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<ul><li><keyword id="10936775" type="General" weightage="80" keywordseo="transak" source="Orion">Transak</keyword> has hired two ex-Paytm employees to help with the company’s mission to boost crypto adoption in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>.</li><li>Rajat Mehrotra and Sharad Agarwal, both of whom worked with <keyword id="6357120" type="General" weightage="20" keywordseo="Paytm" source="Orion">Paytm</keyword> Money, will be heading the engineering and product design teams at Transak respectively.</li><li>Transak currently has 50 employees based out of India and plans to triple that number this year by hiring across all verticals.</li></ul>Transak, a company that’s making it easier for customers of decentralised applications (dApps) to turn their conventional currency into crypto tokens, is doubling down on its expansion in India. The global team has added two ex-Paytm employees — Rajat Mehrotra, who used to be the AVP of Engineering at Paytm Money, and Sharad Agarwal, who used to be AVP of Product within the same vertical — to their payroll in an endeavour to make India one of its key markets. <div type="ExtQuote" text="The Indian market has incredible opportunities. Sharad and Rajat will go a long way in fast-tracking the future of web3 developments in India by way of mass adoption." auname="Yeshu Agarwal, co-founder of Transak."></div> Mehrotra, an IIT Kanpur alumnus, has nearly two decades of experience building tech products for fintech and e-commerce companies. At Transak, he'll be at the helm of the company’s engineering team to build out the company’s product even further. Agarwal, who is also an IIT Kanpur alumnus, will be heading the product, design and data team to boost customer adoption across the globe. In his 14 years of experience, Agarwal’s built game-changing products for not just Paytm, but also Flipkart, Intuit and <keyword id="136478" type="General" weightage="50" keywordseo="synopsys" source="Orion">Synopsys</keyword>. <cmsannotation type="cmsannotation" annotationid="The ‘Razorpay of crypto’ is looking to build an India team" comment="subhead" text="The ‘Razorpay of crypto’ is looking to build an India team">The ‘<keyword id="2777173" type="General" weightage="50" keywordseo="razorpay" source="Orion">Razorpay</keyword> of crypto’ is looking to build an India team</cmsannotation> Transak, also referred to as the ‘<a href="https://inc42.com/features/30-startups-to-watch-the-startups-that-caught-our-eye-in-march-2021/">Razorpay of Cryptocurrency</a>’ with operations expanding across more than 100 countries, is looking at India as the next driver of crypto mass adoption. “We see the Indian market becoming one of our top three markets in the world,” Sami Start, Transak’s second co-founder, told <a href="https://www.youtube.com/watch?v=o_nLHImLLb0">CNBC</a> in an interview. The company already has around 50 employees based out of India and is planning to triple that number before the year comes to an end. Unlike other tech companies that hire in India, Transak’s focus on India is not because it’s a place to source cheap talent. “We see India as a place to get the best talent, full stop,” said Start. <cmsannotation type="cmsannotation" annotationid="Driving mass adoption of crypto in India" comment="subhead" text="Driving mass adoption of crypto in India">Driving mass adoption of crypto in India</cmsannotation> Last month, Transak introduced unified payments interface (UPI) integration to make the onboarding process of customers as simple as possible for web3 developers trying to acquire new users — basically a way for people to buy cryptocurrency from within a dApp. The company already has Polygon, a major player within India’s decentralised finance (DeFi) ecosystem, on board as a partner. DApps hosted on Polygon expand from business solutions to non-fungible token (NFT) projects to cryptocurrency-powered blockchain games, like Hike’s Rush Gaming Universe. <div type="Article" hostid="261" msid="89109609" title="EXCLUSIVE: Kavin Bharti Mittal dives into what Hike’s version of the metaverse is going to look like" mstype="2" mssubtype="0"></div> According to a <a href="https://www.medianama.com/wp-content/uploads/2021/02/KCO-CREBACO-India-Crypto-Representation.pdf">report</a> by law firm Khaitan and intelligence company CREBACO, India’s crypto asset market is worth over $15 billion. As of 2021, India’s crypto community consisted of over 6 million users, which is less than one percent of India’s eligible population. Transak aims to serve as the bridge to bring more Indians to crypto by simplifying the process of buying crypto tokens with a single point of contact to convert rupees into crypto tokens. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/axie-infinitys-ronin-bridge-halted-after-a-massive-600-million-hack/articleshow/90539665.cms">Axie Infinity’s Ronin bridge halted after a massive $600 million hack</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/microstrategys-subsidiary-takes-on-a-205-million-loan-to-buy-more-bitcoin/articleshow/90538962.cms">MicroStrategy’s subsidiary takes on a $205 million loan to buy more Bitcoin</a>

Ex-Paytm employees join crypto-focused Transak as it doubles down on its India expansion plans

The Enforcement Directorate (ED) after conducting raids at multiple locations belonging to <keyword id="714947" type="General" weightage="50" keywordseo="payment-gateways" source="Orion">payment gateways</keyword> i.e <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> and PayU in connection with a case of Chinese Loan apps, asked Paytm to freeze certain amounts from a few Merchant IDs (MIDs). Sources said the raids were conducted in Mumbai, Delhi, Gurugram, Lucknow and <keyword id="6354925" type="General" weightage="50" keywordseo="kolkata" source="Orion">Kolkata</keyword>. The ED has not given any official comment on the matter. On September 3, raids were conducted at the premises belonging to online payments gateways including <keyword id="14887233" type="General" weightage="50" keywordseo="razorpay-pvt-ltd" source="Orion">Razorpay Pvt Ltd</keyword>, Cashfree Payments and <keyword id="14887232" type="General" weightage="50" keywordseo="paytm-payment-services-ltd" source="Orion">Paytm Payment Services Ltd</keyword>. A Paytm spokesperson said that as part of the ongoing investigations of a specific set of merchants, the ED has sought information regarding such merchants to whom we provide payment processing solutions. "These merchants are independent entities, and none of them are our group entities. We are, and will continue to, fully cooperate with the authorities, and all the directive actions are being duly complied with," said the Paytm spokesperson. The ED has instructed Paytm to freeze certain amounts from the Merchant IDs of a specific set of merchant entities (as mentioned by the ED in its press release). "None of the funds which have been instructed to be frozen belong to Paytm or any of our group companies. As we have mentioned before, ED continues to seek information about certain merchants from various payment service providers, and we have shared the required information," the Paytm spokesperson said. What is the case? The case is based on 18 FIRs registered by the Cyber Crime Police Station, Bengaluru City, against numerous persons for their involvement in extortion and harassment of the public who had availed small loans through the mobile apps being run by those entities. "During enquiries, it had emerged that these entities are operated by Chinese persons. The modus operandi of these entities is that by using forged documents of Indians and making them dummy directors of those entities, they are generating proceeds of crime," the ED said. The ED had said that it has come to its notice that the entities were conducting their suspected business through various Merchant IDs/Accounts held with Payment Gateways/banks. The premises of Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Services Ltd and entities controlled/operated by Chinese persons were covered in the search operations. "During the search operations, it was noticed that the said entities were generating proceeds of crime through various Merchant IDs/Accounts held with Payment Gateways/banks and they are also not operating from the addresses given on the <keyword id="6355225" type="General" weightage="50" keywordseo="mca" source="Orion">MCA</keyword> website/registered address and having fake addresses. An amount of Rs 17 crore has been seized in merchant IDs and bank accounts of these Chinese persons-controlled entities," the ED official had said. Meanwhile, a Razorpay spokesperson had said "Some of our merchants were being investigated by law enforcement about a year and a half back. As part of the ongoing investigation, the authorities requested additional information to help with the investigation. We have fully cooperated and shared <keyword id="167905" type="General" weightage="50" keywordseo="kyc" source="Orion">KYC</keyword> and other details. The authorities were satisfied by our due diligence process." The search operations are in progress. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/weight-gain-during-the-pandemic-is-increasing-the-incidence-of-pcos-in-women/articleshow/94202794.cms">Weight gain during the pandemic is increasing the incidence of PCOS in women</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-top-75-brands-are-worth-393-billion-thats-11-of-indias-gdp/articleshow/94203813.cms">TCS is India's most valuable brand worth $45.5 billion: Kantar</a>

ED asks Paytm to freeze certain amounts from few merchant IDs after raids (Ld)

<ul><li><keyword id="1518229" type="General" weightage="80" keywordseo="lenskart" source="Orion">Lenskart</keyword> and <keyword id="14005730" type="General" weightage="80" keywordseo="mirae-asset-capital" source="Orion">Mirae Asset Capital</keyword> have engaged with <keyword id="2777173" type="General" weightage="100" keywordseo="razorpay" source="Orion">Razorpay</keyword> for online transactions.</li><li>According to a Razorpay report, stock trading and mutual funds saw tremendous growth in transaction volumes.</li><li>The overall volume of digital payments has gained momentum over the last few years and saw a growth of 33% year-on-year during the financial year (FY) 2021-2022.</li></ul>Eyewear brand Lenskart and financial services conglomerate Mirae Asset Capital Markets have engaged Razorpay to enable online transactions on their platforms, the company said on Monday. “As a brand with a multichannel presence and transactions conducted with D2C and B2B partnerships, we needed a transparent and reliable payment gateway to lead the business transactions in all our retail environments. Today, with partners like Razorpay, we are catering to a customer base of over a million users,” said <keyword id="281032" type="General" weightage="50" keywordseo="indranil-chakravarty" source="Orion">Indranil Chakravarty</keyword>, chief business officer, Aqualens and Lenskart. According to a Razorpay report, other than e-commerce, food and travel sectors, the online transaction volumes of stock trading and mutual funds also grew at 75% and 100% respectively in 2022 as compared to the year before. “Given our fully digital business model, we are happy to have partnered with Razorpay in our journey at offering the best investment solutions to our customers in the most seamless way possible,” said Arun Chaudhry, director and chief business officer at Mirae Asset Capital Markets. <keyword id="3519846" type="General" weightage="50" keywordseo="rahul-kothari" source="Orion">Rahul Kothari</keyword>, chief business officer at Razorpay said that millions of businesses can benefit from the enormous growth digital medium offers. “We look forward to empowering them with a full-stack financial solution that acts as their central nervous system for everything payments and business banking,” said othari. The overall volume of digital payments has gained momentum over the last few years and saw a growth of 33% year-on-year in FY22. Around 7,422 crore digital payment transactions were recorded during this period, up from 5,554 crore transactions seen in FY21, a report by the <keyword id="3524863" type="General" weightage="50" keywordseo="ministry-of-electronics" source="Orion">Ministry of Electronics</keyword> and IT (MeitY) says. India’s digital payment market is expected to <a href="https://economictimes.indiatimes.com/tech/technology/indias-digital-payments-market-will-triple-to-10-trillion-by-2026-phonepe-bcg-study/articleshow/91963637.cms">triple</a> to $10 trillion by 2026, according to the latest study by digital payments firm <keyword id="6357886" type="General" weightage="50" keywordseo="phonepe" source="Orion">PhonePe</keyword> and Boston Consulting Group (BCG). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/quirky-maker-of-flip-flops-merges-style-with-sustainability/articleshow/94145373.cms">Quirky maker of flip flops merges style with sustainability</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/electric-mobility-startup-yulu-raises-82-million-in-series-b-funding/articleshow/94143818.cms">Electric mobility startup Yulu raises $82 million in Series B funding</a>

Lenskart and Mirae Asset Capital sign up with Razorpay for online transactions

<ul><li>India is now being recognized as one of the largest fintech unicorn ecosystems, home to 21 fintech unicorns.</li><li>Growing adaptation of technology, higher disposable income and young population is aiding the growth of financial technology which has big players like <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, <keyword id="1763236" type="General" weightage="20" keywordseo="cred" source="Orion">Cred</keyword>, <keyword id="3711711" type="General" weightage="20" keywordseo="simpl" source="Orion">Simpl</keyword> etc.</li><li>Fintech growth in sectors like agriculture, retail, health and property technology will also accelerate the growth.</li></ul>The Indian fintech market is expected to grow ten times and have assets to the tune of $1 trillion asset under management by 2030, says a report by Chiratae Ventures and EY. This growth will come on the back of government initiatives such as Digital India, Smart City, the development of UPI, the report says. Growth will be driven by the digital lending market, which is expected to grow to $515 billion in book size by 2030 and a revenue of $200 billion. “India is now being recognized as one of the largest fintech unicorn ecosystems, home to 21 fintech unicorns as of March 2022,” says the report titled ‘$1 Tn India FinTech Opportunity’. Growing adaptation of technology, higher disposable income and young population is aiding the growth of financial technology which has big players like Paytm, Cred, Simpl, <keyword id="2777173" type="General" weightage="20" keywordseo="razorpay" source="Orion">Razorpay</keyword>, Instamojo, Lendingkart and many others. Popularity of ‘<keyword id="4585897" type="General" weightage="20" keywordseo="buy-now-pay-later" source="Orion">buy now pay later</keyword>’ <a href="https://www.businessinsider.in/personal-finance/news/how-does-buy-now-pay-later-schemes-work-and-what-are-the-penalties-here/articleshow/87788629.cms">(BNPL) </a>products and services has also fueled the growth of the industry both in B2C and B2B payments space. Just like credit cards, <a href="https://www.businessinsider.in/personal-finance/news/how-does-buy-now-pay-later-schemes-work-and-what-are-the-penalties-here/articleshow/87788629.cms">BNPL schemes </a>allow you to buy products beforehand and pay the total amount in installments. According to TC Meenakshi Sundaram, co-founder and vice chairperson at Chiratae Ventures, fintechs have innovated for the underserved financial markets. The ecosystem has been supportive too. “These include fast-growing digital adoption and mobile penetration on the back of the cheapest data rates in the world offered by private telecom players, to enabling regulatory environment coupled with world-leading digital infrastructure (Aadhar, UPI, BBPS etc), and structural reforms and initiatives (GST, TReDSetc.),” said Sundaram. Fintech has also been growing in sectors like agriculture, retail, health and property technology. The report states that payments, digital lending, wealthtech, insurtech, and neo-banking will all be contributing to growth in the fintech space with agri+fintech and prop+fintech considered to be big bets. “India is recognized as a strong fintech hub globally and is increasingly becoming a talent destination for fintech businesses,” said Rajiv Memani, chairman and managing partner at EY India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/not-only-foreign-investors-but-indian-retail-investors-also-seem-to-be-losing-faith-in-markets/articleshow/93457258.cms">Although FII flows have reversed, retail investor confidence remains low thanks to macro concerns</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/goa-hotels-had-the-most-occupancies-and-they-earned-more-too-says-report/articleshow/93456193.cms">Goa hotels had the most occupancies and they earned more too, says report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/only-12-delhi-covid-19-cases-are-in-official-records-says-report/articleshow/93446996.cms">Only 12% Delhi Covid-19 cases are in official records, says report</a>

Indian fintechs to grow 10x and manage assets worth $1 trillion by 2030

<ul><li>This could be a huge opportunity for companies and payments startups providing access to <keyword id="6367143" type="UNKNOWN" weightage="20" keywordseo="LIC">LIC</keyword>'s over 250 million customers.</li><li>Business Insider has learnt that, on February 5, 2021, LIC floated the “request for proposal (RFP)” for a contract which will be valid for five years.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider.</a></li></ul>The <keyword id="6365973" type="ORGANIZATION" weightage="20" keywordseo="life-insurance-corporation">Life Insurance Corporation</keyword> of India (LIC), the country’s largest and over half a century old insurer, has a golden egg for India’s payment gateway operators. LIC is currently inviting bids from payment aggregator companies to enable digital payment of premiums for its over 250 million customers – an opportunity for the likes of <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword>, Paytm, PayU to pounce upon and gain LIC’s millions of users overnight. <div type="image" title="LIC" msid="81304415" hostid="261"></div> Business Insider has learnt that, on February 5, 2021, LIC floated the “request for proposal (RFP)” for a contract which will be valid for five years. The RFP, seen by Business Insider, states that “LIC wishes to avail a comprehensive, fully automated end to end solution for all types of collections of LIC, not limited to just premiums, by integrating LIC’s website with an integrated Internet Payment Aggregator”. <div type="Youtube" id="Vvc-BuPvE3k" title="India&amp;#39;s largest insurer LIC is inviting bids from payment aggregators⁠" thumbUrl="https://i.ytimg.com/vi/Vvc-BuPvE3k/mqdefault.jpg"></div> LIC had earlier floated a similar bid in 2017, but the bid had not seen the light of the day. But now, there are big things lined up for LIC. The 65-year old insurer is headed for a market debut too this year, as announced by Finance Minister Nirmala Sitharaman in her Budget 2020 speech. One of India’s payment gateway operators Razorpay has confirmed to Business Insider that it has been invited to bid for LIC, and will be submitting its proposal in March. However, the billion dollar startup did not share any further details. For LIC, a tryst with ‘using data’ For technology enthusiasts like Rajeev Suri, the managing director at Orios Venture Partners, the bigger benefit lies for LIC in this partnership. Suri takes a leaf out of China’s playbook to cite the example of Alipay and its success. Alipay, the payments app from Jack Ma’s Ant Financial, used data from the payments vertical to<a href="https://hbr.org/2020/09/why-hasnt-apple-pay-replicated-alipays-success#:~:text=Alipay%2C%20which%20was%20spun%20off,behind%20it%20went%20beyond%20payments."> sell more products to users</a>, which eventually led to Ant Financial becoming a mammoth financial company with a valuation of over $300 billion. The data that these payment aggregators have, would give LIC the opportunity to direct policies to the right user, making way for a deeper penetration of <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> in India. And it is this disruption of data that is driving the story for LIC. “Today, insurance is mainly used as a tax saving alternative. But with data from these startups will help LIC. That is the data driven magic that happened in China that built the most powerful IPO the world has ever seen. And it could happen with LIC too,” said Suri. For any payment gateway operator, an opportunity of a lifetime According to a Goldman Sachs report, the online individual insurance market (life and health) could be worth $1.25bn by FY25, more than tripling from $365mn in FY20. And without a doubt, LIC holds the mammoth share of the market. <div type="image" title="LIC" msid="81304426" hostid="261"></div> For India’s payment startups, this will be a big chance to gain more users and transactions. In 2019-20 alone, LIC processed premiums worth ₹3.79 lakh crore ($51.7 billion). And this, while India continues to remain a poorly insured country with barely 4% market penetration, leaving a wide opportunity for LIC to grow further. India’s digital payment market is projected to grow to be worth $300 billion by FY25, according to a report by Bank of America from January 2021. And at the heart of it are homegrown players like Paytm, Razorpay who will be riding the wave of <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">digital payments</keyword>. Insurance in India is still heavily regulated and for any startup, working with LIC would mean clearing many hurdles at once. “LIC is the grandmaster of insurance in India. For any startup partnering with LIC would mean an easier sell of insurance to consumers, the trust deficit associated with financial products would go away when there is an association with LIC,” Suri told Business Insider. For startups, which are still heavily concentrated in India’s bigger cities, working with LIC will open up direct access to users across Tier 2, 3 cities. Suri believes that the startups would become a ‘trustworthy’ company across India as the recognition value of LIC is high. So who can bid for the LIC tender? Partnering with India’s biggest life insurer, which is also headed for the public markets in what is called as the ‘biggest IPO of the decade’, won’t be an easy task. LIC in its RFP has already issued an eligibility criteria with multiple factors that each amount to a set number of points. The points will be decided on factors such as the total value of digital transactions done by the company in 2019-20, with over ₹50 crore taking the highest points, number of years of experience in the industry, among others. For a company to win the bid, it will need a minimum of 75 points. But that’s not the only hiccup. To bid for LIC means the company would have to first give an Earnest Money Deposit OF ₹10 lakh and the final winner would have to submit a Performance Bank Guarantee (PBG) of ₹10 crore. And all of this makes it a little complicated. "Technically, because of bidding these end up being low revenue opportunities," a source at one of the top payment aggregators told Business Insider on the condition of anonymity. Interestingly, there are many more players entering the payments industry with full force. From Mukesh Ambani’s Reliance to the Jeff Bezos-led Amazon have partnered with banks and other organisations, to apply for a <a href="https://www.businessinsider.in/finance/news/explained-the-nue-licence-for-payments-that-tata-ambani-and-bezos-have-applied-for/articleshow/81268434.cms">new umbrella entity (NUE) licence</a>, which will have powers similar to the apex body National Payments Corporation of India (NPCI). SEE ALSO: <a href="https://www.businessinsider.in/finance/news/explained-the-nue-licence-for-payments-that-tata-ambani-and-bezos-have-applied-for/articleshow/81268434.cms">EXPLAINED: The NUE licence for payments that Tata, Ambani and Bezos have applied for</a> <a href="https://www.businessinsider.in/thelife/personalities/news/meet-jay-chaudhry-the-man-who-studied-under-a-tree-in-himachal-to-become-one-of-the-worlds-top-billionaires-today/articleshow/81288884.cms">Meet Jay Chaudhry, the man who studied under a tree in Himachal to become one of the world’s top billionaires today</a> <a href="https://www.businessinsider.in/business/news/elon-musk-and-reliance-industries-mukesh-ambani-compete-in-energy-storage-skytran-and-hyperloop/articleshow/81266903.cms">Elon Musk is facing a challenge from Asia’s richest man Mukesh Ambani in India⁠— both in energy and transportation</a>

EXCLUSIVE: Ahead of the LIC IPO, a large tender from India's largest insurer is inviting bids from payment aggregators

Financial solutions company <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword> on Monday said it has acquired AI-based risk tech <keyword id="6395918" type="UNKNOWN" weightage="20" keywordseo="SAAS">SaaS</keyword> (software-as-a-service) platform <keyword id="11669390" type="UNKNOWN" weightage="20" keywordseo="tera-finlabs">TERA Finlabs</keyword> for an undisclosed sum. TERA Finlabs is an Indian subsidiary of GAIN Credit, a leading UK digital lender which was launched in 2018 to expand their global footprint in digital lending. This marks the company's third acquisition after foraying into the B2B SME lending space with the launch of Razorpay Capital in 2019, it said in a statement. "The team at TERA FinLabs comes with exceptional domain knowledge in credit underwriting &amp; risk management and we see immense value in TERA Finlabs core lending infrastructure capabilities," said Harshil Mathur, CEO and Co-Founder, Razorpay. Razorpay Capital, along with TERA Finlab's technology capabilities, will be able to service the credit needs of over 10,000 businesses in India by the next year, the company said. "We are excited that the strengths of Razorpay and TERA Finlabs are now coming together to ensure that small businesses aren't burdened by the short-term uncertainties. Our robust end-to-end platform will enable new businesses to build a scalable and profitable credit business," said Pradeep Rathnam, Co-Founder and CEO, TERA Finlabs. Razorpay acquired <keyword id="5569668" type="UNKNOWN" weightage="20" keywordseo="thirdwatch">Thirdwatch</keyword>, an AI-driven company that helps reduce Return-to-Origin (RTO) fraud losses in e-commerce in 2018, and <keyword id="8363793" type="UNKNOWN" weightage="20" keywordseo="opfin">Opfin</keyword>, a payroll management software company, in 2019. The company said it has been witnessing a 40-45 per cent growth (on-month) and has achieved $40 billion TPV (Total Payment Volume). Razorpay currently powers payments for over 8 million businesses including the likes of Facebook, Airtel, Ola, <keyword id="11669388" type="UNKNOWN" weightage="20" keywordseo="zomato-swiggy-cred">Zomato, Swiggy, Cred</keyword> and ICICI Prudential, among others, and is set to reach 200 million customers this year. SEE ALSO - <a href="https://www.businessinsider.in/tech/mobile/news/apple-could-finally-bring-the-always-on-display-feature-on-the-iphone-13/articleshow/84542970.cms">Apple could finally bring the always-on display feature on the iPhone 13</a> <a href="https://www.businessinsider.in/stock-market/news/g-r-infraprojects-ipo-makes-a-strong-listing-on-exchanges-with-over-100-premium-shares-open-at-1700/articleshow/84542747.cms">G R Infraprojects IPO makes a strong listing on exchanges with over 100% premium, shares open at ₹1700</a>

Fintech startup Razorpay buys SaaS firm TERA Finlabs

<keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">Cryptocurrency</keyword> exchange <keyword id="6672551" type="UNKNOWN" weightage="20" keywordseo="wazirx">WazirX</keyword> on Wednesday said it has recorded 2,648 per cent growth in user <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">sign-ups</a> from tier-II and -III cities of India. Based on a report generated by payments gateway firm <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword>, WazirX said tier-II and -III cities have driven almost 55 per cent of the total user sign-ups on its platform in 2021, thereby overtaking tier-I cities that demonstrated a sign-up growth of 2,375 per cent. WazirX in a statement said the influx of cheaper and faster internet clubbed with continuously-lowered smartphone prices have led to rapid internet penetration in the semi-urban cities and rural towns of India. "Coupled with the pandemic-induced lockdown, it has further accelerated the<a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink"> digital</a> adoption in these regions. "Moreover, it has also been the biggest driver of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">crypto</a> adoption in India, as it has led to people trying to find new ways to earn online and diversify their portfolio," the statement said. The India-based exchange claims to have over over 7.3 million users, and has clocked over USD 21.8 billion in trading volume in 2021 till date. Tier-II cities like Ahmedabad, <keyword id="6355192" type="COMPANY" weightage="20" keywordseo="Lucknow">Lucknow</keyword> and <keyword id="6358805" type="UNKNOWN" weightage="20" keywordseo="patna">Patna</keyword> have reported an average growth of 2,950 per cent, whereas tier-III cities like Ranchi, Imphal and <keyword id="13178" type="COMPANY" weightage="20" keywordseo="Mohali">Mohali</keyword> have reported an average growth of 2,455 per cent on WazirX, the statement said. <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 target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/messis-impending-arrival-drives-the-value-of-psgs-crypto-token/articleshow/85175455.cms">Messi may or may not be going to PSG, but the French club is already seeing gains from the 'potential' signing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/crypto-firm-mudrex-which-offers-mutual-fund-like-crypto-investment-tools-raises-2-5-million-in-a-seed-round/articleshow/85205115.cms">This Indian crypto company just raised $2.5 million to launch crypto mutual funds and ETFs</a>

More than half of WazirX's new users this year are from tier 2 and tier 3 cities

E-commerce aggregation platform <keyword id="4178573" type="PERSON" weightage="20" keywordseo="ShipRocket">Shiprocket</keyword> on Thursday said it has raised $41.3 million (about Rs 305 crore) in Series D1 funding co-led by <keyword id="11591696" type="UNKNOWN" weightage="20" keywordseo="PayPal-Ventures">PayPal Ventures</keyword>, the corporate VC arm of <keyword id="6357940" type="DEFINITION" weightage="20" keywordseo="paypal">PayPal</keyword>. The latest infusion of capital brings Shiprocket's total funding to $94.3 million. The New Delhi-based company said that it aims to leverage these funds to fuel product development for both existing and new products, to invest in research and development, continue <keyword id="29547" type="PERSON" weightage="20" keywordseo="Market">market</keyword> expansion and accelerate overall growth. Direct-to-consumer (D2C) <keyword id="84" type="ORGANIZATION" weightage="20" keywordseo="Commerce">commerce</keyword> forms roughly 15 per cent of the overall e-commerce market in India and this is projected to grow to 30-35 per cent in the next five years. "Shiprocket is democratizing best-in-class experiences for hundreds of thousands of eCommerce brands that are shipping millions of items per month through our platform today," said <keyword id="1759829" type="PERSON" weightage="20" keywordseo="Saahil-Goel">Saahil Goel</keyword>, CEO, and Co-Founder of Shiprocket. A part of the funds will also be directed towards the platform's new strategic initiatives, including global expansion starting with the Middle East, the company said. Existing investors Bertelsmann India Investments and <keyword id="10449266" type="UNKNOWN" weightage="20" keywordseo="Info-Edge-Ventures">Info Edge Ventures</keyword>, March Capital and <keyword id="9200827" type="UNKNOWN" weightage="20" keywordseo="tribe-capital">Tribe Capital</keyword> also participated in the round. The funding round also saw participation from strategic partners, such as <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword> and Innoven Capital, and entrepreneurs including Cred founder Kunal Shah and Zomato founder Deepinder Goyal. "Shiprocket has excelled by focusing on building products that solve major logistical problems for businesses as they scale, much like PayPal has supported merchants with payments," said Marc Donnadieu, Director, PayPal Ventures. Over 100,000 online sellers in India are using Shiprocket to streamline their post-checkout process, starting from logistics to warehousing to COD management. "The goal is that as Shiprocket expands its capabilities and tools for sellers, anyone with a product to sell should be able to avail of Shiprocket's suite of products and services at one click to get their business off-the-ground with an Amazon-like one-day delivery experience", said Kitty Agarwal, Partner, Info Edge Ventures. Founded in 2017, Shiprocket became profitable in FY18-19 and is on track to close this financial year at $100 million in annual recurring revenue (ARR). Shiprocket currently processes more than 5 million monthly shipments. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrencies-exchanges-can-run-into-trouble-with-investors/articleshow/84205889.cms">Cryptocurrencies aren't all diamonds and roses — lawsuits from people who lost big are piling up with exchanges</a> <a href="https://www.businessinsider.in/business/auto/news/simple-energy-new-electric-scooter-promises-240km-range-on-a-70-minute-charge/articleshow/84164967.cms">This new electric scooter promises 240KM range on a 70-minute charge, could be priced under ₹1,20,000</a>

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Ex-Paytm employees join crypto-focused Transak as it doubles down on its India expansion plans

BI India Bureau

ED asks Paytm to freeze certain amounts from few merchant IDs after raids (Ld)

IANS

Lenskart and Mirae Asset Capital sign up with Razorpay for online transactions

Vaamanaa Sethi

Indian fintechs to grow 10x and manage assets worth $1 trillion by 2030

Bhakti Makwana

EXCLUSIVE: Ahead of the LIC IPO, a large tender from India's largest insurer is inviting bids from payment aggregators

Sanchita Dash

Fintech startup Razorpay buys SaaS firm TERA Finlabs

IANS

More than half of WazirX's new users this year are from tier 2 and tier 3 cities

PTI

PayPal pumps in ₹305 crore in Indian logistics platform Shiprocket

IANS

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