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Should Phonepe be worth more than Paytm’s $7.9B?

The Walmart-backed company commands nearly half of India’s digital-payments landscape. But its financials trail its smaller, listed rival

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Groww’s Esop blowback: is what’s good for employees awful for investors?

What stands between employees creating generational wealth through stock options is their own ‘zone of frustration’ and companies’ tight Esop rules

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Pine Labs’ $3-billion test: can old fintechs still build new moats?

The fintech giant is going public with deep enterprise roots and a strong EMI play. For investors, past success may not be enough

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The sleight of hand in Physicswallah, Groww’s profits

Other income, one-offs, and adjustments dress up the bottom line of many new-age companies. Caveat investor

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Lenskart to Bluestone: why startup founders headed for IPOs suddenly love being ‘promoters’

Why did Peyush Bansal do what few can: claw back stake from investors before going public?

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How a well-timed offensive crippled Juspay’s $150 million fundraise

The standoff has cost the payments orchestrator in its latest funding round; merchant support, though, seems more enduring

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UPI can be forever or free—not both

A recent subsidy cut threatens the zero-fee model that made UPI ubiquitous, forcing banks, fintechs, merchants, and regulators to rethink who should foot the bill

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Artists, users, or platforms: who wins in the Zomato vs Bookmyshow fight?

After its Rs 2,000-crore Paytm deal, the foodtech is hiring industry veterans and signing on A-list celebs to outplay the market leader

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Can Kalyan Krishnamurthy’s ‘ideas man’ build another Phonepe for Flipkart?

Flipkart’s interest in backing Super.money has a lot to do with the third wave of UPI. But Super.money is bringing a knife to this gunfight

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One in 10 stocks is valued at 100X of profits in this crazy bull run. You caused this!

With retail investors and MFs pouring in big money, scores of stocks like Waaree Renewable Technologies, Mazagon Dock Shipbuilders, and PB Fintech have skyrocketed, way out of sync with their financials

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Paytm is over its ill-fated payments bank. But its lending partners aren’t

The fintech giant is unfurling every banner to free itself from the bank, enticing back the key partners who fueled its recent revival. And there’s a message it wants to send to the RBI

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Vijay Shekhar Sharma’s loss—20M Paytm Fastags—is his ex-colleague’s gain

Amit Lakhotia is gearing up Park+ for the $241-million opportunity. But banks are worried about market monopolisation

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What does Razorpay have to show for its $150 million Ezetap acquisition?

To give its digital-only identity a facelift, the payments giant zeroed in on a lucrative offline market. But it’s proving a tougher nut to crack—even if there's a Paytm*-shaped void

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How startups stopped worrying about high attrition and learned to live with it

As employees quit in droves, startups are getting creative with their human resource processes to address surging attrition rates

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Paytm’s foot soldiers are in a race against time

With Phonepe and other rivals targeting its merchants, Paytm wants its sales force to leave no stone unturned

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Paytm wants to know: where are the merchants without QR codes?

In a saturated, competitive market, thousands of field agents working for Indian fintechs hustle daily to ensure that merchants choose their platform

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Razorpay keeps 10,000 merchants waiting, courtesy of RBI

It has been nearly a year since the central bank restricted the fintech from onboarding new merchants for its payments-gateway business; the impact is only being felt now

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Paytm can’t count on what brought on its turnaround

Personal loans helped lift Paytm and rejuvenate its lending operations. But the fintech must now seek alternatives

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Phonepe on a collision course with Zerodha and Groww

The payments major and HDFC Securities are among the new entrants in discount broking eager to wrest market share from incumbents

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ONDC is all buyers and few sellers, find Phonepe and Paytm

As the open network evolves, fintechs see a UPI-like opportunity in e-commerce, but seller side is posing a challenge

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The CEO fixing a troubled bank by doing nothing new

R Subramaniakumar, the turnaround man with four decades of experience, has tackled immediate risks in his first year as RBL Bank chief by betting on branches. That has consequences, though

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Paytm’s results hint at a turnaround. But loan-collection hacks drive it

The fintech giant’s 250% loan growth reveals a distribution machine. It has packaged its onboarding and collection services to entice its lending partners. Yet, the market is divided on this strategy

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Once invincible, Slice finds itself trapped between banks, regulators, and products

India’s central bank has thrown many curveballs at the unicorn lending fintech, leaving it to navigate a complex path. Despite the efforts to steer its way out with new products, Slice finds itself adrift in a sea of dwindling user numbers

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SBI to merchants: ‘Here’s a cheap sound box.’ The response: ‘But Paytm has given us one.’

India’s largest public-sector lender wants to attract more current-account deposits to raise inexpensive capital. But handing out sound boxes, already popularised by Paytm and Bharatpe, might not be the best plan

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What’s keeping Google Pay down in India

With resources stretched and banking tech in need of a revamp, India’s #2 payments app is facing multiple battles in a rapidly changing war

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How Nykaa went from investor darling to tech laggard

The lifestyle e-tailer had a stellar IPO in late 2021 and remained the top pick among tech stocks. But with the end of the lock-in period and questions over its fashion business, Nykaa is trading near its all-time low

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India’s new financial data-sharing system has US$400M fintech Lentra turning towards Southeast Asia

A regulatory shift in the way India handles financial data is likely to disrupt Lentra’s space. And while other geographies offer new opportunities, they also come with local challenges

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The invisible hand behind startups’ crazy valuation run

The fair value of a two-year-old startup Jar’s equity share zoomed 8,000% in 17 months. DealShare, Byju’s, Cred and many others saw similar crazy spikes. Backed-up by fantastical assumptions in reports of valuers appointed by the startups themselves. It was a wild party. Until it lasted.

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A year after IPOs, internet companies feel the pain of creating value for public investors

A year after listing, Paytm, PB Fintech, Zomato, and Nykaa have each had some big losses. What they have going for them is the mountain of IPO proceeds still at their disposal. But they can’t seem to shake off the pain that comes with investors looking to cash out

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Kotak Mahindra Bank is taking the fight to SBI YONO, Paytm with its neobank

Kotak811 brought in a third of the private lender’s new customers last fiscal. And it could be a top contender when India starts handing out digital-bank licenses

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Why payment apps and P2P-lending platforms are scratching each other’s back

The likes of CRED and MobiKwik want to lend to their customers when several fintechs have been unable to do so with NBFCs. And peer-to-peer lending marketplaces, struggling to scale, are now keen to acquire customers at low costs

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Acqui-hiring can help startups survive the funding winter. But it’s still a taboo

As funding dries up, growth-stage startups can choose to be acqui-hired. But it’s riddled with challenges, and the Indian ecosystem is peculiarly averse to it

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India’s free payments system isn’t really free. But who’s paying?

Transactions on the game-changing Unified Payments Interface cost apps, banks, and the payments processor US$500 million a year. And state support hardly suffices

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India’s big bet to disrupt e-commerce starts in a temple town

Udupi shows what a mammoth task it is going to be for India’s Open Network for Digital Commerce to onboard local sellers and meet the challenges of servicing the local demand

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EaseMyTrip’s flight to OTA stardom has the #1 MakeMyTrip worried

Bootstrapped and profitable, EaseMyTrip has quickly become the second largest player in the OTA sector. Its ‘win at all costs’ operating model raises some concerns

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One playbook, two strategies: PhonePe’s finserv ambitions come from Paytm stock

With a user base of over 350 million, PhonePe is eyeing growth in its investments business. Recent acquisitions and applications for regulatory licences are part of its strategy but its biggest challenge is likely to be the cross-selling hurdle which has humbled bigger rivals like Paytm in the past

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India’s banks got schooled on digital payments. Now they want to even the score

India’s top seven banks have nearly 70 million current accounts, but Paytm, PhonePe, BharatPe end up becoming the first port of call for close to 25 million merchants. Banks like HDFC Bank and SBI now want to claw back their share

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The ghost loans haunting Indian fintechs like Dhani

From actor Sunny Leone to police constables in Jaipur, victims of ghost loans are legion. At fault are growth-hungry lenders, willing to take shortcuts and ignore safeguards in their quest to build out their loan books

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Startups sign up but govt’s UPI-for-health plan faces tech, consent hurdles

India wants to digitise its healthcare system with a UPI-like system called Unified Health Interface. But between eclipsing the country’s flagship health programme PM-JAY and generating over 127 million health IDs without consent, UHI’s short history is quite checkered

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