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Here are 49 of the most promising fintech startups transforming how we bank, invest, work, and pay, according to 27 top investors

New Delhi: The <keyword id="21833060" type="General" weightage="20" keywordseo="Fintech-ecosystem" source="keywords">Fintech ecosystem</keyword> of the country now cumulatively valued at over USD 100 billion, is at a pivotal stage of evolution, with the potential to create two to three times its current value over the next decade, as per a report by <keyword id="20058186" type="General" weightage="20" keywordseo="BCG" source="keywords" meta.keywordsubtype="org" meta.entityname="BCG" meta.hostid="269" meta.entityid="BCG">BCG</keyword> and Z47. The report highlighted that India remains one of the top three global Fintech destinations, with the ecosystem witnessing exponential growth across all levels. It added that over the past four years, the number of <keyword id="22974213" type="General" weightage="20" keywordseo="Minicorns" source="keywords">Minicorns</keyword> (valuation at least USD 1 million but less than USD 1 billion) in the country has increased by 3.5 times, while the number of <keyword id="19944451" type="General" weightage="100" keywordseo="Unicorns" source="keywords">Unicorns</keyword> and Soonicorns (startup that is growing quickly and has the potential to become a "unicorn" valued at USD 1 billion) has tripled. The report noted that in 2023, the country's Fintech market achieved a revenue size of USD 25 billion, marking a 56 per cent year-on-year growth which is a remarkable contrast to the global Fintech growth rate of just 13 per cent during the same period. However, the report also added that despite generating over USD 100 billion in value within the last decade, Indian Fintechs are still considered to be in the "middle" phase of their development, especially when compared to traditional incumbents who have created USD 600 billion+ in value over 30 to 50 years. The report mentioned that now the growth and the further expansion of the fintech ecosystem in the country is expected to come from the Tier 2 cities where majority of the Indian population resides. "With 63 per cent of the Indian population outside the top cities, huge opportunity exists to serve Bharat with next wave of penetration expected to come from Tier 2 cities" the report added. As Fintechs mature, profitability has become a central focus across the sector, with over 40 per cent of founders and CXOs (Chief Experience Officers) prioritizing unit economics alongside market expansion. Those preparing for or currently undergoing the IPO process are increasingly emphasizing governance, investment in infrastructure, and security. The report noted that in a recent survey of over 60 executives from top Fintechs, the majority cited market share expansion and growth as key priorities, especially for early and growth-stage companies. Post-IPO stage Fintechs, however, are placing greater emphasis on profitability and investments in technology, infrastructure, and security. "Mature Fintechs preparing for or in the IPO journey are emphasizing governance, investment in infrastructure, security Across survey of 60+ Executives of top Fintechs, market share expansion &amp; growth emerged as priorities for early and growth stage" added the report. Notably, the report stated that the profitability outlooks are improving year-on-year across all segments, with Neobank and InsurTech showing the most significant positive shifts since 2022. However, the industry is not without its challenges, particularly in the realm of cybersecurity. Over the past two decades, more than USD 20 billion has been lost to cyber and digital attacks.

Minicorns, Unicorns tripled in USD 100 billion Indian fintech ecosystem: BCG, Z47

Ah, <keyword id="18712" type="General" weightage="20" keywordseo="Gold" source="Orion">gold</keyword>! The shiny metal that's been making humans lose their minds since time immemorial. And yet, from King Midas to our neighbourhood aunty and even our moms (and secretly dads), everyone seems to have a super soft spot for the bullion. But here's the kicker: right now, gold prices are breaking all records on their upward trajectory! As of today, prices of 24k carat gold have passed the Rs 80,000 mark per 10 grams. And if experts are to be believed, this train isn't stopping anytime soon! So, as shiny as gold might look, adding even a bit of its glitter as we start decking up for the festive season might not be so easy on your pockets. But let's admit it—we love our gold and can't live without it. No wonder India is the second-largest consumer of the yellow metal in the world, only behind <keyword id="1334" type="General" weightage="20" keywordseo="China" source="Orion">China</keyword>. Such is our fondness for the metal that the <keyword id="20195223" type="General" weightage="20" keywordseo="world-gold-council" source="keywords">World Gold Council</keyword> had to up our 2024 annual demand forecast to 850 tonnes, up from the previously estimated 750 tonnes. However, our love for gold isn't just about looking fabulously embellished and blinding people with its bling. Indians also see gold as a long-term, trusty investment, supporting our other hard-earned assets, especially when high <keyword id="22195" type="General" weightage="20" keywordseo="Inflation" source="Orion">inflation</keyword> rates pull our returns down. After all, while inflationary pressures generally weaken the purchasing power of our regular paper money, gold is built differently. When the world is buckling to inflation, gold gains value during these times. This is also why it is considered a solid hedge against inflation. With Diwali and Dhanteras knocking at our doors, the inflation demon continued to bother India like a guest who refused to leave. Just last month, the Consumer Price Index (CPI) stood at 5.49%, much higher than the anticipated levels. Moreover, the diverging policy stances among central bankers worldwide, growing geopolitical tensions, tough job markets, and extreme weather events are only adding to the uncertainty. In such economically uncertain times, what should your gold strategy be this festive season? To buy or not to buy, that is the question. Well, let’s get to it. <h2><keyword id="20050894" type="General" weightage="100" keywordseo="gold-etfs" source="keywords">Gold ETFs</keyword> to the rescue</h2>See, buying physical gold jewellery is certainly a flex, but also a financial fuss. First, you pay a heavy amount to buy gold. Not to mention all those extra, hefty jewellery-making charges. And then you pay even more money to keep it safe in a bank locker, lest it get stolen. But what if we tell you that you can own pure <keyword id="3311599" type="General" weightage="20" keywordseo="24K-gold" source="Orion">24k gold</keyword>, minus all these frills? Welcome, Gold ETFs (Exchange Traded Funds). Simply put, gold ETFs are like the cool cousins of your traditional gold investments. Instead of stashing gold bars under your mattress like those maniac millionaires we see in Bollywood films, you can now invest and trade in gold through the stock market. It's basically buying units of an ETF on the stock exchange that directly mirror the ongoing domestic prices of gold. Generally, gold ETFs are equivalent to 99.5% pure physical gold bars, and each ETF unit denotes actual, one gram of gold. And let's face it, who would not want that golden glow in their lives? Gold ETFs have witnessed an over seven-fold surge in their AUM (assets under management) in just the last five years. From Rs 5,613.22 crore in September 2019 to Rs 39,823.50 crore in September 2024, gold ETFs seem to be in-thing. Inflows in gold ETFs have shot up by a whopping 2,695% over the last 5 years. In September 2019, gold ETFs had garnered a mere Rs 44.11 crore. Compare that to the inflows worth Rs 1,232.99 crore gold ETFs received last month. Talk about growing, or glowing popularity! In fact, in just 2024, inflows in gold ETFs have surged by nearly 88% since the beginning of this calendar year. From Rs 657.46 crore in January 2024 to Rs 1,232.99 crore in September 2024, good old gold is never out of season. <h2>So, how do these ETFs work? Should I invest in them now?</h2>All you need is a Demat account. Log into your account, choose the gold ETF scheme you want to invest in, and voila! You’re now a bullion-aire! All your gold ETF units will be stored in this account. Then, you can buy and sell gold ETFs just like you buy shares—in real-time. So, if gold prices inch upwards, which is where gold is currently going, the value of your ETF units will also rise in lockstep. Ashwini Kumar, Senior Vice President and Head of Market Data at ICRA Analytics, says that of late, gold ETFs have been increasingly gaining popularity among investors due to the liquidity, safety and transparency they offer. "With the escalating global geopolitical tensions boosting the ‘safe-haven’ appeal of the bullion, investors are preferring to park their funds in gold ETFs as compared to investing in physical gold, as there is no hassle of storing it. The heightened activity in gold ETFs is also driven by the prospects of an imminent further interest rate cut by the <keyword id="20078761" type="General" weightage="20" keywordseo="u-s-federal-reserve" source="keywords">U.S. Federal Reserve</keyword> in the coming months,” he added. “Investors with a short- to medium-term investment horizon may consider investment through gold ETFs. A buy-on-dips strategy here may help investors capitalise on a temporary correction in prices. Also, given the current market dynamics where equities are showing mixed trends, a modest, 5-10% allocation to gold may serve as a hedge against inflation and market volatility, which may help you balance risks in an optimum manner,” Kumar noted. <h2> Wait, there is no dearth of options</h2>But if ETFs make you go WTF, there’s always digital gold. You can invest in the yellow metal without actually physically holding it for as low as Rs 1. The best part? You can buy or sell this gold 24 X7 seamlessly via multiple apps without having to pay storage costs. On your behalf, your gold is stored in insured vaults by the seller. But remember, digital gold continues to remain unregulated territory in the country, where you venture at your own risk. In 2021, market watchdog SEBI had even asked its members to desist from selling digital gold. Then there are gold mutual funds and the Sarkari SGBs, or sovereign gold bonds. While gold mutual funds invest primarily in gold ETFs, SGBs are issued by the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> and are also a reliable substitute for holding physical gold. However, with the RBI currently putting brakes on issuing SGBs, investing in them is out of the question. Plus, you should only get your hands on SGBs if you're in for the long haul. Apart from a 2.5% p.a. interest, you don't have any yearly earnings from them. Moreover, no premature redemption is allowed before 5 years, and you'll have to wait a good 8 years to maximise your returns. <h2> Okay, tell me about returns</h2>In contrast, the seventeen gold ETF schemes currently present in the market offer an average one-year return of 29.12%. Stay with it a little longer, and you can end up with returns worth 16.93% and 13.59% over a 3 and 5-year period, respectively. If you look at it, these returns are comparable with the returns delivered by actual, physical gold. Data from Value Research indicates that gold, as a commodity, has delivered returns worth 27.24%, 16.53%, and 14.18% over a 1, 3, and 5-year period, respectively. So, worth investing, right? <h2>What are the risks?</h2>See, stock markets are as unpredictable as monsoons in Mumbai. One significant market correction can wash away your returns, and one sunny day or an upswing can leave you wallowing in wealth. Since your gold investments are directly linked to these markets, you should steel yourself up for some volatility. Plus, international gold prices are in dollars. So, if our rupee decides to take a nosedive, your returns might look a bit tarnished. Also, know that your ETF might not always perfectly mirror gold prices, which is also known as a tracking error. It's like expecting your Zomato-ordered food to look exactly like the picture on the menu—it's close, but not quite. Then there’s the taxation bit. The budget this year brought down the <keyword id="20552259" type="General" weightage="20" keywordseo="ltcg" source="keywords">LTCG</keyword> (long-term capital gains tax) on gold ETFs from the previous 20% to 12.5% (sans indexation). LTCG is what you pay if you sell your ETF units after 12 months. If you sell your gold ETF units within a year and make handsome returns, the tax you’ll have to pay will be equivalent to your income tax slab rate. <h2>Is gold just for old?</h2>A survey by fintech firm Moneyview thinks otherwise. Per their findings, over 85% of the 3,000 respondents it talked to considered gold to be a valuable asset for wealth preservation, with its intrinsic value and historical performance continuing to drive consumer confidence. Particularly, young investors in the age group of 25–40 years are also investing in gold via both physical and digital ways to build wealth for retirement and other long-term goals. So, young or old, everyone’s going for gold. So, this festive season, with gold prices going north, investing in gold can add that much-needed glitz to your financial attire. But remember, don't go overboard since gold isn't exactly a high-return-yielding asset. But whether you're a seasoned investor looking to diversify or a newbie trying to make their way in the markets, investing in gold offers you a glittering safety cushion. Just remember, while gold can make your portfolio shine, it's your smart investment decisions that truly make you golden. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified, and registered advisors for professional and personalised financial advice.

Can investing in gold this festive season add the much-touted Midas touch to your investments?

<div type="image" title="Save yourself the trouble of buying physical gold this Diwali, and instead, go digital with Gold ETFs!" height="900" width="1200" msid="114507055" hostid="261" sizebytes="439216" caption="&amp;lt;p&amp;gt;Save yourself the trouble of buying physical gold this Diwali, and instead, go digital with Gold ETFs!&amp;lt;/p&amp;gt;"></div> Ah, <keyword id="18712" type="General" weightage="20" keywordseo="Gold" source="Orion">gold</keyword>! The shiny metal that's been making humans lose their minds since time immemorial. And yet, from <keyword id="23657519" type="General" weightage="20" keywordseo="king-midas" source="keywords">King Midas</keyword> to our neighbourhood aunty and even our moms (and secretly dads), everyone seems to have a super soft spot for the <keyword id="6384667" type="General" weightage="20" keywordseo="Bullion" source="Orion">bullion</keyword>. But here's the kicker: right now, gold prices are breaking all records on their upward trajectory! As of today, prices of 24k carat gold have passed the Rs 80,000 mark per 10 grams. And if experts are to be believed, this train isn't stopping anytime soon! So, as shiny as gold might look, adding even a bit of its glitter as we start decking up for the festive season might not be so easy on your pockets. But let's admit it—we love our gold and can't live without it. No wonder India is the second-largest consumer of the yellow metal in the world, only behind China. Such is our fondness for the metal that the <keyword id="20195223" type="General" weightage="20" keywordseo="world-gold-council" source="keywords">World Gold Council</keyword> had to up our 2024 annual demand forecast to 850 tonnes, up from the previously estimated 750 tonnes. However, our love for gold isn't just about looking fabulously embellished and blinding people with its bling. Indians also see gold as a long-term, trusty investment, supporting our other hard-earned assets, especially when high <keyword id="22195" type="General" weightage="20" keywordseo="Inflation" source="Orion">inflation</keyword> rates pull our returns down. After all, while inflationary pressures generally weaken the purchasing power of our regular paper money, gold is built differently. When the world is buckling to inflation, gold gains value during these times. This is also why it is considered a solid hedge against inflation. With <keyword id="188" type="General" weightage="20" keywordseo="Diwali" source="Orion">Diwali</keyword> and <keyword id="4067" type="General" weightage="20" keywordseo="Dhanteras" source="Orion">Dhanteras</keyword> knocking at our doors, the inflation demon continued to bother India like a guest who refused to leave. Just last month, the Consumer Price Index (CPI) stood at 5.49%, much higher than the anticipated levels. Moreover, the diverging policy stances among central bankers worldwide, growing geopolitical tensions, tough job markets, and extreme weather events are only adding to the uncertainty. In such economically uncertain times, what should your gold strategy be this festive season? To buy or not to buy, that is the question. Well, let’s get to it. <h2><keyword id="20050894" type="General" weightage="100" keywordseo="gold-etfs" source="keywords">Gold ETFs</keyword> to the rescue</h2>See, buying physical gold jewellery is certainly a flex, but also a financial fuss. First, you pay a heavy amount to buy gold. Not to mention all those extra, hefty jewellery-making charges. And then you pay even more money to keep it safe in a bank locker, lest it get stolen. But what if we tell you that you can own pure 24k gold, minus all these frills? Welcome, Gold ETFs (Exchange Traded Funds). Simply put, gold ETFs are like the cool cousins of your traditional gold investments. Instead of stashing gold bars under your mattress like those maniac millionaires we see in Bollywood films, you can now invest and trade in gold through the stock market. It's basically buying units of an <keyword id="19930506" type="General" weightage="20" keywordseo="etf" source="keywords">ETF</keyword> on the stock exchange that directly mirror the ongoing domestic prices of gold. Generally, gold ETFs are equivalent to 99.5% pure physical gold bars, and each ETF unit denotes actual, one gram of gold. And let's face it, who would not want that golden glow in their lives? Gold ETFs have witnessed an over seven-fold surge in their AUM (assets under management) in just the last five years. From Rs 5,613.22 crore in September 2019 to Rs 39,823.50 crore in September 2024, gold ETFs seem to be in-thing. Inflows in gold ETFs have shot up by a whopping 2,695% over the last 5 years. In September 2019, gold ETFs had garnered a mere Rs 44.11 crore. Compare that to the inflows worth Rs 1,232.99 crore gold ETFs received last month. Talk about growing, or glowing popularity! In fact, in just 2024, inflows in gold ETFs have surged by nearly 88% since the beginning of this calendar year. From Rs 657.46 crore in January 2024 to Rs 1,232.99 crore in September 2024, good old gold is never out of season. <h2>So, how do these ETFs work? Should I invest in them now?</h2>All you need is a Demat account. Log into your account, choose the gold ETF scheme you want to invest in, and voila! You’re now a bullion-aire! All your gold ETF units will be stored in this account. Then, you can buy and sell gold ETFs just like you buy shares—in real-time. So, if gold prices inch upwards, which is where gold is currently going, the value of your ETF units will also rise in lockstep. Ashwini Kumar, Senior Vice President and Head of Market Data at ICRA Analytics, says that of late, gold ETFs have been increasingly gaining popularity among investors due to the liquidity, safety and transparency they offer. "With the escalating global geopolitical tensions boosting the ‘safe-haven’ appeal of the bullion, investors are preferring to park their funds in gold ETFs as compared to investing in physical gold, as there is no hassle of storing it. The heightened activity in gold ETFs is also driven by the prospects of an imminent further interest rate cut by the <keyword id="20078761" type="General" weightage="20" keywordseo="u-s-federal-reserve" source="keywords">U.S. Federal Reserve</keyword> in the coming months,” he added. “Investors with a short- to medium-term investment horizon may consider investment through gold ETFs. A buy-on-dips strategy here may help investors capitalise on a temporary correction in prices. Also, given the current market dynamics where equities are showing mixed trends, a modest, 5-10% allocation to gold may serve as a hedge against inflation and market volatility, which may help you balance risks in an optimum manner,” Kumar noted. <h2>Wait, there is no dearth of options</h2>But if ETFs make you go WTF, there’s always digital gold. You can invest in the yellow metal without actually physically holding it for as low as Rs 1. The best part? You can buy or sell this gold 24 X7 seamlessly via multiple apps without having to pay storage costs. On your behalf, your gold is stored in insured vaults by the seller. But remember, digital gold continues to remain unregulated territory in the country, where you venture at your own risk. In 2021, market watchdog SEBI had even asked its members to desist from selling digital gold. Then there are gold mutual funds and the Sarkari SGBs, or sovereign gold bonds. While gold mutual funds invest primarily in gold ETFs, SGBs are issued by the RBI and are also a reliable substitute for holding physical gold. However, with the RBI currently putting brakes on issuing SGBs, investing in them is out of the question. Plus, you should only get your hands on SGBs if you're in for the long haul. Apart from a 2.5% p.a. interest, you don't have any yearly earnings from them. Moreover, no premature redemption is allowed before 5 years, and you'll have to wait a good 8 years to maximise your returns. <h2>Okay, tell me about returns</h2>In contrast, the seventeen gold ETF schemes currently present in the market offer an average one-year return of 29.12%. Stay with it a little longer, and you can end up with returns worth 16.93% and 13.59% over a 3- and 5-year period, respectively. If you look at it, these returns are comparable with the returns delivered by actual, physical gold. Data from Value Research indicates that gold, as a commodity, has delivered returns worth 27.24%, 16.53%, and 14.18% over a 1, 3, and 5-year period, respectively. So, worth investing, right? <h2>What are the risks?</h2>See, markets are as unpredictable as monsoons in Mumbai. One significant market correction can wash away your returns, and one sunny day or an upswing can leave you wallowing in wealth. Since your gold investments are directly linked to these markets, you should steel yourself up for some volatility. Plus, international gold prices are in dollars. So, if our rupee decides to take a nosedive, your returns might look a bit tarnished. Also, know that your ETF might not always perfectly mirror gold prices, which is also known as a tracking error. It's like expecting your Zomato-ordered food to look exactly like the picture on the menu—it's close, but not quite. Then there’s the taxation bit. The budget this year brought down the LTCG (long-term capital gains tax) on gold ETFs from the previous 20% to 12.5% (sans indexation). LTCG is what you pay if you sell your ETF units after 12 months. If you sell your gold ETF units within a year and make handsome returns, the tax you’ll have to pay will be equivalent to your income tax slab rate. <h2>Is gold just for old?</h2>A survey by fintech firm Moneyview thinks otherwise. Per their findings, over 85% of the 3,000 respondents it talked to considered gold to be a valuable asset for wealth preservation, with its intrinsic value and historical performance continuing to drive consumer confidence. Particularly, young investors in the age group of 25–40 years are also investing in gold via both physical and digital ways to build wealth for retirement and other long-term goals. So, young or old, everyone’s going for gold. So, this festive season, with gold prices going north, investing in gold can add that much-needed glitz to your financial attire. But remember, don't go overboard since gold isn't exactly a high-return-yielding asset. But whether you're a seasoned investor looking to diversify or a newbie trying to make their way in the markets, investing in gold offers you a glittering safety cushion. Just remember, while gold can make your portfolio shine, it's your smart investment decisions that truly make you golden. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified, and registered advisors for professional and personalised financial advice.

Simply put: Can investing in gold this festive season add the much-touted Midas touch to your investments?

Prime Minister Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> on Friday said the government is making necessary <keyword id="20861068" type="General" weightage="20" keywordseo="policy-changes" source="keywords">policy changes</keyword>, like removal of <keyword id="20279287" type="General" weightage="20" keywordseo="Angel-Tax" source="keywords">Angel Tax</keyword>, to promote the <keyword id="19945816" type="General" weightage="100" keywordseo="fintech" source="keywords">fintech</keyword> sector, even as he asked the <keyword id="19962476" type="General" weightage="20" keywordseo="regulators" source="keywords">regulators</keyword> to take additional measures to check cyber frauds which can have a crippling impact on startups. Lauding the fintechs for democratising <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, Modi said the sector, which has attracted USD 31-billion investment in the last 10 years, has played a key role in denting the parallel economy. The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. He said the domestic economy and the capital market are in a celebratory mood at a time when the nation is also going through a festive period. Modi underlined that the government is making all necessary changes on the policy level to assist the fintech sector and gave examples of doing away with Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. Broadly, fintech refers to entities utilising technologies for providing financial services. Expressing the need to put an end to <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, he urged the regulators to take major initiatives to boost digital literacy. It is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country, Modi said. In his speech, the Prime Minister also cautioned about the dangers of a parallel economy for the world. Fintech, he said, has played an impactful role in denting such a system and credited the emergence of transparency. He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. "Today, people can see the benefits of aligning with the formal banking system," he said. Modi further said the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of 'Cash is King' and made way for approximately half of the <keyword id="20004116" type="General" weightage="20" keywordseo="digital-transactions" source="keywords">digital transactions</keyword> in the world taking place in India. "India's <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> has become a major example of fintech in the world," he said, adding that it has enabled 24X7 banking services in every village and city in all weather conditions. Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of readily available loans, credit cards, investments and insurance. He said that fintech has made access to credit easy and inclusive, and gave the example of PM SVANidhi scheme that has enabled street vendors to avail collateral-free loans and further expand their business with the help of digital transactions. "Sustainable <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> is India's priority today," he said and emphasised that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks. About 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and other countries are participating in the fest.

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

In the ever-evolving landscape of <keyword id="6354241" type="General" weightage="20" keywordseo="financial-services" source="Orion">financial services</keyword>, technology has become the cornerstone of innovation, efficiency, and customer service. Indian financial services company, <keyword id="6377963" type="General" weightage="20" keywordseo="freecharge" source="Orion">Freecharge</keyword>, offers over 100 million users a whole range of services, from purchasing gold and investing in mutual funds to paying utility bills and recharging their phones - all from the comfort of their digital devices. And this fast-moving company leverages <keyword id="1815769" type="General" weightage="20" keywordseo="slack" source="Orion">Slack</keyword> as its AI-powered platform for work, ensuring its team stays aligned, engaged, and productive, as it seeks to continue its growth in a competitive market. Consumers now have more alternatives for managing and investing their money. Gone are the days of choosing one major bank and paying a slew of fees. It is now a buyer's market and the success of financial technology (or fintech) is determined by which institutions can best adapt their services to specific consumers. For most businesses, embracing the “tech” in fintech has become imperative, be it altering internal operations with new digital tools and processes or launching new products powered by machine learning to meet longer-term, bigger-picture goals. Fintech executives can now better serve their staff and customers by implementing company-wide digital changes and innovations. In a recent conversation with Sanjay Jain, Freecharge's Chief Technology and Product Officer- DBAT, we discovered how the company has transformed its operations by leveraging the many functionalities of Slack. The conversation covered a variety of topics, including faster product development, increased cooperation, better issue resolution, and a favourable impact on compliance and <keyword id="145060" type="General" weightage="20" keywordseo="data-security" source="Orion">data security</keyword>. <div type="image" title="13" msid="110069505" hostid="261" sizebytes="20066" caption="&amp;lt;p&amp;gt;Sanjay Jain&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Accelerated product development" comment="subhead" text="Accelerated product development">Accelerated product development</cmsannotation> According to Sanjay, you need best-in-class technologies if you want your DevSecOps teams to ship code swiftly and resolve issues promptly. However, development teams now deal with more tools, data, and geographically dispersed colleagues than ever before; this means that time is spent more on establishing context for each issue when it should rather be spent adding value. To achieve the objective of creating a lean, mean development machine, you need to create an environment in which the relevant team members have access to the data and resources they require at precisely the right time. Before integrating Slack into their workflows, Freecharge faced challenges with a prolonged product release lifecycle, taking 6 to 7 months. "With Slack, this timeline drastically reduced, allowing us to launch 3 to 5 products every quarter, marking a significant leap in our go-to-market strategy," says Sanjay. <cmsannotation type="cmsannotation" annotationid="Efficient collaboration and compliance" comment="subhead" text="Efficient collaboration and compliance">Efficient collaboration and compliance</cmsannotation> A star quality that made the case for Freecharge adopting Slack is its cross-functional collaboration, especially when managing multiple products across multiple teams. “It was just seamless,” quipped Sanjay. When Freecharge switched to using Slack in 2020, it became easier for the company to align with members across different teams, due to its ease of integration and user experience. Prior to Slack, Sanjay mentioned that getting all the team members along on daily standups was a nightmare but Slack’s workflow feature sends auto reminders and notifications on specific channels and that led to a simpler process and more effective time management. The other major challenge that Freecharge faced was documentation. When simultaneous discussions take place between product and business teams, a lack of proper documentation can create hurdles. But with Slack channels providing conversation histories, discussion points, and shared documents, it drastically improved the experience. Additionally, Slack’s canvas feature enhances collaboration, allowing teams to create, organise and share essential information. Instead of being buried deep in a sea of disparate email threads, all the information for each topic is centrally located and easily accessible. Additionally, app integrations such as calendars and emails, made it easier for teammates at Freecharge to access what they needed within Slack instead of having multiple tabs open. Sanjay says "Slack emerged as a catalyst for seamless collaboration within Freecharge, streamlining internal workflows and processes." When asked about data sharing and privacy, Sanjay explained that: "The platform not only facilitated communication, but also contributed significantly to maintaining regulatory compliance and data security, crucial aspects in the highly regulated industry of fintech." <cmsannotation type="cmsannotation" annotationid="Issue resolution and customer satisfaction" comment="subhead" text="Issue resolution and customer satisfaction">Issue resolution and customer satisfaction</cmsannotation> Rapid response is essential for financial customer support at Freecharge. Customers want help right away, and money is an emotional commodity. Freecharge can elevate support tickets to the relevant channels using Slack; this technique is crucial for VIP support requests from significant clients. Through Slack, Freecharge’s customer support teams are also able to obtain information from the appropriate sources in no time. If a customer support person cannot find the answer in a knowledge base, they can quickly connect via Slack with the relevant professional. Previously, alerts from customer support were sent by email, and as a result notifications were easy to miss, and every problem was a complex maze of searching for the appropriate individuals and looping them into different email threads. Today, Freecharge has integrated everything together in Slack. “Slack's quick response capabilities played a crucial role during high traffic events like big billion days and festive seasons. By swiftly addressing customer complaints and resolving issues, Freecharge achieved a notable boost in customer satisfaction, positively impacting overall metrics,” adds Sanjay. One of the biggest differentiators for Slack is the platform it provides for developers to create a sound <keyword id="6354778" type="General" weightage="20" keywordseo="banking" source="Orion">banking</keyword> experience by digitally transforming critical operations through custom apps. Sanjay emphasises: “Slack's impact has extended beyond operational efficiency. It has catalysed a culture of innovation at Freecharge, allowing us to test and implement new concepts rapidly.” Freecharge uses Slack as its digital headquarters, enabling its workers to automate procedures and find quicker solutions to problems. Developers can boost SLA performance and speed up time to resolution by coordinating their tools and communication on Slack. An added bonus would be that new responders have instant access to the historical context of an issue without interrupting ongoing investigations. Increasingly in fintech, where customer demands drive innovation and collaboration among teams, the role of workplace tools becomes paramount. And at Freecharge, Sanjay is gung-ho on Slack’s integration, primarily due to the vast impact that it has brought about – in the pace of product development, issue resolution, and the scale of innovation. Since integrating Slack into their operations over the past few years, Freecharge can attest to the positive impact it has had on their business. It has helped them deliver and thrive in an increasingly competitive environment. Freecharge is now able to launch products every quarter and that has provided them a boost in go-to-market strategies. The improved speed in issue resolution has led to stronger metrics and, most importantly, the collaborative environment fostered by Slack has allowed teams across the board to stay aligned and work together to map a stronger blueprint. As Freecharge continues to pave an innovative way forward in modern banking, Slack provides a solid platform to build both a cutting-edge product and culture. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>

Beyond banking: How Slack is reshaping financial services for the digital age

The finance guru <a target="_blank" class="" href="https://www.businessinsider.com/dave-ramsey-buying-house-prices-mortgages-personal-finance-affordability-crisis-2024-6">Dave Ramsey</a> famously said that if Americans wanted to build wealth, they should give up their morning coffee. But spend any time in certain corners of personal-finance Instagram and TikTok and you'll see women indulging in sleek caffeinated beverages. They swirl whipped cream on their tall iced coffees, brew black-sesame-matcha lattes, and show off hot chocolate and pastries as they promote strategies to save, invest, and make the most of their credit-card points. These women <a target="_blank" class="" href="https://www.businessinsider.com/multimillionaire-chooses-to-rent-not-buy-home-2024-6">talk openly about being rich</a> and wanting to help other women become rich too.One of those influencers is Tori Dunlap, the founder of a financial-education company called <a target="_blank" class="" href="https://www.businessinsider.com/how-to-start-business-with-no-money-her-first-100k-2023-1">Her First 100K</a>. She aspires to get as many young women as possible investing and to debunk the notion that in order to build wealth they need to deprive themselves of things they enjoy. In a <a target="_blank" href="https://www.instagram.com/reel/CzzfzhsPAr-/">video</a> on Instagram, she considers Ramsey's advice, then erupts into a scream. "It's not the latte that's keeping you from saving money," she wrote in the caption. "It's the systemic oppression."Just a handful of years ago, Dunlap, who was born in Tacoma, Washington, was working a job in marketing and dealing with a toxic boss. Thanks to an emergency fund she'd grown, she was able to quit and start focusing on building Her First 100K — named for Dunlap's goal of <a target="_blank" class="" href="https://www.businessinsider.com/how-to-save-money-in-your-twenties-2024-4">amassing $100,000 in wealth</a>, which she achieved by the time she was 25 by budgeting and investing.Now, Dunlap, 30, has over 2 million followers on Instagram, hosts a <a target="_blank" href="https://www.businessinsider.com/tori-dunlap-new-podcast-hit-top-spot-apple-charts-2021-6">top-rated US business podcast</a>, and is the author of the best-selling book "Financial Feminist." She also launched a platform called Treasury, which says it has helped women invest over $80 million in the stock market. Alongside creators like <a target="_blank" class="" href="https://www.businessinsider.com/instagram-star-mrsdowjones-shares-an-inside-look-day-in-life-2020-10">Mrs. Dow Jones</a>, Simran Kaur, and Rachel Rodgers, Dunlap is a leader of a new wave of personal-finance education focused on teaching Gen Z and millennial women the fundamentals of <a target="_blank" class="" href="https://www.businessinsider.com/feminist-finance-coach-reveals-retirement-blunder-costing-people-millions-2023-5">earning, paying off debt, and investing</a>, using a savvy blend of traditional financial advice, irreverent social commentary, and high-travel memes. You can think of it as financial education for the "<a target="_blank" class="" href="https://www.businessinsider.com/tiktok-anti-work-girl-boss-lazy-girl-jobs-2023-6">lazy-girl job</a>" generation — those who decry the corporate hustle and seek out low-stress jobs that don't take over their lives. In <a target="_blank" href="https://www.instagram.com/p/C6Mjz8dRxOR/?hl=en">one video</a>, Kaur, the New Zealand-based <a target="_blank" class="" href="https://www.businessinsider.com/girls-that-invest-founder-media-company-podcast-instagram-tiktok-revenue-2023-9">creator of Girls That Invest</a>, does her makeup in front of a mirror as she discusses how she's using her investment earnings to build her own trust fund to live on. The message? You too can invest your way out of the 9-to-5 life.If you ask these women, however, they'll say the trend has nothing to do with being lazy and everything to do with giving women the tools they need to take control of their financial destiny. "We're taking something very inaccessible and making it accessible," Dunlap said. If men can use their financial savvy to get rich, then so can women. And in a world where many <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-most-financially-savvy-generation-retirement-saving-investing-2023-11">Gen Zers and millennials expect to be working well past retirement age</a>, the advice is finding an eager audience.On the first day of her first full-time job out of college in 2018, Haley Sacks was asked to fill out her health insurance and 401(k) contributions. "I really wanted to make a good impression, so that night I went home and did what any self-respecting millennial would do," the New York native said. "I looked on YouTube for information, and I was really taken aback by what I found."Nearly all the financial-education content geared toward women focused on home-economics fare like saving and budgeting, she said. Meanwhile, the content she actually needed, which explained the fundamentals of investing, not only was "very dry" but seemed primarily made with a male audience in mind. "I couldn't really find anyone who was teaching money the way that I wanted to learn it," Sacks said. "So I became her." Now, six years later, Sacks, who goes by Mrs. Dow Jones on social media, has 1 million followers on Instagram, where she posts pop-culture-inflected videos on topics like <a target="_blank" href="https://www.instagram.com/p/C3qgCggOZxh/?hl=en">how to predict layoffs at your job</a> and why the<a target="_blank" href="https://www.instagram.com/p/C6cP5t4rxtu/?hl=en"> Cartier Love bracelets</a> Kylie Jenner is famous for wearing may not be a good investment.People like Sacks and Dunlap aren't the first female celebrity personal-finance experts. Sacks pointed to <a target="_blank" class="" href="https://www.businessinsider.com/suze-orman-astrology-burnout-why-millennials-shouldnt-buy-coffee-2020-3">Suze Orman</a> — the pioneering personal-finance guru, author, and TV host — as someone who "walked so all of us could run." But until recently, women looking to wrap their heads around the intricacies of high-interest savings accounts and low-cost index funds had scant few options that spoke directly to them. Personal-finance education in US high schools used to be rare — though it's gotten better in the last few years with half of US states now mandating it. And women-specific financial-education literature tended to focus less on investing in real estate or negotiating a higher salary than on learning how to curb one's spending on supposedly "frivolous" items like coffee, manicures, and haircuts. The message, Dunlap said, boiled down to: "Men get to be millionaires by making more money and being the fullest version of themselves. The way to become a millionaire for women is to basically hate your life." On one level, these influencers are offering well-trodden financial advice packaged for a new audience: Dunlap's book has sections on <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/what-is-an-emergency-fund">building an emergency fund</a>, <a target="_blank" class="" href="https://www.businessinsider.com/paid-off-credit-card-debt-solid-plan-2024-6">getting out of debt</a>, and <a target="_blank" class="" href="https://www.businessinsider.com/millennial-retired-early-financial-independence-fire-strategies-six-figure-income-2024-5">investing for retirement</a>. She said women comprise 95% of her audience. "We joke that it's largely girls, gays, and theys," she said. Sacks, who calls herself a "zillennial finance expert," said that her content is aimed at people of all genders but that women tend to gravitate to it because of the person who's talking. "We all have the same message," Sacks said. "It's sort of like finding the right trainer who motivates you."These influencers do break from tradition in a few key ways. Citing high interest rates, rising home prices, and a booming stock market, Sacks and Dunlap have made the case for <a target="_blank" class="" href="https://www.businessinsider.com/renting-vs-buying-homeownership-wont-make-genz-rich-increase-wealth-2024-7">renting instead of buying</a>. In "Financial Feminist," Dunlap recommends readers focus on building a three- to six-month emergency fund before paying off debt so they're prepared for a layoff or dangerous home situation. Sacks recommends young people job-hop to keep up with inflation and cost-of-living increases if necessary. "You should be making 15% more every single year," she said. "And if you're not making that at your current job, then you should change jobs." (<a target="_blank" href="https://www.epi.org/nominal-wage-tracker/">Research from the Economic Policy Institute</a> indicates that since 2007 US employees have received an average wage increase of 3.9% a year.)Rita Soledad Fernández Paulino, a California-based money coach and creator focused on women, BIPOC, and LGBTQ+ people, said their goal is to help people become "work-optional" by leveraging their investments. "I like the idea of everyone working because they want to and not because they have to," they said.Leah Sheppard, a professor of management and associate dean for equity and inclusion at Washington State University's Carson College of Business, sees this wave of financial education as a reflection of an awareness among Gen Zers and millennials that the <a target="_blank" class="" href="https://www.businessinsider.com/loyalty-employee-employer-job-security-broken-work-companies-bosses-2024-1">boomer-era version of the American dream</a> — where you work your way up the ladder for 40 years at a single employer and put away enough to retire — no longer applies to them. "Young people are thinking, 'When will I get to a place where I don't really have to worry about money?'" she said. "If they're thinking, 'Traditional employment is not working well, I don't want to start a business' — well, what's the other way? And it's probably getting really smart about how you save money, taking the money that you are saving and investing it and building wealth." Sacks sees it as a matter of young people wanting to take the future into their own hands. "You have to be more self-reliant now than our parents ever had to be," she said.Kyla Scanlon, the author of the 2024 book "In This Economy?", sees the interest in financial-education content on social media as symptomatic of a curiosity about alternative revenue streams, spurred by the rise of <a target="_blank" class="" href="https://www.businessinsider.com/robinhood-collapse-what-happened-retail-investing-meme-stocks-future-finance-2022-2">fintech apps like Robinhood</a> and populist financial movements like crypto and GameStop. "People are looking at the market. They're looking at different income sources, Airbnb, the gigification of everything — and then just how do you have passive income outside of traditional income?" Scanlon said.For <a target="_blank" href="https://www.businessinsider.com/gambling-young-men-sports-betting-crypto-meme-stock-market-addiction-2024-4">young men, this often takes the shape of riskier investments</a> like sports gambling, crypto, and meme stocks. Young women, on the other hand, are turning to more tried-and-true tactics.In a survey of 2,000 adults conducted in July 2023, Fidelity Investments found that Gen Z women were more likely to say they participated in the stock market than any other age group, with 71% of women ages 18 to 26 saying they had invested, compared with 63% of millennial women and 57% of boomer women. These figures dovetail with an uptick in the percentage of people under 35 who held stocks and retirement accounts in 2022 compared with 2019, according to the Federal Reserve's Survey of Consumer Finances, though the Fed doesn't break these figures down by gender.Whether the goal is to retire early or to job-hop your way to a six-figure salary, this wave of financial advice departs from the "lean-in," <a target="_blank" class="" href="https://www.businessinsider.com/rise-and-fall-girl-boss-analysis-2020-7">"girlboss" flavor of feminism</a> that dominated conversations about women and work in the 2010s. "We're just more disillusioned with corporate," Dunlap said. "We're more disillusioned with the way we make money."Instead, it's advice for a generation of women who see their experiences reflected in <a target="_blank" class="" href="https://www.businessinsider.com/lazy-girl-job-is-just-a-healthy-job-2023-12">memes like the "lazy-girl job."</a> "The lazy-girl thing is just like, 'Oh, give me a little bit of rest in addition to my work,'" Dunlap said. "I think that's completely reasonable." But talking about this stuff in public as a woman or queer person can be fraught. Dunlap said she gets "called every insulting thing you can call a woman on a daily basis" and has been on the receiving end of death threats. She said people aren't used to seeing women talking in public about money, and especially not about being rich. "We have different expectations for how men and women should behave, especially around money," she said. "Women shouldn't want it. You should be grateful for the things you have."Other women BI spoke with said they faced harassment. "There's a certain group of men who just don't like women," Scanlon said. But for the most part, the influencers stressed that their content was resonating with the people it was supposed to resonate with. "The comments section on any video is a mess, but it's also the most supportive, lovely thing," Dunlap said. "So many women, championing me, championing each other, championing themselves."The experts BI spoke with all had their own ways of describing the movement. Fernández Paulino said they see themself as belonging to a community of people who approach money and finance in a way that acknowledges the systemic issues that interfere with people's wealth and wellness — such as the economic effects of structural racism and transphobia, or the fact that American women weren't allowed to own a credit card or take out a mortgage in their own name until the 1970s. "For me, it's like, I can have wealth too. You can have wealth too. It's not a you problem; it's a we problem," they said.Dunlap invented her own term to describe it: financial feminism. "It's this idea of getting yourself financially to a point where you are stable, safe, and you have enough wealth to have options, and then using that wealth as a tool to make an impact," she said. In other words, she wants to help women navigate the economic systems we're all swimming in, so they can help other women by changing those systems from within.<a target="_blank" rel="" href="https://www.businessinsider.com/author/emilie-friedlander">Emilie Friedlander</a> is a journalist and editor from Brooklyn, currently based in Philadelphia. She co-hosts <a target="_blank" rel=" nofollow" href="https://theculturejournalist.substack.com/">The Culture Journalist</a>, a podcast about culture in the age of platforms.

Gen Zers are investing their way out of the 9-to-5

Shares of fintech firm <keyword id="181441" type="General" weightage="20" keywordseo="One97-Communications" source="Orion">One97 Communications</keyword> -- the owner of <keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords">Paytm</keyword> brand -- jumped 5 per cent on Thursday morning after the company received the government's approval for downstream investment in wholly-owned subsidiary <keyword id="22960487" type="General" weightage="20" keywordseo="Paytm-Payments-Services-Ltd-" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm Payments Services Ltd." meta.hostid="261" meta.entityid="Paytm Payments Services Ltd.">Paytm Payments Services Ltd.</keyword> The stock climbed 5 per cent to Rs 565 on the BSE. At the NSE, it surged 4.98 per cent to Rs 564.80. The company will reapply for a <keyword id="6640986" type="General" weightage="20" keywordseo="payment-aggregator" source="Orion">payment aggregator</keyword> (PA) licence, a regulatory filing said on Wednesday. "We would like to inform you that <keyword id="20410230" type="General" weightage="20" keywordseo="PPSL" source="keywords">PPSL</keyword> has received approval from the government of India, <keyword id="156153" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="Orion">Ministry of Finance</keyword>, Department of Financial Services, vide its letter dated August 27, 2024, for downstream investment from the company into PPSL. "With this approval in place, PPSL will proceed to resubmit its PA application. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners," Paytm filing said. The Reserve Bank of India (RBI) had rejected Paytm's PA licence permit application in November 2022 and instructed the company to reapply with Press Note 3 compliance under the foreign direct investment norms. As per Press Note 3, the government had made its prior approval mandatory for investments from nations that share land borders with India.

Paytm shares jump 5% on receiving government's nod for investment in Paytm Payments Services

<keyword id="19945815" type="General" weightage="20" keywordseo="startups" source="keywords">Startups</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> have high expectations from this year's upcoming <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword>. Early-age startups hope for the removal of angel taxes, while <keyword id="20677283" type="General" weightage="20" keywordseo="health-tech-startups" source="keywords">health tech startups</keyword> expect increased <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> for the sector. Startups function as engines of economic growth, playing a crucial role in generating new jobs, ideas, products, and services. As of December 2023, the Department for Promotion of Industry and Internal Trade (DPIIT) had recognised 1,17,254 startups. These startups have reportedly created over 12.42 lakh direct jobs, significantly impacting the economy. Eklavya Gupta, CEO and Co-founder of Recur Club, stated, "We are confident that India's business credit landscape is on the brink of a major digital overhaul. FinTechs are at the forefront of this change, deploying innovative technologies and utilising in-depth data analytics to streamline and expand <keyword id="20974354" type="General" weightage="20" keywordseo="credit-access" source="keywords">credit access</keyword>." He added, "While the current allocation of Rs 10,000 crore is an excellent initial step, realising the full capabilities of India's SME and startup ecosystem will necessitate greater investment, especially in credit guarantee schemes." Vinod K Singh, Co-Founder and CTO of Concirrus, expressed his expectations from the budget: "As the Union Budget 2024-25 approaches, we hope the government will address the pressing issue of the 'angel tax.' Eliminating this tax will enhance capital formation and attract vital <keyword id="19895633" type="General" weightage="20" keywordseo="investments" source="keywords">investments</keyword>. Streamlining the duty structure and reducing high tariffs on electronic inputs are also crucial to bolstering the startup ecosystem and driving innovation. Expanding the Fund of Funds and introducing low-interest loans would be beneficial." Rajiv Lamba, co-founder and CEO of AI-enabled customer feedback platform Surveysensum, added, "Just as the government has prioritised financial inclusion, it should now focus on <keyword id="22405441" type="General" weightage="20" keywordseo="technological-inclusion" source="keywords">technological inclusion</keyword> to propel India to the next stage of growth. By training youth in AI, the government can make a strategic investment in the nation's technological future. Given the rapidly evolving job market, a substantial increase of 20 to 25 percent in budget allocation should be considered for AI-based skill development and entrepreneurship." He further emphasised, "Incentivizing investment in <keyword id="20328842" type="General" weightage="20" keywordseo="AI-startups" source="keywords">AI startups</keyword> and R&amp;D initiatives can boost local innovation in the AI space. The last budget introduced a deep tech fund of Rs 1 lakh crore with a 50-year interest-free loan period; the government should now establish a clear and transparent mechanism for access to this fund." Raja S, founder and MD of Hearzap, highlighted the expectations of health tech startups: "Health tech startups are eagerly anticipating increased funding that could usher in transformative advancements. This crucial investment holds the promise of extending cutting-edge healthcare solutions to rural and underserved areas, effectively bridging existing gaps in care. The upcoming budget ensures that every individual in our diverse population, from the youngest to the oldest, can access essential health services, including specialised care." Discussing taxation for startups in India, Vvihan Gulati, Director of Mediagraphics PR, commented, "Removing the angel tax is a highly anticipated move that would benefit early-stage startups and their investors. It would foster a more favourable environment for innovation and growth, allowing startups to attract much-needed capital without the burden of excessive taxation. This change could significantly enhance the ease of doing business and contribute to the overall growth of the startup ecosystem in India." The Union Budget 2024 will be tabled on July 23 by Union Finance Minister Nirmala Sitharaman. With this, she will become the first Finance Minister to deliver seven consecutive budgets, surpassing Morarji Desai. She presented the interim budget on February 1 of this year.

Startups demand angel tax elimination, incentives on investments in upcoming budget

New Delhi, <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword>, one of the most recognised faces of India's fintech industry, has seen a fair share of controversies. Sharma launched <keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword> - an acronym for 'pay through mobile' - offering mobile recharges. He launched wallet services in 2011 but the big push came with the 2016 demonetisation. He took out front-page ads in top newspapers with Prime Minister Narendra Modi's photo, calling demonetisation the "boldest decision in the financial history of independent India". With fewer currency notes in circulation, Paytm was on a roll. Sharma made a splash in 2018 by getting USD 300 million investment in Paytm from <keyword id="19921921" type="General" weightage="20" keywordseo="warren-buffett" source="keywords">Warren Buffett</keyword>'s Berkshire Hathaway. *Controversies* Paytm was mired in controversies with its Chinese connection following huge investments from Alibaba Group. The Chinese internet firm became the biggest shareholder in Paytm with a 34.7 per cent stake before the company's initial public offer. Alibaba group firm Antfin sold around 5 per cent shares to lower its stake below 25 per cent to comply with regulatory requirements at the time of IPO. To shed its Chinese-owned entity image, Paytm in August 2023 announced that founder and CEO Vijay Shekhar Sharma would acquire a 10.3 stake in Antfin through his overseas entity Resilient Asset Management BV which will make him the largest stakeholder in the company with 19.42 per cent stake. In return, Resilient issued a debt instrument --optionally convertible debentures, to Antfin thereby maintaining the economic interest of Alibaba group firm. With this transaction, Antfin's direct stake in Paytm was reduced to 13.5 per cent. Antfin further sold 3.6 per cent in Paytm to bring its shareholding to less than 10 per cent and at present holds 9.89 per cent of the fintech firm. The company's market cap has eroded drastically since the time of its listing. The company's IPO opened on November 8, 2021, in the price band of Rs 2,080-2,150 per share. The Paytm IPO made history with over Rs 18,300 crore share sale 'making it the largest public issue in India's corporate history. But the company's stock made a weak debut in the market on November 18 and hit a lower circuit after recording about 20 per cent decline during trading hours. It finally closed at Rs 1,560, down by about 27 per cent, compared to its issue price of Rs 2,150. Since then, Paytm shares have not been able to cross even half the mark of the issue price. After the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>'s January 31 move, One97 Communications shares tanked around 40 per cent to close at Rs 487.05 on BSE on Friday. Billionaire businessman <keyword id="19952201" type="General" weightage="20" keywordseo="warren-buffet" source="keywords">Warren Buffet</keyword>'s Berkshire Hathaway sold its stake in Paytm at a loss of 31 per cent per share in November 2023. Berkshire Hathaway had invested in Paytm for about Rs 1279 per share but sold it for Rs 877.29 apiece. At present, Cayman Island-registered SAIF III Mauritius Company Limited is the single largest direct shareholder in Paytm with a 10.83 stake followed by Sharma's Resilient Asset Management BV with a 10.29 per cent stake. SAIF Partners is led by Chinese-origin entrepreneurs with Andrew Y Yan as its managing partner. *Paytm run-ins with RBI* RBI on June 19, 2018, prohibited Paytm Payments Bank from opening any new account and wallet with effect from June 20, 2018, on account of supervisory concerns, which were lifted by RBI on December 27, 2018, with effect from December 31, 2018. The Office of Banking Ombudsman issued a show-cause notice dated March 6, 2019, for Paytm Payments Bank's failure to monitor a certain account maintained with it which had shown a sudden increase in the velocity of daily transactions involving immediate transfer to other banks. The actions were found to be in the violation of RBI's provisions on KYC. RBI rejected Paytm Payments Services Ltd's (PPSL) application to operate as a payment aggregator on November 25, 2022. The banking regulator asked the firm to re-submit applications within 120 days after it gets government approval on investment made by OCL into PPSL as per FDI guidelines. The regulator asked PPSL to continue operations with the condition that no new merchants should be onboard. After completion of 120 days, RBI again granted PPSL an extension but without removing the bar on new merchant onboarding. RBI issued a show cause notice to PPBL on July 29, 2021 for submitting false information to RBI confirming completion of the transfer of the Bharat Bill Payment Operating Unit ("BBPOU") by OCL to PPBL on August 28, 2017. The actual transfer of the BBPOU business by the Company to PPBL was completed only by March 31, 2021. RBI on October 1, 2021, imposed a penalty amounting to Rs 1 crore on PPBL for a contravention of the Payment and Settlement Systems Act, 2007. RBI imposed a penalty of Rs 5.93 crore on PPBL on October 10, 2023, after it found several non-compliances including banks failure to identify beneficial owners in respect of entities on-boarded by it for providing payout services. RBI found that PPBL did not monitor payout transactions and carry out risk profiling of entities availing payout services, breached the regulatory ceiling of end of the day balance in certain customer advance accounts availing payout services. The banking regulator found that PPBL reported a cyber security incident with delay and failed to implement device binding control measures related to 'SMS delivery receipt check'. PPBL video-based customer identification process infrastructure failed to prevent connections from IP addresses outside India.

Vijay Shekhar Sharma: The controversies of the architect of fintech

<ul class="summary-list"><li><keyword id="23582686" type="General" weightage="20" keywordseo="tim-tully" source="keywords">Tim Tully</keyword> taught himself to code when he was six and went to school for computer science.</li><li>He started his career in software engineering at startups and later worked at Yahoo and Splunk.</li></ul>Venture capitalist Tim <keyword id="23582684" type="General" weightage="20" keywordseo="tully" source="keywords">Tully</keyword>'s programming experience began at age six, when he taught himself to write code and make video games on an Apple II computer. Fast-forward to the present: Tully has a data center in a basement and is known to deploy software and try out startups' APIs when he's sussing out potential investments. He's also written code for some of his portfolio companies. Using his technical expertise as a former programmer and CTO, Tully is helping amass an impressive portfolio of AI startups at <keyword id="23582685" type="General" weightage="20" keywordseo="menlo" source="keywords">Menlo</keyword> Ventures. The firm, which has backed Chime, Warby <keyword id="20325026" type="General" weightage="20" keywordseo="parker" source="keywords">Parker</keyword>, Roku, and Uber, has historically focused broadly on early and growth-stage startups across the consumer, enterprise, and healthcare sectors. More recently, Menlo has <a target="_blank" class="" href="https://www.businessinsider.com/menlo-ventures-naomi-ionita-investor-3-lessons-growth-saas-2020-12">planted its flag in the generative AI space</a> as frenzy in the sector is creating new <keyword id="19926959" type="General" weightage="20" keywordseo="opportunities" source="keywords">opportunities</keyword> for early-stage startups. The firm closed a <a target="_blank" href="https://techcrunch.com/2023/11/16/menlo-ventures-closes-on-1-35b-in-new-capital-targets-investments-in-ai-startups/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAJVkFGzX14zh8oeHL-Sgmmj-ke1177qyd4BoL1N3eHbqg52MVVO8w7Q3RR0puoRkQ4EVSoyHdffSI5guxcbH9Yl6z1fudXp_WheLfxYB72QiEo_1inwN7UZNPAOLctyEfQ-jGLcCesRz0ajnDsJPg8AVE2iYArspH-l5HM_X7Pbp">$1.35 billion fund</a> last year specifically for investing in fledgling AI startups, and it's already been an early backer of AI powerhouses including vector database <a target="_blank" class="" href="https://www.businessinsider.com/chroma-weaviate-pinecone-raise-funding-a16z-index-vector-database-ai-2023-3">Pinecone</a>, LLM developer <a target="_blank" class="" href="https://www.businessinsider.com/researchers-at-anthropic-taught-these-ai-chatbots-how-to-lie-2024-1">Anthropic</a>, enterprise data cleaner Unstructured, conversational AI system Neon, automated data cleanup program Cleanlab, and many others. For Tully, one of Menlo's key check-writers in this space, having a background in computer science and operating experience has been necessary when it comes to evaluating potential AI investments. "I'm still coding every day," he said. "That really helps me for my job, and I think it's really hard to be a VC and invest in a deeply technical product if you don't have a technical background. I'm actually using this stuff." <h2>Before becoming a VC, Tully worked at startups and led engineering teams</h2>For Tully, who grew up in the Bay Area, computers and games have always been a core part of his life. He had an Apple II computer and cassette tape player that plugged into a TV on a rolling cart, which is where he taught himself to code by playing video games and reading through manuals. He said an early game of his, coded using Applesoft BASIC, was a text-based adventure game in which players would get lost in a forest and navigate through a maze, answering a series of fork-in-the-road puzzles to chase down the treasure. As a teenager, Tully had a bank of modems at his mom's house to organize a <a target="_blank" href="https://www.theatlantic.com/technology/archive/2016/11/the-lost-civilization-of-dial-up-bulletin-board-systems/506465/">bulletin board system</a> – a pre-internet computer server that other users could dial into – to host pirated video games. After college, Tully gravitated toward startups, becoming a software engineer at the dot-com-era companies iScale and Pillar Data Systems, the latter of which he left in 2003 and was eventually acquired by Oracle. He spent 14 years at Yahoo, working his way up to lead engineering for Yahoo, AOL, and its media properties, which included the Huffington Post, Tumblr, Polyvore, and Flurry, and managing a team of more than 850 people. In 2017, Tully joined data analytics company Splunk as its chief technology officer and senior vice president of product and engineering and managed the company's migration to the cloud. While he loved his team at Splunk, Tully said that he was always interested in the investing side of the tech world, and his interest was further piqued by his wife, <a target="_blank" href="https://www.businessinsider.com/sequoia-partner-jess-lee-advice-for-startup-founders-2022-9">Jess Lee</a>, who has been a partner at Sequoia since 2016. "Growing up in the Valley, I had this in the back of my mind, and I thought that as a technical person, I could do the job differently, so I began to take some calls," he said. One of those calls eventually turned into a job offer at Menlo Ventures, and Tully joined the firm as a partner in 2021. "This was an opportunity to be part of the next wave of folks that joined the firm, which was exciting to me because I'm a builder," he said. <h2>At Menlo Ventures, Tully writes checks for AI startups at the app and infrastructure layers</h2>Since joining Menlo, Tully has invested in nine startups, including Pinecone, which raised a $28 million Series A in 2022; Neon, which raised a $46 million Series B in 2023; Unstructured, which raised a $40 million Series B in 2024; and JuliaHub, an AI programming startup that raised $24 million in 2021. Another of his portfolio companies, AI quality management software startup True Era, was acquired by Snowflake earlier this year. For Tully, finding camaraderie with technical founders has been a winning strategy so far in his VC career. "My background helps me connect with technical founders because they want investors who they can talk shop with," he said. "I've managed teams and have been CTO of a public company." He's also written code as a way to help win over startups in the broader Menlo Ventures portfolio. In 2022, another Menlo partner, Naomi Pilosof Ionita, was working to land a deal for fintech startup Orb. The company didn't have a software development kit, so Tully wrote them one, printed out a link to the devkit, rolled it into a scroll, and delivered it to the startup. That helped seal the deal, and Ionita led Orb's $14 million Series A funding round. While Menlo has been bolstering its portfolio with AI-infrastructure startups, Tully said he's excited about opportunities at the application layer. This means looking at various vertical AI categories, including legaltech — he wrote a $14 million seed check for the AI legal assistant Eve, which was announced in 2023 — as well as marketing and automation. And, perhaps unsurprisingly, Tully is also trying out various AI coding copilots, and he says that the tech is making him "50-60% more productive if I'm being honest." "I'm really high on AI coding assistants," he said. "Opportunities in this space are pretty compelling." Correction: October 8, 2024 -- An earlier version of the story misstated the year Pillar Data Systems was acquired by Oracle, which was in 2011, not in 2003, which was when Tully left the company. It also said that Menlo Ventures invested in Eve in 2022, and the correct year is 2023. .

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