MobiKwik to invest $45 mn on merchant, user acquisition

MobiKwikDigital wallet MobiKwik, run by One Mobikwik Systems Pvt. Ltd, will invest Rs 300 crore (about $45 million) this year on acquiring merchants and users, as it looks to increase its share in the highly competitive payments market. Nearly Rs 50 crore is being invested to set up 13 offices and hire over 1,000 employees, […]

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How payments firm Oxigen is charting a different route to growth

Sunil-Kulkarni-_fePayment services provider Oxigen Services India Pvt Ltd plans to strengthen its core offline business and expand its digital offerings, as it looks to grow steadily and without burning a hole in its pockets. The company, majority-owned by South Africa’s Blue Label Telecoms Ltd, also aims to tap into more corporate clients and use its […]

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Online payments startup Razorpay turns profitable as sales rise 10-fold

For-PayU-Story-TC_ThinkstockPhotos-512349742Jaipur-registered online payment gateway startup Razorpay Software Pvt. Ltd has turned a profit in financial year ending March 2016, filings with the Registrar of Companies (RoC) show. The company posted a profit after tax of Rs 28.7 lakh for the year, compared with a loss of Rs 4.1 lakh in FY15. Net sales stood at […]

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Will abundant cash supply poop the m-wallet party?

Mobile-wallet_feWithout a doubt, digital wallets have been the biggest beneficiary of Prime Minister Narendra Modi’s November move to scrap high-value banknotes. The resultant cash crunch brought thousands of borderline and non-users into the ecosystem, something that would have otherwise taken a few quarters. Data on payment systems released by the Reserve Bank of India (RBI) […]

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Budget 2017: BHIM at centre stage, not digital payment startups

bhim_app_feUnion budget 2017 has clearly put the spotlight on digitisation, but that hasn’t really got players in the digital payment space excited as they feel the government’s emphasis is on promoting its own BHIM app rather than strengthening the entire ecosystem. In his budget speech, finance minister Arun Jaitley highlighted the success of BHIM, saying […]

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MobiKwik names former CRISIL exec Bikram Bir Singh as business head

2dec4b7-(1)Digital wallet firm MobiKwik has appointed former CRISIL executive Bikram Bir Singh as business head, it said in a statement. Singh will be heading government, corporate, travel and biller verticals at MobiKwik. He will focus on accelerating MobiKwik’s growth in various geographies. He will also drive ideation, planning and execution of business strategies, it said. […]

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Budget wish list: Cut corporate tax for startups, announce sops for fin-tech firms

Bipin-Preet-Singh_feThe budget must announce measures to upgrade digital infrastructure across the country. This will encourage more merchants and consumers to transact on non-cash, online platforms. Digital India is a laudable initiative. We need to improve digital literacy and connect cities, towns and villages with high-speed Internet networks so that every citizen has access to a […]

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MobiKwik hires Line India’s former head Daman Soni to drive user growth

Daman-SoniFEDigital wallet firm MobiKwik has appointed former India head of instant messaging app Line, Daman Soni, as vice president for growth. In his new role, Soni will be responsible for achieving the company’s user growth targets. Besides, he will also support the marketing function, MobiKwik said in a statement. “His strength lies in his observation […]

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FreeCharge receives $57 mn from Snapdeal

Freecharge-Investment_Shah-Junaid2Jasper Infotech Pvt Ltd, which runs e-commerce firm Snapdeal, puts in close to Rs 390 crore ($57 million) in FreeCharge, filings with the Registrar of Companies (RoC) showed. As FreeCharge is in the process of raising its next external round of funding, Snapdeal’s digital payments arm has increased its authorised share capital from Rs 6 […]

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Flashback 2016: Paytm gets note ban boost but payments bank hits a bump

flashback-logo_feIf there is one man who is wholeheartedly welcoming Prime Minister Narendra Modi’s decision to scrap Rs 500 and Rs 1,000 banknotes, it’s Vijay Shekhar Sharma. The Paytm founder and CEO has turned out to be one of the biggest beneficiaries of the move as the cash crunch prompted people to increasingly use the digital […]

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