After Big B’s family office, Hindustan Composites invests in Swiggy

Auto ancillary firm Hindustan Composite has acquired a minority stake in Swiggy, investing Rs 5.17 crore for 1,50,000 equity shares. This investment follows Amitabh Bachchan’s family office’s recent minority stake acquisition in Swiggy. Hindustan Composite plans to complete the transaction by November 30, 2024. Swiggy, with a net worth of Rs 9,810 crore as of March 2023, aims to raise up to Rs 3,750 crore through its IPO, alongside an offer for sale of up to Rs 6,664 crore. The company, which filed IPO papers confidentially in May, also introduced a $65 million ESOP liquidity program in July. Swiggy's revenue for FY24's first three quarters was Rs 5,476 crore, with a Rs 1,600 crore loss.

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https://entrackr.com/2024/09/a....fter-big-bs-family-o

Fampay launches UPI app Namaspay for foreign travelers in India

Fampay, initially a teen-focused neo-banking platform, has launched Namaspay, a UPI-powered payment app for foreign travelers in India. The app, costing Rs 1,650 for registration with transaction fees of 4% and 1% on loading and withdrawal, caters to tourists from Europe, Africa, Australia, and the US. Given the high UPI adoption in urban India, Namaspay fills a niche by offering a convenient cashless option for visitors. With 92 million foreign tourists in 2023, there’s significant potential for such apps. Although currently competing with Cheq, larger players like PhonePe and Paytm might enter this space. Namaspay represents Fampay’s strategic pivot from a teen app to a broader UPI solution.

#namaspay #upifortourists #foreigntravelers #paymentapp #fampay #upipayments #digitalpayments #fintech #paymentsolutions #upirevolution #fintechinnovation #upiadoption #mobilepayments

https://entrackr.com/2024/09/e....xclusive-fampay-laun

Livpure raises $28 Mn from M&G Investments and Ncubate Capital

Livpure, a manufacturer of water purifiers and air conditioners, has raised Rs 208 crore ($25 million) from M&G Investments and Rs 25 crore ($3 million) from Ncubate Capital Partners. The funds will be used to expand categories, develop products, and enhance market presence. Founded in 2012 by Rakesh Malhotra and Navneet Kapoor, Livpure offers a range of products including water purifiers, air coolers, and kitchen appliances. The company, with over $80 million raised to date, competes with DrinkPrime and traditional players like Eureka Forbes. In FY23, Livpure saw a 35% growth in revenue to Rs 294 crore, with water purifiers contributing over 80% of sales. The company reported a 45% growth in Q1 FY25.

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https://entrackr.com/2024/08/l....ivpure-raises-28-mn-

Paytm reports Rs 1,501.6 Cr revenue and Rs 840 Cr loss in Q1 FY25

In Q1 FY25, Paytm's operational revenue fell 33.8% to Rs 1,501.6 crore, down from Rs 2,267.1 crore in Q4 FY24, and saw a 35.87% year-over-year decline. Total revenue, including interest and gains, was Rs 1,639.1 crore. Expenses dropped 8% to Rs 2,476.4 crore, with significant cuts in employee costs and payment processing expenses. Despite a 52.6% rise in quarterly losses to Rs 840 crore, Paytm remains optimistic, citing growth in its merchant base and transaction values nearing pre-pandemic levels.

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https://entrackr.com/2024/07/p....aytm-reports-rs-1501

OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr

Industrial goods and services procurement platform OfBusiness saw a 25.8% revenue increase to Rs 19,296 crore in FY24, with profits surging 30% to over Rs 600 crore. Primary revenue sources included industrial goods sales and financial services for SMEs. Total revenue reached Rs 19,529 crore, with significant expenses in raw materials and employee benefits. Controlled expenditures and growth boosted profits, with an improved ROCE and EBITDA margin. OfBusiness competes with Zetwerk, Infra.market, and Moglix.

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https://entrackr.com/2024/07/e....xclusive-ofbusiness-