FINTECH FIRMS
Razorpay set for confidential IPO filing; valuation may fall to around $5 billion
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.
Razorpay eyes IPO; Sarvam's $1.5 billion leap
Happy Monday! Razorpay is planning an IPO at a lower valuation than its $7.5 billion peak. This and more in today's ETtech Morning Dispatch.
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.
Beyond wage protest: Bureaucracy, compliance burden strain Noida-Greater Noida MSMEs
Industry stakeholders say legacy bureaucratic systems and entrenched administrative practices are undermining MSMEs’ momentum in the region.
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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.
Paytm’s cap table turns Indian: What changes now?
Domestic investors now own 50.3% of the digital payment firm's equity, marking a transition to majority Indian ownership and control. This shift is driven by increased participation from domestic institutional investors (DIIs).
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.
Former General Catalyst partner Priya Mohan joins JoulesToWatts as COO
Priya Mohan, former General Catalyst partner, has joined JoulesToWatts as chief operating officer. She will lead full lifecycle of J2W’s AI implementation across strategy, execution, and delivery. With over two decades of experience, she aims to bridge gaps in enterprise AI adoption. The company works with GCCs and Fortune 500 firms across sectors.
TCS Nashik case escalates; Zepto’s road to IPO
Happy Tuesday! TCS COO Aarthi Subramanian will head the investigation into a sexual harassment case at its Nashik unit. This and more in today's ETtech Morning Dispatch.
Paytm becomes majority Indian-owned as domestic investors increase stake
The shift marks a structural change in ownership for the fintech firm, with domestic shareholding rising steadily in recent quarters, reflecting growing investor confidence.
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.
Palo Alto Networks CEO Nikesh Arora joins General Catalyst board as cofounder David Fialkow steps down
General Catalyst has appointed Palo Alto Networks CEO Nikesh Arora as its first lead independent director. Arora, a prominent tech operator, joins the board as the firm expands beyond venture capital into broader financial services and AI integration. The firm also plans significant investments in India.
Beyond KYC: Why digital trust needs real-time intelligence
Ashok Hariharan of IDfy argues that digital trust must evolve beyond one-time KYC to continuous, intelligence-led risk assessment across the customer lifecycle.
BharatPe cofounder Shashvat Nakrani steps down as COO, to remain a director
Nakrani said he will move from a day-to-day role to a strategic advisor and board director from May 1, continuing to guide fundraising, IPO, M&A, and long-term strategy. Sources said he is likely to start a new venture.
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.
How Flipkart turned internal mobility into a leadership pipeline
Lateral moves across categories and divisions are a core part of how the company’s employees move into leadership positions. Three executives tell us how a culture that rewards experimentation over pedigree and the freedom to reinvent are shaping Flipkart’s next leaders.
Rainmatter has invested over Rs 1,500 crore in 160+ startups: Nithin Kamath
Kamath said that Zerodha has invested 10% of what it earns in startups and another 10% in social development through Rainmatter, and added that it is not in the business of quick exits.
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.
CBI registers FIR in Rs 550 crore IDFC bank embezzlement case
The CBI has taken over a major investigation into the alleged embezzlement of Rs 550 crore from Haryana government accounts. Funds were reportedly siphoned off through fraudulent banking operations and fictitious transactions. Shell entities and associated firms are under scrutiny. The probe involves public servants and banking officials.
Indian tech startups' funding declines 18% to $11.7 billion in FY26: Tracxn
Indian tech startups raised USD 11.7 billion in FY 2025-26, an 18% drop from the previous year. Despite this, early-stage funding saw a 33% surge. India remained the fourth-highest funded country globally. FinTech and Enterprise Applications led sector funding. The year also saw a significant rise in IPOs and unicorn creation.
As India's MSME sector matures, IDBI Bank's Sumit Phakka says the lending framework must keep pace
India's small businesses are now driving economic growth. New government budgets are boosting MSME financing and support. Digital tools are helping banks understand these businesses better. This shift is enabling more MSMEs to access credit and contribute to 'Make in India' and 'Make for the World' initiatives. Defence and auto components are key growth areas.
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.
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.
Vietnam's MoMo weighs options including new investors at valuation above $2 billion
The digital payments company, which has been profitable since 2024, has engaged Jefferies and Morgan Stanley to run the process after receiving interest from strategic and financial investors, the sources said. The interest from investors comes with Vietnam's digital financial services market expected to keep expanding as cashless payments gain ground and online financial products become more widely used.
Zaggle CFO Aditya Kumar steps down; Rajesh Tummalaganti named interim finance chief
Kumar cited personal reasons for his resignation. Tummalaganti, who brings over two decades of experience, began his career at Ernst & Young, now EY. Before joining Zaggle, he spent over 13 years at Head Digital Works, the parent company of real-money gaming platform A23, most recently serving as vice president of finance.
Are stricter rules holding back fintech startups? QED Investors' Nigel Morris weighs in
India's fintech sector faces near-term challenges due to increased regulatory scrutiny, impacting early-stage startups' ability to scale. This tightening, coupled with global economic uncertainties, has led to portfolio companies adjusting operations and tightening underwriting standards.
AI will cause waves of layoffs in repetitive manual jobs: QED Investors’ Nigel Morris
AI is increasingly substituting entry-level hires at call centres, and even at tax preparation and investment banking firms, said Morris. Further, companies’ decision to not fill vacancies matched with slowed hiring across levels are indicators of this dramatic AI-led disruption, said the QED Investors cofounder.
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