For now, Bounce, Shuttl, Fab Hotels, Instamojo, Zomato, Curefit, and HealthifyMe, among others, are going for salary deductions. Most of the consumer internet start-ups, besides those who are in the grocery delivery, education tech, and video conferencing business, would ultimately lay-off people and cut back salaries.
Everyday consumerables, such as grocery and order-in food items are the key buyout sector, analysts say, and a major reason for kirana stores' digitisation push.
Or it could lose you one, says Samali Basu Guha.
The coronavirus pandemic has changed how businesses look at payments. Earlier, fintech companies said when they were talking to merchants, they were not interested in digitisation.
Mobile payments alone gathered close to $1.51 billion in the year 2017 through 13 rounds of funding, according to data compiled by Tracxn
Anandan, also an investor in multiple start-ups, is slated to join venture fund Sequoia Capital.
What is aggravating the situation is that e-commerce firms are facing huge shortage of delivery personnel. They have not been able to bring back their staff to work, despite offering higher pay and Covid-related insurance packages.
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
Fintech players are customising solutions for rural markets and helping SMEs learn how to use the services
Experts say the new guideline is likely to hurt foreign players more, especially card companies such as Visa, MasterCard and American Express who process and store credit card transaction data outside of India.
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