E27.CO: Citrus Pay is a leading online checkout and payment solutions company in India. Headquartered in Mumbai, Citrus is backed by Sequoia Capital and Beenos Asia, a subsidiary of Japanese e-commerce and incubation company Netprice. As per a recent news report, PayPal Founder Pieter Thiel is rumoured to be planning to infuse US$25 million into the company as the fin-tech space is getting hot. (more…)
TECHCRUNCH: Uber is synonymous with its cashless payment experience, but that’s about to change. At least in India, initially. That’s because the ride-hailing giant has kicked off a pilot program testing cash payments in one city in the South Asian country: Hyderabad. There, Uber customers will be able to pay their fare in cash, using a new option that must be selected before requesting a ride. (more…)
E27.CO: The Indian startup ecosystem is going through a frenzied time, with VC investment deals spurting in the first four months of the current calendar year. As per VCCEdge, the research platform of VCCircle (a News Corp company), investors who typically do pre-Series A to later stage investments signed 83 transactions with an aggregate announced investment value of US$853 million in the first quarter of 2015 (till March) — a rise of more than 2.5X over Q1 2014. As per the report, the number of deals has also gone up during the period. (more…)
E27.CO: On the sidelines of LetsIgnite (an event organised for angel investors in India by online deal-making platform LetsVenture on April 22), leading VC funds like IDG Ventures and Lightspeed Venture Partners told e27 that fin-tech is the next industry — after consumer Internet — that is poised to see the most number of actions in the coming years. Bangalore-based seed-stage VC fund AngelPrime has sensed this opportunity early on and invested US$500,000 in city-based happay, a startup which makes expense management cashless, paperless and mobile. (more…)
E27.CO: Internet is one of the hottest and the most sought-after sectors in India that saw VCs pouring in billions of dollars of investments as of late. The success stories of homegrown giants such as Flipkart, Snapdeal, Quikr, Urban Ladder and Ola are prompting foreign investors to throw some huge bucks into the market, although many of these companies are yet to achieve profit. (more…)
TECHCRUNCH: The rise of e-commerce in India has triggered a wave of startups that are leveraging the increasing adoption of smartphones to provide mobile payment solutions. Alibaba invested in Paytm at an apparent billion dollar valuation earlier this year, and now MobiKwik is the latest to be flushed with new cash. New Delhi-based MobiKwik has pulled $25 million in funding, led by Singapore-based hedge fund Tree Line Asia. The deal included participation from a couple of interesting strategic investors — Cisco and American Express. (more…)
TOFLER: For the past few weeks, speculation has been rife that Russian Venture Capitalist Yuri Milner’s DST Global was set to invest $500 million in online cab aggregator Ola Cabs. The wait is now over. The latest funding round closed last week when ANI Technologies Private Limited, the owner of Ola Cabs, issued Series G of Preference Shares to various funds within the DST Global umbrella and to some of its existing investors. The company’s filings obtained from the Registrar of Companies reveals the list of investors and the money each has invested in these preference shares. (more…)
E27.CO: Indian online marketplace Snapdeal has announced its foray into financial services with the acquisition of a majority stake in RupeePower, a digital financial products distribution platform, for an undisclosed amount. The e-commerce player will now offer consumers a financial services marketplace by integrating RupeePower onto the Snapdeal platform. It aims to enable US$1 billion consumer loans disbursal over the next two years.
E27.CO: Bangalore-based Artoo IT Solutions, a startup that offers customer relationship management solution to banks and financial institutions, has secured US$500,000 in funding from seed-stage investor Accion Venture Labs and Rianta Capital Zurich’s impact investment unit Artha Initiative. The startup will use the capital to enhance its product functionality, build team and scale operations globally. (more…)
TECHCRUNCH: The rise of companies like Flipkart, Snapdeal and Ola have put a spotlight on the e-commerce opportunity in India, where the growth of catchy businesses is being fuelled by consumer demand, improving Internet connectivity and generous VC funding. Now, a new startup called Razorpay — part of the current Y Combinator class — is hoping to ride that trend, by giving more startups and larger tech companies in the country the ability to make it easier to integrate payments into their services. (more…)
E27.CO: Chairman Emeritus of Tata Sons Ratan Tata has made an undisclosed amount of investment in mobile payments and commerce company Paytm. With this investment, Tata will pick up a small stake in One97 Communications, the company that owns and operates Paytm. He will also take on the role of an advisor at the company.
TECHCRUNCH: Paytm, a India-based mobile payments service operated by (now) Alibaba-backed One97, has introduced a big new feature that lets 25 million users transfer money to bank accounts. Mobile wallets, like that of Paytm, have grown in popular in India, where credit card adoption is low and many services, including online retailers, process a lot of cash-based transactions. (Its billion-plus population is estimated to have just 450 million bank accounts, with many unused.) Wallets are at the intersection of that, providing greater reliability than cash, but without requiring users to get bank accounts.
TECHINASIA: Cloud-based billing platform ChargeBee has just announced its series B funding round of US$5 million led by Tiger Global. Its existing investor Accel Partners participated in the latest round. ChargeBee provides its clients with an easy plug-and-play interface to accept payments through a choice of 30 gateways, such as Authorize.Net, Braintree, Stripe, PayPal, eWay, Pin Payments, AmazonPayments, and WorldPay.