Unacademy on Monday said it has raised $440 million (about Rs 3,270.8 crore) in funding from a clutch of investors including Temasek, General Atlantic, and Softbank Vision Fund, valuing the edtech major at $3.44 billion. The investment is expected to help Unacademy expand its offerings, deepen its presence and compete more aggressively against rivals such as Byju's in the burgeoning ed-tech space in India that has been witnessing strong uptake amid the pandemic. The series H round was led by Temasek, with super pro-rata participation from General Atlantic, Tiger Global, and Softbank Vision Fund, a statement said.
RTGS is used to transfer large sums, the minimum amount being Rs 2 lakh. This mode is used primarily to facilitate trade and market transactions. The primary beneficiary would be the capital markets.
The partnership will also see the two parties cooperate on technology initiatives, including development of affordable smartphones.
A new generation of investors has taken to stock trading on mobile phones with a renewed zeal, driven mainly by social changes after the Covid-19 pandemic breakout. The proportion of the cash market turnover ascribed to mobile phones has jumped from 5.3 per cent in June 2019 to 18.7 per cent in June this year, reveals BSE data. The share of mobile trading on the National Stock Exchange (NSE) for June this year stood at 19.5 per cent.
But what do banks gain by opening their apps for all? The answer -- rival bank's customers under their fold.
As it readies for its initial public offering (IPO) later this year, digital payments firm Paytm is honing its strengths to remodel itself from being a payment wallet to becoming a financial services provider, and is working towards narrowing its losses, evident from its most recent Annual Report. Unlike many of its peers, Paytm has started expanding its merchant payment ecosystem. It has realised that though it can take the maximum share of the Unified Payment Interface (UPI) transactions, from a revenue generation point of view it will not have any impact.
E-commerce giants such as Amazon, Netflix and Flipkart, whose headquarters are not in India, potentially have to pay the additional levy of 2 per cent from April 1.
The group's digital news site had put out reports, along with pictures, on dead bodies of suspected coronavirus patients floating down the river Ganga in Uttar Pradesh and Bihar which had led to nationwide consternation.
With GDP down by 2 per cent, while 99 per cent of banned notes make way back to the banking system, whom did demonetisation benefit?
Choosing the right wallet is crucial, alerts Bindisha Sarang.
Income tax collection, by way of advance tax and TDS, in the April-June quarter was about 80 per cent of what was collected in the same period last year.
The acquisitions were made in areas which are closely related to Reliance's key businesses - telecom, internet, retail, digital, media, education, digital, chemicals and energy.
The move would help tax authorities get leads on evasion.
Investment by US PE firm KKR will add fire to Ambani's battle for dominance in the retail market that is also being eyed by Jeff Bezos' Amazon and Walmart's Flipkart.
Tech giant Apple on Wednesday said it has slashed its App Store commission by half to 15 per cent for small businesses earning up to $1 million (about Rs 7.4 crore) per year on the platform. In the past, tech majors Apple and Google have been criticised for the high commissions charged from app developers. Apple, in a statement, said the new developer programme will accelerate innovation and help small businesses and independent developers propel their businesses forward with the next generation of groundbreaking apps on the App Store.
The government is also considering mandating payments beyond a prescribed threshold only in card/digital mode.
The Delhi high court on Thursday extended till December 17 the interim protection from arrest granted to Newsclick editor-in-chief Prabir Purkayastha in a foreign funding case and asked the Delhi police why it needed his custodial interrogation when the RBI has given a prima facie finding in his favour.
As you swipe your credit/debit card with carefree abandon at merchant outlets, banks are losing money to the tune of Rs 3,800 crore annaully, says Soumya Kanti Ghosh
'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
With weekly additions slowing, it's likely that demand could be slackening
Tripti Rai explains the unique features of Bharat Interface for Money (BHIM) app developed by the National Payment Corporation of India.
Sony Pictures Networks India Pvt Ltd (SPNI) and Zee Entertainment Enterprises Ltd (ZEEL) on Wednesday said they have signed definitive agreements for their merger following conclusion of an exclusive negotiation period during which both parties conducted mutual due diligence. In a joint statement, the two companies said they have "signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries". The agreements follow the conclusion of an exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence, it added.
Diverse marquee investors are becoming long-term shareholders of Jio Platforms because of a unique set of technologies and platforms under one entity.
Asserting that the self reliant India programme will help revive the global economy, Prime Minister Narendra Modi on Thursday told global business community that his government aims to transform the country through access, inclusion and empowerment while also ensuring complete data security. Addressing the World Economic Forum's online Davos Agenda Summit, where he also interacted with global business leaders, Modi also said India offers a predictable and friendly environment from tax regime to FDI norms. He said Aatmanirbhar Bharat movement is committed to global good and global supply chain while the country's digital profile has been completely transformed.
This is the second instance of mainstream banks blocking services to new-age digital payments companies.
With around 33 deals valued at USD 647.5 million, India has the highest investment in the fintech segment compared to China's USD 284.9 million during the quarter ended June 30, 2020, the report released by RBSA Advisors said.
Customers should be screened at the entry point for coronavirus symptoms such as high temperature, cough, and cold.
Any company resident in a country has to pay both indirect taxes as well as Income Tax.
A classic example of a leader who has chosen to risk everything for his vision.
Ajit Balakrishnan on keeping an eye on democratising finance in India.
The Indian economy has recovered 'handsomely' from the pandemic-induced disruptions, former Niti Aayog vice chairman Arvind Panagariya said on Tuesday, while expressing hope that the recovery will be sustained and the growth rate of 7 to 8 per cent will be restored. Panagariya suggested that the government must now signal its intention to wind down fiscal deficit by cutting it by half-to-one percentage point in 2022-23. "The Indian economy has recovered handsomely, returning to its pre-COVID GDP... "Only private consumption is still below its pre-COVID-19 level," the eminent economist told PTI in an interview.
ICICI Bank says it blocked all UPI transactions made through PhonePe due to security concerns.
The preference for digital banking now cuts across all customer segments.
Ways on how consumers can maximise benefits.
If bank and service provider are not compliant, pay manually, or give standing instruction linked to bank a/c, suggests Bindisha Sarang.
Digitisation is changing the banking business. This shift has resulted in a change in banking job profiles.
Billionaire Mukesh Ambani-run Reliance Industries Ltd's retail arm on Thursday raised Rs 9,555 crore from Public Investment Fund (PIF) of Saudi Arabia, taking total fundraise in the last two months to Rs 47,265 crore. PIF will take a 2.04 per cent stake in Reliance Retail Ventures Ltd (RRVL), the Indian firm said in a statement. The investment values RRVL, the retail arm of Reliance Industries Ltd, at a pre-money equity value of Rs 4.587 lakh crore.
In the excitement over the allocation of bank licences for the private sector, a new category of licence offered by the Reserve Bank of India (RBI) last year went almost unnoticed. That was when the RBI consolidated the rules for prepaid payment instruments (PPI), popularly understood as e-wallets or gift cards. In the process, the regulator has fast-forwarded a bottom-up card usage industry in India that is completely different from the world of bank-linked credit and debit cards.
Ayan Pramanik reports on former Infosys CFO V Balakrishnan's fintech firm, which aims to make borrowing easy for small firms and individuals.
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