<ul><li><keyword id="7349800" type="General" weightage="100" keywordseo="bharatpe" source="Orion">BharatPe</keyword> gets in-principle nod from <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> to operate as an <keyword id="16023338" type="General" weightage="20" keywordseo="online-payment-aggregator" source="Orion">online payment aggregator</keyword>. </li><li>The final authorization is subject to fulfillment of certain conditions. </li><li>This in-principle approval will help catapult our expansion plans, BharatPe said.</li></ul>BharatPe said on Tuesday that it has received authorization from the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) to operate as an online payment aggregator. The in-principle approval has been given to Resilient Payments, a subsidiary of Resilient Innovations (BharatPe). “We are really excited to receive the in-principle approval for the Online Payment Aggregator License and are thankful to the regulators for entrusting their faith in us. At BharatPe, we have been committed to empowering offline merchants and kirana store owners in the country and have already built a network of 1 crore merchants across over 400 cities,” said Nalin Negi, CFO and interim CEO, BharatPe. However, the final authorization is subject to fulfillment of certain conditions. BharatPe said it will now commence work on fulfilling the said conditions within the prescribed timeline and launch its online payments aggregator business upon the receipt of the final authorisation from RBI. “This in-principle approval will help catapult our expansion plans and enable us to reach out to millions of more unbanked and underserved merchants, provide digital payment acceptance solutions and in turn, get them to be a part of the Digital India story,” Negi added. Founded in 2018, the company claims to have launched the first UPI interoperable QR code, the first zero MDR payment acceptance service in India. The company processes more than 18 crore UPI transactions per month (annualised transaction processed value of over $24 billion in payments). It facilitated the disbursement of loans to the tune of ₹8,500 crore to over 450,000 merchants. BharatPe said its point of sale (POS) business now processes payments of over $4 billion annually on its machines. The announcement came as the company is fighting a fierce battle against its former co-founder Ashneer Grover over a fraud amounting to ₹88.6 crore. (With inputs from IANS) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/oil-pipeline-leaks-in-bihar-village-sending-locals-into-a-looting-frenzy/articleshow/96885018.cms">Oil pipeline leaks in Bihar village sending locals into a looting frenzy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/govt-will-soon-launch-new-pli-scheme-for-it-hardware-union-minister/articleshow/96884827.cms">Govt will soon launch new PLI scheme for IT hardware: Union minister</a>

BharatPe gets in-principle nod from RBI to operate as online payment aggregator

<ul><li><keyword id="7349800" type="General" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword> acquired scam-hit PMC bank earlier this year to expand itself into a small finance bank.</li><li><keyword id="254056" type="General" weightage="20" keywordseo="rajnish-kumar" source="Orion">Rajnish Kumar</keyword>, who has over four decades of experience in Indian banking, will mentor BharatPe’s team to effectively transition into the new role.</li><li>He was also the incharge of managing the bailout of Yes Bank and leading SBI’s digital drive with YONO.</li></ul>Former State Bank of India’s (SBI) chairperson Rajnish Kumar has been appointed as the chairperson of merchant payments platform BharatPe, which <a href="https://www.businessinsider.in/finance/banks/news/pmc-bank-will-have-a-new-owner-in-centrum-and-bharatpe/articleshow/83639668.cms">acquired scam-hit Punjab and Maharashtra Cooperative (PMC) bank</a> earlier this year in partnership with Centrum Financial Services. The three-year-old startup plans to expand itself into a small finance bank, catering to the needs of both merchants as well as consumers. Kumar will mentor BharatPe’s team to effectively transition into the new role. The company has emphasised that Kumar will be involved in both short- and long-term strategy of the fintech startup. Rajnish Kumar brings in over four decades of experience in the Indian banking industry. He had been associated with the State Bank of India for 40 years, where he has also worked in SBI UK and Canada. He was appointed as the chairperson of India’s largest lender in 2017 and retired last year. <table class="redcator-table-advance"><tbody><tr><td>Year</td><td>Revenue</td><td>Profit</td></tr><tr><td>FY2018</td><td>₹2,59,663 crore</td><td>₹63,055 crore</td></tr><tr><td>FY2019</td><td>₹2,78,082 crore</td><td>₹53,130 crore</td></tr><tr><td>FY2020</td><td>₹2,96,329 crore</td><td>₹51,342 crore</td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>During his tenure, SBI focused on its digital drive with the introduction of the “You Only Need One” platform, which is an automated digital banking platform that enables users to access a range of finance and other services like travel ticketing, online shipping, bill payments and more. He was also the incharge of managing the <a href="https://www.businessinsider.in/stock-market/news/yes-bank-shares-are-cheaper-than-what-they-were-a-year-ago-and-what-could-revive-the-investment-if-at-all/articleshow/82448509.cms">bailout of Yes Bank</a>, which needed between ₹10,000 crore to ₹12,000 crore to meet the regulatory requirements and grow the bank further. Under the rescue plan, SBI bought 49% stake in Yes Bank for ₹11,760 crore. After his retirement, he has taken up several roles. He acts as an economic advisor to the state of Andhra Pradesh since September 2021 and an independent director in Hong Kong and Shanghai Banking Corporation (HSBC) Asia in August 2021. He was also appointed as a senior advisor Baring Private Equity Partners and an advisor at Kotak Investment Advisors in February 2021. “In just 3 years, BharatPe has come a long way in becoming a trusted name in the financial services industry. It has redefined payments… and has also emerged as the largest B2B [business-to-business] lender in the industry. This company has a huge opportunity ahead and it would be great to work closely with its young and talented team to build financial services for the India of tomorrow," Kumar said. SEE ALSO <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-crosses-57000-for-the-first-time-in-five-months-altcoins-continue-to-struggle/slidelist/86957497.cms">Bitcoin crosses $57,000 for the first time in five months — altcoins continue to struggle</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-plans-to-launch-2nm-chipsets-by-2025-could-power-its-2026-flagships/articleshow/86959127.cms">Samsung plans to launch 2nm chipsets by 2025, could power its 2026 flagships</a> <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistrys-sterling-wilson-was-at-the-right-place-at-the-right-time-for-mukesh-ambanis-green-energy-ambitions/articleshow/86952399.cms">Cyrus Mistry's Sterling &amp; Wilson was at the right place at the right time for Mukesh Ambani's green energy ambitions</a>

The former boss of India's largest bank joins a soon-to-be small finance bank — here's why

Despite Delhi High Court's order to restrain from making defamatory statements against the company and its executives amid the ongoing Rs 88.6 crore fraud case, former <keyword id="7349800" type="General" weightage="80" keywordseo="bharatpe" source="Orion">BharatPe</keyword> Co-founder and Managing Director <keyword id="2988161" type="General" weightage="20" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> on Monday took a serious dig at CEO <keyword id="4534514" type="General" weightage="50" keywordseo="suhail-sameer" source="Orion">Suhail Sameer</keyword>, saying the CEO allegedly spent money on personal expenditures that he raised, but is unable to help the fintech firm grow. In a tweet, <keyword id="3433" type="General" weightage="80" keywordseo="grover" source="Orion">Grover</keyword> alleged that Sameer allegedly spent money raised by him to travel to Australia for the recently-concluded T20 World Cup. "Suhail (CEO) -- bahut aish kar li <keyword id="12917061" type="General" weightage="100" keywordseo="ashneer" source="Orion">Ashneer</keyword> ke raised funds pe. Ladkiya bhi ghuma li Australia. Par hai to hum nalle - hiring, product, tech, UNITY bank, PA license, mkt share -- kuchh nahi hil raha humse. Kya karenge? (Had a gala time with money Ashneer raised in Australia but I am unable to help the company on the hiring, product, tech UNITY Bank, payment aggregator (PA) license and market share fronts, what to do?)", tweeted Grover. Grover then targeted <keyword id="218116" type="General" weightage="50" keywordseo="sumeet-singh" source="Orion">Sumeet Singh</keyword>, a partner with Shardul Amarchand Mangaldas who joined BharatPe as its general counsel (GC) last year. "Sumeet (GC): Case karenge ! case karenge ! Case karenge ! (But Sumeet went ahead to file case (against me)," Grover further posted. The Delhi Hight Court last week issued notice and summons to BharatPe's former Managing Director and his kin in a plea filed by the company, seeking orders to restrain them from making defamatory statements against the company. In April this year, Grover had threatened legal action against CEO Sameer and the board for his comments on professional networking platform LinkedIn against his sister Ashima Grover, along with seeking a resignation from Chairman Rajnish Kumar. Grover last week attacked the fintech platform's co-founder Shashvat Nakrani, saying he once asked him to bunk office for a whole year in order to complete his IIT degree while remaining on the payroll. He also alleged that his book "Doglapan" created panic among BharatPe executives and this is the reason the fintech company had apparently filed cases against him. SEE ALSO: <a href="https://www.businessinsider.in/business/news/bharatpe-filed-cases-because-my-book-doglapan-created-panic-ashneer-grover/articleshow/96132598.cms">BharatPe filed cases because my book 'Doglapan' created panic: Ashneer Grover</a> <a href="https://www.businessinsider.in/business/news/ashneer-grover-reacts-on-big-boss-and-shark-tank-india-season-2/articleshow/95908444.cms">Ashneer Grover talks about being excluded from Shark Tank India, calls Big Boss a show for failed individuals</a> <a href="https://www.businessinsider.in/entertainment/news/shark-tank-season-2-is-here-but-popular-shark-ashneer-grover-is-missing-meet-the-new-shark/slidelist/95271549.cms">Shark Tank India S2 returns without Ashneer Grover, meet the new shark</a>

BharatPe CEO enjoying life with money I raised but fails to grow company, says Ashneer Grover

<ul><li><keyword id="2988161" type="General" weightage="20" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> has resigned from his position as the managing director of <keyword id="7349800" type="General" weightage="20" keywordseo="Bharatpe" source="Orion">BharatPe</keyword>.</li><li>He was the CEO of the merchant payments platform until last year and was replaced by Suhail Sameer.</li><li>Grover accused BharatPe’s core team of leveraging on his personal network to scale up their payments business.</li></ul>Ashneer Grover, the cofounder and managing director of BharatPe, has resigned from his position at the merchant payments platform. The development comes a week after his wife, <a href="https://www.businessinsider.in/business/startups/news/bharatpe-fires-ashneer-grovers-wife-madhuri-jain-and-she-takes-to-twitter-to-make-a-new-set-of-allegations-against-the-company/articleshow/89767491.cms">Madhuri Jain, was terminated</a> on allegations of misappropriation of funds. Grover, in the resignation letter dated March 1, accused the BharatPe’s core team of leveraging on his personal network to scale up their payments business and later treating him in a “the most disgraceful manner”. “Am I perfect? As every other human being does, I am sure I have my follies. I have been told that I am too straight forward [sic], headstrong, and have very demanding standards when it comes [to] work. But it is these qualities that have resulted in BharatPe’s exponential growth in becoming an industry behemoth,” the letter read. Here is the full text of Grover’s letter: Dear Board, I write this with a heavy heart as today I am being forced to bid adieu to a company of which I am a founder. I say with my head held high that today this company stands as a leader in the fintech world. Since the beginning of 2022, unfortunately, I’ve been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which ostensibly they are trying to protect. From being celebrated as the face of Indian entrepreneurship and an inspiration to the Indian youth to build their own businesses, I am nowwasting myself fighting a long, lonely battle against my own investors and management. Unfortunately, in this battle, the management has lost of what [sic] is actually at stake – BharatPe. People who know me and have worked closely with me know that I believe in building - whatever the odds may be. I am an IIT Delhi – IIM Ahmedabad graduate, the best of what Indian [sic] education system has to offer. I am the child of middle-class parents who’ve imbibed in me the values of hard work, integrity and honesty. I am a professional with an impeccable track record who has been instrumental in building two unicorn businesses, i.e. Grofers and BharatPe from scratch. I have not only encouraged the youth of this country to follow their dreams but have also created an arena of job opportunities for tens of thousands of India’s gig-economy workers. I am proud that my journey and growth has not only been limited to me but has also encompassed within its fold people associated with me, professionally and personally. In my endeavor to promote and grow the start-up ecosystem in our country, I have invested back what I have earned and have helped many along the way. I have nurtured BharatPe as my baby. I’ve built it along with my co-founder and an amazing team of individuals. Most times the circumstances were hostile (to say the least) but it did not stop me. BharatPe was the last entrant in UPI space and competed with goliaths like PayTM, PhonePe and GooglePay – but it still emerged as a leader in the industry. I had the vision to disrupt payments with ‘0% MDR’, lending with shopkeeper ‘loans against payments’, P2P with ‘12%Club’ and BNPL with ‘postpe’. With my efforts and hard work, the Company has created a network of more than 1 Crore (10M) shopkeepers who transact more than Rs 100,000 Crores (US$ 16B) annually and lent out more than Rs 4,000 crores (US$ 0.5B) as loans. It is indisputable that BharatPe loans have helped lakhs of small businesses fight organised e-commerce and COVID. Most importantly and the only time for any Fintech in India – with my constant efforts the Company has acquired a Small Finance Bank license to create ‘Unity Small Finance Bank’. I’ve shown the gumption and intent to find a solution for PMC Bank and Ten Lakh of its depositors to give them back their hard-earned funds. The height at which BharatPe stands today is the result of the hard work of the last four years. With a team of less than Five hundred on-roll employees, an aggregate spending of less than US$ 150 Mn, and by raising US$ 615 Mn from ten of the marquee investors without using a single banker, the success story of BharatPe is for everyone to see. While scripting the commercial success of BharatPe, the Company was also affording liquidity to our employees of more than Rs 100 crores against their ESOPs and giving at least Eighty times returns to each of its twenty-eight angel investors. While the Company was valued at Rs 20,000 crores (US$ 3B) as per the Series E round; today it would be valued at Rs 40,000 crores (US$ 6B), within a span of less than a year. No other startup of similar valuation has been able to achieve what BharatPe has achieved today that too by utilizing less than Rs 1,000 crores. Clearly, BharatPe’s success story is for the world to see. Am I perfect? As every other human being does, I am sure I have my follies. I have been told that I am too straight forward, headstrong, and have very demanding standards when it comes [to] work. But it is these qualities that have resulted in BharatPe’s exponential growth in becoming an industry behemoth. Unfortunately, what has happened in the recent past seems to be a battle of egos being played to the gallery of the media under the charade of “good governance”. The fundamental fact is that all of you as investors are so far removed from reality that you’ve forgotten what real businesses look like and have no appreciation for what it took to run this enterprise day in and day out. Your outlook towards BharatPe has been limited to the small window on your Zoom Meetings application, far removed from the sweat of the brow that goes into making BharatPe the business leader that it is. None of you, including the ones based in India, have ever been to our office even once, since the andemic turned our lives upside down and sought to suffocate the economy. Not even once. Not Micky. Not Harshjit. Not Mohit. Not Teru San. Not Rahul. Not Deven. No one. None of you even turned-up despite an invitation for the inauguration of our new office. This is how connected you are to BharatPe. Your views of businesses and problems on the ground are so colored by the windows of the Ivory Tower in which you all reside that you have no connect whatsoever with the human element of the business. It is sad that you have even lost touch with the Founder. You’ve lost touch with me. For you, the Founder of this company has been reduced to a button to be pressed when needed. I cease to be a human for you. Today,you have chosen to believe gossip and rumours about me instead of having a frank conversation. You are so easily spooked because you have no touch with reality. The fact of the matter is that today you believe that I have served my utility and so incrementally I am just becoming a liability. And since then, the fact of the matter is that today you believe that I have served my utility and so incrementally I am just becoming a liability. And since the investor template to make an unwanted Founder go away is to make them the villain of the piece, that’s what you have gone ahead and done – “Let’s invoke the SHA. Let’s put him on leave under the pretext of a governance review. Let’s terminate his wife’s employment. Let’s vilify his whole clan. We as investors are on top of the food chain – let’s cut him down to size and make an example of him.” When you wanted to leverage my personal network, you were very happy to do so – today I am being vilified and treated in the most disgraceful manner. You treat us Founders as slaves – pushing us to build multi-billion-dollar businesses and cutting us down at will. Investor-Founder relation in India is one of Master-Slave. I am the rebel slave who must be hung by the tree so none of the other slaves can dare to be like me ever again. Unfortunately, I refuse to walk that path and refuse to tolerate this continuous and shameful vilification of me and my family. I have been the one who founded this company and built it up to its enviable position today, no wonder you want to oust me for your vested interests. So when do we end this? We end this now. While I maintain that you will not find a single act of impropriety against me, I will not be participating in your charade. Since you clearly believe you can run this Company better without me – I am leaving you with this challenge. Build incrementally even half of the value I created so far – I am leaving you with three times the funds I’ve utilised till date. I hereby resign as the Managing Director of BharatPe, effective immediately. I also resign as a Director of the Board. I will continue as the single largest individual shareholder of the Company. I have founded and built BharatPe into what it is today, and this identity, none of you can take away from me. Best regards, Ashneer Grover The resignation letter was<a target="_blank" class="c-link" href="https://www.moneycontrol.com/news/business/companies/read-the-full-text-of-ashneer-grovers-resignation-letter-8176891.html"> first </a>made public by Network 18. Business Insider has accessed and verified the same. Grover was the chief executive officer (CEO) of the merchant payments platform until last year and was replaced by Suhail Sameer, who was group president in the company. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/startups/news/swiggy-dunzo-zepto-and-grofers-should-roll-back-10-minute-delivery-says-petition/articleshow/89900739.cms">A netizen is seeking roll back of the 10 minute delivery feature on Swiggy, Dunzo, Zepto and Grofers</a> <a href="https://www.businessinsider.in/stock-market/news/as-long-as-mukesh-ambani-is-there-to-rescue-the-market-doesnt-care-about-future-retails-financial-stress/articleshow/89886569.cms">As long as Mukesh Ambani is there to rescue, the market doesn't care about Future Retail's financial stress</a> <a href="https://www.businessinsider.in/india/news/indian-economy-grows-by-5-4-in-oct-dec-lower-than-8-5-in-the-previous-quarter/articleshow/89898660.cms">Indian economy's growth slows down to 5.4% between October to December</a>

Ashneer Grover resigns from BharatPe. This is what he had to say.

Former BharatPe co-founder and managing director <keyword id="12917061" type="General" weightage="80" keywordseo="ashneer" source="Orion">Ashneer</keyword> <keyword id="3433" type="General" weightage="100" keywordseo="grover" source="Orion">Grover</keyword> has alleged in his book 'Doglapan' that current BharatPe CEO <keyword id="4534514" type="General" weightage="50" keywordseo="suhail-sameer" source="Orion">Suhail Sameer</keyword> called co-founders Bhavik Koladiya and Shashvat Mansukhbhai Nakrani for drinking sessions to poison them against him. Facing a civil lawsuit in the Delhi High Court for Rs 88.6 crore fraud at BharatPe during his tenure, Grover wrote that taking advantage of the fact that "I do not indulge in alcohol, he would call Bhavik and Shashvat for drinking sessions and poison them against me". "<keyword id="404857" type="General" weightage="50" keywordseo="suhail" source="Orion">Suhail</keyword> detested <keyword id="285" type="General" weightage="50" keywordseo="madhuri" source="Orion">Madhuri</keyword> because she saw through his nefarious designs early. Along the way, he was also insecure as I had informed him that a new CFO would be joining us soon, which he thought would clip his wings," Grover wrote in the book. Grover further alleged that he gave Sameer more ESOPs than anyone else had been given in Indian startups, "giving him Rs 11 crore of liquidity within a year, besides making him the CEO and even a director on the board". "His payback, of course, was in the form of a betrayal," Grover added. Last week, Grover tweeted that Sameer allegedly spent money on personal expenditures raised by him, but is unable to help the fintech firm grow. Grover said that Sameer allegedly spent money raised by him to travel to Australia for the recently-concluded T20 World Cup. "Suhail (CEO) -- bahut aish kar li Ashneer ke raised funds pe. Ladkiya bhi ghuma li Australia. Par hai to hum nalle - hiring, product, tech, UNITY bank, PA license, mkt share -- kuchh nahi hil raha humse. Kya karenge? (Had a gala time with money Ashneer raised in Australia but I am unable to help the company on the hiring, product, tech UNITY Bank, payment aggregator (PA) license and market share fronts, what to do?)", tweeted Grover. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-search-hit-highest-ever-traffic-in-25-years-as-messi-dazzled-sundar-pichai/articleshow/96334500.cms">Google Search hit highest-ever traffic in 25 years as Messi dazzled: Sundar Pichai</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/idfc-first-bank-announces-zero-free-banking-on-savings-accounts/articleshow/96334786.cms">IDFC First Bank announces zero-free banking on savings accounts</a>

BharatPe CEO called co-founders over drinks to poison them against me: Ashneer Grover

<ul><li><keyword id="761157" type="ORGANIZATION" weightage="20" keywordseo="Infibeam">Infibeam</keyword> is looking to acquire a fintech company that is into point of sale (POS) business, said Vishwas Patel, executive director at <keyword id="6674939" type="UNKNOWN" weightage="20" keywordseo="infibeam-avenues">Infibeam Avenues</keyword> in an interview with Business Insider.</li><li>With more than 3 million merchant databases, the company has announced its plans in the lending space by partnering with banks and NBFCs who can finance credit to merchants.</li><li>The gateway payment company aims at $28 billion of transaction processing value in the current financial year.</li></ul>Ahmedabad-based Infibeam is looking to acquire fintech companies that are into point-of-sale (POS) business. The company is eyeing to acquire a company in the POS terminal business with presence in 1000 cities and towns across India. “It is better to acquire a firm who has put all (POS terminal) infrastructure in place rather than building from scratch,” said Vishwas Patel, executive director at Infibeam Avenues in an interview with Business Insider To put into perspective, startups like Pine Labs and Mswipe are POS companies that provide point-of-sale solutions including payments, inventory management and accounting softwares. What is Point of Sale? Point of sale (POS) is the time and place where a customer makes a payment for products or services at your store. A digital retail point of sale system typically includes a POS terminal that can read debit/credit cards and enable payments through a swipe. Service providers that provide both POS hardware and software solutions are called POS companies. Patel said that the company already has a payment gateway -- CCAvenue -- that allows online merchants to process their all online transactions, but is lacking point of sale (POS) terminal business in order to complete its payment solutions portfolio. <div type="image" title="infibeam chart" height="900" width="1200" msid="85292292" hostid="261"></div> Latest acquisition In June last year, Infibeam had acquired Cardpay, which offers a spending management platform to corporations under the brand name “Grit.” The platform offers help with physical and virtual credit cards, invoice processing and early payments discounts. Now to enter lending space Further, with more than 3 million merchant databases, the company will enter the lending space by partnering with banks and non-banking financial companies (NBFCs) to provide loans to merchants. R Srikanth, global president of finance at Infibeam, explained in an interview with Business Insider that its detailed database on the transaction history of merchants will help the banks to authenticate the customer before processing the loan. While these small shopkeepers may or may not meet the requirements of a bank to prove their creditworthiness, Infibeam’s data on the shop’s revenue and cash flow will help it determine the same without the formal documentation that banks would seek. Fintech startup BharatPe’s newly appointed chief executive officer (CEO), Suhail Sameer, also explained the same in an interview with Business Insider in June, right after its application for a banking licence with Centrum was approved. <div type="Video" msid="83975924" hostid="261" title="Crisis capital for capital crisis" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=83975924"></div> There is a $100 billion lending market out there. Therefore growth acceleration is also huge. “With 2.6 million merchants even if 5-10% lending customers happens through banks we will make money on every loan,” Infibeam’s Srikanth added. Confident to cross $30 billion transaction processing value in FY22 The payment gateway and e-commerce platform service provider’s profit rose by 18.14% year-on-year to ₹14.07 crore in June quarter while revenue reached ₹218.93 crore. Infibeam Avenues aims at $28 billion of transaction processing value in the current financial year compared to $19 billion in FY21. Awaiting response from RBI Besides, the company has a pending application for a new umbrella entity (NUE) licence along with consortium partners Jio Platforms, the telecom giant owned by India’s richest man Mukesh Ambani, Google and Facebook to offer payments globally. <a href="https://www.livemint.com/news/india/five-things-to-know-about-the-nue-license-being-chased-by-ambani-amazon-11614757036972.html">Reportedly</a>, those who receive the license will set-up, manage and operate new payment systems in the retail space, including ATMs, points of sales, remittance services, and Aadhaar-based payments. The entities will also manage newer payment methods, standards, and technologies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/irctc-tata-steel-hero-motocorp-and-other-top-stocks-to-watch-out-for-on-august-13/slidelist/85291580.cms">IRCTC, Tata Steel, Hero MotoCorp and other top stocks to watch out for on August 13</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/hacker-behind-610-million-crypto-hack-conducts-ama-claims-returning-the-money-was-always-a-part-of-the-plan/articleshow/85268481.cms">Hacker behind $610 million crypto hack conducts AMA — claims returning the money was always ‘a part of the plan’</a>

You Searched For "BharatPe banking license" and got 6 results

BharatPe gets in-principle nod from RBI to operate as online payment aggregator

Vaamanaa Sethi

The former boss of India's largest bank joins a soon-to-be small finance bank — here's why

Kritti Bhalla

BharatPe CEO enjoying life with money I raised but fails to grow company, says Ashneer Grover

IANS

Ashneer Grover resigns from BharatPe. This is what he had to say.

Kritti Bhalla

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