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Financial Technology In India
Financial technology (also called FinTech) is an industry composed of companies that use technology to offer financial services. These companies operate in insurance, asset management and payment, and numerous other industries. FinTech has emerged as a relatively new industry in India in past few years. The Indian market has witnessed massive investments in various sectors adopting FinTech, which has been driven partly by the robust and effective government reforms that are pushing the country towards a digital economy. It has also been aided by the growing internet and smartphone penetration, leading to the adoption of digital technologies and rise of FinTech in the country According to a report by Ernst & Young (EY), India is one of the largest and fastest growing FinTech ecosystems of the world. It stands second after China in terms of FinTech adoption index with an adoption rate of 87%. The overall estimation of the FinTech market in 2021 for India has come out to be $31 billion ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Technology
Fintech, a portmanteau of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, blockchain, cloud computing, and big data are regarded as the "ABCD" (four key areas) of fintech. The use of smartphones for mobile banking, investing, borrowing services, and cryptocurrency are examples of technologies designed to make financial services more accessible to the general public. Fintech companies consist of both startups and established financial institutions and technology companies trying to replace or enhance the usage of financial services provided by existing financial companies. A subset of fintech companies that focus on the insurance industry are collectively known as insurtech or insuretech companies. Key areas Academics Artificial intelligence (AI), blockchain, cloud computing, and big data are considered the four key areas of FinTech. Artificial intelli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Digital Payment Trend2
Digital usually refers to something using discrete digits, often binary digits. Technology and computing Hardware *Digital electronics, electronic circuits which operate using digital signals ** Digital camera, which captures and stores digital images *** Digital versus film photography ** Digital computer, a computer that handles information represented by discrete values **Digital recording, information recorded using a digital signal Socioeconomic phenomena * Digital culture, the anthropological dimension of the digital social changes *Digital divide, a form of economic and social inequality in access to or use of information and communication technologies *Digital economy, an economy based on computing and telecommunications resources Other uses in technology and computing *Digital data, discrete data, usually represented using binary numbers *Digital marketing, search engine & social media presence booster, usually represented using online visibility. *Digital media, media ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Policybazaar
Policybazaar is an Indian insurance aggregator and multinational financial technology company based in Gurgaon. The company was founded in June 2008 by Yashish Dahiya, Alok Bansal and Avaneesh Nirjar. It provides a digital platform - website and app - where users can compare insurance policies and other financial services from major insurance companies. The company is India's largest insurance aggregator, and has expanded its operations to the United Arab Emirates. Policybazaar is the flagship subsidiary of PB Fintech Ltd which also owns the credit product aggregator Paisabazaar. History Policybazaar.com was founded in June 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar, starting out as an insurance comparison website. At that time, the Indian insurance industry still lacked transparency and policies were mostly sold through agents. Policybazaar started by listing the details of multiple insurance policies for customers to choose from. It began as a price-compariso ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Acko General Insurance
Acko General Insurance is a private sector general insurance company in India. Founded in November 2016, the company received its license from the Insurance Regulatory and Development Authority of India (IRDAI) in September 2017. Acko follows an online-led model and hence all operations for the company are offered through the digital platform. History Acko General Insurance was founded by Varun Dua, who serves as the Chief Executive Officer. As of 2018, Acko has raised ₹274 crore ($42 million) in funding from investors such as Amazon, Accel Partners, SAIF Partners, Catamaran Ventures. The retail products offered by Acko General Insurance include motor insurance, in-trip domestic insurance and mobile insurance. Partnerships * Acko General Insurance partnered with Ola cabs and launched an in-trip insurance program in more than 110 cities in India. * Acko General Insurance partnered with Amazon India to provide mobile insurance plans on the retailer's website. *Acko General In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ola Cabs
Ola Cabs (stylized as OLΛ) is an Indian multinational ridesharing company, headquartered in Bangalore. It also operates in other business verticals including financial services and cloud kitchens. A variety of venture capitalists including Softbank have large stakes in the company. In January 2018, Ola extended into its first overseas market, Australia, and launched in New Zealand in September 2018. In March 2019, Ola began its operations in the UK. History In March 2015, Ola Cabs acquired Bangalore-based taxi service TaxiForSure for approximately . June 2015 onwards, Ola users gained access to TFS cabs via the Ola mobile application. Later in the year in November, Ola further acquired Geotagg, a trip-planning applications company, for an undisclosed sum. In a move to expand beyond cab aggregation, Ola acquired struggling foodtech company Foodpanda India with an eye on leveraging the growing food delivery segment business in December 2017. In April 2018, Ola made its second ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uber
Uber Technologies, Inc. (Uber), based in San Francisco, provides mobility as a service, ride-hailing (allowing users to book a car and driver to transport them in a way similar to a taxi), food delivery (Uber Eats and Postmates), package delivery, couriers, and freight transportation. Via partnerships with other operators such as Thames Clippers (boats) and Lime (electric bicycles and motorized scooters), users are also able to book other modes of transport through the Uber platform in some locations. Uber sets fares, which vary using a dynamic pricing model based on local supply and demand at the time of the booking and are quoted to the customer in advance, and receives a commission from each booking. It had operations in approximately 72 countries and 10,500 cities as of December 31, 2021. Uber offers many different types of ride options. UberX is the most popular and the standard service of the company. UberXL, Uber Comfort, and Uber Black are other options offered ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Faasos
Faasos is an Indian "food on demand" service that was incorporated in 2004. It is one of the brands owned by the online restaurant company, Rebel Foods. History Faasos was founded by Jaydeep Barman and Kallol Banerjee in 2004 and incorporated as it is today, in 2011. The company operates ghost kitchen A virtual restaurant (also known as a ghost kitchen or dark kitchen) is a food service business that serves customers exclusively by delivery and pick up based on phone and online ordering. It is a separate food vendor entity that operates out o ...s in 35 cities in India, investing USD $50 million into its ghost kitchen network. Faasos launched its mobile app in 2014. Funding Faasos raised its first round of funding of US$5 million (Rs. 30 crore) from Sequoia capital in November 2011, a second round of funding of US$20 million in February 2015 from Lightbox Ventures and Sequoia Capital, and a third round of funding of US$30 million in December 2015 from Russian Internet-focuse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Swiggy
Swiggy is an Indian online food ordering and delivery platform. Founded in July 2014, Swiggy is based in Bangalore and operates in 500 Indian cities as of September 2021. Besides food delivery, Swiggy also provides on-demand grocery deliveries under the name Instamart, and a same-day package delivery service called Swiggy Genie. History In July 2014, the two founders, Sriharsha Majety and Nandan Reddy, designed an e-commerce website called Bundl to facilitate courier service and shipping within India. Bundl was halted and rebranded to enter the food delivery market. At the time, the food delivery sector was in turmoil as several notable startups, such as Foodpanda (later acquired by Ola Cabs), TinyOwl (later acquired by Zomato) and Ola Cafe (later closed) were struggling. Majety and Reddy approached Rahul Jaimini, formerly with Myntra, and founded Swiggy and parent holding company Bundl Technologies in 2013. In early 2019, Swiggy expanded into general product deliveries und ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Buy Now, Pay Later
Buy now, pay later (BNPL) is a type of short-term financing that allows consumers to make purchases and pay for them at a future date. BNPL is generally structured like an installment plan money lending process that involves consumers, financiers, and merchants. Financiers pay merchants on behalf of the consumers when goods or services are purchased by the latter. These payments are later repaid by the consumers over time in equal installments. The number of installments and repayment period varies depending on the BNPL financiers. History The earliest form of BNPL traces back to the 19th century, when installment plans emerged as a way for consumers to purchase expensive goods (e.g. furniture, pianos and farm equipment) they did not have the funds to buy outright. In India, BNPL is considered similar to the country's traditional paper-based Udhar Khata system, where corner shops, known as kiranas locally, kept manually logged credit ledgers to allow their customers to buy provisio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MSME
Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by international organizations such as the World Bank, the European Union, the United Nations, and the World Trade Organization (WTO). In any given national economy, SMEs sometimes outnumber large companies by a wide margin and also employ many more people. For example, Australian SMEs makeup 98% of all Australian businesses, produce one-third of the total GDP (gross domestic product) and employ 4.7 million people. In Chile, in the commercial year 2014, 98.5% of the firms were classified as SMEs. In Tunisia, the self-employed workers alone account for about 28% of the total non-farm employment, and firms with fewer than 100 employees account for about 62% of total employment. The United States' SMEs generate half of all U.S. jobs, but only 40% of GDP. Developing countries tend to have a lar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
BillDesk
BillDesk is an Indian online payment gateway company based in Mumbai. The company provides an online payment platform for its clients which enables banking and merchant website transactions. History BillDesk was founded by Indian entrepreneurs M.N. Srinivasu, Ajay Kaushal and Karthik Ganapathy in 2000. The three previously worked at American accounting firm Arthur Andersen LLP. In 2017, BillDesk launched the first Indian cryptocurrency exchange called Coinome. Fundraising In 2001, BillDesk received its first investment from SIDBI Venture Capital Ltd and Bank of Baroda. In 2006, Clearstone Venture Partners and State Bank of India jointly invested $7.5 million in the company. In 2012, US-based PE firm TA Associates made an undisclosed investment in BillDesk. In 2015, BillDesk received an investment of US$200 million from General Atlantic and Temasek Holdings thereby giving the company a total valuation of USD 1 billion dollars. General Atlantic remains the largest shareh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cred (company)
CRED is an Indian fintech company, based in Bangalore. Founded in 2018 by Kunal Shah, it is a reward-based credit card payments app. Cred also lets users make house rent payments and provides short-term credit lines. Cred has received criticism for being overvalued and lacking a sound monetization strategy. History Cred was founded in 2018 by Kunal Shah. By 2021, the company had onboarded over 5.9 million users and processed about 20% of all credit card bill payments in India. Kunal Shah describes Cred as being a TrustTech company rather than a FinTech, and that his motivation to start Cred comes from solving trust issues in the Indian society, which he believes is key to economic prosperity Funding and financial results Funding Cred raised funding from DST Global, Sequoia Capital (India), and Tiger Global, among other investors, through the four rounds of private funding so far. Cred posted losses of ₹360.31 crore in the 2020 fiscal year (FY20), caused primaril ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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