News
Navi Surpasses Cred to Become Fourth Largest UPI App in India!
Published
1 month agoon
Sachin Bansal’s fintech platform Navi has emerged as the fourth largest UPI app in India, overtaking Kunal Shah-led Cred. According to data from the National Payments Corporation of India (NPCI), Navi witnessed a significant 31% month-on-month growth in October, registering 158 million transactions compared to 120 million in September.
Market Dynamics
Despite Navi’s impressive growth, Cred also saw an increase in transactions, growing from 140 million in September to 152 million in October. However, Navi’s expansion came even as it scaled back its cashback and incentive programs, demonstrating its ability to attract users through its core offerings.
UPI Market Leaders
The UPI market continues to be dominated by:
- PhonePe: 48% market share
- Google Pay: 37% market share
- Paytm: 7% market share
Both Navi and Cred now account for approximately 1% of the UPI market each. Additionally, Flipkart Group’s super.money app has shown rapid growth, doubling its transaction count to 50 million in October and achieving a 0.3% market share.
Impact of Festive Sales
The festive season contributed to an overall 11% increase in UPI transaction volumes and a 14% rise in transaction value during October. This surge highlights the seasonal boost that often accompanies major shopping events in India.
Navi’s Unique Offerings
Unlike many UPI and fintech apps, Navi operates as a manufacturer of financial products. It offers a range of services including:
- Personal loans
- Home loans
- Mutual funds
- Insurance
- Digital gold
This approach distinguishes Navi from competitors who typically act as third-party distributors of financial products.
Resilience Amid Regulatory Challenges
In October, the Reserve Bank of India (RBI) directed Navi Finserv and three other non-banking financial companies (NBFCs) to halt lending practices due to concerns over high interest rates and hidden charges. Notably, this directive did not impact Navi’s UPI operations, allowing it to continue expanding its user base.
Challenges in Market Regulation
The NPCI has faced challenges in implementing a proposed 30% market share cap for UPI apps, aimed at preventing concentration risk within the ecosystem. Currently, PhonePe and Google Pay collectively account for about 85% of UPI transactions, highlighting the dominance of these two players.
NPCI’s Strategic Moves
To foster competition, NPCI has spun off its BHIM app into a separate entity and appointed veteran banker Lalitha Nataraj as its CEO. However, despite these efforts, BHIM has not seen significant growth in transaction volumes this financial year.
Future Prospects
As tier-two UPI apps like Navi and super.money gain traction, competition in India’s UPI ecosystem is intensifying. With plans to introduce innovative credit products—such as RuPay credit cards on UPI—emerging players are poised to disrupt the market further. Meanwhile, the dominance of leading apps remains a challenge for regulators aiming to promote a more balanced ecosystem.
Conclusion
Navi’s rise to become the fourth-largest UPI app marks a significant milestone in India’s digital payment landscape. By leveraging its unique business model and navigating regulatory challenges effectively, Navi is positioned for continued growth. As competition heats up among fintech players, the evolution of the UPI ecosystem will be crucial for enhancing financial inclusion across India.
You may like
Startup News
Amazon Partners with Startup India to Boost Startup Growth!
Published
2 days agoon
December 23, 2024Amazon India has joined forces with Startup India, a flagship initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), to empower Indian startups and help them scale their businesses through e-commerce. This collaboration aims to leverage Amazon’s extensive resources and expertise to foster innovation and entrepreneurship in India.
Key Features of the Partnership
Through this partnership, eligible startups will gain access to a dedicated page on the Startup India portal, facilitating their registration on Amazon’s marketplace. This initiative will enable startups to tap into the vast domestic market while benefiting from various support services, including:
- Mentorship from Amazon Leaders: Startups will receive guidance from experienced Amazon executives, helping them navigate challenges and refine their business strategies.
- Go-to-Market Support: Assistance in developing effective marketing strategies and reaching target audiences.
- Logistics Guidance: Expertise in optimizing supply chain operations and delivery processes.
Sanjiv, Joint Secretary at DPIIT, emphasized the significance of this collaboration, stating, “By combining Amazon’s e-commerce expertise with Startup India’s role as the Government of India’s flagship initiative, we aim to create a powerful platform for Indian startups to thrive.”
Empowering Women Entrepreneurs
A notable aspect of this partnership is its focus on supporting women-led startups through the Saheli program. This initiative offers a range of services designed specifically for women entrepreneurs, including:
- Access to Amazon’s Suite of Services: Women-led startups will benefit from tools such as Amazon Pay, Amazon Incentives, Amazon Business, AWS, Amazon Advertising, and Mini TV.
- High-Impact Learning Programs: These programs will include masterclasses led by industry experts, focusing on capacity building and upskilling in areas like marketing, supply chain management, funding, technology, and procurement.
The Saheli program aims to create an inclusive ecosystem where women entrepreneurs can showcase their products and achieve sustainable growth.
Promoting BHASKAR
The partnership will also focus on raising awareness about the Bharat Startup Knowledge Access Registry (BHASKAR) initiative. BHASKAR is a platform designed to connect startups, investors, mentors, and government bodies, fostering a collaborative ecosystem for entrepreneurship. By centralizing information and resources, BHASKAR aims to streamline interactions among key stakeholders within the entrepreneurial landscape.
Commitment to Innovation
This collaboration between Amazon and Startup India underscores the commitment of both organizations to fostering innovation and supporting the growth of Indian startups. By leveraging Amazon’s e-commerce expertise alongside Startup India’s government backing, this partnership has the potential to significantly impact the Indian startup ecosystem.
Amazon has been actively involved in supporting India’s startup landscape through various initiatives such as Amazon Launchpad, which helps emerging Indian brands reach global customers through e-commerce exports. The company’s ongoing efforts reflect its dedication to nurturing a diverse and inclusive entrepreneurial environment.
Conclusion
The alliance between Amazon India and Startup India represents a significant step toward empowering Indian entrepreneurs. By providing essential resources and support tailored to the unique needs of startups—especially women-led ventures—this partnership aims to enhance the overall startup ecosystem in India. As both organizations work together to drive economic growth through innovation and entrepreneurship, they are poised to create lasting positive impacts on the Indian economy.
Wipro has announced the appointment of Omkar Nisal as the Chief Executive Officer for its Europe Strategic Market Unit (SMU), effective immediately. Nisal, who has been with Wipro since 2012, will be based in London and will report directly to CEO and Managing Director Srini Pallia. He will also join Wipro’s executive board.
Nisal succeeds Pierre Bruno, who is stepping down after a four-year tenure leading Wipro’s European operations. Bruno will continue to work with Nisal during the transition period to ensure a smooth handover of responsibilities.
Omkar Nisal’s Role
In his new role, Nisal will be responsible for leading Wipro’s growth and expansion in Europe. He brings a wealth of experience and a deep understanding of the European market. Prior to this appointment, he served as Senior Vice President and Managing Director for the UK and Ireland, overseeing a significant portion of Wipro’s European business with a regional profit and loss (P&L) exceeding $1 billion.
Nisal has established himself as a trusted advisor to clients, particularly in the banking and finance sectors. He has played a key role in enabling digital transformation for numerous financial institutions across the UK, Europe, the Middle East, and Africa, focusing on customer journey redesign, enterprise engineering, and AI-led automation.
A Focus on Digital Transformation
Nisal is recognized for his expertise in digital transformation and his ability to build strong client relationships. Under his leadership, Wipro aims to strengthen its position in the European market by leveraging innovative technologies and enhancing service delivery. His strategic vision is expected to play a pivotal role in driving future growth and improving operational efficiency within the region.
Context of the Appointment
Nisal’s promotion reflects Wipro’s ongoing strategy to promote internal talent to key leadership positions amidst significant changes within the company. In recent months, Wipro has experienced several high-profile departures, including former CEO Thierry Delaporte and other senior executives. This shift in leadership is part of a broader effort by Srini Pallia to revitalize Wipro’s operations and improve performance in key markets.
Wipro views Europe as a crucial growth market and is prioritizing strategic investments to solidify its foothold. The company has faced challenges in this region, with reports indicating that its European operations accounted for 27.9% ($742 million) of its total revenue for the quarter ending September 2024, down from previous periods. This underperformance highlights the importance of effective leadership in revitalizing growth.
Conclusion
The appointment of Omkar Nisal as CEO of Wipro’s Europe SMU marks a strategic move aimed at enhancing the company’s competitive edge in a rapidly evolving technological landscape. With his extensive experience and proven track record in digital transformation, Nisal is well-positioned to lead Wipro’s efforts in expanding its presence and delivering exceptional results for clients across Europe.
As Wipro navigates these changes, stakeholders will be closely watching how Nisal’s leadership influences the company’s trajectory in one of its key markets. His focus on innovation and customer-centric strategies is expected to play a vital role in shaping Wipro’s future success in Europe.
News
Swiggy Takes on Zomato with New ‘Scenes’ App for Live Events!
Published
4 days agoon
December 21, 2024In a direct challenge to Zomato’s recent foray into the events and experiences market, Swiggy has launched its own dedicated app, ‘Scenes.’ This new platform aims to curate and offer a diverse range of live events, including music concerts, stand-up comedy shows, and exclusive dining experiences. The launch of Scenes marks an important strategic move for Swiggy as it seeks to expand its service offerings beyond food delivery.
A Focus on Live Events
Unlike Zomato’s District app, which covers a broader spectrum of experiences, Swiggy’s Scenes is specifically tailored to live events. Users can browse through a curated list of events, purchase tickets directly within the app, and avail themselves of exclusive offers and discounts. The app currently features events such as New Year’s Eve parties, live music performances, and DJ nights at partner restaurants, enhancing the social dining experience for users.
Expanding the Swiggy Ecosystem
The introduction of Scenes is part of Swiggy’s ongoing strategy to diversify its offerings and strengthen its position as a comprehensive lifestyle platform. The company has been aggressively expanding its services beyond food delivery into areas such as quick commerce and grocery delivery. By venturing into live events, Swiggy aims to capture a share of the growing market for entertainment and experiences.
One BLCK: A Premium Membership
To further enhance user experience, Swiggy has introduced ‘One BLCK,’ an exclusive membership program designed for premium users. This membership offers a range of benefits, including:
- Priority Delivery: Users receive faster delivery times with an on-time guarantee.
- Exclusive Perks: Members enjoy complimentary drinks and desserts at partner restaurants.
- Concierge Services: Personalized customer support enhances the overall service experience.
The membership is priced at INR 299 for three months, targeting users who are willing to pay a premium for enhanced convenience and service.
The Battle Heats Up
With both Swiggy and Zomato vying for dominance in the Indian foodtech market, competition is intensifying. The launch of Scenes represents another chapter in this rivalry as both companies strive to capture a larger share of the burgeoning events and experiences market. Zomato has been proactive in this space, having acquired Paytm’s events and ticketing business earlier this year and launching District as a standalone app for experiences.
As the online entertainment ticketing space continues to grow—projected to reach $7.80 billion by 2029—Swiggy’s entry into this arena positions it well against established players like BookMyShow and TicketNew. The Indian Event and Exhibition Market is expected to see significant growth, driven by rising consumer demand for live experiences.
Conclusion
The launch of the Scenes app underscores Swiggy’s commitment to innovation and its strategy to diversify revenue streams beyond food delivery. As the company continues to expand its ecosystem with new offerings like One BLCK and live event ticketing, it aims to enhance customer engagement and loyalty. With both Swiggy and Zomato competing aggressively in multiple domains—including food delivery, quick commerce, dining out, and now event ticketing—the battle for supremacy in India’s foodtech landscape is set to intensify in the coming months.
Recent Posts
- Athera Venture Partners Secures Major Investment from HDFC AMC
- Infosys Invests in 4baseCare to Boost Healthcare Tech Offerings!
- Amazon Partners with Startup India to Boost Startup Growth!
- ‘Chai and Samosas’: US Hotels Cater to Indian Tourist Surge to Revive Revenue!
- HCLTech Appoints Arjun A. Sethi as Chief Growth Officer for Strategic Segments!
- Wipro Appoints Insider Omkar Nisal as Europe CEO!
- Microsoft’s New Phi-3.5 Models: A Leap Forward in AI!
- Swiggy Takes on Zomato with New ‘Scenes’ App for Live Events!
- Inkers Technology Raises $3 Million to Revolutionize Construction with AI!
- DigiBoxx Partners with Arctera to Enhance Cloud Backup Solutions for Indian Firms!
- Ola’s Head of HR Steps Down Amid Wave of Leadership Exits!
- Bhuvan Bam Becomes Co-Founder of Peppy, a Leading D2C Sexual Wellness Brand!
- Sony Confirms Interest in Acquiring FromSoftware Parent Kadokawa!
- Apple Voice Memos Gets a Major Boost: AI-Powered Layered Recording on iPhone 16 Pro!
- YouTube Expands AI-Powered Auto-Dubbing to Knowledge Channels!
- Google and NCERT Partner to Revolutionize Education in India!
- WhatsApp’s Bharat Yatra: Empowering Small Businesses Across India!
- Google Docs Gets a Major AI Upgrade with Gemini!
- Amazon to Launch 15-Minute Delivery Service, Targets 20 Lakh Jobs in India!
- X’s Grok: A Free AI Assistant with a Catch!