Author: Bfsinxt Desk
Sumit Sanghai, Head- Large Clients Group, ICICI Bank, said, “Over the years, exports have been an integral part of India’s growth. India’s overall exports in FY 2022 grew by 36% to over USD 670 billion from a year-ago period. It is estimated to touch USD 2 trillion by 2030. ICICI Bank intends to support the growth of exporters with an all-encompassing suite of digital solutions.”
The transaction, the first of its kind in the space, and one of the largest committed by Alteria till date, will further solidify Jupiter’s market leading position across the broader Indian financial services space, while also leveraging synergies across the Jupiter group.
Dinanath Dubhashi, Managing Director & Chief Executive Officer, L&T Finance Holdings said, “The PLANET app is the cornerstone in the plan to create a Fintech @ Scale under the Lakshya 2026 roadmap. With this app, we aim to establish a geo-agnostic sourcing and servicing channel and have seen a consistent pick-up in the app since its launch.
Small Industries Development Bank of India (SIDBI), the country’s apex financial institution for MSMEs, announced entering into its first co-lending arrangement with Ambit Finvest Pvt. Ltd., the Non-Banking Financial Company (NBFC) of the Ambit Group, to provide Unsecured Business Loans to MSMEs. RBI’s Co-lending framework envisages leveraging the comparative advantages of banks and NBFCs in a collaborative effort to boost the priority sector lending. Sivasubramanian Ramann, CMD, SIDBI said “NBFCs are an important vehicle in the growth strategy of SIDBI due to their willingness and ability to reach bottom of the pyramid businesses, especially in credit deficient geographies, adoption of innovative…
IIFL Group’s early-stage investment vehicle – IIFL Fintech Fund – has invested an undisclosed amount in insurance-technology platform Insurance Samadhan, to acquire 16% stake in the startup. This is IIFL Fintech Fund’s tenth investment and first in an Insuretech company. Insurance Samadhan is an online platform that deals with resolving insurance related complaints. Catering to customers from different backgrounds, the platform allows users to file a complaint for issues such as misselling, lapsed policy, policy rejection, fraud or claim rejection in life, health and general insurance. The total addressable market size is $12 billion. Their proprietary and industry-first algorithm auto…
Drivio, a digital-first omnichannel two-wheeler financing platform in making, has raised $ 1 million in its seed funding round from Karini Ventures and Vansun Capital. Drivio is co-founded by Saurabh Tripathi and Ankur Bhardwaj. Headquartered in Gurugram and incorporated in April 2022.
Piramal Finance aims to have a team of over 300 professionals at the Piramal Innovation Lab in Bengaluru for various tech and business intelligence positions, and will complement the existing large pool of professionals led by Saurabh Mittal (Chief Technology Officer) and Markandey Upadhyay (Head of the Business Intelligence Unit) across Mumbai and Bengaluru.
The tie-up between SIDBI and M1xchange is expected to bring liquidity to MSMEs at competitive interest rates.
This partnership would enable diverse customers of AU Small Finance Bank to access the entire range of life insurance products offered by HDFC Life.
Ajay Adiseshan, Chairman and Managing Director, PayMate says, “We are elated to receive in-principle authorization from RBI to operate as a Payment Aggregator in India. With digital payments fast becoming ubiquitous, these measures buoy customer confidence and trust and help us adopt appropriate frameworks for managing risk.