NSFO Ventures, Mirabilis Investment, and NABS Vriddhi.
The latest funding round saw the issuance of 854…
Zepto, the rapidly growing quick commerce company, has successfully raised $340 million in its latest follow-on financing round, propelling its valuation to a remarkable $5 billion. This funding round marks Zepto’s third major capital infusion within the past year, bringing its total capital raised in the last 12 months to over $1 billion.
The company initially aimed to secure $400 million but…
The 2024 Hurun India Rich List has set a new benchmark, featuring an unprecedented 1,539 individuals with net worths exceeding Rs 1,000 crore, highlighting a significant surge in the wealth of India’s elite. In a dramatic shift, Gautam Adani and his family have ascended to the top position on the list, surpassing Mukesh Ambani for the first time.
Adani Tops the List with Remarkable Growth
Gautam…
At the Global Fintech Festival 2024 in Mumbai on August 28, RBI Governor Shaktikanta Das introduced two groundbreaking digital payment initiatives from the National Payments Corporation of India (NPCI): Bharat BillPay (BBPS) for Business and UPI Circle. These initiatives aim to enhance the inclusivity, security, and efficiency of India’s digital payments ecosystem.
Bharat BillPay for…
PayMate, a leader in digital B2B payments in India, has announced a strategic partnership with NPCI Bharat BillPay Ltd. (NBBL) to unveil the PayMate BBPS-B2B platform. This innovative platform is set to transform the landscape of business transactions by streamlining invoicing, payments, and collections on a national scale. Targeting India’s vast network of 634 lakh MSMEs and 16.6 lakh…
At the Global Fintech Fest in Mumbai, Infosys co-founder and chairman Nandan Nilekani highlighted that startups leveraging India’s digital public infrastructure (DPI) are now valued at $100 billion. Nilekani emphasized that the development of Aadhar and the Unified Payments Interface (UPI) was designed to lay down foundational “rails” for private sector innovation.
“The estimated market…
Infosys co-founder and non-executive chairman Nandan Nilekani has highlighted the transformative impact of India’s digital public infrastructure (DPI) on the startup ecosystem, revealing that the value of startups built on this foundation exceeds $100 billion. Speaking at the Global Fintech Festival 2024, Nilekani emphasized the pivotal role that foundational technologies like the Unified…
In a significant move to reshape the financial landscape, Flipkart’s fintech arm, super.money, has unveiled its inaugural product, the superCard, in collaboration with Utkarsh Small Finance Bank. This innovative co-branded credit card represents a novel approach to financial inclusion and convenience, offering a range of features designed to cater to diverse customer needs and enhance the…
Swiggy, the food delivery giant gearing up for its public markets debut, is reportedly in advanced talks to bring Amitesh Jha, the former Senior Vice President at Flipkart, on board as the new Chief Executive Officer of its rapidly expanding quick commerce segment, Instamart. This move indicates a significant reshuffle within the company’s leadership, with current Instamart head Phani Kishan…
