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Indian FinTech
India ranked third globally in terms of funding received in the fintech segment despite a decline of 33 per cent on a year-over-year basis to USD 1.9 billion in 2024, market intelligence firm Tracxn said in a report on Monday. The sector witnessed a decline in funding, driven by a broader slowdown in demand and geopolitical headwinds, Tracxn's Annual India fintech report 2024 said. "The fintech sector experienced a notable decline in funding in 2024, with a total of USD 1.9 billion raised. This represents a 33 per cent decrease from the USD 2.8 billion secured in 2023. The Indian fintech ecosystem has solidified its position as one of the top three globally funded fintech ecosystems in 2024, trailing only the US and the UK," the report said. The sector had raised USD 5.6 billion in 2022. The highest funding of USD 805 during 2024 was received by the sector in the third quarter which was 61 per cent higher on a year-over-year (Y-o-Y) basis. Additionally, 59 per cent of the total
SME-focused business financial platform Tide looks to onboard 5 lakh MSMEs to reach 10 lakh members by December 2025 on the back of new AI-powered solutions, a top company official said on Thursday. Tide has crossed 5 lakh MSMEs (members) on its platform within two years after its market entry, Tide in India CEO Gurjodhpal Singh said in a statement. Our goal is to welcome another 500,000 small businesses to Tide by December 2025. To make this happen, we're expanding our range of financial tools using advanced technology to tackle the latest business challenges, Singh said. We're focusing on smarter AI-powered financial insights, stronger connections with India's growing digital payment systems, and new features to make managing finances and admin even easier, he added. Tide plans to offer new products like savings and investments, tailored insurance plans, easy access to formal credit, simplified Udyam registration, hassle-free GST filing and advanced payment acceptance solutions.
OfBusiness, a b2b commerce and fintech startup, is looking to invest about Rs 3,000 crore into doubling its steel business to more than 4MTPA in the next three years. The company has acquired three steel firms -- SMW Ispat, Shree Sidhbali Ispat and Noble Steel -- in the past and the expansion is lined up in all the three companies. "We are looking forward to investing close to USD 350 million, about Rs 3,000 crore, to scale up our steel business from the current 2 million tonne to more than 4 million tonne in the next 3 years. This is also expected to sharply increase the sector EBITDA to 2.5x from the current level. The funding will be a combination of internal accruals and debt & equity financing," Co-Founder and CEO Asish Mohapatra said. The company supplies steel to companies such as L&T, Adani, J Kumar, Dilip Buildcon, Ashoka Buildcon. OfBusiness also plans to get into new categories such as pre-painted galvanised iron (PPGI) adding onto thermo-mechanically treated (TMT)
Navi Finserv on Tuesday said it has closed a USD 38 million (about Rs 315 crore) personal loans securitisation deal with J P Morgan. The transaction structured in the form of pass-through certificates (PTC) will be backed by a pool of unsecured personal loans, originated and serviced by Navi Finserv, the NBFC firm prompted by Sachin Bansal said in a statement. This is J P Morgan's first pass-through certificate transaction in the fintech space in India and the first unsecured personal loans backed PTC transaction in India, it said. Navi Finserv will use the funds to expand further and grow its digital personal loans business, it said, adding, digital lending is accelerating in India and constitutes a significant portion of the overall Indian fintech market. Market share is expected to rise to 60 per cent of the total fintech market by 2030, fueled by increasing smartphone penetration, internet usage, and the need for faster and convenient loan disbursals, it said. Navi Finserv's .