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Mobikwik Raises Rs. 225 Crores From Bajaj Finance
Published
7 years agoon
Nonbanking financial firm Bajaj Finance Ltd., will be investing $ 35. 2 million in the digital payments company MobiKwik to buy an 11% stake. Bajaj Finance made the announcement in a Bombay Stock Exchange filing stating they had entered into a subscription agreement with One MobiKwik Systems.
According to the filings, Bajaj Finance will be buying 10 equity shares and 271,050 compulsory convertible preference shares (CCPS.) The finance company will hold about 10.83% of the equity in MobiKwik on a fully diluted basis post the conversion of the CCPS shares.
The CEO of MobiKwik, Bipin Preet Singh, speaking about the association said, “ Our partnership with BFL will enable us to realise our vision of performing all the functions of (a) bank yet retain our core competency of being India’s leading e-wallet and we strongly believe that this combined value proposition will attract millions of new customers to choose wallet led mobile banking transactions.”
He also added Mobikwik will transform into a new age bank where their digital transactions will lead to lowering of lending rates and increased supply of money in the Indian economy. According to a statement released by MobiKwik, they will be able to launch India’s first debit and credit wallet through this strategic tie up with one of the largest nonbanks in India.
But, under the agreement, the conclusion of the transaction of the shares is subject to the fulfillment of certain conditions in due course. Bajaj Finance also added that the investment was intended to support existing line of businesses, develop front end applications for users availing financial services and create a one stop solution for all debit and credit spends. They have also entered into shareholders agreement which will become effective on the conclusion of the transaction.
Speaking about the investment, the Managing Director of Bajaj Finance, Rajeev Jain said, “We aim to combine the synergies of both the organizations – deep rooted customer analytics and extreme focus on digital-oriented eco-system will make this a disruptive proposition amongst our existing products.”
MobiKwik was founded in 2009 by Bipin Singh and Upasana Taku and has raised more than $ 85 million in investments till date. Earlier this year the company said they were looking to raise funds to compete against rival digital payment platforms like Paytm and FreeCharge. They also plan to expand to become a one stop solution for all financial solutions according to cofounder Upasana Taku.
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Latest News
Android 16 Developer Preview Now Available: What You Need to Know!
Published
16 hours agoon
November 21, 2024Android enthusiasts have reason to be excited, as Google has officially unveiled the first look at Android 16 with the release of the Developer Preview. However, before you rush to install it on your device, it’s important to note that this version is not intended for everyday users. Instead, it is designed exclusively for app developers who need to test their applications with the latest features and updates ahead of the official launch.
This early preview aims to ensure that apps are fully compatible with Android 16 by the time it rolls out to users in 2025. By allowing developers to test their apps, Google is working to reduce bugs and enhance performance, ensuring that when Android 16 officially arrives, it will provide a smooth experience for everyone.
Key Features of Android 16
Embedded Photo Picker
One of the standout features in Android 16 is the embedded photo picker. This allows apps to integrate a built-in feature for selecting photos and videos without granting access to the entire gallery, thereby enhancing user privacy and security.
Health Records Access
Android 16 introduces a feature aimed at healthcare apps, allowing them to request access to medical records with user consent. This capability is still in development and targets app developers in the healthcare sector, enabling better integration of health data into applications.
Privacy Sandbox
Privacy continues to be a priority for Google with Android 16. The Privacy Sandbox limits how apps can collect and share user data, providing users with more control over their personal information and ensuring enhanced security.
Improved App Testing
For developers, Android 16 makes it easier to test apps with new features. Google has introduced tools that allow developers to test major and minor updates separately, facilitating smoother app testing without the risk of breaking existing functionality.
Who Can Use Android 16?
Currently, Android 16 is only available to developers. Regular users will have to wait until the Beta version becomes available in 2025. Developers are encouraged to download the Developer Preview to test their apps and provide feedback before the final version is released.
How Can Developers Access Android 16?
Developers can access the Android 16 Developer Preview by following these steps:
- Download the system image for their device.
- Flash the image to install it manually.
- Use Android Studio, Google’s development platform, to test the new features.
- Once installed, updates will be automatically delivered as they become available.
What’s Next for Android 16?
Google has outlined its plans for Android 16 updates in 2025:
- Q2 2025: The main release will introduce major updates, new features, and changes that could impact apps.
- Q4 2025: A smaller update focusing on bug fixes and additional features without disrupting app functionality.
While regular users will have to wait until 2025 to fully experience Android 16, the Developer Preview is already equipping app developers with the tools they need to ensure their applications are ready when the new version rolls out. By testing these features now, users can expect a faster, more secure, and user-friendly Android experience in the near future.
Additional Features Introduced
In addition to the key features mentioned above, Android 16 also includes:
- Audio Sharing: This feature enables multiple Bluetooth headphones to connect simultaneously for shared media playback.
- Notification Cooldown: This reduces notification volume and frequency when multiple alerts are received in quick succession while allowing calls and priority notifications through.
Conclusion
The release of the Android 16 Developer Preview marks an important step in Google’s commitment to enhancing user experience through continuous innovation. By providing developers early access to new features and tools, Google aims to ensure that when Android 16 officially launches, it will deliver a seamless experience for all users. As developers engage with this preview version, they play a crucial role in shaping a more robust and efficient operating system that meets modern demands for privacy, security, and functionality. Stay tuned as more updates and features are revealed leading up to the official release!
Latest News
Rio.money Launches UPI App and Partners with Yes Bank, NPCI to Introduce Co-Branded Credit Card!
Published
22 hours agoon
November 21, 2024Rio.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.
Latest News
Mayank Bidawatka’s Billion Hearts Secures $4M in Seed Funding Led by Blume Ventures!
Published
24 hours agoon
November 21, 2024Mayank 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.
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