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UPI Based Payments Affecting Credit And Debit Card Companies

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UPI Based Payments Affecting Credit And Debit Card Companies,Startup Stories,Startup News India,Best Motivational Stories,2018 Technology News,Entrepreneur Stories 218,Online UPI Based Transactions,Unique Virtual Address,UPI Payments

After nearly a month of the KYC deadline issued by the Reserve Bank of India for mobile wallets, the Central Bank of India released data showing a surge in the growth of online UPI based transactions. UPI is a one touch transaction for transferring money between any two parties using a ‘unique virtual address’ on a smartphone.

According to further reports received from the Reserve Bank of India, UPI transactions surged by nearly 50% as compared to the value of the debit cards and credit cards swiped at the stores in the month of February. Over the last 12 months, the UPI based transactions have increased by 7,000%.

The UPI driven form of payments comes after the IMPS (Immediate Payment Service) structure of payments. Since its launch, the technology has been adopted by various banks and other private fintech companies.

With more and more customers coming under the umbrella of digital inclusion, the adoption of UPI based payments has increased triple fold. Thanks to the Government’s initiative to push digital payments as opposed to brick and mortar payments, this move comes as a boon.

However, while this has been working in favour of UPI based apps, it comes as a blow to the credit and debit card companies. The recently released RBI report also said that these UPI apps, currently valued at $ 200 billion, is going to increase five fold in the next couple of years and by the year 2020, stand at a valuation of $ 500 billion.

The real test of these apps, however, will be seen by the end of March this year, when the deadline set by the RBI for the KYC deadline closes. With the nearing of the deadline, the UPI based apps are expected to take a hit, while the credit and debit card providing banks are expected to see a rise!

 

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Swiggy Unveils Pyng: AI App Linking Users to Verified Pros

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Swiggy has launched Pyng, a new app aimed at connecting consumers with verified professionals across over 100 specializations, including yoga instructors, financial advisors, tutors, and event planners. Currently live in Bengaluru, Pyng uses AI to match users with trusted experts and offers a money-back guarantee for unsatisfactory services.

The app also provides professionals with tools to manage bookings, track payments, and schedule services efficiently. This marks Swiggy’s entry into the professional services marketplace, expanding beyond its core food delivery and quick commerce businesses. Pyng is available on both iOS and Android, with plans for a nationwide rollout.

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Eat Better Secures ₹17 Crore in Pre-Series A Funding

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Eat Better, a Jaipur-based D2C snacking brand, has raised ₹17 crore in a Pre-Series A funding round co-led by Prath Ventures and Spring Marketing Capital. Founded by Vidushi Kanoria, Mridula Kanoria, and Shaurya Kanoria in 2020, Eat Better specializes in healthy snacks like dry fruit ladoos and nuts.

Key Highlights:

  • Investment Use: Funds will expand Eat Better’s product line and enhance its presence on quick commerce platforms.
  • Market Position: Competes with brands like Happilo and Yoga Bar in the healthy snacking space.
  • Operational Milestones: Fulfills over 2 lakh orders monthly.
  • Financial Performance: Revenue grew nearly threefold to ₹14.47 crore in FY24, with a reduced net loss.

Market Opportunity:

The Indian food and beverages market is projected to reach $68 billion by 2030, positioning Eat Better favorably to capitalize on the demand for healthy snacks. With this funding, Eat Better aims to strengthen its market presence and product offerings.

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Outzidr Raises ₹30 Crore to Transform Gen Z Fashion

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Bengaluru-based D2C fashion startup Outzidr, co-founded by Nirmal Jain, Mani Kant Mani, and Justin Mario, has secured ₹30 crore in seed funding led by Stellaris Venture Partners, with participation from angel investors like Ramakant Sharma (Livspace) and Ghazal Alagh (Mamaearth).

Launched in February 2025, Outzidr targets Gen Z women aged 17–27 with affordable occasion-specific apparel such as partywear and travel outfits. The brand introduces over 2,000 new designs monthly and uses a “test-and-react” model to scale popular styles based on early sales data. With an agile inventory cycle of less than three weeks, it plans to shift 90% of manufacturing to India within two years for sustainability.

The funds will bolster supply chain efficiency, technology development, team expansion, and brand-building. Outzidr aims to achieve ₹100 crore annualized revenue within 6–8 months through its D2C platform and marketplaces like Myntra, Nykaa Fashion, and AJIO.

Led by industry veterans with expertise in fashion and logistics, Outzidr is poised to capitalize on India’s growing D2C market fueled by Gen Z’s demand for trendy and affordable fashion.

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