BharatPe Records Impressive Growth: 182% Revenue Surge in FY23, EBITDA Loss Reduced by Rs 158 Crore
The company's progress is evident in the significant improvement in the loss before tax, which decreased from Rs 5,594 crore to Rs 886 crore. The merchant lending division played a pivotal role in this growth, witnessing a remarkable 129% increase in loans facilitated, reaching Rs 5,339 crore.
SCOPE Ventures into Investment: Unveils $45 Million VC Fund for Fintech and Gaming Startups
Operating as an independent entity, SCOPE's VC arm aims to identify, nurture, and accelerate groundbreaking startups demonstrating exceptional promise and disruptive potential within the fintech and gaming realms.
InCred Secures $60 Million in Funding, Attains Unicorn Status as India's Second in 2023
According to insights from Entrackr, the funding drive was spearheaded by InCred Wealth, the wealth management arm of InCred, contributing an impressive $36.76 million. MEMG Family Office followed suit with a noteworthy investment of $9 million.
Bolt, E-commerce, and Fintech Firm, Implements Workforce Reduction with 29% Staff Layoffs
The move echoes a broader trend, as seen with music streaming giant Spotify, which recently announced a 17% reduction in its workforce to enhance productivity and efficiency, citing economic challenges and increased capital costs.
Kiwi, Fintech Startup, Secures $13 Million Funding Round Led by Omidyar Network India
Established in November 2022, Kiwi highlighted that this infusion of funds will serve as a catalyst for further amplifying its 'credit cards on UPI' offerings within India's financial landscape.
Rise in Delinquencies Noted in Unsecured Loans, Particularly in Small Ticket Personal Loans
Despite small ticket personal loans contributing about 25% of the incremental origination volume in the past two years, their value accounted for only 2.5% of the overall system personal loans.
Fintech firm Groww’s revenue surges 266% in FY23, turns profitable
The Zerodha rival reported a net profit of Rs 448.7 crore in FY23 against Rs 239 crore in net loss in the previous fiscal year.
India becomes 4th-highest funded fintech startup ecosystem globally
Overall, the country is the third largest startup ecosystem globally with nearly 1 lakh startups, behind the US and China.