The Indian Fintech space has come up with many announcements this week by introducing new services, products and chalking out plans on how they wish to support the micro, small and medium enterprises of India.
BharatPe, which is a merchant-focused payment company from Delhi will be soon taking over the Punjab Maharashtra Cooperative (PMC) bank that has been hit badly by scams. The association will be a part of the joint venture with financial services company Centrum Group. The startup plans to add up $250 million- $300 million into the PMC bank in a span of two years along with the financial services company. BharatPe’s group president Suhail Sameer in a media interaction also revealed how the company has taken note of the SMB i.e. small and medium businesses’ lending behavior of the past two years and understands what criteria should be fixed out to provide loans to these merchants.
In an interesting turn, Flipkart founder Sachin Bansal has revealed his company Navi General Insurance’s plans to introduce the cheapest index fund called Navi Nifty50 Index Fund which will charge an expense ratio of 0.06%.
The first startup company in the insuretech sector to enter the unicorn club is none other than Digit Insurance in 2021. The company plans to raise $200 million during the upcoming funding round. Sequoia Capital India, IIFL Alternative Asset Managers, and the current investor Faering Capital are likely to be a part of the funding round.
Cashe’s former CEO Mr. Katan Patel has been selected as the new chief executive officer (CEO) of the merchant payments company Mswipe. The current CEO Manish Patel will be joining the position of managing director (MD) in the company. The leadership shuffle is to ensure that the company’s business model is now shifted from merchants focused payments firm to a digital small and medium enterprise (SME) bank.
