Storm in Bombay House over, Ratan Tata to resume startup investing soon

VCCircle_Ratan_TataTata Sons interim chairman Ratan Tata has said he would go back to investing in startups this month after handing over the reins of the Tata group to N Chandrasekaran, managing director and chief executive of Tata Consultancy Services (TCS), who will formally take over on 23 February. After retiring as the head of Tata […]

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Paytm E-Commerce set to raise $252 mn in round led by Alibaba

Paytm E-Commerce set to raise $252 mn in round led by AlibabaPaytm E-Commerce Pvt. Ltd, the online marketplace arm of One97 Communications, is set to raise $200-252 million (Rs 1,350-1,700 crore) in an investment round led by Chinese internet giant Alibaba Group Holding Ltd, a major financial daily reported on Friday. The funding round, which marks Alibaba’s formal entry in India’s crowded e-commerce market, values Paytm’s […]

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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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Paytm investor Alibaba’s Ant Financial to buy US firm MoneyGram for $880 mn

AlibabaIn step with its international ambitions, Ant Financial Services Group, the payment business arm of Chinese e-commerce giant Alibaba Group, has agreed to buy US money-transfer company MoneyGram for $880 million. Alibaba and Ant Financial hold a significant stake in One97 Communications Ltd, the parent company of mobile wallet firm Paytm. Reuters reported that Ant […]

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ICICI Bank blocks transactions through Flipkart’s PhonePe as turf war looms

For-ICICI-Story_Shah-Junaid_feIn what is a sign of rising competition between large banks and digital wallets over grabbing the retail payment pie, India’s largest private bank, ICICI Bank, has blocked payments by its customers on Flipkart-owned digital wallet PhonePe, citing “security-related” concerns. In an emailed response to Techcircle, an ICICI Bank spokesperson said that it has raised […]

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Chandrasekarans in startup world: It’s resolve, not the IIT-IIM tag, that matters

The elevation of Tata lifer N Chandrasekaran as chairman of India’s most revered corporate group—the $103-billion salt-to-software conglomerate Tata Sons—begs the much-debated question: Does one’s college pedigree matter? Corner offices at top business houses, both in India and abroad, are usually occupied by alumni of global business schools and leading engineering colleges. But Chandra, or […]

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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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Will digital wallets survive the UPI onslaught?

For-Digital-Wallet-Story-TC_ThinkstockPhotos-535412474In the last two months that demonetisation has dominated dinner-table conversations, digital wallet Paytm has had a dream run, clocking unprecedented numbers. TechCircle recently reported that Hero Corporate Services chairman Sunil Munjal was reportedly looking to buy a stake in the digital wallet firm at a staggering valuation of $5.7 billion. Though it’s been a […]

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Paytm Payments Bank gets RBI’s final approval

20161020_AK_Paytm-Head-Office-009Digital payments firm Paytm has finally got regulatory approval to launch its much-awaited payments bank. “Today, the Reserve Bank of India gave permission to formally launch Paytm Payments Bank. We can’t wait to bring it in front of you,” founder Vijay Shekhar Sharma wrote in a blogpost on Tuesday announcing the development. “Today, everything changes, […]

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