{"id":7221,"date":"2024-03-23T01:41:02","date_gmt":"2024-03-23T01:41:02","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/03\/23\/p2p-lenders-to-stop-liquid-funds-and-other-top-tech-startup-stories-this-week\/"},"modified":"2024-03-23T01:41:02","modified_gmt":"2024-03-23T01:41:02","slug":"p2p-lenders-to-stop-liquid-funds-and-other-top-tech-startup-stories-this-week","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/03\/23\/p2p-lenders-to-stop-liquid-funds-and-other-top-tech-startup-stories-this-week\/","title":{"rendered":"P2P lenders to stop liquid funds; and other top tech, startup stories this week"},"content":{"rendered":"
\"P2P<\/div>


\n<\/p>\n

Peer-to-peer (P2P) lending platforms have decided to halt one of their most attractive products from March 31<\/a> following increased regulatory scrutiny by the Reserve Bank of India, we reported on March 22. Companies such as Liquiloans, Lendbox, and Faircent will be impacted after the P2P Association decided to stop these products.<\/p>\n
<\/div>\n

The move could impact P2P investment opportunities through popular consumer-facing fintechs like Cred and BharatPe. Instant withdrawal schemes of Cred-run Mint and BharatPe\u2019s 12% Club will be affected by the move.<\/p>\n

\"P2P<\/div>\n

Overall, these products accounted for 25-30% of disbursals in the sector, according to industry estimates. That could get wiped off, insiders added.<\/p>\n

\n

Other Top Stories By Our Reporters <\/p>\n

\"INVESTORS<\/div>\n

VCs looking for partial exits, investors eyeing IPO-bound firms push up secondary deals:<\/span> Venture capital investors are demanding exits<\/a> from late-stage startups with pressure to clock returns amid a prolonged slump in the technology market. In the past year, sizeable investment rounds of $50 million have included a significant secondary component that provides liquidity for pre-existing investors, industry executives told ET.<\/p>\n

\"Secondary<\/div>\n

Startups \u2018reverse flip\u2019:<\/span> Pine Labs, Zepto, Meesho in queue for India return: <\/span>Indian technology startups are now acting on plans to move domiciles<\/a> to India from overseas. Pine Labs has filed applications for a cross-border merger of its India and Singapore units with the NCLT (National Company Law Tribunal) as well as in Singapore, sources told us.<\/p>\n

Quick-commerce firm Zepto, too, is in the final stages of filing a similar application in Singapore, while fellow Y Combinator alumnus Meesho is considering raising new capital to account for tax payouts to flip its parent company to India.<\/p>\n

\"Startups<\/div>\n

Binny Bansal eyes big game again post Flipkart exit: <\/span>Flipkart cofounder Binny Bansal exited the Flipkart board in January, but he\u2019s been busy making investments<\/a> and giving shape to his new startup and portfolio companies. <\/p>\n

Bansal has increased his stake to around 18% in Curefoods as part of an additional investment of $25 million. The cloud kitchen startup closed the round with $60 million in total funding, including a secondary share sale.<\/p>\n

\"binny<\/div>\n

ETtech In-depth: Decoding the UPI growth story through the eyes of a duopoly | <\/span>While the Indian digital payment story is riding the Unified Payments Interface (UPI) wave, there is a concentration risk building up in the ecosystem<\/a>. Walmart-backed PhonePe and Google Pay together have a 90% market share among third-party payment apps in the ecosystem.<\/p>\n

\"NPCI<\/div>\n

NPCI has a target to implement a 30% market cap for a single third-party application provider (TPAP) by the end of this year. But looking at the trends, PhonePe and Google Pay are both increasing their share of UPI volumes. The issues faced by Paytm Payments Bank are not helping either.<\/p>\n

\n

Deals & Dealmakers<\/p>\n

\"Vineeta<\/div>\n

Vineeta Singh, cofounder, Sugar Cosmetics<\/em><\/p>\n

Exclusive: Malabar may pick up Rs 80-100 crore stake in Sugar Cosmetics | <\/span>Malabar Investments has held talks with early backers in Sugar Cosmetics <\/a>for acquiring a stake worth Rs 80-100 crore in the company via a secondary transaction, sources told ET. The firm will be valued at Rs 2,900 crore ($350 million) if the deal goes through, said sources.<\/p>\n

\"Shareholders<\/div>\n

Pocket FM\u2019s fresh fundraise likely to value audio streaming startup at $1.2 billion: <\/span>Audio streaming platform Pocket FM is in talks for a new round of funding that might value it at $1.2 billion, making it a unicorn<\/a>, according to sources.<\/p>\n

\"A<\/div>\n

Nexus MD Sameer Brij Verma quits to open multi-stage fund: <\/span>Sameer Brij Verma, one of the managing directors at Nexus Venture Partners, is likely to leave the VC firm to start his investment fund<\/a>, sources told ET.<\/p>\n

SoftBank India elevates Sarthak Misra to partner role:<\/span> SoftBank India has elevated its investment director Sarthak Misra<\/a> to a partner, sources told us.<\/p>\n

\n

IT\/Tech News<\/p>\n

\"HCL<\/div>\n

Govt spots missing bits in HCL, Foxconn chip JV, seeks details:<\/span> HCL Group and Foxconn’s joint venture for a chip assembly unit has hit a speed bump<\/a>. The government has found their application for the unit unsatisfactory and has sought more details.<\/p>\n

\"HCL<\/div>\n

Global PEs eye a bigger pie of India\u2019s software services sector: <\/span>Global private equity (PE) firms and PE-backed entities are showing more interest now in acquiring Indian information technology<\/a> (IT) and software services companies.<\/p>\n

\"Indian<\/div>\n

IT services companies may roll out 8.4-9% salary hikes this year: <\/span>IT professionals will get average salary appraisals of around 8.4-9%<\/a> in 2024, close to the average of 8.5-9.1% in 2023, according to data from hiring firm Teamlease Digital.<\/p>\n

Media bodies hail SC order on fact-checking unit:<\/span> Following the Supreme Court’s stay order on operationalising the central government\u2019s fact-checking unit (FCU), the Editors Guild of India and the Association of Indian Magazines said the government can\u2019t be the sole judge<\/a>, and arbiter of its own affairs.<\/p>\n

\n

Startup Mahakumbh<\/p>\n

\"Startup<\/div>\n

Startup Mahakumbh organising committee members with senior DPIIT officials<\/em><\/p>\n

The three-day Startup Mahakumbh event took place in New Delhi this week. The gathering was attended by the who\u2019s who of the tech and startup community, along with government officials and Prime Minister Narendra Modi. The government wants to improve India\u2019s global ranking in terms of innovation<\/a> through events like these.<\/p>\n

Conversations revolved around the country\u2019s upcoming deeptech policy where department for promotion of industry and internal trade (DPIIT) secretary RK Singh said the policy is in the final stages of inter-ministerial consultations<\/a><\/p>\n

Further, Prime Minister Narendra Modi lauded the entrepreneurial spirit of Indian youth and asked successful founders <\/a>to give back to society by supporting young entrepreneurs and academic institutions.<\/p>\n

Here\u2019s our detailed coverage of the event:<\/span><\/p>\n<\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Peer-to-peer (P2P) lending platforms have decided to halt one of their most attractive products from March 31 following increased regulatory scrutiny by the Reserve Bank of India, we reported on March 22. Companies such as Liquiloans, Lendbox, and Faircent will be impacted after the P2P Association decided to stop these products. The move could impact […]<\/p>\n","protected":false},"author":2,"featured_media":7222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/msid-108721348\/P2P%20lending%20credit%20business%20loan%20app.jpg","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[3578,3736,11146,11148,11149,11145,11147,11144,11143,661,2293,759,403,2416,1846,1322,1513],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/7221"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=7221"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/7221\/revisions"}],"predecessor-version":[{"id":7223,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/7221\/revisions\/7223"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/7222"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=7221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=7221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=7221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}