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<keyword id="19956322" type="General" weightage="20" keywordseo="BharatPe" source="keywords" meta.keywordsubtype="org" meta.entityname="BharatPe" meta.hostid="83" meta.entityid="BharatPe">BharatPe</keyword> Group and <keyword id="19993869" type="General" weightage="20" keywordseo="PhonePe" source="keywords" meta.keywordsubtype="org" meta.entityname="PhonePe" meta.hostid="83" meta.entityid="PhonePe">PhonePe</keyword> Group have amicably settled all long-standing legal disputes pertaining to the use of the trademark with the suffix 'Pe', a joint statement read. Both companies had been involved in long-drawn legal disputes across multiple courts, over the past five years. "The settlement will put an end to all open judicial proceedings," the joint statement dated May 26 read. As a next step, they have already taken steps to withdraw all oppositions against each other in the trademark registry which will help them to proceed with the registration of their respective marks. Further, both organizations will undertake other necessary steps to comply with the obligations under the settlement agreement in respect of all cases before the <keyword id="19895875" type="General" weightage="20" keywordseo="Delhi-High-Court" source="keywords">Delhi High Court</keyword> and <keyword id="19905533" type="General" weightage="20" keywordseo="Bombay-High-Court" source="keywords">Bombay High Court</keyword>, the statement said. <keyword id="19956324" type="General" weightage="20" keywordseo="rajnish-kumar" source="keywords">Rajnish Kumar</keyword>, Chairman of the Board, of BharatPe, said, "This is a positive development for the industry. I appreciate the maturity and professionalism shown by the Management of both sides, working closely to resolve all outstanding legal issues and moving ahead to focus their energy and resources in building robust digital payment ecosystems.'' Sameer Nigam, Founder and CEO of PhonePe, said, ''I am glad that we have reached an amicable resolution in this matter. This outcome will benefit both companies to move forward and focus our collective energy on growing the Indian fintech industry as a whole. I would like to thank Mr Rajnish Kumar and his team for working with us to get to this positive outcome." BharatPe, the brand name of Resilient Innovations Pvt Ltd, was founded in 2018. Currently with a registered network of over 1.3 crore merchants across 450+ cities, the company is one of the leading players in UPI offline transactions, processing 370 million+ UPI transactions per month. PhonePe Group is also India's leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in August 2016. In seven years, the company has scaled rapidly to become India's leading consumer payments app with 535+ million registered users and a digital payments acceptance network of 39+ million merchants. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/poco-f6-vs-realme-gt-6t-which-mid-range-smartphone-should-you-buy/slidelist/110388110.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/poco-f6-vs-realme-gt-6t-which-mid-range-smartphone-should-you-buy/slidelist/110388110.cms" target="_blank">Poco F6 vs Realme GT 6T – which mid-range smartphone should you buy?</a><a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6t-vs-motorola-edge-50-pro-price-specs-and-features-compared/slidelist/110366047.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6t-vs-motorola-edge-50-pro-price-specs-and-features-compared/slidelist/110366047.cms" target="_blank">Realme GT 6T vs Motorola Edge 50 Pro – price, specs and features compared</a><a href="https://www.businessinsider.in/tech/news/indias-wearable-shipments-rise-by-2-1-in-q1-2024-average-price-declines/articleshow/110354913.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearable-shipments-rise-by-2-1-in-q1-2024-average-price-declines/articleshow/110354913.cms" target="_blank">India’s wearable shipments rise by 2.1% in Q1 2024, average price declines</a>

BharatPe and PhonePe amicably settle all trademark disputes over 'Pe' suffix

New Delhi, <keyword id="1457214" type="General" weightage="80" keywordseo="mastercard-india" source="Orion">Mastercard India</keyword> on Thursday announced the appointment of former <keyword id="13222" type="General" weightage="50" keywordseo="sbi" source="Orion">SBI</keyword> head <keyword id="254056" type="General" weightage="50" keywordseo="rajnish-kumar" source="Orion">Rajnish Kumar</keyword> as its non-executive chairman. In this critical, non-executive advisory role, Kumar will guide <keyword id="6368201" type="General" weightage="100" keywordseo="mastercard" source="Orion">Mastercard</keyword>'s South Asia executive leadership team led by <keyword id="693741" type="General" weightage="50" keywordseo="gautam-aggarwal" source="Orion">Gautam Aggarwal</keyword>, Division President for South Asia &amp; Country Corporate Officer, India, in navigating the vibrant domestic payments landscape, Mastercard India said in a statement. "Kumar will be keenly involved in augmenting the local leadership team in its efforts to expand our domestic footprint, while bolstering Mastercard's ongoing commitment to forging strategic partnerships with stakeholders across the payments ecosystem - from banks to fintechs to governments, non-profits and more," said Ari Sarker, President, Asia Pacific, Mastercard. With its relentless focus on partnering for progress and driving prosperity through inclusive growth, Mastercard has the technologies, capabilities, resources, and heart to contribute greatly to India's vibrant payments technology landscape, Kumar said.

Mastercard India appoints former SBI head Rajnish Kumar as its chairman

<ul><li>Several private lenders including Kotak Mahindra Bank and Yes Bank recently announced pay cuts as a cost cutting measure amid the coronavirus pandemic. </li><li>The chairman of India’s largest public sector bank State Bank of India (SBI), <keyword id="254056" type="PERSON" weightage="20" keywordseo="Rajnish-Kumar">Rajnish Kumar</keyword> said that the salaries are already so less, if pay cuts would be implemented, he would have to live on the streets. </li><li>According to the bank’s annual report, Kumar’s per day income stood at ₹ 8,092 in FY19, in contrast to 3.74 lakh earned by Aditya Puri of HDFC Bank, who is the highest paid bank chief. </li><li>However, the public bank chiefs get added perks like accommodation, which is exclusive of the salary. </li></ul>Several private lenders including Kotak Mahindra Bank and Yes Bank recently announced pay cuts as a cost cutting measure amid the coronavirus pandemic. While the chairman of India’s largest public sector bank State Bank of India (SBI), <a href="https://www.businesstoday.in/current/corporate/sbi-chairman-rajnish-kumar-jokes-on-pay-cut-road-pe-rehna-padega/story/406129.html">Rajnish Kumar said</a> that the salaries are already so less, if pay cuts would be implemented, he would have to “live on the streets”. He said this in a jovial way during a conference call with analysts. The statement has yet again raised the issue of widening pay gap among the private and public bank chiefs. Here’s how much the CEOs get paid in India’s top five private and government banks: <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Public lenders </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CEO salary in FY19 (Monthly) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Private Banks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CEO salary in FY19 (Monthly) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.42 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹89 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Punjab National Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.77 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹30 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.74 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹27 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.38 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹22-26 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.46 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹16 lakh </td></tr></tbody></table> As of 2019, the disparity between the remuneration of state-owned and private <keyword id="611855" type="PERSON" weightage="20" keywordseo="Bank-CEOs">bank CEOs</keyword> increased by nearly ₹70,000 in two years. <a href="https://www.moneycontrol.com/news/business/economy/pay-gap-between-public-and-private-sector-bank-chiefs-widens-4371661.html">According to</a> a Mint analysis of public and private lenders, a public-sector bank chief had a daily compensation of ₹8,541, as per the FY19 annual reports. Private bank chiefs, on the other hand, were paid ₹2.48 lakh per day. However, the public bank chiefs get added perks like accommodation, which is exclusive of the salary. "The executive compensation in the public sector, as is well known, is lower than that in the private sector... If PSBs are required to compete with private sector banks on a level playing field, there is a good case for compensating them too on a competitive basis," <a href="http://archive.indianexpress.com/news/salaries-of-psu-bankers-need-to-go-up-bhatt/679619/">said</a> D Subbarao, former governor of the Reserve Bank of India during the 9th Global Banking Summit organised by the Indian Bankers’ Association and FICCI. See also: <a href="https://www.businessinsider.in/personal-finance/news/bharti-axa-life-renewal-income-grows-17-to-1359-crore-in-fy20/articleshow/76258273.cms">Bharti AXA Life posts 17% growth in renewal premiums to ₹1,359 crore in FY20</a> <a href="https://www.businessinsider.in/business/news/yes-bank-case-ed-raids-five-premises-of-cox-and-kings-in-mumbai/articleshow/76256791.cms?upcache=2">Yes Bank's top borrower Cox and Kings sees raids at five of its premises</a> <a href="https://www.businessinsider.in/business/startups/news/vijay-shekhar-sharma-binny-bansal-come-together-to-back-the-latest-vc-firm-arkam-and-its-not-a-batman-reference/articleshow/76255655.cms">Vijay Shekhar Sharma, Binny Bansal come together to back the latest VC firm Arkam ⁠— and it’s not a Batman reference</a>

SBI Chairman has brought back the debate on wide salary gap between private and government banks

<ul><li><keyword id="1824765" type="COMPANY" weightage="20" keywordseo="Titan-company">Titan Company</keyword> has partnered with country’s largest lender <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI) to introduce Titan Pay, a watch that will enable contactless payments.</li><li>With this launch, SBI account holders can tap their Titan Pay watch on <keyword id="2438417" type="PERSON" weightage="20" keywordseo="contactless-payment">contactless payment</keyword> POS machine without the need of swiping or inserting their SBI bank card. </li><li>Payments of up to Rs 2000 can be made without entering a PIN.</li></ul> The new normal has enforced upon an urgent need to bring about innovative &amp; safer purchase solutions in the retail space. The fifth largest watch brand in the world, Titan Company Limited has partnered with country’s largest lender State Bank of India (SBI) to introduce Titan Pay powered by <keyword id="7668181" type="UNKNOWN" weightage="20" keywordseo="Yono-Sbi">YONO SBI</keyword>. Through this partnership, Titan and SBI are launching a range of stylish new watches with contactless payment functionality for the first time in India. With this launch, SBI account holders can tap their Titan Pay watch on contactless payment POS machine without the need of swiping or inserting their SBI bank card. Payments of up to INR 2000 can be made without entering a PIN. A secure certified Near-Field Communication (NFC) chip embedded in the watch strap by Tappy Technologies enables all the functionalities of a standard contactless SBI debit card. The payment feature on these watches will be accessible on over 2 million contactless MasterCard-enabled Point-of-Sale (POS) machines in the country. This exclusive collection of elegant watches include 3 styles for men and 2 for women and are attractively priced between Rs 2995 and Rs 5995 to make it widely accessible to all SBI and Titan consumers. Speaking on the occasion, <keyword id="737485" type="PERSON" weightage="20" keywordseo="C-K-Venkataraman">C K Venkataraman</keyword>, Managing Director, Titan Company Limited said, “Titan has always been at the pinnacle of design and innovation. We have always launched products to cater to the changing needs of our consumers. SBI is the perfect partner to introduce a payment solution for the new normal that is fast, secure and seamless. This product will not only satisfy the consumer’s banking needs but will also serve today’s evolving consumers with its classic and sophisticated designs.” Sharing his thoughts on the association, <keyword id="254056" type="PERSON" weightage="20" keywordseo="Rajnish-Kumar">Rajnish Kumar</keyword>, Chairman, SBI said, “We are glad to be a part of the launch of this unique proposition in the contactless payments space by Titan. It gives me immense pleasure to join hands with one of the world’s 5th largest watch manufacturer, to provide a smart and innovative shopping solution for our YONO customers with <keyword id="9949594" type="COMPANY" weightage="20" keywordseo="titan-payment-watches">Titan Payment Watches</keyword>. We believe this innovative offering will redefine the shopping experience for our customers with Tap &amp; Pay technology. With latest technological advancements, State Bank of India has always been striving towards providing innovative, best-in-class banking services for our customers”. Titan Company has always been at the centre of innovation and believes in harnessing technology for convenience and ease of the users. These watches address the needs of the new normal by eliminating payment barriers and making transactions quick, contactless, secure, and easy for consumers. Through constant investment in technology and design, Titan aims to continue advancing the products and offerings for the consumers in the smart segment.

Titan Company partners with SBI to launch watches that will help you make contactless payments

With the <keyword id="6354776" type="COMPANY" weightage="20" keywordseo="Telecom">telecom</keyword> firms staring at a massive Rs 1.47 lakh crore of AGR dues, SBI chairman <keyword id="254056" type="PERSON" weightage="20" keywordseo="Rajnish-Kumar">Rajnish Kumar</keyword> on Monday said "nobody wants to kill the sector".The state-owned bank is yet to hear from the <keyword id="26362" type="ORGANIZATION" weightage="20" keywordseo="Government">government</keyword> on the issue, he said, when asked if it has sought views from bankers. "Nobody wants to kill the sector, let me be very clear," Kumar said, when asked about the problems being faced by the telecom industry. It can be noted that earlier this month, Kumar had said that <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> has a loan outstanding of Rs 29,000 crore to the telecom sector and another Rs 14,000 crore in bank guarantees, which can get invoked in case of a non-payment of dues by the telcos. There has been a flurry of meetings in the national capital between senior official of the telecom firms and the government over the past week. Earlier this month, the Supreme Court has asked the telecom firms to deposit an estimated Rs 1.47 lakh crore in past dues for spectrum and licences by March 17. Payment of the dues is being seen as an existential threat for some players, especially <keyword id="15492" type="COMPANY" weightage="20" keywordseo="Vodafone">Vodafone</keyword> Idea, which has to pay RS 53,000 crore.

Nobody wants to kill the telecom sector, says SBI chief on spectrum dues crisis

With over 20 million cumulative installs and 5 million monthly active users, <keyword id="6433699" type="COMPANY" weightage="20" keywordseo="Ixigo">Ixigo</keyword> trains app has become India’s most used train travel app. It is currently helping close to 8 lakh train travellers every single day across 200+ Indian towns in checking train schedules, getting live train running status, getting PNR status predictions and in viewing crowdsourced platform numbers, coach positions and train ratings and reviews for all trains in India. Ixigo’s train app is rated 4.4 out of 5 based on 2.2 lakh user reviews on the <keyword id="6355629" type="CITY" weightage="20" keywordseo="Google">Google</keyword> <keyword id="1470391" type="ORGANIZATION" weightage="20" keywordseo="Play-Store">Play Store</keyword>, and is growing 15% month-on-month. According to some of the train travellers using the app, it is helping them provide accurate train information in a user-friendly interface. The app consists of some unique features such as live running status, coach position and platform numbers, etc. ixigo trains also offers smart technology and data driven features such as highly-accurate PNR status prediction for wait-listed seats, station alarms and seat-maps to know your coach and seat location. Recently, the app has introduced a news, gaming and entertainment zone in the app to engage train travellers during the journey. Speaking on the big milestone, ixigo CEO and Co-Founder, Aloke Bajpai said, “As a company, we are the only online travel player deeply committed to understanding Indian train travellers and solving their pain points. The budget travel segment is the fastest growing segment of the online travel market, and ixigo is the clear market leader in this space when it comes to its user-base and engagement.” “With close to 10 years of technology and data expertise, we are now connecting 3rd party services and content to offer budget travellers a seamless door-to-door experience to keep them engaged and well-informed throughout their trip. At the current pace of growth, we are adding 2 million new users every month and will become India’s most used travel app in a few months. Our user retention rates are already as high as some popular social apps.” added <keyword id="254056" type="PERSON" weightage="20" keywordseo="Rajnish-Kumar">Rajnish Kumar</keyword>, CTO and Co-Founder, ixigo. Over 25 million passengers travel on Indian Railways every single day, and the market size of train-related ancillary services is potentially $1 billion per year as per company estimates. Additionally, the ixigo trains app allows its users to book other modes of travel such as cabs, flights and buses through its app. Users can book Ola and Uber cabs in one-tap from inside the ixigo trains app, make a bus booking with RedBus, book hotels with Oyo &amp; Treebo as well as book flights from multiple online travel portals and airlines in case they are waitlisted. The ixigo trains app is available in 7 local Indian languages, and was recently named the “Best App of 2016” by Google Play Store under the “Made In India” category.

With 20 mn installs, this Indian app has become every traveller's absolute favourite. Here's what it can do for you

<keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> has introduced a new home loan option, called the <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> <keyword id="3231248" type="UNKNOWN" weightage="100" keywordseo="flexipay">FlexiPay</keyword> Home Loan. The specialty of this home loan is that the repayment terms come in the form of lower EMIs in initial years, followed by higher EMIs. 
 
The public sector lender has refused to term it as a ‘teaser loan’, a term introduced by the bank in February 2009. SBI officials stated that it is not offering any discount in the interest rates or offering more loan to value. 
 
The statement released by the bank said that the new offering will enable young working professionals to get hold of higher loan amounts as compared to their loan eligibility under the standard home loan schemes. 
 
“This product cannot be called teaser loan as we have taken adequate safeguards like making it available only for salaried professionals and not for all categories of customers,” said Rajnish Kumar, managing director, SBI.

‘FlexiPay’ home loan by SBI comes with 3-5 yrs interest moratorium

New Delhi, Ed-tech titan <keyword id="3320944" type="General" weightage="20" keywordseo="Byjus" source="Orion">Byjus</keyword> is looking to sell its overseas ventures Epic and Great Learning to pay back its entire USD 1.2 billion (Rs 9,956 crore) loan to lenders, a source familiar with the matter said. The ed-tech decacorn has been in discussions with the lenders and has made a proposal to clear its Term B loan, the source said. Byju's hopes to garner between USD 800 million to USD 1 billion from the sale of Epic, the US-based kids learning firm, and Great Learning - the upskilling platform. The firm is also working on raising fresh capital from equity sales, and is working with bankers for the sale of the aforementioned key assets to strategic investors -- which has also garnered interest, the source said. An email sent to the ed-tech platform for comments remained unanswered. India's most-valued startup is hoping to repay the entire USD 1.2 billion term loan B (TLB) in under six months. Of this, it is proposing to repay USD 300 million in the next three months. Lenders have not yet responded to the proposal. Byju's in November 2021 raised USD 1.2 billion in debt through a term loan facility (TLB) from a group of overseas investors. A TLB is a type of senior secured syndicated credit facility that is issued by global institutional investors. Typically, the proceeds from a TLB are used to either refinance an existing debt or to make overseas acquisitions in order to enhance a company's offerings. Byju's had acquired Aakash USD 950 million in 2021. In July this year, the steering committee of ad hoc term loan lenders is reported to have agreed to amend the USD 1.2 billion term loan. The development comes after the company formed an advisory council with ex-Infosys CFO Mohandas Pai and Bharatpe Chairman and former SBI chief Rajnish Kumar after the exit of investors G V Ravishankar of Sequoia Capital (now Peak XV Partners), Vivian Wu of Chan Zuckerberg Initiative and Russell Dreisenstock of Prosus. Byjus had acquired Epic in a USD 500 million cash-and-stock deal in May 2022.

You Searched For "Rajnish Kumar" and got 8 results

BharatPe and PhonePe amicably settle all trademark disputes over 'Pe' suffix

ANI

Mastercard India appoints former SBI head Rajnish Kumar as its chairman

PTI

SBI Chairman has brought back the debate on wide salary gap between private and government banks

Prerna Sindwani

Titan Company partners with SBI to launch watches that will help you make contactless payments

BI India Partner

Nobody wants to kill the telecom sector, says SBI chief on spectrum dues crisis

PTI

With 20 mn installs, this Indian app has become every traveller's absolute favourite. Here's what it can do for you

Anushree Singh

‘FlexiPay’ home loan by SBI comes with 3-5 yrs interest moratorium

BI India Bureau

Byjus proposes sale of overseas units to repay $ 1.2 billion loan

PTI

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