SMB financing startups make a comeback with large fund raises | TWIF 28-01-2024

Perfios, a banking SaaS company, is planning to list its shares in India to raise $500mm at a valuation of $2bn.

Equiris, a financial serivces firm, launched InnovateX, a $25mm investment fund.

SBI Card, SBI Bank's credit card arm, reported INR 4,742cr ($570mm) in total income for the quarter ended Dec, 2023 (+30% YoY) and INR 549cr ($66mm) in net profit for the quarter ended Dec, 2023 (+8% YoY).

Axis Bankreported INR 18,087cr ($2.2bn) in total income (+13% YoY) and INR 6,071cr ($730mm) in net profit for the quarter ended Dec, 2023 (+3.7% YoY).

Indian Overseas Bankreported INR 7,437cr ($894mm) in total revenue and INR 723 cr in net profit for the quarter ended Dec, 2023 (+30% YoY).

HDFC Bankreported 20mm credit cards outstanding, the first bank to report as many cards in ciirculation.

ICICI Bankreported INR 24,653cr ($3.0bn) in total income and INR 11,053cr ($1.3bn) in net profit for the quarter ended Dec, 2023 (+25.7% YoY).

Paytmreported INR 2,850cr ($343mm) revenue from operations (+38% YoY) and net loss of INR 221cr ($27mm) for the quarter ended Dec, 2023. Paytm also reportedly crossed 100mm monthly active users.

BlackSoil, an alternative credit company, disbursed $30mm (+35% YoY) in loans to businesses in the quarter ended Dec, 2023. It disbursed $110mm from Apr-Dec, 2023.

Groww, a capital markets startup, reported 7.6mm active traders, maintaining its lead over Zerodha with 6.7mm active traders on NSE. While AngelOnereported 20mm total traders on its platform.

A Punjab and Sindh Bank official used his and other staff's ID's to break customer fixed deposits totalling INR 52cr ($6.3mm) to play online games.

Growwdiscontinued its US Stocks investing product.

Outward remittances by Indians was $1.9bn in Nov, 2023 the lowest since Feb, 2022.

According to a research by Juniper Research, spending on GenAI by banks are expected to reach $85bn by 2030 from $6bn in 2024.

LegalPay, a litigation funding startup, launched a zero-interest credit line for settling legal disputes.

Razorpaylaunched its POS platform with instant refunds for failed UPI transactions.

IRDAI (Insurance): Approved Himalayan Reinsurance's reinsurance license application to begin operations in India.

Namdev, a consumer credit startup, raised $15mm.

SK Finance, a SMB and pre-owned vehicle financing company, raised $160mm (equity and debt).

Vivifi, a consumer finance startup, raised $75mm (equity and debt).

Razer's fintech arm partnered withBillEase to launch BNPL products on Razer's merchant payment acceptance network.

FundPark, a Hong Kong based SMB financing company, raised $500mm in asset securitisation facility.

Alipay+partnered withNayaPay, a Pakistani payments company, to launch its cross border payments acceptance in Pakistan.

Hong Kong's government is planning to launch a new subisdy for green financing startups.

A group of industry participants in Singaporelaunched the Singapore Sustainable Finance Association (SSFA).

Aleta Planet, a Singaporean payments provider, partnered with Alipay to launch a remittance product.

AXS, a Singaporean payments company, partnered withTriple-A to launch bill payments using cryptocurrencies.

DOKU, an Indonesian payments company, launched Wallet as a Service, for other platforms to use its wallet payment infrastructure.

BlueSheets, an accounting and compliance automation startup, raised $6.5mm.

Qupital a Hong Kong based SMB financing startup, raised an undisclosed amount.