From Digital Age to Nano Age. WorldWide.

Tag: approval

Atoms Lanka Solutions > approval
Robotic Automations

Swiggy, the Indian food delivery giant, seeks $1.25 billion in IPO after receiving shareholder approval | TechCrunch

April 25, 2024 11:17 AM0


Swiggy plans to raise $1.25 billion in an initial public offering and has secured approval from its shareholders, the Indian food delivery and instant commerce startup disclosed in a filing to the local regulator.

The Bengaluru-headquartered startup, which competes with publicly-listed Zomato and StepStone Group-backed Zepto, plans to raise $450 million through issuance of new shares and offer $800 million of shares from existing backers in the IPO, it wrote in a filing to Ministry of Corporate Affairs.

The Indian startup ecosystem has been eagerly anticipating Swiggy’s public debut, which is slated for later this year. Swiggy counts Prosus, Accel, SoftBank and Invesco among its backers. It was last valued at $10.7 billion in a funding round unveiled in early 2022. Some of its investors, including Invesco and Baron, have since publicly marked up the valuation of Swiggy to over $12 billion.

Swiggy had earlier intended to go public in 2023, TechCrunch previously reported, but deferred the plan due to not-so-favorable market conditions.

This is a developing story. More to follow.


Software Development in Sri Lanka

Robotic Automations

Fintech CRED secures in-principle approval for payment aggregator license | TechCrunch

April 19, 2024 2:24 PM0


CRED has received the in-principle approval for payment aggregator license in a boost to the Indian fintech startup that could help it better serve its customers and launch new products and experiment with ideas faster.

The Bengaluru-headquartered startup, valued at $6.4 billion, received the in-principle approval from the Reserve Bank of India for the payment aggregator license this week, according to two sources familiar with the matter.

CRED didn’t immediately respond to a request for comment.

The RBI has granted in-principle approval for payment aggregator licenses to several companies, including Reliance Payment and Pine Labs, over the past year. Typically, the central bank takes nine months to a year to issue full approval following the in-principle approval.

Payment aggregators are essential in facilitating online transactions by acting as intermediaries between merchants and customers. The RBI’s approval enables fintech firms to expand their offerings and compete more effectively in the market.

Without a license, fintech startups must rely on third-party payment processors to handle transactions, and these players may not prioritize such mandates. Obtaining a license allows fintech companies to process payments directly, reduce costs, gain greater control over payment flow, and onboard merchants directly. Additionally, payment aggregators with licenses can settle funds directly with merchants.

This is a developing story. More to follow.


Software Development in Sri Lanka

Back
WhatsApp
Messenger
Viber