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The founders of <keyword id="6414960" type="General" weightage="20" keywordseo="zestmoney" source="Orion">ZestMoney</keyword>, India's digital EMI financing platform, have reportedly resigned as the Goldman Sachs-backed fintech startup has failed to raise fresh capital. According to a TechCrunch report, its founders <keyword id="6632662" type="General" weightage="50" keywordseo="lizzie-chapman" source="Orion">Lizzie Chapman</keyword>, <keyword id="291941" type="General" weightage="50" keywordseo="priya-sharma" source="Orion">Priya Sharma</keyword> and Ashish Anantharaman informed employees about their decision via an email. "Over the last few weeks, we have done a lot of thinking and it has been hard for us to arrive at this conclusion. We have immense belief and faith in the potential that ZestMoney has," the founders wrote. "We will also ensure to provide full support to the incoming management team and do everything we can to support them for the next 4 months to ensure a smooth transition," they added. Chapman said that she and other founders remain shareholders in ZestMoney. The founder's decision came after a potential deal to acquire ZestMoney by leading fintech company PhonePe fell through recently. ZestMoney was valued at $445 million last year and has raised over $130 million from a range of investors, like <keyword id="2126501" type="General" weightage="50" keywordseo="ribbit-capital" source="Orion">Ribbit Capital</keyword>, Omidyar Network, PayU, Xiaomi and Alteria Capital, among others. Last month, Bengaluru-based ZestMoney laid off about 20 per cent of its workforce, which impacted nearly 100 employees. The company last year had a network of merchants with more than 10,000 online partners and 75,000 physical stores. It reported a registered user base of 17 million and was live at 85,000 retail touch-points across the country. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/how-to-track-and-block-your-lost-smartphones-using-the-sanchar-saathi-portal/articleshow/100242116.cms">How to track and block your lost smartphones using the Sanchar Saathi portal</a> <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-silence-fake-calls-from-unknown-numbers-on-whatsapp/articleshow/100186824.cms">How to silence calls from unknown numbers on WhatsApp</a>

ZestMoney founders quit as fintech startup fails to raise capital

Gurugram-based offline-to-online commerce platform <keyword id="8103952" type="UNKNOWN" weightage="20" keywordseo="DotPe">DotPe</keyword> on Friday said it has secured $27.5 million (around ₹200 crore) in Series A funding as Google joined <keyword id="1493568" type="PERSON" weightage="20" keywordseo="PayU">PayU</keyword> and <keyword id="80004" type="COMPANY" weightage="20" keywordseo="Info-Edge">Info Edge</keyword> Ventures as investors. The round was led by its early investor, PayU, the payments and <keyword id="2461546" type="DOMAIN" weightage="20" keywordseo="FinTech">fintech</keyword> business of Prosus, resulting in an increase in the existing stake in the company. Info Edge Ventures has doubled down on its seed investment in the company made last year and more than doubled its shareholding, while Google joined as a new investor. The fresh funding brings DotPe's total funding to $35.5 million. "We are thrilled to see our existing investors, PayU and Info Edge Ventures, backing our vision and doubling down on their funding as new business horizons open up," Shailaz Nag, Cofounder, DotPe, said in a statement. "We are pleased to add Google, an innovation leader, as an investor. This new partnership will empower businesses (big or small) to be more discoverable, expand business avenues and conduct commerce like never before." DotPe has made some key hires in the recent months. The company said that the fresh funding will be deployed towards accelerating product development, market expansion and scaling technology to meet the fast-growing market demand. "In the last few months we've seen an acceleration in offline players seeking to move their businesses online. We're pleased to back young companies like DotPe that are supporting India's digital transformation by connecting consumers and merchants through helpful, innovative tools," Sanjay Gupta, Vice President and Country Head, <keyword id="45395" type="COMPANY" weightage="20" keywordseo="Google-India">Google India</keyword>, said in a statement. "This investment under Google for India digitisation fund underlines our belief in working with India's start-up ecosystem towards the goal of building a more inclusive digital economy that will benefit everyone." Started by ex-PayU Founder Nag with Gyanesh Sharma and Anurag Gupta in 2020, DotPe has digitised enterprise as well as small and medium-sized business (SMB) merchants through a "full stack" solution -- from giving them an online presence to enabling seamless ordering, online payments and delivery. The company said that on the enterprise side, it has integration with over 10,000 restaurants and food courts, including leading global and domestic food and beverage brands. For small and medium-sized businesses, the company has an app called Digital Showroom that helps businesses open a digital store front quickly. It recently raised $27.5 million from investors like Pay-U, Google, and Info Edge Ventures, bringing their total funding to $35.5 million. SEE ALSO: <a href="https://www.businessinsider.in/india/news/the-entire-crew-of-the-massive-ship-that-has-blocked-suez-canal-is-indian/articleshow/81699456.cms">The entire crew of the massive ship that has blocked Suez Canal is Indian</a> <a href="https://www.businessinsider.in/politics/elections/checkout-the-list-of-mamata-banerjee-favourite-tv-and-sports-celebrities-who-are-fighting-for-tmc/slidelist/81700172.cms">Mamata Banerjee's favourite celebs who are fighting for Trinamool Congress in some of the toughest constituencies</a> <a href="https://www.businessinsider.in/stock-market/news/suryoday-small-finance-bank-shares-listed-at-4-less-than-the-issue-price/articleshow/81700313.cms">Suryoday Small Finance Bank shareholders lost 7% of their investment within minutes of listing</a> <a href="https://www.businessinsider.in/stock-market/news/kalyan-jewellers-makes-a-lacklustre-debut-listing-at-15-discount-to-issue-price/articleshow/81700343.cms">Kalyan Jewellers makes a lacklustre debut, listing at 15% discount to issue price</a>

Offline-to-online commerce platform DotPe raises $27.5 million from Google, PayU and Info Edge Ventures

In India, the banking and financial sector has been riddled with many challenges which has either left out many citizens from the fold of financial inclusion or have greatly limited their access to funds. Slowly and steadily, however, this scenario is changing with the advent of a large number of technology-centric companies that are looking to enhance financial inclusion and make capital available to those in need. 
 Take Paytm, <keyword id="1493568" type="UNKNOWN" weightage="20" keywordseo="PayU">PayU</keyword> or Mobikwik for instance, the leading payments platform in India which have truly altered the way country looks at basic monetary transactions. While paying one’s electricity bill or phone bill was a bother few years ago and mandated standing in long queues, today all it takes is a click on your smartphone! It has also made it possible to transfer small amounts of money to one’s friends and families in areas where banks may not be present but internet connectivity and affordable mobile devices are. 
 
Similarly, Zerodha and Rupeevest are making the process of investing in equities and other financial products seamless and affordable with highly discounted brokerage rates. In a country where household savings are still a major challenge that the government is dealing with, these companies are enhancing the propensity of the common man to think of things like wealth creation and portfolio management. In addition, BankBazaar and PolicyBazaar offer quick and ready access to customized rate quotes on loans, credit cards, car, personal and medical insurance policies etc. They are leveraging technology to not just make fund raising easier but to also propel Indians to plan better for their future. 
 In this scenario, where alternative lending companies are making the best use of technology infrastructure to reach out to more and more customers, both individuals and businesses, it doesn’t come as a surprise that they are disrupting the Indian financial services sector in significant ways. As per market research firm Tracxn, about $27 million was invested across alternative lending companies in India between mid-2014 and end-2015. In this same time period, about 30 companies across <keyword id="2837177" type="UNKNOWN" weightage="20" keywordseo="P2P-lending">P2P Lending</keyword> &amp; SME Lending verticals were founded. Some of the companies that have been doing formidable work in this domain include B2C loan marketplaces such as India Lends, P2P loan providers such as Faircent, and B2B online lenders such as <keyword id="2869422" type="UNKNOWN" weightage="20" keywordseo="Lendingkart">Lendingkart</keyword> Group NBFC, Capital Float and NeoGrowth. 
 
P2P lending has become a huge phenomenon in the country with marketplace. 
 
P2P lending is generating about $18.79 million in 2015. P2P or marketplace lending as it is often called, connects individual borrowers with individual lenders for mutual benefit. Unstructured P2P lending has been prevalent in the country since time immemorial. However, the tech-backed platforms that are emerging in this space are streamlining how things work. They are ensuring that borrowers get access to funds at reasonable rates. The potential of this space in a country as large as ours is palpable from the large number of marketplace lending platforms that have emerged off late. These include <a href="http://www.crowdfundinsider.com/2016/02/82176-brief-loanzen-nabs-funding-from-angel-network-tracxn-syndicate/" target="_blank"> LoanZen</a>, <a href="" target="_blank">Capzest</a>, KountMoney, Loanbaba, Faircent and LoanCircle which have already raised significant capital. 
 
B2B lending, too, is at an all-time high. These marketplaces are helping India’s large MSME sector accelerate at an unprecedented rate. They are using Big Data and Analytics to evaluate a business and a potential borrower’s credit risk profile to accurately ascertain the amount of funds that can be lent. They take into account the current year’s cash flows and the business growth to analyze the ability to pay working capital loans back and to assess if loans should be renewed or not. 
 
They have also used technology the right way to make loan application and disbursal process fast and hassle-free. These B2B alternative lending companies are truly disrupting the way Indian finance space works and therefore, this segment too has witnessed a steady spurt in numbers, both in terms of growth of start-ups in this space and in terms of investment. 
 
Our Prime Minister, Narendra Modi, has been extremely vocal about his vision for widespread financial inclusion in the country. In fact, this vision is the cornerstone of his “Start Up India, Stand Up India” programme. The Government is going all out to solve the problem of financial inclusion with schemes like ‘<a href="http://yourstory.com/tag/jan-dhan-yojana/" target="_blank">Jan DhanYojana</a>’ and ‘<a href="http://yourstory.com/2015/01/aadhaar-hackathon-winners/" target="_blank">Aadhar</a>’ enrolment. The RBI has also given in-principle approval to many large entities to set up Payment Banks across India. Additionally, alternative lending start-ups are boosting this endeavour across the nation with the help of technology. These Fintech companies are now also looking at entering strategic partnerships with various government bodies to enable financial services pan-India with the overarching goal of banking the unbanked. 
 
India is considered to be one of the largest markets for consumer finance with close to 70 per cent of the market being underserved by institutional lenders. Moreover, SME lending in the nation, too is a very deep vertical. Banks and NBFCs lend about $150 million to this sector yet the needs of this large and growing space remain unfulfilled. However, with the advent of tech-backed alternative lending companies, those who have hitherto been left out of the fold of financial inclusion are now fast becoming a part of it. This space is likely to see 10X growth in the near future. All stakeholders in the sector are looking forward to strategic partnerships between start-ups and established financial institutions so that together they can give the right fillip to nation’s economic and entrepreneurial growth. 
 
(The article is authored by Harshvardhan Lunia, CEO &amp; Co-Founder, Lendingkart Technologies) 
 
(Image: Thinkstock)

Fintechs are heralding a new era for Indian banking and finance sector

<a href="http://www.businessinsider.in/searchresult.cms?query=PayU+India&amp;sortorder=effectivedate">PayU India</a> has become the first non-bank entity among 62 others to get <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">RBI</a> approval to set up and operate <a href="http://www.businessinsider.in/searchresult.cms?query=Bharat+Bill+Payment+System&amp;sortorder=effectivedate">Bharat Bill Payment System</a> (BBPS). 
 <keyword id="3204218" type="UNKNOWN" weightage="60" keywordseo="Shailaz-Nag">Shailaz Nag</keyword>, COO and Co-founder, <a href="http://www.businessinsider.in/searchresult.cms?query=PayU+India&amp;sortorder=effectivedate">PayU India</a> said, “With the provisions of BBPS, PayU believes more serious players will apply for authorization to work as BBPOU with <keyword id="30067" type="ORGANIZATION" weightage="40" keywordseo="RBI">RBI</keyword>. Further admittance of prominent industry players in the business will only enhance the country’s payment ecosystem”. 
 The company believes the BBPS license gives a big boost to its payment ecosystem. In an official statement the company mentions this as getting one step closer to achieve its mission of ‘Simplifying payments and <keyword id="6354241" type="COMPANY" weightage="40" keywordseo="Financial-Services">financial services</keyword> for everyone’. 
 
BBPS is an integrated bill payment system in India, offering inter-operable and accessible bill payment service to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment. This will allow consumers to pay their bills anytime and anywhere in India. 
 
<a href="http://economictimes.indiatimes.com/photo/51441376.cms">Image Source</a>

PayU India becomes first
non-bank entity to get Bharat Bill Payment Unit license

<keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword>, the mobile payments and commerce firm headquartered in Noida is looking at the coming year with hopeful eyes. As per reports, it is expecting its 110 million wallet users to add about $500 million in their wallets in 2016, which means a tenfold rise from 2015. 
 "In 2015, we saw wallets become mainstream. Next year, as more and more businesses push marketing dollar spends to cashbacks and wallets, the recharge value and frequency will steadily increase," Paytm founder <keyword id="198636" type="PERSON" weightage="100" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> told ET. 
 
This projected figure doesn’t count cashbacks that the company offers its customers when they do e-commerce transactions via Paytm. 
Sharma is expecting to see startups offering a lot of extras including loans and insurances built on top of wallets next year, which would help them competing with credit cards, if not replacing them. 
 
As per existing norms set by the RBI, Paytm has to restrict its customers to Rs 10,000 wallet recharge per month on a mobile number and email ID verification. In order to do transactions above this amount, customers need to adhere to full Know Your Customer (KYC) norms, the process of which is like opening a bank account. 
 Paytm, which was started in 2010, is backed by China's giant <keyword id="163405" type="CITY" weightage="100" keywordseo="Alibaba-Group">Alibaba Group</keyword> and affiliate <keyword id="2702533" type="UNKNOWN" weightage="100" keywordseo="Ant-Financial">Ant Financial</keyword>, and faces competition from <keyword id="143842" type="UNKNOWN" weightage="100" keywordseo="Mobikwik">MobiKwik</keyword>, <keyword id="6377963" type="UNKNOWN" weightage="100" keywordseo="Freecharge">FreeCharge</keyword>, <keyword id="545632" type="UNKNOWN" weightage="100" keywordseo="Airtel-Money">Airtel Money</keyword> and <keyword id="1493568" type="UNKNOWN" weightage="100" keywordseo="PayU">PayU</keyword>, all big names in the e-wallet business. 
 
<a href="http://economictimes.indiatimes.com/photo/48155124.cms">Image source</a>

Santa’s come visiting Paytm! Its wallet size expected to increase tenfold in 2016

Consumers are trying out new methods of payments, especially <a href="http://www.businessinsider.in/searchresult.cms?query=digital+wallets">digital wallets</a>. This trend saw transactions by <keyword id="6358031" type="UNKNOWN" weightage="100" keywordseo="digital-wallets">digital wallets</keyword> grow three times between February and April. 
 
A <a href="http://www.businessinsider.in/searchresult.cms?query=RTI">Right to Information</a> application filed with <a href="http://www.businessinsider.in/searchresult.cms?query=RBI">Reserve Bank of India</a> (RBI) revealed that around 6.7 crore transactions worth Rs 1,196 crore were recorded through digital wallets in April compared with 2.4 crore payments totalling Rs 876 crore in February. 
 
The total number of digital wallets as of April 2015 is 101.86 million. Through digital wallets, people can pay through mobilephones. 
 
Economic Times reported that <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm">Paytm</a> spent around Rs 100 crore on advertising its e-wallet services during February-April. 
 "February was the time when the cricket world cup took place and we first started advertising on television. As a result, we attracted new users. While existing users have become comfortable in making high-value transactions, new users are still experimenting with the product,” Amit Lakhotiya, vice-president at <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword>, told ET. 
 Meanwhile, investors are attracted to the growth of digital wallets and in past few months, Paytm raised $375 million and <keyword id="143842" type="UNKNOWN" weightage="100" keywordseo="Mobikwik">MobiKwik</keyword> got $25 million. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=electronic+payment">E-wallet</a> companies MobiKwik and <keyword id="1493568" type="UNKNOWN" weightage="100" keywordseo="PayU">PayU</keyword> told the financial daily that they plan to spend over Rs 100 crore and Rs 60 crore, respectively, on advertising over the next few months to boost digital transactions. 
 
"If we created a wallet for every mobile number that ever used our platform, then MobiKwik would have 100-120 million wallets today," Bipin Preet Singh, founder and CEO of MobiKwik, told ET. 
 
(Image: Thinkstock)

Digital wallets becoming popular among consumers, reveals RTI

<ul><li><keyword id="74945" type="General" weightage="20" keywordseo="women-entrepreneurs" source="Orion">Women entrepreneurs</keyword> are not far behind in founding the most valuable businesses of this millennium. </li><li>Ghazal Alagh of Mamaearth, and Saumya Singh Rathore of Winzo, aged 35, each is the youngest woman in the list. </li><li>Ruchi Deepak, co-founder of Acko, and Amrita Sirohia, co-founder, Amrita Sirohia, co-founder, INDmoney, at 41, are the eldest women in the list </li></ul>When it comes to founding valuable new businesses, women <keyword id="53533" type="General" weightage="20" keywordseo="entrepreneurs" source="Orion">entrepreneurs</keyword> are giving men a run for their money. We take a look at top ten <keyword id="19669428" type="General" weightage="20" keywordseo="youngest-women-entrepreneurs" source="Orion">youngest women entrepreneurs</keyword> in India according to the first edition of ‘India's Top 200 Self-made Entrepreneurs of the Millennia 2023’ launched by I<a href="https://www.idfcfirstbank.com/personal-banking/wealth/First-Private#home">DFC FIRST Private</a> Banking and <a href="https://hurunindia.com/">Hurun India</a>. Ghazal Alagh, 35, Gurugram Ghazal Alagh is a self-made woman entrepreneur and the co-founder of Mamaearth, one of India's leading brands of natural and toxin-free skincare and baby care products. Alagh's journey started with a personal need – she was struggling to find safe and effective skincare products for her son. This inspired her to create her own brand, Mamaearth, which has since become a household name in India and recently went public. Saumya Singh Rathore, 35, New Delhi Saumya Singh Rathore, co-founder of WinZO, has contributed to building India's leading social gaming platform in local languages, boasting a user base exceeding 100 million. Since its inception in 2018, WinZO has secured funding surpassing $100 million, supported by key investors like Griffin Gaming Partners, Makers Fund, Courtside Ventures, and Steve Pagliuca. Rajoshi Ghosh, 36, Bengaluru Rajoshi Ghosh, a serial entrepreneur, serves as the COO and co-founder of Hasura, a software technology company based in San Francisco. Beyond her role at Hasura, she has initiated five other startups. She holds the title of a World Economic Forum Global Shaper and commenced her professional journey as a published bioinformatics researcher specialising in genomics at the Genome Institute of Singapore. Dr. Garima Sawhney, 37, Gurugram Dr. Garima Sawhney, a co-founder at Pristyn Care, is a leading figure in India's healthcare. Renowned for her expertise in gynaecology, she embarked on her career as a doctor, honing crucial life skills during her tenure at a government hospital. Her leadership, born from compassionate patient care, has steered Pristyn Care to a valuation of $1.4 billion. Kanika Gupta, 39, Gurugram Kanika Gupta Shori holds the position of co-founder and COO at Square Yards, an integrated real estate marketplace. With an educational background from Wharton Business School, she brings more than 11 years of experience in both banking and entrepreneurial pursuits. Beyond her professional roles, Kanika actively contributes to initiatives centred around empowering women and supporting children's welfare. Vineeta Singh, 40, Mumbai Vineeta Singh is an Indian entrepreneur and investor who is the co-founder and CEO of SUGAR Cosmetics, a popular Indian beauty brand. Singh is also a judge on the Indian reality television show Shark Tank India. Singh is known for her tough questioning and her willingness to invest in businesses that she believes have the potential to succeed. Ruchi Kalra, 40, Gurumgram Ruchi Kalra, an entrepreneur from Gurgaon, has co-founded two unicorn startups – OfBusiness and Oxyzo with her husband, Ashish Mohapatra. Ruchi's successful business approach centres on extracting profit from each transaction, a strategy that has proven effective. She and her husband are the first couple who has founded two unicorns. Mabel Chako, 40, Bengaluru Mabel Chako, co-founder and chief operating officer at Open, boasts a 13-year entrepreneurial journey in financial technology. Her expertise spans intricate financial landscapes, honed through roles at Citrus Payment Solutions and PayU. Her founding of CashNxt in 2007 and Zwitch in 2013 (later acquired by Citrus Payments) underscores her entrepreneurial acumen and commitment to innovative solutions. Ruchi Deepak, 41, Mumbai Ruchi Deepak, co-founder of Acko, hails from Jamshedpur and pursued her bachelor's degree at Lady Shri Ram College, followed by Law at Delhi University. Ruchi aimed for meaningful innovation in financial services. Witnessing the industry's focus on selling to distributors rather than customers directly, she envisioned a shift. Co-founding Acko with Varun Dua, they leveraged technology to revolutionise insurance experiences. Amrita Sirohia, 41, Gurugram Amrita Sirohia, co-founder of INDmoney, embarked on her journey in the financial sector driven by a passion for technology and finance. Amrita's professional trajectory includes roles at renowned companies like Google and Barclays, which led to her understanding of financial complexities and technological innovation. Co-founding INDmoney, her aim was to democratise wealth management through tech-enabled financial solutions, empowering individuals to navigate and optimise their financial portfolios efficiently.

She power: The top 10 youngest women entrepreneurs in India

Gurugram-based offline-to-online commerce platform <keyword id="8103952" type="General" weightage="100" keywordseo="dotpe" source="Orion">DotPe</keyword> on Monday said it has raised $58 million in its series B funding round led by Temasek. The platform, which "plans to foray into financial services", currently serves over 7.5 million brands across the country. The funding round saw participation from existing investors PayU, the payments and fintech business of Prosus, and InfoEdge Ventures while Mitsubishi &amp; Naya Capital joined as new investors. "As we keep democratising opportunities for business growth with our omni-channel solutions and making technology more affordable and accessible, we also plan to foray into financial services and further empower merchants with business loans &amp; credit lines to turbocharge their growth," said <keyword id="3204218" type="General" weightage="50" keywordseo="shailaz-nag" source="Orion">Shailaz Nag</keyword>, Co-Founder and CEO, DotPe. Founded in 2020, DotPe's merchant-base has grown over 3 times since launch. In March, DotPe secured $27.5 million (around Rs 200 crore) in Series A funding as <keyword id="6355629" type="General" weightage="50" keywordseo="google" source="Orion">Google</keyword> joined PayU and Info Edge Ventures as investors. "We look forward to empowering more Indian businesses with the benefits of digitization and co-creating a brighter future for the country's merchant community," said <keyword id="15022820" type="General" weightage="50" keywordseo="vijay-agicha" source="Orion">Vijay Agicha</keyword>, Global Head of Strategy and Growth at PayU. Started by ex-PayU Founder <keyword id="25067" type="General" weightage="50" keywordseo="nag" source="Orion">Nag</keyword> with Gyanesh Sharma and Anurag Gupta, DotPe has digitised enterprise as well as small and medium-sized business (SMB) merchants through a "full stack" solution. The company said that on the enterprise side, it has integration with over 10,000 restaurants and food courts, including leading global and domestic food and beverage brands. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/laying-off-200-engineers-to-centralise-operations-clarifies-ola-ld/articleshow/94296026.cms">Laying off 200 engineers to 'centralise' operations, clarifies Ola (Ld)</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ev-battery-can-charge-in-three-minutes-a-harvard-backed-company-claimed/articleshow/94295446.cms">Harvard-backed company makes an EV battery that fully charges in three minutes</a>

DotPe raises $58 mn, plans to foray into financial services

<ul><li>On Monday, Gunjan Patidar, Zomato’s co-founder and chief technology officer tendered his resignation.</li><li><keyword id="7349800" type="General" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword>’s CEO Suhail Sameer has quit the top job to become its strategic advisor.</li><li>There has been a lot of churn in new-age companies like Nykaa, and also big techs like Meta India, WhatsApp Pay, Amazon India and more.</li></ul>New age companies in India have been hit by a flurry of exits by top executives, leaving them scurrying for replacements. This comes at a time when startups have been battling funding winter and elevated inflation, in a rising interest rate regime. BharatPe, a fintech is amongst those with multiple high profile exits, including its co-founder and former managing director Ashneer Grover, along with his wife Madhuri Jain Grover – who not only had to leave the company, but were also sued by BharatPe in December 2022 for ₹88.6 crore. The company alleged that both husband and wife engaged in misappropriation of funds including creating fake bills, enlisting fictitious vendors and so on. Adding to BharatPe’s woes is the <a href="https://www.businessinsider.in/business/startups/news/bharatpe-ceo-suhail-sameer-to-step-down-five-months-after-taking-over/articleshow/96703750.cms">departure</a> of its CEO Suhail Sameer on January 3. Sameer took over as the company’s CEO in August 2021, a year after being appointed as the company’s president. He will now serve as a strategic advisor starting January 7, 2023. Before Sameer, BharatPe witnessed the departure of four other high level executives last November. This includes Nehul Malhotra, head of PostPe which is BharatPe’s ‘Buy Now Pay Later’ arm. The others were the CTO Vijay Aggarwal; Rajat Jain, the chief product officer; and Geetanshu Singla, VP of technology. They moved on to pursue their own entrepreneurial passions, the company had then said in a statement. Zomato rocked by multiple top level exits, too Sameer’s resignation comes hours after Gunjan Patidar, Zomato’s co-founder and chief technology officer, tendered his resignation. Patidar was one of the first few employees of Zomato who built the core tech systems of the company. “Over the last ten plus years, he (Patidar) also nurtured a stellar tech leadership team that is capable of taking on the mantle of leading the tech function going forward. His contribution to building Zomato has been invaluable,” said the company. Patidar’s exit is the third high-level exit at the food delivery giant in two months. In November last year, another one of Zomato’s co-founders Mohit Gupta tendered his resignation. Its head of new initiatives Rahul Ganjoo; and Siddharth Jhawar, vice-president of global growth also quit in the same month. The list goes on as in September 2022, Zomato’s deputy CFO Nitin Savara also tendered his resignation. The company has been bleeding money and it reported a consolidated loss of ₹251 crore in Q2 FY23. New age companies’ top heads move in and out of big tech companies There is a lot of churn among top executives of new-age tech companies as well as big techs. Online beauty retailer Nykaa’s CFO Arvind Agarwal, who had been with the company through its IPO, quit and joined fintech major PayU as its India CFO, this November. On the other hand, new-age companies have also been able to attract executives from major companies into their fold as well. Case in point is Sugar Cosmetics who brought in Amit Aggarwal, Marico’s head of finance of its India business, as its CFO. Adding to it, Amazon India’s director of grocery, food and health Sameer Khetarpal resigned and moved to Jubilant FoodWorks as CEO, a franchisee that runs Domino’s Pizza, Dunkin Donuts outlets in India. Meta India country head Ajit Mohan tendered his resignation in November 2022, to join rival Snap as the President of Asia Pacific. Following this, WhatsApp India’s head Abhijit Bose and Meta India’s public policy head Rajiv Aggarwal also resigned. The latter joined Samsung India. WhatsApp Pay’s director and head Manesh Mahatme also left his position in September to join Amazon India as director, product and engineering. Last but not the least, another shocking exit was of Parag Agarwal, former CEO of Twitter who was fired by Elon Musk in October, a year after he was appointed for the position. Soon after his ouster, Agrawal changed his LinkedIn bio to “Not the CEO you are looking for”. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/radiant-cash-management-shares-debut-at-a-10-premium-after-company-reduces-ipo-size/articleshow/96727374.cms">Radiant Cash Management shares debut at a 10% premium after company reduces IPO size</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/shark-tank-indias-season-2s-sharks-meet-the-serial-investors-cas-and-iit-and-iim-alumni/articleshow/96714262.cms">Shark Tank India’s Season 2’s sharks: Meet the serial investors, CAs, and IIT and IIM alumni</a>

Zomato, BharatPe, Nykaa and more: the revolving door for top execs at new age companies

<ul><li><keyword id="1972612" type="PERSON" weightage="20" keywordseo="Coinbase">Coinbase</keyword> is setting up a new office in India and expanding its local team.</li><li>The crypto exchange plans to recruit ‘hundreds’ of engineers as well as hire for the product, design and human resources teams.</li><li>Startup acquisitions and acquihires are on the books as well.</li></ul>Crypto exchange Coinbase just went public three months ago, and now it’s looking to expand its footprint in one of the most populous countries in the world, India. It has big plans to hire, acquire and make the South Asian country one of its primary hubs. <div type="twitter" handle="brian_armstrong" handlename="Brian Armstrong" image="http://pbs.twimg.com/profile_images/1039744169026224128/Ne3vqMhM_normal.jpg" favoritecount="5792" retweetcount="1137" status="Coinbase is building out an office in India! 🇮🇳 Amazing team already in place - come join us.https://t.co/yCaJk681pZ" createdat="1625249316000" id="1411024018228928512"></div> The chief executive (CEO) of the company, Brian Armstrong, recently tweeted that Coinbase is already building its office out of the country — in Hyderabad — and looking to add to its local team. This includes adding ‘hundreds’ of engineers while also recruiting for the human resources, design, user experience and product management teams. According to the blog post by the vice president of engineering in India, <a href="https://blog.coinbase.com/building-crypto-out-of-india-5cd5afa6d884">Pankaj Gupta</a>, these new hires will be among the “topmost talent available anywhere in the world.” <div type="ExtQuote" text="We have ambitious plans for this hub in the near future — we want to hire hundreds of world class engineers in the near term." auname="Blog post by Pankaj Gupta, the VP of Engineering and Site Lead in India for Coinbase"></div> Anyone who ends up at Coinbase will receive a one-time $1000 in crypto as a part of the company's new program called CIkka — pronounced ‘sikka’. The news comes after the crypto exchange announced that it’s working on an app store, <a href="https://www.businessinsider.in/cryptocurrency/news/coinbase-wants-to-become-the-apple-of-the-crypto-industry/articleshow/83986137.cms">that will work like Apple’s App Store</a>, for decentralised apps (DApps). Coinbase wants to be as local as possible Even though Coinbase is currently based out of Delaware in the US, its teams in India will be led by independent directors. They will have the autonomy to make decisions as per the local context and requirements. The company is ‘remote-first,’ so they’re open to hiring all over India, not just in Hyderabad where they’re setting up shop. In addition to the robust hiring, Coinbase hasn’t ruled out acquiring up and coming startups. The company has asked interested founders to reach out to Gupta so that their ideas can be discussed further. India’s crypto hype and FUD Cryptocurrencies were a red hot investment asset for Indians during the pandemic. Blockchain data analysis company Chainalysis estimates that Indian investments into cryptocurrency rose from $923 at the end of April last year to a whopping $6.6 billion by May 2021 — that’s a massive 615% jump. But, this also brought in more scrutiny from the government. While there is no official ban on cryptocurrencies in India, the Reserve Bank of India (RBI) continues to frown on it. Risk-averse banks, in turn, are hesitant to allow customers to exchange their rupees into cryptocurrencies. Since major payment gateways — like Razorpay, PayU and BillDesk — are dependent on these banks, they have had to sever ties with crypto exchanges. As a result, exchanges in the country are currently on the hunt for payment gateways that will allow conversion. WazirX and CoinSwitch Kuber, for instance, have currently partnered with Mumbai-based Airpay for instance transfers. Most exchanges offer alternatives like peer-to-peer (P2P) transactions or manual settlement — but those may not necessarily be an option for most users. Coinbase’s entry into the Indian market could lend some authority to crypto community camps with the Indian government mulling over new crypto laws and taxes. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/aamir-khan-backed-furniture-rental-startup-furlenco-raises-1000-crore/articleshow/84132797.cms">Aamir Khan-backed furniture rental startup Furlenco raises ₹1,000 crore</a> <a href="https://www.businessinsider.in/business/startups/news/info-edge-will-now-only-sell-shares-worth-375-crore-in-zomato-ipo/articleshow/84131589.cms">Info Edge will now only sell shares worth ₹375 crore in Zomato IPO</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-wi-fi-bug-could-prevent-you-from-connecting-to-wi-fi-networks/articleshow/84133617.cms">New iPhone Wi-Fi bug could prevent you from connecting to Wi-Fi networks</a>

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Zomato, BharatPe, Nykaa and more: the revolving door for top execs at new age companies

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