BENGALURU FINTECH
Razorpay plans confidential IPO filing soon; targets $600-700 million raise at $5-6 billion valuation
The fintech startup, last valued at $7.5 billion, is expected to be questioned on growth sustainability and the road to profitability; Walmart-backed PhonePe paused its $1.3 billion IPO last month, citing West Asia conflict.
Regulations slow growth but reward patient founders: Razorpay’s Harshil Mathur at YC Startup School
Razorpay CEO Harshil Mathur highlighted the advantages of operating in regulated spaces, noting the company's explosive growth in India's payments market, now exceeding $180 billion in volume. He shared early challenges, including a bank pulling support, but emphasized how adaptability, like embracing UPI, fueled their success, especially during the pandemic's D2C boom.
India’s agentic boom tests regulators; Qcomm growth hits brakes
Happy Friday! India’s AI agent boom is outpacing the guardrails meant to keep it in check. This and more in today’s ETtech Morning Dispatch.
US-based fintech Candescent bets on India for product development
Candescent, a US-based fintech, is doubling down on the India market and expanding to three cities: Hyderabad, Mumbai, and Bengaluru. The company’s India headcount stands at 1,000, which is half its overall workforce. Two-thirds of its engineering resources and 80% of its designers are also in India.
From UP to Y Combinator: The rise & rise of Harshita Arora
Harshita Arora has become the youngest general partner at Y Combinator. From a self-taught coder, she built a cryptocurrency app and cofounded AtoB. As a general partner at YC, she will work directly with founders at every stage of their companies’ evolution. The accelerator is best known for backing companies such as Airbnb, Stripe and Dropbox.
Fintechs leverage AI to boost creditworthiness and reduce rejections
Fintech startups are leveraging AI to help borrowers improve their creditworthiness and reduce loan application rejections. Companies like BankSathi, GoodScore, and Credgenics are offering AI-led advisory services, addressing a significant demand, especially from smaller cities. While AI automates much of the process, manual intervention remains crucial for resolving defaults with lenders.
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Can AI fix your credit score? Krutrim shuts down assistant Kruti
Happy Thursday! Fintechs are building AI solutions to help boost the creditworthiness of borrowers. This and more in today’s ETtech Morning Dispatch.
Over 30 GCCs brought in Rs 12,500 crore to Karnataka in 2025, says IT/BT minister Priyank Kharge
Firms like SAP and Google have led this inflow of investment. The state is now focussing on structured global pathways and outcome-driven partnerships across AI and deeptech sectors.
Banks, asset management firms, stock brokers set to be shareholders in Sahamati
Banks, NBFCs, brokers and fintechs are investing in Sahamati, with major lenders and platforms taking nearly 2–8.5% stakes. The move aligns with RBI’s SRO framework for the AA ecosystem, positioning Sahamati as a potential regulator-like body with stronger oversight and industry-wide participation.
Cashfree Payments appoints former Visa executive Sameer Gandhi as CFO
Cashfree Payments has appointed Sameer Gandhi as its new Chief Financial Officer, bringing over two decades of experience from global financial institutions. Gandhi's expertise will drive the company's financial strategy as it aims for accelerated growth and profitability. His addition comes after Cashfree Payments secured $53 million in a recent funding round.
Fintechs clash in cross-border payments; TCS closes FY26 strong
Happy Friday! Large companies are fighting early-stage startups in the cross-border payments battleground. This and more in today's ETtech Morning Dispatch.
Co-branded cards squeeze; Slice’s valuation reset
Happy Wednesday! Global economic challenges are casting dark clouds over the Indian consumer lending business. This and more in today’s ETtech Morning Dispatch.
Digital lender Kreditbee in unicorn club with $280 million at $1.5 billion valuation
Digital lending firm Kreditbee has raised $280 million, becoming a unicorn with a $1.5 billion valuation. This funding marks their last private round before a planned public listing. The company is awaiting regulatory approval for its initial public offering. Kreditbee has expanded its offerings and is investing in new technology.
West Asia conflict fears could harden credit card underwriting, curb co-branded card growth
Indian banks are tightening credit card rules due to global economic worries and the West Asia war. Fintech firms expect stricter underwriting for credit cards. This follows a slowdown in credit card originations and spending limits. The impact of the oil crisis will be felt across credit operations in the coming months. Lenders are becoming more cautious about unsecured loans.
Amazon's Now pivot; Anthropic's revenue surge
Amazon is shuttering its Fresh service in major cities to focus on its quick commerce platform. This and more in today's ETtech Top 5.
Cred widens mutual fund app Kuvera’s ambit for bigger wealth management play
Cred has entered wealth management by upgrading Kuvera, acquired in 2024. It now offers a full suite of financial services. Kuvera’s new features will improve investing discipline, user decision-making, asset allocation, and long-term performance, the Bengaluru-headquartered company claimed.
VCs double down on high-growth bets as select startups ratchet up steep valuations
Indian mid-stage startups are seeing significant valuation surges despite a broader funding slowdown, indicating a concentrated pool of high-growth opportunities. Investors are increasingly focusing on companies demonstrating exceptional growth, particularly in emerging sectors like AI, to achieve venture-style returns in a selective market.
BigBasket, 1mg founders plan transition; QED's Morris flags credit tightening
Happy Friday! BigBasket and 1mg founders are preparing to step back from day-to-day roles. This and more in today's ETtech Morning Dispatch.
Oracle cuts 20% of India staff; War jitters stall fintech IPOs
Happy Thursday! Oracle’s global job cuts have impacted 10,000 employees in India. This and more in today’s ETtech Morning Dispatch.
Fintechs go easy on IPO plans as war rattles stock markets
Public listing plans for new-age fintech companies have received a major blow as the crisis in West Asia has battered the Indian rupee and stock valuations in Mumbai, prompting the highest ever annual withdrawal by overseas funds from locally listed equities.
Qcomm tests new waters; Emergent’s ARR explained
Happy Tuesday! Quick commerce is expanding into new sectors such as food, beauty and medicine. This and more in today's ETtech Morning Dispatch.
Labour codes push 4 in 5 firms to rework pay, hiring
India's new labour codes are driving significant changes in employment, with most employers revising salaries and facing higher costs. This is prompting a moderation in wage growth and a strategic recalibration of workforce models. Despite increased costs, hiring sentiment is improving, particularly in tech and emerging sectors, with a focus on capability-driven urban centers and digital skills.
AI wealthtech draws VCs; H-1B registrations dip
Happy Monday! AI is changing wealth management startups, a trend which has caught the interest of venture capital investors. This and more in today’s ETtech Morning Dispatch.
IIM Bangalore’s PGP and PGPBA Class of 2026 receives record 664 offers in Final & Lateral Placements
Indian Institute of Management Bangalore's latest placement drive for the PGP and PGPBA Class of 2024-26 has concluded successfully. Students secured a record 664 offers from 177 companies. Management Consulting emerged as the top sector. This achievement highlights strong student performance and recruiter confidence despite global market uncertainties.
Scoop: Credit card startup Uni eyes fresh funds at over 70% valuation cut amid RBI curbs
Bengaluru-based Uniorbit Technologies, the parent company of Uni Cards, has so far raised $104 million across multiple rounds from investors. These included $70 million it raised in a Series A round led by General Catalyst during the 2021 go-go funding cycle.
What led to PhonePe delaying its IPO? Beyond war, valuation a major concern
PhonePe IPO delayed: PhonePe has postponed its $1.3 billion IPO due to volatile markets, valuation concerns and geopolitical tensions. The Walmart-owned firm, valued at nearly $15 billion, saw investor interest closer to $7 billion. Competition with Paytm and regulatory headwinds also affected its profitability outlook and listing timing.
ED raids residential, office premises of Mantri Developers Pvt Ltd and its directors in Bengaluru in money laundering
The Enforcement Directorate (ED) on Monday carried out search operations at the residential and office premises of real estate firm Mantri Developers Private Limited and its directors in Bengaluru in connection with a money laundering investigation, officials said.
Scoop: Sequoia alumni’s Ambition Capital set to raise $250 million for early-stage investing
Shailesh Lakhani, Harshjit Sethi and Mayank Porwal, who were previously with Peak XV (formerly Sequoia Capital India), have teamed up to early-stage fund to back seed and series A startups. Bengaluru-based Ambition Capital will back startups across consumer, AI, deep tech and fintech, which are the areas familiar to the trio.
Peak XV alum’s fund; Snabbit, Scapia funding; Upgrad-Unacademy deal
Happy Monday! Former Peak XV Partners executives have launched a new early-stage venture fund. This and more in today’s ETtech Morning Dispatch.
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