Fintech

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.

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.

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.

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.

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.

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.

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.