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As retail banks steadily digitalize their bustles, they've concentrated, to a great extent, on the most frequent customer transaction, for example, checking a balance or remote deposit. A significant part of the loaning field, except for Mastercards, has taken a secondary lounge. New digital entrants, going from financial technology start-ups to officeholder retailers and telecommunication suppliers, have recognized the open door, and are assaulting dainty cuts of the loaning benefit pool. A significant number of these financial technology guerillas, or fintechs, give a superior affair by concentrating on the necessities of specific customers—often an underserved segment. Trying to disrupt this space <a href="https://financebuddha.com/">Finance Buddha</a> came into being. 
 
About 
 Founded by <keyword id="1465038" type="UNKNOWN" weightage="20" keywordseo="Vivek-Bhatia">Vivek Bhatia</keyword>, <keyword id="3633094" type="UNKNOWN" weightage="20" keywordseo="Parth-Pande">Parth Pande</keyword>, and <keyword id="3253353" type="PERSON" weightage="20" keywordseo="Parag-Agarwal">Parag Agarwal</keyword> in 2012, <keyword id="3252828" type="UNKNOWN" weightage="20" keywordseo="Finance-Buddha">Finance Buddha</keyword> is a neutral marketplace for retail lending products like personal loan, business loan, home loans and loan against property. After spending 7 years at Citibank Parth co-founded Finance Buddha. At the time of leaving Citibank he was a Vice President. He was part of the founding team with Citibank for the new Sales and Distribution model adopted by the bank. 
 
Talking to Business Insider, he said, “We are an omni channel company present both online and offline, and have a unique proposition of carrying out transactions end to end including customer acquisition, product fitment, documentation, operation management, bank negotiation and final disbursement instead of just being a lead generation platform which uses other’s supply chain for transaction fulfilment. This end to end model helps us in controlling the customer experience, and delivering superior value for both the consumer and the financial institution involved. In addition this end to end model, gives us superior economics as a company and an ability to negotiate better offers for our customers.” 
 
Monetization Model 
 
Parth stated that the company is monetising through three different models: 
 
1. For every loan that they originate, their lenders pay them a fee for the same. The services are completely free for the consumers. 
 
2. They create specific product programs for lenders, and share revenues on the same as well with them. 
 
3. Also, they use database of over 100,000+ customers to create new products and cross sell opportunities on them to create life time value for the consumer and Finance Buddha 
 
Traction 
 Parth stated that the company is targeting loans worth over 2000 cr which would make them one of the biggest <keyword id="3633092" type="UNKNOWN" weightage="20" keywordseo="lending-platforms">lending platforms</keyword> in the nation. He also claimed to have over 5000 applicants a month. “The company did over $3 million in revenues last year,” he added 
 
Funding details &amp; Expansion Plans 
 The company had last raised seed round of financing in January from <keyword id="1830416" type="UNKNOWN" weightage="20" keywordseo="The-Chennai-Angels">The Chennai Angels</keyword>, also they’re in the process of closing another round by the end of this year. 
The company is in the expansion mode. Parth said that they’re in a process of creating an alternative lending solution that can help people (who are unable to get credit from mainstream lenders) get credit. He quoted, “we are working to creating more efficient technology processes along with our lenders for the consumers to get a seamless experience.”

This Startup is disrupting the lending space by
providing free consumer services

<ul><li>Every week, Business Insider India picks up all the new releases across theatres and different OTT platforms in India for the readers. </li><li>This week you can watch The Sky is Pink on Netflix. </li><li>Visit Business Insider India for more stories. </li></ul>Every week, Business Insider India picks up all the new releases across theatres and different OTT platforms in India for the readers. Here’s what you can watch this weekend: The Sky is Pink on Netflix <div type="image" title="8F3FE1A1-72CF-49B0-945E-01CB36D99693" msid="72525171" hostid="261"></div>

 Director: <keyword id="85919" type="PERSON" weightage="20" keywordseo="Shonali-Bose">Shonali Bose</keyword> Stars: Zaira Wasim, Priyanka Chopra, <keyword id="5015" type="PERSON" weightage="20" keywordseo="Farhan-Akhtar">Farhan Akhtar</keyword> IMDb: 6.7/10 Description: The Sky is Pink is an emotional love story of a couple — Aditi and Niren. They struggle to save the life of their teenage daughter — Aisha who is suffering from a terminal illness. What critics say: The writer and director Shonali Bose bounces from tone to tone, livening the somber subject matter with bright hues, quippy dialogue and an ever-jubilant score, says Teo Bugbee from New York Times Ribbon on Hotstar and Apple TV <div type="image" title="ribbon-movie-review-2" msid="72525131" hostid="261"></div>

 Director: Rakhee Sandilya Stars: Kalki Koechlin, <keyword id="1320517" type="PERSON" weightage="20" keywordseo="Sumeet-Vyas">Sumeet Vyas</keyword>, Abhudar-Al-Hasan IMDb: 6.9/10 Description: Ribbon is a story about a young working couple who have to deal with an unplanned pregnancy. What critics say: It addresses subjects that Bollywood and even parents sometimes shy away from addressing their children, writes Kriti Tulsiani from News 18. <keyword id="8443744" type="UNKNOWN" weightage="20" keywordseo="Inside-Edge-2">Inside Edge 2</keyword> on Prime Videos 
	<div type="image" title="inside-edge-season-2-1091129" msid="72525454" hostid="261"></div>

 Director: Aakash Bhatia and Gurmmeet Singh Stars: <keyword id="13902" type="PERSON" weightage="20" keywordseo="Vivek-Oberoi">Vivek Oberoi</keyword>, Angad Bedi, Richa Chadha, Aamir Bashir and Sapna Pabbi Description: Inside Edge 2 is the second season of the behind-the-scenes story of a powerful cricket league. It also introducers viewers to the politics of cricket and its two villains-- Bhaisaheb -- the president of ICB and his arch nemesis Dhawan played by Vivek Oberoi. What critics say: The Game gets murkier and more thrilling, writes Rohit Vats from News18. Spider Man: Far from home 
	<div type="image" title="spider-man_far-from-home_16x9" msid="72525428" hostid="261"></div>

 Director: Jon Watts Stars: Tom Holland, Samuel L. Jackson, Jake Gyllenhaal IMDb: 7.6/10 Description: Spider Man’s sequel deals with the aftermath of Avengers:Endgame. Peter Parker is taken aback by the death of his mentor. However, he has to deal with another catastrophic event that might wipe out Earth. What critics say: It feels comfortably like the end of a chapter, the beginning of a new one, an epilogue, and a palate cleanser all at once, says Clarisse Loughrey Independent (UK) Saaho on Netflix 
	<div type="image" title="download" msid="72525345" hostid="261"></div>

 Director: Sujeeth Stars: Prabhas, Shraddha Kapoor, <keyword id="297" type="PERSON" weightage="20" keywordseo="Jackie-Shroff">Jackie Shroff</keyword> IMDb: 5.4/10 Description: Saaho, the mega-budget movie of South Indian superstar Prabhas is an action thriller. An undercover cop and his partner realises that the robbery case they were trying to solve is actually a murder case of a crime lord. What critics say: “The movie is crisply, sometimes stylishly shot, but it's too muddled to be slick and too lacking in charm to establish any emotional stakes,” said Rachel Saltz from the New York Times

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New Delhi, Jul 6 () Paytm, owned by One 97 Communications Ltd, along with its founder Vijay Shekhar Sharma will acquire Mumbai-based private sector general insurance company Raheja QBE, a company statement said. "Raheja QBE is owned 51 per cent by Prism Johnson and 49 per cent by QBE Australia. Paytm is set to acquire both stakes and would own 100 per cent of the company," Paytm said in a statement. The company, however, did not disclose the financial details of the transactions. The acquisition is subject to customary conditions, including approval from the Insurance Regulatory and Development Authority of India (IRDAI), the statement added. Meanwhile, Prism Johnson Ltd, formerly Prism Cement Ltd, in a separate statement said its board has approved selling its entire 51 per cent stake in its general insurance joint venture Raheja QBE General Insurance Company Ltd (RQBE) to Paytm and Vijay Shekhar Sharma for about Rs 290 crore. In a regulatory filing Prism Johnson said its board has approved divestment of 51 per cent of the paid-up equity share capital in RQBE, a material subsidiary, to QORQL Pvt Ltd for an aggregate consideration of Rs 289.68 crore. QORQL Pvt Ltd, is a technology company with majority shareholding of Vijay Shekhar Sharma and remaining held by Paytm. "It is an important milestone in Paytm's financial services journey, and we are very excited to welcome Raheja QBE General Insurance into the Paytm family. "Its strong management team will help us accelerate our journey of taking insurance to the large population of India with the aim to create a tech-driven, multi-channel general insurance company with innovative and affordable insurance products," said Amit Nayyar, President at Paytm. Commenting on the development, QBE Australia Pacific Chief Executive Officer, Vivek Bhatia said, "today's announcement marks both a continuation of QBE's strategy to simplify our business and the beginning of a new &amp; exciting chapter for our strong team at Raheja QBE." Prism Johnson said the consideration to be received by the company for the divestment is subject to certain adjustments which may be carried out between the date of execution of definitive agreement and closure of the sale, and other customary terms for a sale of such nature. The divestment will result in the termination of the company's joint-venture with Australia's QBE in the general insurance business in India. Post the Divestment, RQBE will also cease to be a subsidiary of the company," Prism Johnson added. Raheja QBE which started operations in 2009, is a joint venture between Prism Johnson Ltd and QBE Insurance Group, one of Australia's largest insurers. SVK SR DRR DRR

Paytm, Vijay Shekhar Sharma to acquire Raheja QBE General Insurance

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<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>NEW DELHI/PARIS (Reuters) - Almost four years ago a handful of people gathered in Airbus sales chief John Leahy's spacious country house outside Toulouse and argued long into the evening over curry and cigars.
Last weekend they met up again at a Parisian hotel for more haggling, with breaks taken at a nearby cafe where the informality of old business friendships mingled with hard-nosed negotiations typical of the aircraft industry.
The sum total of money discussed over these meals? About $40 billion at catalogue prices, and the bill was for 430 jets, all sold to the same Indian airline -- IndiGo, the low-cost carrier which has grown to become the country's biggest airline in eight years of operating.
Represented according to insiders by co-founder Rakesh Gangwal and President Aditya Ghosh, IndiGo has now made aircraft industry history twice in four years -- each time by placing record orders for Airbus planes, including last Wednesday's announcement that it will buy 250 A320neo jets.
The largest order in India's aviation history is IndiGo's most aggressive bet yet that Indian air travel is on the cusp of a huge expansion, and that the model that made it the nation's only profitable carrier will keep working as competition intensifies.
"IndiGo is showing us the level of confidence it has in its own sustainability, in the long-term growth of aviation and in the future performance of the Indian economy," said Harsh Vardhan, chairman at Delhi-based Starair Consulting.
Airline industry executives are hoping India's weak economy will rebound under new Prime Minister Narendra Modi and that the government will press for cuts to jet fuel tax and build more airports, slashing costs and opening up new markets.
Higher disposable incomes, an expanding middle class and rapid urbanization have made India one of the world's fastest-growing domestic aviation markets, where passenger numbers are expected to grow by more than 75 percent in the next six years to exceed 217 million.
According to Airbus executive vice-president and the president of its India operations Kiran Rao, optimism about growth in Indian aircraft demand is rising.
But few airlines have translated that optimism into new orders on the scale of IndiGo's since most are losing money.
"People are too focused on India's negatives. IndiGo is aware of the challenges and it is adept at steering itself around them. That is how it became India's largest carrier," said one source familiar with the airline's thinking.
"There is, however, a great deal of optimism about the future within the airline and that comes right from the top."
Ghosh told Reuters last week India was a "highly underpenetrated market" and that a lot of the new planes would be for growth rather than replacing older aircraft.
<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>
<h3>STAYING IN PROFIT</h3>
Despite more Indians flying, fierce competition and high costs have left airlines including SpiceJet, Jet Airways and state-run Air India losing cash fast. The sector will lose up to $1.4 billion more this financial year, according to consultancy CAPA.
Privately held, IndiGo does not disclose its full accounts but is the only major Indian carrier which says it is profitable. It reported a sixfold rise in net profit to 7.87 billion rupees ($128 million) in the 2012-13 financial year, and has since expanded its market share to about 32 percent.
Founded in 2006 by travel entrepreneur Rahul Bhatia and Gangwal, a former chief executive of U.S. Airways and an old hand in executing game-changing aircraft orders, IndiGo has relied almost entirely on the sale and leaseback model to fuel its growth.
IndiGo buys a single line of planes in bulk at discounts, and then sells them to leasing companies around the time they are delivered, leasing the planes back and retiring the aircraft within six years to avoid depreciation and maintenance costs.
This keeps capital costs low and its balance sheet light, and is a strategy some analysts say hands it up-front cash to meet operating costs and tips it into profitability as rivals succumb to losses.
"IndiGo is also a good customer and in a good cash flow position, which means that there is little chance of default. In India IndiGo is probably the best customer for lessors," said one person familiar with the leasing negotiations.
IndiGo denies that the sale and leaseback model is the reason it makes money, and instead points to an advertising budget which is less than 1 percent of revenues, the fast turnaround of its fleet and its high level of seat sales as a proportion of capacity compared with its rivals.
The airline says it will also stick to the standard low-cost operator's strategy of flying a single type of narrow body plane within India and to a handful of overseas destinations. 
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>
<h3>COMPETITION AND AMBITION</h3>
IndiGo's ascent is not without its risks, however.
An end to the era of cheap borrowing to finance its plane orders would raise its costs, and should India's fragile economic recovery wilt IndiGo would be left facing delivery of 250 Airbus planes from 2018 that it would struggle to fill.
Increased competition in a notoriously cut-throat Indian market plagued by overcapacity could throw up the biggest hurdle to IndiGo's ambitions, analysts say.
Once-profitable airlines like Jet, which went from market leader in the 1990s to today's sprawling <keyword id="6356001" type="COMPANY" weightage="60" keywordseo="international">international</keyword> carrier, have turned loss-making in the last two years as fares fell faster than they could cut costs.
Meanwhile Malaysia-based budget carrier AirAsia launched its first Indian flight in June, bringing in an airline which manages to operate with one of the lowest unit costs per kilometer flown in the industry. AirAsia India did not respond to requests for comment on IndiGo.
"The biggest risk for IndiGo is how the competition behaves, whether AirAsia and others respond more aggressively now," said Starair's Vardhan.
(1 US dollar = 61.6200 Indian rupees)
(The story is refiled to fix spelling of additional reporter credit)
(With additional reporting by Siva Govindasamy in Singapore; Editing by Greg Mahlich)

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