BharatPe Records Impressive Growth: 182% Revenue Surge in FY23, EBITDA Loss Reduced by Rs 158 Crore
Siddhant Kumar -
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
Siddhant Kumar -
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
Siddhant Kumar -
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
Newsmen Business Desk -
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
Newsmen Business Desk -
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
Newsmen Business Desk -
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
IANS -
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
IANS -
Overall, the country is the third largest startup ecosystem globally with nearly 1 lakh startups, behind the US and China.
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