Tag: BillDesk

Shiprocket joins hands with Bill desk to provide one-click checkout solution

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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E-commerce enablement platform Shiprocket has teamed up with digital payments platform BillDesk to offer a one-click checkout solution for direct-to-consumer (D2C) merchants in the country. By leveraging BillDesk’s expertise in payment processing across various payment methods, Shiprocket aims to provide its merchants with a world-class payment experience.

Through this strategic partnership, Shiprocket will provide its merchants with a world-class payment experience by leveraging BillDesk’s extensive experience in processing payments across all payment methods.

The partnership will enable BillDesk to tap into Shiprocket’s extensive D2C network and explore growth opportunities in the rapidly expanding $20 billion market, which is growing at a rate of over 25 percent per year, the company said.

For the merchants, the partnership offers a comprehensive solution with multiple complementing functionalities integrated into a single offering.

Also Read: Karnataka Bank starts online customs duty payment facility for customers

The solution enables merchants to provide all payment methods to their buyers through Shiprocket’s one-click checkout solution, including UPI, Credit Card/Debit Card, Net banking, Wallets, and consumer credit.

The authentication protocols for verification of customers will help merchants in eliminating fake orders, and additional features like address pre-fill and delivery date guarantee will improve the customer experience altogether. It also provides merchants with access to dashboard tools, through which they will have complete control over refunds, settlements, payment method analytics etc.

Merchants can leverage BillDesk’s secure solutions, which are relied upon by leading businesses in India as their scale on their digital payments acceptance.

Launched in 2017, Shiprocket provides a technology stack to help retailers integrate their shopping websites on Shopify, Magento, WooCommerce, Zoho, and others with the platform’s multi-carrier API to manage orders, prints, and shipping labels. It also avails tracking information from multiple providers including managing Cash on Delivery (COD) orders and payment reconciliation.

With 25+ courier partners on board, the brand permits pan-India as well as international shipping deliveries. Its shipping solutions are available across 24,000+ pin codes within India and 220 countries and territories worldwide.

Speaking on the partnership Saahil Goel, Co-founder & CEO, Shiprocket said, “We are excited to partner with BillDesk to enable a better one-click-checkout experience for our merchants. With the rise in D2C commerce in India, quick checkout solutions are going to provide a great advantage to merchants in enabling a seamless consumer experience. This partnership will enable us to further our mission of empowering businesses and help us provide an all-encompassing and compelling offering to them.”

BillDesk is the digital payment solutions partner for businesses in India. For over a decade, the platform has been driving electronic payments and digital commerce.

“The integration of BillDesk digital payments solutions with Shiprocket’s one-click-checkout technology will drive tremendous value for merchants in India as they scale their digital businesses. This partnership will enable businesses to use a robust, secure platform with multiple payment methods like UPI, cards, net-banking, etc. and deliver a smooth payment experience on their D2C channels,” Ajay Kaushal, Co-founder, BillDesk said.

Also Read: “Har Payments Digital” —here’s how the RBI wants to deepen India’s digital payments

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

$4.7 billion PayU deal termination a setback for Indian fintech industry, says BillDesk Co-Founder

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A “setback” for India’s fintech industry, that’s the first word from BillDesk’s co-founder on the aborted $4.7 billion deal with PayU, which would have been one of the largest fintech deals in the country.

Speaking to CNBC-TV18‘s Ritu Singh, Billdesk’s co-founder Srinivasu M N says the deal’s termination was a “disappointment”, adding that this will create a trust deficit on how Indian companies view foreign investors.

“It has been a disappointment for the industry and it has also been a setback from a fintech industry perspective of what would have been a large deal and the manner in which it was, perhaps called off. So we will just have to wait for time to see how this evolves,” Srinivasu said,

Talking about the implication, he said that India did its job into the regulatory clearances to asking the right questions. “So I think the implication is more from how do Indian companies look at foreign investors sticking to their word,” he added.

Watch video for more.

Also Read: Prosus terminates $4.7 billion deal to acquire payments firm BillDesk

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Startup Digest: Prosus terminates BillDesk’s acquisition, XDC Network gets $50 mn from LDA Capital & Vance nets $5.8 mn in seed round

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Prosus terminates $4.7 billion deal to acquire payments firm BillDesk

Prosus, the global investment arm of South African multinational Naspers, has announced that it has cancelled a $4.7 billion deal to buy payments firm BillDesk through its subsidiary PayU, after conditions on the deal weren’t met.

The deal had received approval by the Competition Commission of India (CCI) in September, though “certain conditions precedent” weren’t met by the deadline at the end of last month, Prosus said in a statement. The company didn’t elaborate on the conditions.

“Closing of the transaction was subject to the fulfillment of various conditions precedent, including approval by the CCI. PayU secured CCI approval on September 5.

However, certain conditions precedent were not fulfilled by the September 30 long stop date, and the agreement has terminated automatically in accordance with its terms and, accordingly, the proposed transaction will not be implemented,” the firm said.

Prosus has been a long-term investor and operator in India — investing close to $6 billion in Indian technology companies since 2005. According to Bloomberg, the takeover would have been Prosus’s largest acquisition to date and was meant to create a digital payment giant in India.

Since the deal was announced last year, the market for payments companies in India has weakened, and Prosus didn’t want to proceed after BillDesk missed the deadline. There’s no break fee associated with the deal.

XDC Network gets $50 million from LDA Capital

Enterprise-grade blockchain startup the XDC Network has bagged $50 million from global alternative investment group LDA Capital. The founders of the XDC Network have leveraged a portion of their personal token allocations to secure the capital which will be used to accelerate the expansion and development of layer 2 projects across the XDC ecosystem and to facilitate network adoption and real-world utility.

Also Read: Filmmaker-businessman Atlas Ramachandran, who passed away in Dubai, inspired many with his rags-to-riches story

LDA support will help fund new ventures and entities laser-focused on increasing network adoption among retail and institutional participants, jumpstarting on-chain activity and total value locked (TVL), and supporting technological innovation, a statement said.

Vance nets $5.8 million in seed round led by Hummingbird Ventures

Global neo-banking platform Vance has secured $5.8 million in a seed funding round led by Hummingbird Ventures. Global Founders Capital, YCombinator, Soma Capital and angel investors such as Alan Rutledge and Gokul Rajaram, also participated in the funding round.

Vance was a part of YCombinator’s Winter 2022 batch and plans on going live in the UAE and UK by the end of 2022. By Q1 2023, the goal is to launch in five additional countries.

The startup aims to leverage its seed round to expand their 10-member team to 30 in the next 6 months. The funds will also be used to create products like remittances, savings accounts, and investments, a statement said.

Mufin Green raises $5.7 million from Incofin in Series A round

Electric Vehicle financing startup Mufin Green Finance has raised $5.7 million in its series A funding round led by Incofin India Progress Fund (IPF). The company is planning to disburse income-generating loans worth Rs 5,000 crore in the next 5 years, resulting in an overall reduction of 4 million tonnes of carbon emission, a statement said.

“This funding has put us at the forefront of organised EV financing sector. As India’s first listed NBFC dedicated to Climate- EV financing, we are planning to disburse income-generating loans worth Rs 5,000 crore in the next 5 years,” said Kapil Garg, co-founder and managing director of Mufin Green Finance.

The firm claims to have financed EVs worth Rs 160 crore across 9 States. While promoting a clean and green environment, the company said that it has helped reduced 100,000 tonnes of carbon footprints.

White.Inc bags over $1 million from Dholakia Ventures, Inflection Point Ventures and others

White.Inc, a house of digitally native brands, has raised over $1 million in a seed funding round led by Dholakia Ventures, along with Inflection Point Ventures and First Port’s participation.

Angel investors, including Suhail Sameer and Shashvat Nakrani from BharatPe, Guruvanth Vaid from 4G Capital Ventures, and Aniket Gore from Ceramet Group, also participated in the round.

The firm intends to use the fresh capital to further build its team, product development, brand development, and bolster its tech infrastructure.

Techfino receives a term loan of Rs 15 crore from SBI

Bengaluru-based NBFC Techfino Capital has received a term loan of Rs 15 crore from the State Bank of India for a tenure of two years to expand its education loan portfolio.

Also Read: Government to set up 100 5G labs in the country, says Ashwini Vaishnaw

In FY 2021-22, the firm claims to have disbursed loans worth Rs 100 crore across all of its portfolios. The company said that it will be adding around 2,500 quality customers monthly, slated to grow to over 3,000 in the next few months. Techfina said it has delivered a healthy Return on Equity (ROE) of over 20 percent while maintaining a solid portfolio quality.

Google to nurture 20 startups by Indian women founders

Google has announced the first class of 20 women-founded/co-founded startups, selected from close to 400 applications, for the inaugural cohort of ‘Google for Startups Accelerator-India Women Founders’.

The tech giant will place special emphasis on access to networks, access to capital, hiring challenges, mentorship, and many others which, for a variety of social reasons and low representation, prove challenging for female founders.

In addition to these, the curriculum will include workshops and support around AI/ML, Cloud, UX, Android, Web, product strategy, and growth, as well as provide access to a global community of women founders, said the company. Some of the startups selected are Aspire for Her, Brown Living, CoLLearn Education, Commudle, Dubverse, Elda Health, Fitbots and more.

QSR chain Wow! Momo enters into Metaverse

Wow! Momo Foods which operates with three brands – Wow! Momo, Wow! China and Wow! Chicken, has launched its three outlets in the metaverse. The brands are on a new metaverse platform called FESTEMVERSE – that curates Festivals of India across the year.

Currently, FESTEMVERSE is available for android users; soon to be available on IOS devices too. All the consumers need to do is download FESTEMVERSE from the pay-store or Apple App Store, create their avatar and plunge into the immersive experience of the platform, a statement said.

The brand aims to start trading from their metaverse and consumers can trade on Metaverse stores and convert NFTs and redeem it on physical outlets.

“Metaverse is an investment for the future; whilst we are launch partners for FESTEMVERSE today; our aim is to grow this and at the same time also be part of all the popular metaverse platforms,” said Sagar Daryani, CEO and co-founder, Wow! Momo Foods.

T-Hub & RNTBCI award Rs 40 lakh grant to 4 startups

Startup incubator T-Hub along with Renault Nissan Technology and Business Centre India (RNTBCI), awarded Rs 40 lakh to four startups for their winning solutions to develop their Proof of Concepts (PoCs).

The startups that received the capital include Imaginate, mSense, MayaMD, and RACEnergy. In addition, they also received an opportunity to pitch to RNTBCI leadership and gain access to their global mentorship network, a statement said.

T-Hub and RNTBCI earlier this year partnered for the Open Innovation Challenge that offered startups an opportunity to participate under themes like Mobility as a Service, First and Last Mile Connectivity, Circular Economy, and Digitization. A cohort of 20 startups participated in a pre-pitch session, and a further 10 were chosen to work on specific use cases.

Over 14 million cyber-attacks blocked daily: Indusface Report

The rapidly changing geo-political scenarios such as the ongoing Russia-Ukraine war have made a significant impact on cybersecurity, according to a report by Indusface, a software-as-a-service security firm.

As per the report over 418 million attacks were blocked in August-September after 40,756 open vulnerabilities were found in applications. 30 percent of vulnerabilities have been open for more than 180 days, the report added.

Also Read: Enormous potential in Indian start-up market, says Facebook co-founder Eduardo Saverin

It also highlighted that the top vulnerability categories identified include insecure content security policy, application error message, email address disclosure, and HTML injection, among others.

695 websites experienced a bot attack but were successfully blocked by AppTrana and most of the bot attacks originated from Russia, it added.
46 percent share of firms who got attacked were with revenues of $10 million-$1 billion and 31 percent of companies are large enterprises with more than $1 billion in revenue.

GLOBAL TECHNOLOGY & STARTUP NEWS

Tencent shifts focus to majority deals, overseas gaming assets for growth

Tencent is resetting its M&A strategy to put more focus on buying majority stakes mainly in overseas gaming companies, as the tech giant eyes global expansion to offset slowing growth at home in China, Reuters reported.

Tencent has for years invested in hundreds of up-and-coming businesses, mainly in the onshore market. It has typically acquired minority stakes and stayed invested as a passive financial investor. However, it is now aggressively seeking to own the majority or even controlling stakes in overseas targets, notably in gaming assets in Europe.

The shift comes as the world’s number one gaming firm by revenue is counting on global markets for its future growth, which requires a strong portfolio of chart-topping games, the report added.

Italian court scraps antitrust fine on Apple and Amazon

An Italian administrative court scrapped a fine imposed by the country’s antitrust authority on US tech giants Apple and Amazon for alleged collusion, as per documents seen by Reuters.

The antitrust authority fined both companies a total of more than 200 million euros ($195.3 million) in 2021, citing alleged anti-competitive cooperation in the sale of Apple and Beats products.

Earlier this year, the fine was reduced to an overall 173.3 million euros due to a “material error” in the first calculation. Amazon said in a statement it welcomed the court’s decision.

NFT sales plunge in Q3, down by 60% from Q2

Sales of non-fungible tokens dropped sharply in the third quarter, according to blockchain tracker DappRadar, as crypto investors hunker down for a “crypto winter” and demand for the highly speculative digital assets shows little sign of returning.

Non-fungible tokens (NFTs) are a kind of blockchain-based asset representing a digital file such as an image, video or item in an online game. They exploded in popularity in 2021, as crypto-rich speculators rushed to cash in on rising prices, but sales volumes have slumped in recent months.

The third quarter of 2022 saw $3.4 billion in NFT sales, down from $8.4 billion the previous quarter and $12.5 billion at the market’s peak in the first quarter of the year, DappRadar said.

While the nascent NFT market benefited from cryptocurrency price gains and high-risk appetite among investors in 2021, these conditions have turned sharply in 2022, as central bank rate rises prompt investors to ditch risky assets. Bitcoin is trading at around $19,000, down from its November peak of $69,000.

Mobile phone critic Pope Francis meets Apple chief Tim Cook

Pope Francis, who has often said people should limit their use of cellphones and give preference to personal communication, granted a private audience on Monday to Apple Chief Executive Tim Cook.

Cook, head of the $2.4 trillion company whose iPhone has revolutionised personal communication, was on the pope’s daily audience list. As is customary, the Vatican did not disclose what was discussed during the private conversation.

The 85-year-old pope has a mixed relationship with cell phones. Last year, he interrupted his general audience when an aide passed him a cellphone and took an urgent call from a senior Vatican official.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Prosus terminates $4.7 billion deal to acquire payments firm BillDesk

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Netherlands-headquartered Prosus NV announced on Monday that it has cancelled a $4.7 billion deal to buy Indian payments firm BillDesk through its subsidiary PayU, after conditions on the deal weren’t met. The deal had received approval by the Competition Commission of India (CCI) in September, though “certain conditions precedent” weren’t met by the deadline at the end of last month, Prosus said in a statement.

The company didn’t elaborate on the conditions. 

“Closing of the transaction was subject to the fulfilment of various conditions precedent, including approval by the CCI. PayU secured CCI approval on September 5. However, certain conditions precedent were not fulfilled by the September 30 long stop date, and the agreement has terminated automatically in accordance with its terms and, accordingly, the proposed transaction will not be implemented,” read a company blog from Prosus.

Also Read: Pakistan’s cabinet approves legal action against Imran Khan over leaked audio tapes

Prosus has been a long-term investor and operator in India — investing close to $6 billion in Indian technology companies since 2005. 

According to Bloomberg, the takeover would have been Prosus’s largest acquisition to date and was meant to create a digital payments giant in India. Since the deal was announced last year, the market for payments companies in India has weakened, and Prosus didn’t want to proceed after BillDesk missed the deadline. There’s no break fee associated with the deal.

Prosus is a global consumer internet group and one of the largest technology investors in the world. The group is focused on building businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors in markets including India, Russia, and Brazil.

Also Read: Volodymyr Zelenskyy says Ukraine liberated Arkhanhelske, Myrolyubivka in Kherson

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Early investors of BillDesk seen returns of over 45% CAGR over 20 years: Co-founder MN Srinivasu

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Payments company BillDesk’s acquisition by Prosus-backed PayU for $4.7 billion is not only one of the biggest deals in the Indian digital ecosystem but has also meant massive wealth creation for investors and founders who have exited completely.

Early investors have seen returns of over 45 percent CAGR (Compound Annual Growth Rate) over 20 years, BillDesk co-founder MN Srinivasu told CNBC-TV18 while speaking about the decision to sell the company instead of going for an IPO, and what the combined entity will look like.

For the founders as well, who owned about a 10 percent stake each in BillDesk as per Tracxn, the deal has brought windfalls of close to $500 million each as they exit fully.

Also read: PNB Housing Finance shares fall after Sebi moves Supreme Court against SAT order

Here are a few excerpts from the conversation with BillDesk co-founder MN Srinivasu:

ON SELLING BILLDESK

How does it feel right now, selling the company you have built for two decades? What have the last few days been like?

The deal is a validation of what we have created in India. It is a proud moment for BillDesk employees and a big moment for fintech in India.

Also read: India launches Account Aggregator: Is this another UPI moment

ON SELLING BILLDESK vs IPO

What led to this decision. What made you choose between an IPO and this? An IPO could have probably given you a better valuation.

We evaluated what will be good overall for the Indian fintech ecosystem. We evaluated an IPO. The choice was between an IPO and a transaction like this. We wanted to provide liquidity to investors. The option of Prosus came up as we were evaluating the IPO. Prosus is a great fit, it is a financial investor and has a strategic interest in payments.

WAS BILLDESK ON THE BLOCK?

You went with Prosus because they are a strategic player in this space. There were reports that Billdesk was on the block for some time and that you were talking to other players as well. What were the discussions with Prosus and when did it begin?

We were not talking to anyone for a sale, it was all media speculation. Prosus was the only party we engaged with. We started exploring the next step for BillDesk at the beginning of 2021. Prosus reached out in March-April 2021, the senior management engaged in the discussions with us and closed the deal in a few months.

Also read: Key personal finance tasks you should complete in September

CO-FOUNDERS’ ROLE GOING FORWARD​

Will you and your co-founders stay on? Usually, when the founders exit a company, they move on. What is the agreement here?

We will continue to stay on to scale BillDesk and PayU platforms. We are looking to leverage both platforms for scale. There were options to only partially exit, but we wanted to go with the most efficient way forward, which was to sell 100 percent of BillDesk to Prosus.

ON WEALTH CREATION

You are among the few companies where the founders still held a significant stake. You have now got close to $500 million each from this deal. Your investors will be very happy. What are the kind of returns for your investors? Some have stayed for over a decade.

Some early investors including angel investors and venture investors such as Clearstone would have got returns of over 45 percent CAGR over 20 years as per our estimates. We hope our investors are happy with the returns.

Also read: AU Small Finance Bank clarifies on recent executive exits; analysts flag concerns

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

STARTUP DIGEST: PayU to buy BillDesk for $4.7 bn, IPO-bound Oyo to launch ‘self sign-up’ service for hotels

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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There were several important developments in the startup space during the day on Tuesday. Here’s a wrap of the top startup headlines.

Prosus to acquire BillDesk for $4.7 billion

In a major consolidation in the payments sector, Prosus-backed PayU will acquire payments company BillDesk for $4.7 billion.

The deal will bring Prosus’ cumulative investment in Indian tech to more than $10 billion.

Prosus said that the acquisition of BillDesk will see PayU becoming one of the leading online payment providers globally, handling a total payment volume (TPV) of $147 billion.

PayU India and BillDesk run complementary businesses within India’s digital payment industry. Together, the two expect to create a financial ecosystem handling four billion transactions annually – four times PayU’s current level in India, as per the company.

Firstcry-backed GlobalBees acquires home care brand The Better Home

GlobalBees, an aggregator of digital brands has acquired The Better Home, a home care products company, as it builds its portfolio of digital-first brands and helps them scale. The deal amount was not disclosed.

This is the first acquisition for GlobalBees. As part of the deal, the 15-member core team of The Better Home will join GlobalBees, the company said in a statement.

The acquisition comes after GlobalBees raised $150 million in a mix of equity and debt in a Series-A funding round led by FirstCry in July. The Thrasio-model based company invests in, acquires, and grows seller businesses across Amazon, Flipkart, and other marketplaces.

GlobalBees is also planning to take The Better Home to international markets.

“The Better Home demonstrated the right mix of these, along with remarkable achievements. We at GlobalBees are excited to announce The Better Home as our first acquisition and are committed to catapult it into an international brand,” Nitin Agarwal, CEO, GlobalBees.

“The Better Home was the first among this, and we will continue to build massively impactful businesses focused on our community’s needs and direct insights that will scale quickly owing to the brand love and goodwill we’ve garnered over the years by staying true to our ethos,” said Dhimant Parekh, founders of TBI & TBH.

The Better Home brand was launched by digital content platform The Better India (TBI). The company retails sustainable household products such as dishwash liquid, home cleaners, air fresheners, laundry cleaners etc. The Better Home products are sold on the brand website as well as Amazon and are available in 600 cities and services 70,000 shoppers, as per the company statement.

Indegene buys US-based Medical Marketing Economics for nearly $10 million 

Healthcare solutions provider Indegene has acquired US-based Medical Marketing Economics (MME) for $10 million in a bid to strengthen its pricing, reimbursement and market access capabilities.

“Their 40+ strong team will strengthen our emerging Biotech and Medical offerings. They bring proven PRMA capabilities that complement our Co-Commercialization solution,” Indegene Cofounder and CEO Manish Gupta said.

Pricing, reimbursement and market access is a strategic area of interest for Indegene. It augments company’s reach both with the big pharma companies and emerging biotech companies, and complements its digital first commercialization practice, Gupta added.

As per the company, the current size of the market access solutions market is $1.7 billion and expected to increase to $2.24 billion over the next five years.

“This signals a great headroom opportunity for us in the US market. Acquiring MME is a step in this direction. The size of this deal is approximately $10 million,” Gupta said.

BharatPe ties up with Axis Bank to expand its merchant acquiring business

Newly-minted fintech unicorn BharatPe has announced a strategic partnership with Axis Bank under which the private lender will act as the acquiring bank for BharatPe’s point of sale (PoS) business BharatSwipe.
This association will help BharatPe enhance the merchant experience by leveraging best-in-class technology platform offered by Axis Bank, the company said in a statement.

Axis Bank claims to be the third largest PoS acquiring bank in the payments acceptance business in India, with an installed base of over 652,026 PoS terminals spread across India. The bank currently processes about ₹19,000 crore of payments per month.

BharatPe launched its PoS machine, BharatSwipe, last year as India’s first zero rental and zero merchant discount rate (MDR) PoS machine.

According to the fintech, BharatSwipe business has scaled up rapidly, and now contributes 20 percent to the overall payments Transaction Processed Value (TPV) of the company. BharatPe has an installed base of over 100,000 PoS machines across 16 cities in the country and facilitates transactions of over Rs 1,400 crore every month.

BharatPe clocked annualized transaction value of $2 billion on the PoS terminals at the end of FY21 and has set a target of $6 billion in annualized TPV by the end of FY22, the company added.

IPO-bound Oyo to launch self sign-up service for hotels: Report

IPO-bound hospitality unicorn Oyo is piloting a self sign-up service that will allow hotels to list properties on the platform in just 30 minutes, according to Moneycontrol.

Any hotel owner can open the website and select from the options of home, hotel or life. The person will be shown the estimated revenue it can earn by joining Oyo, based on local competition and demand patterns including the location of the property, the report claims.

Oyo will likely charge a base rate of around 20 percent, besides service fee and GST, among other costs. It will also take control of 100 percent of room inventory at the property and the pricing of the rooms.

The move is expected to shore up the number of hotels on the platform which saw a massive decline because of the pandemic.

Meesho announces ‘Rest & Recharge’ policy for employees

Social commerce unicorn Meesho has announced a companywide break from November 4 to 14 for all its employees implementing its ‘Reset and Recharge’ policy. The work break will be after the festive season sale offered by the platform.

The startup which helps small businesses and individuals become sellers on social platforms such as WhatsApp, Facebook and Instagram, made the announcement on Twitter and Linkedin.

“We are going to completely unplug from work — right after our busy and frenetic festive sale season, so that we are back to doing what we love — relaxed and rejuvenated,” the company said in a Twitter post.

“Between 2020-2021, we know how hard the pandemic has been on our mental health & productivity. Meesho being a people-centric workplace understands this. We will always put our employees’ wellbeing as top priority and the Reset and Recharge policy is one step towards that,” it added.

Amazon revamps $1 bn delivery service partner programme

E-commerce major Amazon India is revamping its global delivery service partner (DSP) programme in India, as it looks to bring more entrepreneurs into its fold to strengthen its last-mile delivery network in the country.

Under the revamped programme, Amazon India will be offering newer services, including allocating an account manager to delivery service partners, along with providing key technology and value-added tools for hiring, legal and technological support.

It also looks to negotiate competitive rates for its partners to provide asset insurance, compliance support and group corporate insurance for delivery partners, the company said in a statement.

The US-based e-commerce major has already worked with close to 340 DSPs in India, which currently operate a delivery network across 750 cities and 1,500 DSP stations.

The programme has helped Amazon to also gain access to remotest corners of the subcontinent, including Ladakh, Nagaland and the Andaman and Nicobar Islands, the company added.

According to the company, each delivery service partner employs between 40 and 100 delivery agents on average.

Globally, Amazon has invested close to $1 billion till date for the programme and has close to 2,500 partners across 11 countries of the US, Canada, UK, Germany, France, Italy, and Spain, the company said.

ImaginXP collaborates with UiPath Academic Alliance programme

Edtech startup ImaginXP has joined enterprise automation software company UiPath’s Academic Alliance programme.

As part of the teaching programme, UiPath will equip ImaginXP educators with knowledge, skills and abilities required to adopt Robotic Process Automation (RPA). UiPath will also provide educators with curriculum, course content, learning materials, and the software required to train students, the company said.

ImaginXP will work with its partner universities to explore opportunities of incorporating RPA as part of various technical and non-technical programs. On successful completion of these courses, all students will receive a course completion certificate jointly issued by UiPath and ImaginXP under UiPath’s Academic Alliance program.

The edu-tech enterprise recently raised $1.5 million, led by Venture Catalysts along with co-investors Shashank Deshpande, Krish Kupathil, Samyakth Capital, among others.

GLOBAL TECHNOLOGY & STARTUP NEWS

China tightens gaming rules for kids

China has forbidden under-18s from playing video games for more than three hours a week, a stringent social intervention that it said was needed to pull the plug on a growing addiction to what it once described as “spiritual opium”.

The new rules, published on Monday by China’s National Press and Publication Administration (NPPA) are part of a major shift by Beijing to strengthen control over its society and key sectors of its economy, including tech, education and property, after years of runaway growth.

According to a translated notice about the new rules, people under 18 will be allowed to play video games one hour a day between 8 p.m. and 9 p.m. weekends and legal holidays. Gaming companies will be barred from providing services to minors in any form outside the stipulated hours and must ensure they have put real-name verification systems in place, said the regulator, which oversees the country’s video games market.

The rules from NPPA regulator coincide with a broader clampdown by Beijing against China’s tech giants, such as Alibaba and Tencent.

S.Korea’s parliament passes bill to curb Google, Apple commission dominance

South Korea’s parliament on Tuesday approved a bill that bans major app store operators such as Google and Apple from forcing software developers to use their payment systems, effectively stopping them from charging commissions on in-app purchases.

According to Reuters, it is the first such curb by a major economy on the likes of Apple and Google, which face global criticism for requiring the use of proprietary payment systems that charge commissions of up to 30 percent.

The final vote was 180 in favour out of 188 attending to pass the amendment to the Telecommunications Business Act, dubbed the “Anti-Google law.”
“We’ll reflect on how to comply with this law while maintaining a model that supports a high-quality operating system and app store, and we will share more in the coming weeks,” a Google spokesperson said in a statement to Reuters.

Google added Google Play provides far more than payment processing, and its service fee helps keep Android free, giving developers the tools and global platform to access billions of consumers around the world.

“We believe user trust in App Store purchases will decrease as a result of this proposal – leading to fewer opportunities for the over 482,000 registered developers in Korea who have earned more than KRW8.55 trillion to date with Apple,” Apple said in a statement.

Apple on Thursday agreed to loosen App Store restrictions for small developers, allowing developers to promote payment options outside Apple’s payment system.

Based on South Korean parliament records, the amendment bans app store operators with dominant market positions from forcing payment systems on content providers and “inappropriately” delaying the review of, or deleting, mobile content from app markets.

It also allows the South Korean government to require an app market operator to “prevent damage to users and protect the rights and interests of users”, probe app market operators, and mediate disputes regarding payment, cancellations or refunds in the app market.

“Today’s historic action and bold leadership by South Korean lawmakers mark a monumental step in the fight for a fair app ecosystem. The legislation passed today by the Assembly will put an end to mandatory in-app purchase in South Korea, which will allow innovation, consumer choice, and competition to thrive in this market,” a spokesperson at Match Group, which owns the popular dating app Tinder, said in a statement.

Zoom’s tepid growth forecast takes shine off billion-dollar quarter

Zoom posted its first billion-dollar revenue quarter but signaled a faster-than-expected easing in demand for its video-conferencing service after a pandemic-driven boom, sending its shares tumbling 11%.

The company on Monday forecast third-quarter revenue between $1.015 billion and $1.020 billion, compared with the analysts’ average estimate of $1.013 billion, according to Refinitiv data.

That indicates a rise of just about 31.2% from a year earlier, compared with multiple-fold growth rates in 2020 when the COVID-19 crisis had turned Zoom into a household name due to the rise of remote working and schooling, according to Reuters.

Zoom said it expects a decline in revenue from customers with 10 or fewer employees. This group consists mainly of small and medium businesses which pay bills monthly.

It forecast third-quarter adjusted earnings between $1.07 and $1.08 per share, compared with expectations of $1.09 a share.

Zoom recently announced the buyout of call-center software maker Five9 for $14.7 billion in its largest deal, and Kites GmbH, a firm that helps in real-time language translation.

It posted a profit of $1.04 per share in the second quarter on revenue of $1.02 billion, both of which were higher than estimates.

Yandex takes more control of Russian venture with Uber in $1 bn deal

Russian internet giant Yandex will buy Uber’s stakes in their joint foodtech, delivery and self-driving businesses, and increase its stake in their ride-hailing joint venture as part of a $1 billion deal.

According to Reuters, the restructuring of the MLU ride-hailing and car-sharing joint venture, which includes Yandex.Taxi, will see Yandex own 71 percent while Uber’s stake falls to 29 percent from 33.5 percent, Yandex said, adding it had taken out a $2 billion call option to buy out the rest if it chooses to do so.

Under the agreement with Uber, Yandex will take over Uber’s 33.5 percent indirect interest in Yandex.Eats, Yandex.Lavka and Yandex.Delivery as well as its 18.2 percent interest in Yandex Self-Driving Group (SDG), giving Yandex 100 percent ownership in all businesses.

The restructuring, which Yandex said had already been approved by the boards of directors of Yandex and Uber, will be implemented in two stages, and completed by the end of the year. The deal will be financed from the company’s own funds, Yandex spokesperson Asya Panoyan told Reuters.

Yandex said it will also extend its licence for the exclusive rights to use the Uber brand in Russia and several other countries until August 2030, assuming the exercise of the option.

PayPal exploring stock-trading platform for US

Shares of PayPal jumped on Monday after a report that it is exploring ways to let its US customers trade individual stocks on its platform.

The payments company also hired brokerage industry veteran Rich Hagen, CNBC reported. Hagen is the chief executive officer of Invest at PayPal, as well as the co-founder and former president of brokerage Ally Invest, according his LinkedIn page.

PayPal has 400 million accounts and launched cryptocurrency trading in the US earlier in the year. In a February presentation, PayPal said its total addressable market, including bill payment, government payments and asset trading was $110 trillion.

PayPal’s shares spiked higher and closed up nearly 4 percent.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

BillDesk acquired by PayU for $4.7 billion

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

In a major consolidation in the payments sector, Prosus-backed PayU has acquired payments company BillDesk for USD 4.7 billion. The deal will bring Prosus’s cumulative investment in Indian tech to more than USD 10 billion.

Prosus says that the acquisition of BillDesk will see PayU become one of the leading online payment providers globally, handling a total payment volume (TPV) of USD 147 billion.

PayU India and BillDesk run complementary businesses within India’s digital payment industry. Together, the two expect to create a financial ecosystem handling four billion transactions annually – four times PayU’s current level in India, as per the press statement.

BillDesk was founded in 2000 by MN Srinivasu, Karthik Ganapathy and Ajay Kaushal, who were former consultants at US-based Arthur Andersen.

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It had raised funds funding from TA Associates, General Atlantic, Clearstone Venture Partners, Singapore’s state-held firm Temasek Holdings and Visa.

The platform allows customers to use net banking or cards to pay their bills online by tying up with utility service providers and connecting them with banks through a payment gateway.

The company had received in-principle approval from the Reserve Bank of India to operate as a Bharat Bill Payment Operating Unit under the Bharat Bill Payment System

Previous acquisitions by PayU in India include CitrusPay, Paysense and Wibmo.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Naspers-backed PayU in race to buy BillDesk; set to be 2nd largest Indian internet deal after Walmart-Flipkart acquisition

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Fintech giant PayU, which is backed by one of the world’s top technology investors Naspers, is one of the multiple suitors in talks to acquire top domestic payment gateway firm BillDesk in a mega transaction, which if sealed, would be the biggest in the Indian internet space since the disruptive $16 billion buyout of Flipkart by Walmart, multiple industry sources with knowledge of the matter told Moneycontrol.

“PayU has held discussions to buy a 100 percent stake in BillDesk which is on the block. But there are other suitors as well in the fray. So nothing has been frozen as yet. The sale of BillDesk would be a game-changing moment for the Indian payment gateway segment, “ one of the persons cited above told Moneycontrol, warning that the ongoing talks may or may not necessarily fructify into an eventual transaction.

“The proposed transaction, which may be struck for a premium valuation between $3.5 billion to $4.5 billion, would provide an exit to the founders as well as to the existing private equity investors Temasek and General Atlantic,” said a second person.

“A suitor like PayU would get multiple benefits from this potential big bet in India – technology and backend infra of the target, the size and scale of the business since it has the first-mover advantage, the volume of transactions and the merchant base, both government and otherwise,” a third person told Moneycontrol.

Moneycontrol could not independently confirm the names of other potential suitors in the fray for the proposed deal.

A fourth person confirmed ongoing discussions between both parties.

All the four persons cited above spoke on the condition of anonymity.

In response to an email query from Moneycontrol, a Naspers spokesperson said, “ At a Naspers level, we never comment on market rumour or speculation. Our standard response is as follows; It is the company’s policy to neither acknowledge nor deny its involvement in any merger, acquisition or divestiture activity, nor to comment on market rumours.” PayU did not respond to an email query from Moneycontrol.

General Atlantic declined to comment while a spokesperson for Temasek said, “As a matter of policy, we do not comment on market speculation and rumours.” Moneycontrol is awaiting an email response from BillDesk and its founders and has sent reminders. This article will be updated as soon as we hear from them.

Know more about BillDesk

Founded in 2000, by a team of ex-Arthur Andersen professionals, BillDesk provides a single versatile, scalable payments platform for enterprise-wide electronic payments and collections, related reconciliation and settlement operations, across multiple delivery channels and using a wide range of payment methods.

According to its website, the firm is the trusted partner of India’s largest institutions, and its technology, payments services and extensive processing network are used by India’s largest banks and many of India’s organisations across diverse industry segments such as telecom, insurance, utilities, financial services, education, entertainment and e-commerce businesses. The BillDesk platform processes a majority share of the online and mobile payments transactions that are conducted through aggregator platforms, in India.

The firm is a service bureau offering billers, banks and customers a comprehensive bill presentment, payment and management service. Using BillDesk technology, customers can receive and pay all their bills from one location and billers can benefit from reduced processing expenses and improved customer service from online presentment and payment of bills.

It is a financially independent company and is monitored as a participant under the Payments and Settlements Systems Act, 2007 (Act 51 of 2007) that is regulated and supervised by the Reserve bank of India. BillDesk’s investors include TA Associates, Clearstone Ventures, General Atlantic and Temasek.

Also, know more about PayU

PayU is a fintech company that provides payment technology to online merchants and is owned by Prosus, a global consumer internet group and one of the largest technology investors in the world. The company was founded in 2002 and is headquartered in Hoofddorp, Netherlands. It allows online businesses to accept and process payments through payment methods that can be integrated with web and mobile applications. Prosus has a primary listing on Euronext Amsterdam and a secondary listing on the Johannesburg Stock Exchange and is majority owned by Naspers.

PayU provides payment gateway solutions to online businesses through its premium technology. According to its website, in India, PayU serves more than 4,50,000+ merchants with over 100+ payment methods and is the preferred payment partner for e-commerce merchants, including all leading e-commerce companies and a majority of airline businesses.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow