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Corporate expense management platform <keyword id="2738808" type="General" weightage="100" keywordseo="happay" source="Orion">Happay</keyword>, owned by credit <keyword id="6360117" type="General" weightage="50" keywordseo="card" source="Orion">Card</keyword> bill payment provider CRED, has slashed nearly 35 per cent of its workforce as part of a restructuring exercise, the media reported. According to leading startup news portal Inc42, at least 160 employees from departments like sales, marketing, tech, product, and operations, have been asked to go by the platform. According to the report, Happay is giving impacted employees three months salary along with an extension of insurance coverage and some other additional benefits. When reached, CRED did not immediately comment on layoffs at Happay, which it acquired in December 2021 in a cash and stock deal that valued Happay at $180 million. "With professional expenses forming a significant portion of credit card spends, bringing professional expense management into the CRED ecosystem is a natural extension of our proposition," <keyword id="192201" type="General" weightage="50" keywordseo="kunal-shah" source="Orion">Kunal Shah</keyword>, founder, CRED, had said in a statement during the acquisition. While Happay operated as a separate entity, the team worked closely with CRED leadership to leverage its ecosystem, build distribution, expand the product offering and drive scale. CRED last year acquired SaaS lending-as-a-service platform CreditVidya in a mix of cash and stock transaction for an undisclosed sum. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/fii-inflows-may-remain-consistent-in-may-with-turn-in-rate-cycle/articleshow/100234813.cms">FII inflows may remain consistent in May with turn in rate cycle</a> <a href="https://www.businessinsider.in/stock-market/news/fears-of-a-us-debt-default-are-mounting-as-the-deadline-to-lift-the-borrowing-limit-looms-heres-what-elon-musk-paul-krugman-and-jamie-dimon-have-warned-/articleshow/100229208.cms">Fears of a US debt default are mounting as the deadline to lift the borrowing limit looms. Here's what Elon Musk, Paul Krugman and Jamie Dimon have warned.</a> <a href="https://www.businessinsider.in/tech/news/heres-how-googles-new-ai-updates-will-transform-your-search-experience/articleshow/100242791.cms">Here’s how Google’s new AI updates will transform your search experience</a>

CRED-owned Happay lays off 35% of its workforce

<ul><li>The acquisition will allow <keyword id="1763236" type="General" weightage="20" keywordseo="cred" source="Orion">CRED</keyword> to enter the enterprise spending space.</li><li>Professional expense management was a natural proposition for CRED, says CEO <keyword id="192201" type="General" weightage="20" keywordseo="kunal-shah" source="Orion">Kunal Shah</keyword>.</li><li><keyword id="2738808" type="General" weightage="20" keywordseo="happay" source="Orion">Happay</keyword> manages work-related expenses for over 1 million users globally with approximately $1 billion in annual spends.</li></ul>Kunal Shah-led credit cards payment company CRED will be acquiring corporate expense company Happay for a cash and stock deal worth $180 million. The acquisition will allow CRED to enter the enterprise spending space. “While Happay will operate as a separate entity, the team will work closely with CRED leadership to leverage its ecosystem, build distribution, expand the product offering and drive scale,” CRED said in a press note. Shah, in the media statement, added that CRED has been able to grow rapidly in the last three years by solving the pain of credit card management. He added that now, professional expense management was a natural proposition for the company. Founded in 2012 by Varun Rathi and Anshul Rai, Happay is a business expense, payments and travel management platform serving over 6,000 businesses. It manages work-related expenses for over 1 million users globally with approximately $1 billion in annual spends. The company creates 3 million expense reports annually and counts TATA Grow, PwC, Maruti, OYO, Byjus and hundreds of larger enterprises as its customers. “Happay software stack and in-house payment engine, along with its ease of use, will complement the card management experience that CRED members enjoy for their personal expenses. It is the only unified platform that automates the spend management workflow, a trend that is set to explode in a contactless, paperless world, while ensuring compliance and visibility with an end-to-end audit trail,” the company said. In October 2021, CRED had acquired alcohol delivery startup <keyword id="4335663" type="General" weightage="20" keywordseo="hipbar" source="Orion">HipBar</keyword> in order to foray into the wallet payments business with the prepaid payment instrument licence held by the company. Though the details of the transactions are still unknown, Kunal Shah <a href="https://timesofindia.indiatimes.com/business/india-business/cred-acquires-liquor-delivery-app-hipbar/articleshow/87193580.cms">reportedly</a> joined as the director of Hipbar post this acquisition. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/tega-industries-ipo-opens-today-and-gmp-at-310/articleshow/88017369.cms">Tega Industries’ ₹600 crore IPO opens today; GMP at ₹310</a> <a href="https://www.businessinsider.in/science/news/high-speed-space-junk-risk-prompts-nasa-to-abruptly-delay-spacewalk-on-the-international-space-station/articleshow/88018185.cms">High-speed space junk risk prompts NASA to abruptly delay spacewalk on the International Space Station</a> <a href="https://www.businessinsider.in/science/health/news/pfizers-top-scientist-mikael-dolsten-tells-us-the-2-factors-that-will-determine-if-omicron-is-a-true-threat-and-shares-pfizers-worst-case-scenario-plan/articleshow/88017388.cms">Pfizer's top scientist, Mikael Dolsten, tells us the 2 factors that will determine if Omicron is a true threat and shares Pfizer's worst-case-scenario plan</a>

Kunal Shah’s CRED has spent $180 million to acquire Happay, a corporate expense manager for Byju’s, OYO and more

<ul><li><keyword id="1763236" type="General" weightage="100" keywordseo="cred" source="Orion">CRED</keyword> said that it will acquire SaaS startup <keyword id="1561651" type="General" weightage="80" keywordseo="creditvidya" source="Orion">CreditVidya</keyword> in a stock-and-cash deal. </li><li>The two organisations will work independently, but CRED will offer benefits, including stock options, to CreditVidya’s team members. </li><li>Earlier in 2021, CRED also acquired liquor delivery app HipBar and expense management platform Happay. </li></ul>Bengaluru-based fintech <keyword id="152045" type="General" weightage="20" keywordseo="unicorn" source="Orion">unicorn</keyword> CRED said on Tuesday that it will acquire CreditVidya, a Hyderabad based SaaS company, in a cash and stock deal. The companies have not disclosed the value of the transaction. “We’ve invested in building category-defining products that bring financial services to credit under-served Indians through our partners, transforming how risk is assessed and trust measured to drive financial inclusion,” said Abhishek Agarwal, co-founder &amp; CEO, CreditVidya. The closure of the <keyword id="30334" type="General" weightage="20" keywordseo="acquisition" source="Orion">acquisition</keyword> is subject to requisite approvals. CreditVidya offers a lending-as-a-service platform, and is valued at <a href="https://techcrunch.com/2022/11/29/cred-acquires-creditvidya/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAIEqG4ol0n6HJIq1C2xkwEeKGCvQPWkytEMXW9DgRmzH7XMV8L4luW_sL41qqIwizKXU4d6_-KdAE8eidDEcpsbiYfF2-lA-sOf2Vn9WxamhRmqzBYtTFCmuk9VpBpwD6El0gD06mreob9RAnrSAMk78jehxg2haAivSmwTUD7Dj">about $30 million post-money</a>. It enables lenders to assess a loan applicants’ creditworthiness. Many of the applicants it processes are first-time borrowers. Founded in 2018, CRED, which went viral for its out-of-the-box advertisements, stated that the two organisations will continue to work independently. It will also offer its ESOP programme and other benefits to CreditVidya’s 200-plus team members. “Expanding access to credit is a key driver for financial progress. CreditVidya's patented tech stack uncovers signals of trust among under-served cohorts. We look forward to supporting them in powering an inclusive credit ecosystem,” said Kunal Shah, founder, CRED. Backed by Tiger Global and Sequoia India, among others, CRED has been on an acquisition spree since October 2021, when it <a href="https://timesofindia.indiatimes.com/business/india-business/cred-acquires-liquor-delivery-app-hipbar/articleshow/87193580.cms">acquired </a>liquor delivery app HipBar, followed by expense management platform Happay in December. It also invested in lending partner LiquiLoans earlier this year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/jio-haptik-and-cashe-partner-to-deliver-instant-credit-lines-on-whatsapp/articleshow/95859261.cms">Jio Haptik and CASHe partner to deliver instant credit lines on Whatsapp</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/recent-ipo-successes-could-lead-to-recovery-in-the-primary-market-ey/articleshow/95858664.cms">Recent IPO successes could lead to recovery in the primary market: E&amp;Y</a>

Fintech unicorn CRED to acquire SaaS startup CreditVidya

<ul><li>Indian startup sector witnesses a rise in job losses, with over 27,000 tech employees affected and numbers increasing.</li><li>Nearly 26,868 employees have been handed over pink slips by 98 startups.</li><li>At least 22 <keyword id="1464841" type="General" weightage="80" keywordseo="edtech" source="Orion">edtech</keyword> startups have slashed 9,781 jobs to date.</li></ul>At least 27,000 tech employees at Indian startups have lost their jobs since the funding winter crept in last year, and the list is only growing. Nearly 26,868 employees have been handed over pink slips by 98 startups, including unicorns led by the edtech majors, according to data by leading startup news portal Inc42. At least 22 edtech startups have slashed 9,781 jobs to date. In the first five months into 2023, more than 8,000 employees lost their jobs in India by nearly 50 startups. Homegrown virtual events platform Airmeet sacked about 30 per cent of its workforce, or at least 75 employees, according to the report. Corporate expense management platform Happay, owned by credit Card bill payment provider CRED, slashed nearly 35 per cent of its workforce as part of a restructuring exercise. Another homegrown edtech startup Teachmint laid off over 70 employees, its second round of job cuts after sacking about 45 workers more than five months ago. <keyword id="12864" type="General" weightage="80" keywordseo="chennai" source="Orion">Chennai</keyword>-based edtech startup Skill-Lync laid off employees as it consolidates operations across Chennai, Bengaluru, and <keyword id="6354552" type="General" weightage="50" keywordseo="hyderabad" source="Orion">Hyderabad</keyword> amid global macroeconomic conditions. The year 2023 has become the worst year for tech employees as nearly 2 lakh tech employees -- from Big Tech firms to startups -- have been sacked to date globally, as companies like <keyword id="399907" type="General" weightage="50" keywordseo="meta" source="Orion">Meta</keyword>, BT, <keyword id="15492" type="General" weightage="50" keywordseo="vodafone" source="Orion">Vodafone</keyword> and many others announced further plans to lay off more employees in coming months. As per the data by layoffs tracking site Layoffs.fyi, 695 tech companies have shown the doors to around 1.98 lakh employees so far this year. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/is-whatsapp-secretly-listening-to-your-private-conversations-heres-how-to-check/articleshow/100155980.cms">Is WhatsApp secretly listening to your private conversations? Here’s how to check</a> <a href="https://www.businessinsider.in/tech/news/google-pixel-6a-vs-pixel-7a-smartphone-comparison-with-price-and-features/articleshow/100177889.cms">Google Pixel 6a vs Pixel 7a: Is Google's latest mid-ranger worth the extra ₹12,000?</a>

About 27K employees lost jobs at Indian startups to date, over 8K this year

<keyword id="12646705" type="General" weightage="20" keywordseo="Petrol-prices-in-national-capital" source="Orion">Petrol prices in national capital</keyword> fell by ₹8 per litre on Wednesday after the <keyword id="66" type="General" weightage="80" keywordseo="delhi" source="Orion">Delhi</keyword> government cut down <keyword id="6505571" type="General" weightage="20" keywordseo="Value-Added-Tax" source="Orion">Value Added Tax</keyword> (VAT) on the fuel to 19.40 per cent from earlier 30 percent. New rates will come into effect from midnight. This decision came after Chief Minister Arvind Kejriwal chaired a Cabinet meeting this morning. Currently, the petrol is being sold at ₹103.97. In early November, the Centre had reduced petrol and diesel rates by ₹5 and ₹10 per litre respectively. Post the move, the Opposition parties in Delhi have been urging the AAP-led state government to cut VAT on petrol by at least ₹10 per litre. In <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>, fuel prices differ from state to state depending on the local taxation (VAT) and freight charges. Besides, the central government charges an excise duty on auto fuels. After adding excise duty, dealer commission and VAT, the retail selling price of the petrol gets nearly doubled. From June 2017 onwards, the petrol and diesel prices in India are being revised daily at 6 a.m. via the dynamic fuel price method. Earlier, this exercise used to take place every fortnight. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/kunal-shahs-cred-buys-corporate-expense-management-company-happay-for-180-million/articleshow/88025009.cms">Kunal Shah’s CRED has spent $180 million to acquire Happay, a corporate expense manager for Byju’s, OYO and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/iphone-se-3-flagship-mobile-release-date-specs-and-price/articleshow/88024642.cms">iPhone SE 3 release date, specs and price — all you need to know</a>

Petrol prices cut by ₹8 per litre in Delhi

<ul><li><keyword id="3489555" type="General" weightage="20" keywordseo="upstox" source="Orion">Upstox</keyword> launched innovative investment features on Whatsapp to onboard new clients quickly.</li><li>It now allows users to invest in IPOs through Whatsapp 24*7 with a 5-step method.</li><li>At present, Upstox claims to have a client base of 70 lakh and aims to increase it to 1 crore by FY22.</li></ul>Since investors are going gaga over the back-to-back initial public offerings (<keyword id="6354763" type="General" weightage="20" keywordseo="ipo" source="Orion">IPO</keyword>) and strong listing gains, new age investment platform Upstox has found a way to leverage from the ongoing IPO rush. The online broking firm has launched a quick and convenient procedure for users to invest in IPOs through Whatsapp. For those who do not have an account with Upstox can also invest in IPOs or even open a demat account through Whatsapp itself. One can invest in IPOs with just a 5-step method on Whatsapp: 1. Say ‘Hi’ to WhatsApp Chat BOT ‘Uva’ on the official Upstox Whatsapp number - 9321261098 2. Using WhatsApp Chat BOT ‘Uva’, click on ‘IPO Application’ 3. Enter the registered mobile number and One-time password (OTP) generated 4. Click on ‘Apply for IPO’ 5. Select the IPO which you want to subscribe With this integration, Upstox aims to achieve a five-fold growth in IPO applications. Currently, Upstox claims to have a client base of 70 lakh and aims to increase it to 1 crore by the end of FY22. “With an aim to further strengthen our customer base in deep India and encourage more millennials to invest, we have integrated with WhatsApp, which is being widely used by users across the country,” Shrini Viswanath, co-founder at Upstox. To allay data breach concerns, Upstox said that no documents will be uploaded or sent as an attachment over the chat on Whatsapp. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/kunal-shahs-cred-buys-corporate-expense-management-company-happay-for-180-million/articleshow/88025009.cms">Kunal Shah’s CRED has spent $180 million to acquire Happay, a corporate expense manager for Byju’s, OYO and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/from-today-negative-covid-19-test-report-and-seven-days-quarantine-mandatory-for-international-travellers-to-india/articleshow/88022063.cms">From today, negative COVID-19 test report and seven days' quarantine mandatory for international travellers to India</a>

Investment platform Upstox comes up with quick IPO application process through Whatsapp

<ul><li>Last week, the government of India had taken the call to resume all the <keyword id="131277" type="General" weightage="20" keywordseo="international-flights" source="Orion">international flights</keyword>.</li><li>The DGCA published a circular on December 1 announcing the dismissal of its initial plan.</li><li>The government is in discussion with stakeholders and will soon finalise an effective date of resumption of scheduled <keyword id="6367662" type="General" weightage="20" keywordseo="flights" source="Orion">flights</keyword>.</li></ul>The government of India has put its plan to resume international flights from December 15 on hold, the Directorate General of Civil Aviation (DGCA) has confirmed. The DGCA, in a circular published on December 1, noted that the plans have been halted due to the global concerns over the new <keyword id="10514304" type="General" weightage="20" keywordseo="covid-19-variant" source="Orion">COVID-19 variant</keyword> ‘<keyword id="1609796" type="General" weightage="20" keywordseo="Omicron" source="Orion">Omicron</keyword>’ that was discovered in Africa last week. The department also highlighted that they are in discussions with stakeholders and will soon finalise an effective date of resumption of scheduled commercial international passenger services. The circular was sent to all foreign and domestic scheduled airlines operating to/from India, the chairperson of the Airport Authority of India (AAI), all airport operators in India and the commissioner of the bureau of immigration. “In view of the evolving global scenario with the emergence of the new variant of concern, the situation is being watched closely in consultation with all stakeholders and an appropriate decision indicating the effective date of resumption of scheduled commercial international passenger services shall be notified in due course," the circular read. <a href="https://twitter.com/DGCAIndia/status/1465969745287528458">https://twitter.com/DGCAIndia/status/1465969745287528458</a> The government of India had<a href="https://www.businessinsider.in/india/news/india-to-resume-scheduled-international-flights-from-december-15-says-aviation-ministry/articleshow/87933099.cms"> taken the call to resume all the international flights</a>, last week. This decision was taken 20 months after certain flights were first discontinued during the global pandemic. Only special international passenger flights were allowed to operate from July 2020 under an “air bubble agreement'' formed by 31 countries — including the United Kingdom, Canada, Maldives, Qatar, United Arab Emirates (UAE) and more. "The matter of resumption of scheduled commercial international passenger services to and from India has been examined in consultation with the Ministry of Home Affairs, the Ministry of External Affairs and the Ministry of Health and Family Welfare and it has been decided that scheduled commercial international passenger services to and from India may be resumed from December 15, 2021," the previous order by the ministry of civil aviation read. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/amazon-and-flipkarts-biggest-rival-in-buy-now-pay-later-just-raised-40-million/articleshow/88027181.cms" data-type="tilCustomLink">Amazon and Flipkart’s biggest rival in ‘Buy Now, Pay Later’ just raised $40 million</a> <a href="https://www.businessinsider.in/business/startups/news/kunal-shahs-cred-buys-corporate-expense-management-company-happay-for-180-million/articleshow/88025009.cms">Kunal Shah’s CRED has spent $180 million to acquire Happay, a corporate expense manager for Byju’s, OYO and more</a> <a href="https://www.businessinsider.in/stock-market/news/tega-industries-ipo-opens-today-and-gmp-at-310/articleshow/88017369.cms">Tega Industries’ ₹600 crore IPO opens today; GMP at ₹310</a>

International flights from India will not be resuming on December 15 due to concerns of new COVID-19 variant

<ul><li>The company will be hiring across the board, especially focusing on engineering, data science and AI roles.</li><li>It has raised over $83 million to date and counts Valar Ventures as well as IA Ventures as investors.</li><li><keyword id="3711711" type="General" weightage="20" keywordseo="simpl" source="Orion">Simpl</keyword> has disbursed more than 49 million loans in the ‘Buy Now, Pay Later’ space, as per a Macquarie report.</li></ul>Bengaluru-based fintech startup Simpl has raised $40 million in funding, the company’s founder and chief executive officer (CEO) Nitya Sharma told Business Insider. The company — which offers buy now, pay later (<keyword id="9522245" type="General" weightage="20" keywordseo="bnpl" source="Orion">BNPL</keyword>) services — plans to use this capital to hire aggressively across the board, especially focusing on the engineering, data science and artificial intelligence (AI) departments. The company has a team of 150 and it plans to double the team size. “We are growing very aggressively. So, we’ll be investing in the growth of the platform,” he added. The Series B funding round was led by Valar Ventures and IA Ventures with participation from LFH Ventures and other existing investors. With this, the company has raised over $83 million to date. Simpl was founded in 2018 by Nitya Sharma and Chaitra Chidanand. The company enables merchants to offer simple payments solutions to their customers. <div type="image" title="Amazon and Flipkart’s biggest rival in ‘Buy Now, Pay Later’ just raised $40 million" msid="88027213" hostid="261"></div> According to a report by Macquarie, published last month, Simpl has disbursed more than 49 million loans in the ‘Buy Now, Pay Later’ space. It has recorded more transactions than Flipkart Pay Later, Amazon Pay Later and Paytm Postpaid. The report also noted that it is among the biggest BNPL players in terms of active user base. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">Company </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;">Active User Base </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;">Simpl </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;">7 million </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;">ZestMoney </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;">6 million </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;">Krazybee </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 million </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;">LazyPay </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 million </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;">Mobikwik </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;">1 million </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Macquarie Paytm may be among the largest players in the digital payments space with over 120 million users, but its user base is spread across unified payments interface (UPI), wallet payments, financial services, ecommerce, and more. The company aims to make money from its lending business. “Since Paytm will largely be engaged in selling down these loans to partner banks or NBFCs (non-banking financial companies) balance sheets, the addressable fee pool is much lower,” said Macquarie. A Redseer report added that the BNPL market is nascent in India, valued at $3-3.5 billion that could grow 15-fold over the next five years to $45-50 billion. Simpl’s flagship product is the one-step “Pay Later” option, which allows customers to delay the payment of the product they have purchased for 15 days. The payments solution can be used to purchase food, apparels and more. The company also allowed the users to make bill payments online. Its latest offering includes “Pay-in-3”, which allows customers to make the payment of their purchases in three equally payments every month. It claims that their monthly active user base has grown nearly 10-fold in the last 18 months. It works with over 7,000 category leading online merchants such as Zomato, MakeMyTrip, BigBasket, Jio Platform, 1mg, Crocs and more. "We built a fullstack checkout platform that gives merchants ultimate control of user experience and helps them build trust with consumers at checkout. Simpl is like a Khata (account) or a Tab for online commerce. This intuitive user experience, built on the bedrock of trust, will enable a larger ecommerce market and will lead to greater adoption of mobile payments in India and the rest of the world," Sharma added. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/kunal-shahs-cred-buys-corporate-expense-management-company-happay-for-180-million/articleshow/88025009.cms" data-type="tilCustomLink">Kunal Shah’s CRED has spent $180 million to acquire Happay, a corporate expense manager for Byju’s, OYO and more</a> <a href="https://www.businessinsider.in/stock-market/news/tega-industries-ipo-opens-today-and-gmp-at-310/articleshow/88017369.cms">Tega Industries’ ₹600 crore IPO opens today; GMP at ₹310</a> <a href="https://www.businessinsider.in/science/news/high-speed-space-junk-risk-prompts-nasa-to-abruptly-delay-spacewalk-on-the-international-space-station/articleshow/88018185.cms">High-speed space junk risk prompts NASA to abruptly delay spacewalk on the International Space Station</a>

You Searched For "happay cred" and got 8 results

CRED-owned Happay lays off 35% of its workforce

IANS

Kunal Shah’s CRED has spent $180 million to acquire Happay, a corporate expense manager for Byju’s, OYO and more

Kritti Bhalla

Fintech unicorn CRED to acquire SaaS startup CreditVidya

Srishti Magan

About 27K employees lost jobs at Indian startups to date, over 8K this year

IANS

Petrol prices cut by ₹8 per litre in Delhi

IANS

Investment platform Upstox comes up with quick IPO application process through Whatsapp

Bhakti Makwana

International flights from India will not be resuming on December 15 due to concerns of new COVID-19 variant

Kritti Bhalla

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