Rio.money, an Indian fintech firm, has unveiled its Unified Payments Interface (UPI) app, designed to seamlessly integrate credit with UPI payments. In conjunction with this launch, the company has partnered with Yes Bank and the National Payments Corporation of India (NPCI) to introduce the co-branded Yes Bank Rio RuPay Credit Card.

Revolutionizing Consumer Finance

The collaboration aims to transform consumer finance by combining the convenience of UPI with the advantages of credit cards. This initiative addresses the growing demand for accessible and efficient financial solutions, particularly in Tier 2 and Tier 3 cities, where traditional banking services may be less accessible.

Key Features of the Yes Bank Rio RuPay Credit Card

The Yes Bank Rio RuPay Credit Card enables users to make purchases via UPI at over 100 million merchant locations across India. It offers several attractive features, including:

• Credit limit of up to ₹5 lakh

• Zero fees (no joining or annual fees)

• Exclusive rewards and cashback offers

Since its beta launch, Rio.money has received applications from 244 cities, with approximately 60% of users hailing from Tier 2 and Tier 3 locations. This response highlights the demand for innovative financial products in underserved markets.

Leadership Vision

Riya Bhattacharya, Co-founder and CEO of Rio.money, articulated the company’s mission:

“Rio will become the favourite UPI app for millions of users in India who aspire for affordability and convenience. The Credit Card is just the beginning of how we aim to integrate credit with UPI to transform consumer finance in India.”

She further emphasized that with the introduction of Credit-on-UPI, they are pioneering a lifestyle product that will redefine cash flow management for approximately 600 million Indians. This market is projected to evolve into a $350 billion opportunity, potentially surpassing other credit and payment products.

Anil Singh’s Perspective

Anil Singh, Country Head – Credit Cards and Merchant Acquiring at Yes Bank, highlighted the card’s appeal:

“This co-branded credit card links with UPI to unlock the true potential of payments. It provides rich benefits through simple cashbacks and offers that are compelling for everyday spends.”

Capturing the UPI-Led Credit Market

The UPI ecosystem continues to dominate the digital payment space in India, with over 100 million merchant locations supporting UPI payments compared to just 10 million point-of-sale (POS) machines for traditional credit cards. As UPI-led credit cards gain traction, experts predict this segment will outpace traditional credit products, creating a $1 trillion market by 2030. The largest listed credit card issuer has already reported a remarkable 50% quarter-on-quarter growth in UPI-led credit adoption.

The Road Ahead

Rio.money’s entry into the UPI credit ecosystem positions it as a key player in shaping India’s digital payment landscape. With its innovative offerings and strategic partnerships, the company is poised to capture a significant share of the burgeoning UPI-led credit market while enhancing financial accessibility for millions across the country.

Future Innovations

Rio.money plans to continue expanding its product offerings by integrating more features into its app that cater specifically to user needs. The focus will remain on simplifying transactions and providing valuable rewards that resonate with everyday consumers.

Conclusion

With the launch of its UPI app and partnership with Yes Bank and NPCI for a co-branded credit card, Rio.money is set to revolutionize consumer finance in India. By merging the convenience of UPI with credit access, Rio.money not only addresses current market demands but also positions itself at the forefront of India’s evolving fintech landscape. As digital payment solutions continue to gain momentum, Rio.money’s innovative approach is likely to enhance financial inclusion and empower users across diverse demographics.

Mayank Bidawatka, former Co-founder of Koo, has successfully raised approximately $4 million in a seed funding round for his new venture, Billion Hearts Software Technologies Pvt Ltd. The funding round was led by Blume Ventures, with participation from General Catalyst and Athera Venture Partners.

Key Investors and Backers

The investment is spearheaded by Karthik Reddy, Partner at Blume Ventures, who expressed enthusiasm for Bidawatka’s vision. Notable contributions also came from industry figures such as Neeraj Arora, Managing Director at General Catalyst and former Chief Business Officer of WhatsApp, and Rutvik Doshi, Partner at Athera Venture Partners. Their backing reflects confidence in Bidawatka’s ability to create impactful digital products.

Focus on Global Digital Products

Founded in August 2024, Billion Hearts aims to develop innovative digital products for a global audience. The company’s first product, which is currently in stealth mode, is designed to address a universal smartphone use case using deeptech solutions. A beta launch is anticipated in the coming months, with thousands of users already subscribing for early access.

Karthik Reddy noted, “Mayank has built and scaled multiple large ventures successfully in the past. We’re excited to partner with him once again to see his vision for Billion Hearts come to life.” This sentiment underscores the strong belief in Bidawatka’s leadership and the potential of the new venture.

Angel Round and Early Support

Prior to this funding round, Billion Hearts had raised $250,000 in an angel round from notable startup builders associated with successful ventures like redBus, Ola, InMobi, Flipkart, and Myntra. This early support has laid a solid foundation for the company as it embarks on its growth journey.

Founder’s Vision

Bidawatka expressed his excitement about the venture, stating, “I’m thrilled to announce that Billion Hearts is being backed by a set of folks I truly admire. While our product is still in stealth, I can say confidently that almost everyone with a smartphone will find it valuable.” He highlighted the enthusiastic response from potential users, noting that thousands have subscribed for the beta version.

A Proven Entrepreneur

Mayank Bidawatka has a strong track record of building successful ventures. Before founding Billion Hearts, he co-founded Goodbox in 2015 and Media Ant in 2012, and was part of the founding team at redBus in 2007. Most recently, he co-founded Koo, a homegrown alternative to Twitter (now X), which ceased operations in July 2024 after acquisition talks with DailyHunt fell through.

His extensive experience in launching and scaling startups positions him well to navigate the challenges of building a new venture in today’s competitive landscape.

What’s Next for Billion Hearts?

Billion Hearts aims to deliver world-class digital products from India for a global audience. With its first product already generating significant buzz, the startup is poised to make a notable impact in the tech industry. The focus on deeptech solutions indicates a commitment to leveraging advanced technologies to meet user needs effectively.

As the company prepares for its beta launch, it seeks to establish itself as a key player in creating innovative digital consumer products that resonate with users worldwide.

Conclusion

With $4 million secured in seed funding and a strong backing from prominent investors, Mayank Bidawatka’s Billion Hearts is set on an ambitious path toward developing impactful digital solutions. The combination of experienced leadership, early support from industry veterans, and a focus on addressing universal smartphone use cases positions Billion Hearts for success in the evolving tech landscape. As it approaches its beta launch, all eyes will be on how this venture unfolds and what unique offerings it brings to the market.

Amazon has significantly strengthened its cross-border logistics capabilities by expanding its Global Selling Seller Exports and Delivery (SEND) program. This initiative is designed to simplify overseas shipping for Indian exporters while providing cost-effective solutions for inventory storage and distribution.

Key Enhancements to SEND

Launched in 2022, the SEND program has already supported thousands of exporters with reliable shipment tracking and on-time delivery. In its latest expansion, Amazon has added three new carriers to its air and ocean lanes connecting India to major markets, including the US, the UK, and Germany. This enhancement allows exporters to choose from multiple shipping options, improving flexibility and efficiency.

To further support Indian exporters, SEND now integrates with Amazon Warehousing and Distribution (AWD), a bulk storage solution that enables more efficient inventory management at reduced costs. Exporters can access competitive shipping rates, seamless booking, and tracking features directly through the Amazon Seller Central platform.

Export Navigator: Simplifying Compliance for Exporters

In addition to SEND, Amazon has introduced the Export Navigator, a comprehensive dashboard aimed at assisting sellers with compliance and regulatory requirements for international shipments. This tool is available to all Indian exporters, regardless of whether they are registered with Amazon. It provides guidance on various aspects of cross-border trade, including:

• Export registration and product certification.
• Licenses and taxation guidelines in India and destination countries.
• Shipping requirements across courier and cargo channels.
• Payment reconciliation and government export incentives.

The Export Navigator also connects exporters to a curated network of third-party service providers offering faster service level agreements (SLAs) and competitive rates.

Amazon’s Commitment to Indian Exporters

The SEND program and Export Navigator are part of Amazon’s broader efforts to boost e-commerce exports from India. “We remain committed to expanding e-commerce export opportunities for entrepreneurs across India as we work towards enabling USD 20 billion in cumulative exports from the country by 2025,” stated Bhupen Wakankar, Director of Global Trade at Amazon India.

This commitment is reflected in Amazon’s strategic initiatives aimed at empowering small businesses by simplifying international trade processes. The integration of SEND with AWD allows for better inventory management, thereby enhancing operational efficiency for exporters.

The Growing E-Commerce Landscape in India

India has emerged as a significant player in the global e-commerce landscape, with a rapidly growing base of exporters leveraging platforms like Amazon to reach international markets. The recent enhancements to SEND coincide with the upcoming holiday shopping season, including major sales events like Black Friday and Cyber Monday. This timing presents a pivotal opportunity for Indian sellers to showcase their products globally.

Amazon’s efforts are further supported by its extensive logistics network, which includes partnerships with local postal services like India Post, enhancing last-mile delivery capabilities across the country. This collaboration aims to democratize e-commerce access, especially in remote areas where traditional logistics may fall short.

Conclusion

By enhancing its logistics program and launching tools like Export Navigator, Amazon continues to simplify international trade for Indian sellers. These initiatives not only empower small businesses but also position Amazon as a key facilitator in India’s burgeoning export economy. With ambitious goals set for 2025, Amazon is poised to play a crucial role in enabling Indian entrepreneurs to tap into global markets efficiently and effectively.