All posts by : Empowering Indians

As the banking and financial services industry moves towards the digital era, Generation X is expected to be at the helm of fintech companies. There is consensus that bank-fintech partnerships are the future, according to a survey conducted by BFSI focused CXO search firm Venator Search Partners. Even globally, Generation X (35-50 years old) accounts for 51% of leadership roles.

While Gen X is expected to dominate the leadership positions in the digital organisations, millennials are also gradually occupying leadership roles. Presently, millennials represent the largest percentage of the workforce and several of them are climbing the leadership ladder to occupy leadership roles faster than any other generation.

A bird’s eye view of the fintech space reveals that a big majority of the fintechs were founded over the last 5-7 years. Most of the founders of these companies are Gen X or millennials. Therefore, considering the age of the founders and the scale-up potential of these startups, there is an emerging vacuum in terms of mentorship.

Based on the industry requirements, senior BFSI professionals are likely to guide the founders of Fintechs, most likely by occupying advisory roles in the organisations or as members of the board. A collaboration of ambitions and technical skills of the young entrepreneurs and the guidance of experienced BFSI professionals will be vital for the overall progress of the organisations.

While traditional banks provide a safe option for several BFSI professionals, leadership roles in Fintech and digital lending organisations can provide an attractive proposition for these senior banking professionals. Higher stock options and an opportunity to mentor the future generation seem to be the primary reasons for experienced BFSI professionals moving to digital lending platforms.

Several BFSI professionals are aware of the immense potential that the digital lending platforms possess. Guiding such companies into the future is an attractive proposal for many. It also allows them to be part of the growing movement of fintech.

“We as headhunters see significantly higher cash compensation that the Fintechs offer compared to traditional banks. That’s possibly the only effective way of attracting capable talent. Often such offers from Fintechs are more than 50% higher on cash compensation compared to private sector banks,” said Deepraditya Datta, Founder, Venator Search Partners.

In terms of industry trends, the change in the credit needs of different industries has brought about a shift in focus from rates and payments to speedy access to credit. In this scenario, unsecured retail lending has emerged as the winner and is likely to be the future growth driver of fintech. More than 60 respondents which includes CEO’s, secured & unsecured lending professionals, HR Heads from leading NBFC’s, Banks & Fintechs participated in this survey.

Mistry.Store, a leadingBuilding materials platform, has launched India’s first smart credit program tailored for the building industry professionals like architects, interior designers, contractors-firms and other building professionals.

The smart credit program, an industry first credit product, is designed for Architects, Interior Designers, Contractor Firms, OEMs and all other building professionals created by addressing the critical credit gap in that segment.

After working hand-in-hand for the last 2 years with over 3,500+ professionals in the building space, Mistry.Storeidentified that dependence on informal credit alone invariably hinders business growth for professionals and curated the Smart Credit Programto address this critical gap.

The Smart Credit Program empowers building professionals to unlock their full potential. Firstly, it provides an interest-free period of up to 60 days, allowing for effective cash flow management and optimization of project finances. Secondly, the program guarantees cash rates on authentic products, ensuring quality and eliminating the concern of hidden costs. Finally, by simplifying procurement with a one-stop shop for all building materials, it helps to minimize sourcing costs and reduce the risk of pilferage.

By participating in the program, professionals can unlock higher credit limits, enabling them to take on larger and more lucrative projects. This not only fuels business growth but also improves their market reputation with clients and vendors.

A strong credit history, established through participation in the smart credit program, can also enhance their financial profile, making it easier to secure future funding and financing options.

The program is a testament to Mistry.Store’s commitment to supporting the building industry. By offering innovative financial solutions, guaranteed product quality, and a streamlined procurement experience, Mistry.Store will empower building professionals to achieve greater success in their projects.

For professionals, the program is easy to sign-up for, and they can start enjoying its benefits immediately. After sign-up, Mistry.Store will assist professionals to set-up credit limits with partner institutions.

Vaibhav Poddar, Cofounder of Mistry.Store, states “By enrolling in the Smart Credit Program, professionals can achieve significant growth. We project an increase in profit margins by 8-10% and business scaling by 2x-3x. With a higher credit limit, professionals can take on more prominent projects and experience exponential business expansion.”

The Smart Credit Program also presents a compelling opportunity for NBFCs (Non-Banking Financial Companies) to open up the thriving interior professionals’ space for credit. Partnering with Mistry.Store will help them onboard customers, mitigate risk with end-use control, offer exclusive benefits, and ensure credit line utilization.

This partnership presents a win-win situation for both parties.

Founded in 2022 by VaibhavPoddar and Bhanu Mahajan, Mistry.Store is a revolutionary platform dedicated to simplifying building material purchases for all building professionals. With affordable pricing, a vast product selection (8+ categories, 120+ brands), and a user-friendly experience, Mistry.Store streamlines the entire procurement process.

Mistry.Store is currently operational in Delhi-NCR, boasting a 20,000+ sq ft warehouse and sampling area. The company has already partnered with over 120+ brands and onboarded a remarkable 3,500+ professionals, solidifying its position as one of the leading platforms for the building industry.

Having secured $2.5 million in funding from prominent investors like Omidyar Network India, Waveform VC, and Bharat Founders Fund, Mistry.Store is poised for significant expansion. The company plans to leverage this funding to broaden its reach to new cities, further develop its end-to-end ecosystem for all building professionals, and create innovative technology solutions that empower both professionals and their customers.

India’s home interiors market is booming. It was valued at $23.2 billion in 2020 and is expected to grow to USD 38.2 billion by 2027.

Mistry.Store – Building a brighter future for all Building Professionals, one project at a time.

GoKwik, a leading eCommerce enabler has announced its acquisition of Return Prime, a global returns management app in the Shopify ecosystem.

Founded in 2021, Bengaluru-based Return Prime by Shashwat Swaroop provides a customer return platform for managing returns and converting them into revenue opportunities. Brands use the platform for automating return logistics, refunds, replacements, and more.

The acquisition marks GoKwik’s entry into the international markets of UK, Europe and the US besides cementing GoKwik’s position as the leading eCommerce enabler globally. It also opens new horizons for brands globally to use GoKwik’s set of solutions for furthering their growth.

As online shopping continues to grow, particularly in the wake of the COVID-19 pandemic, the ability to efficiently manage returns has become a key differentiator for merchants. With this acquisition, GoKwik is positioning itself at the forefront of this trend, offering a solution that not only improves the customer experience but also boosts the revenue of the merchants globally, while also helping them increase the customer lifetime value (CLTV).

“Our DNA is instilled with building in India for the world. With D2C booming, payments systems top-notch, digital infrastructure evolving, and more people shopping online than ever before, we’ve gained an incredible advantage. Operating in such a heterogeneous market where every day there’s a unique perspective on how shoppers function and what they want, the learning curve we’ve experienced has prepared us to not only help brands in India but also scale that knowledge for creating solutions globally,” said Chirag Taneja, Co-Founder and CEO, GoKwik.

He further added, “over the past three years, we have grown our product offerings to tackle challenges at their core, all with the goal of driving more GMV for our merchants. The acquisition of Return Prime is a big step in that direction, opening up the entire Shopify ecosystem to our solutions. We are excited about this new chapter and how we can now support eCommerce brands around the world, using everything we have learned along the way.”

With millions of merchants, Shopify is one of the largest eCommerce platforms in the world processing over $1 trillion lifetime GMV, with a strong presence in the US, UK, Australia and 170+ countries.
By acquiring Return Prime, which is trusted by thousands of merchants globally, GoKwik aims to add another layer of capability to its suite of solutions tailor-made for eCommerce brands. This acquisition will not only enhance GoKwik’s product offerings but also signal its intent to become a global player with a deep solution stack for eCommerce brands across the world.

Return Prime houses around 6000+ Shopify brands across 50+ countries currently. With the acquisition, GoKwik aims to onboard 10,000+ new merchants over the next 6 to 12 months, leveraging Return Prime’s technology and existing relationships to tap into new markets. This strategic push is expected to drive significant revenue growth, with GoKwik projecting a 3X increase in its overall business by the end of this year, and a 10X increase over the span of the next three years.

“At Return Prime, we’ve enabled eCommerce brands in the Shopify ecosystem to turn returns into revenue by simplifying and optimizing the returns process. With GoKwik’s extensive capabilities, we see an exciting opportunity to evolve our solution, add deeper layers of innovation, and help brands further boost their revenue. With our shared passion for building solutions that address the full spectrum of eCommerce, we’re looking forward to creating new avenues for eCommerce brands across countries to thrive,” added Shashwat Swaroop, Co-Founder, Return Prime.

GoKwik’s entry into international markets also comes at a time when the global eCommerce landscape is bustling with developments. Key Shopify players like Klaviyo in the US going public last year have proven that incredible businesses are being built globally for a secularly growing eCommerce. GoKwik uses best-in-class data, tech and AI/ ML capabilities to solve merchant problems by predicting customer intent. Combining these with Return Prime’s returns management competence, GoKwik is expanding its suite of solutions to meet the rapidly evolving needs of merchants.

With this acquisition, GoKwik now caters to over 10,000+ eCommerce brands. Notable brands in the GoKwik ecosystem include Mamaearth, Mosaic Wellness, Foxtale, Shoppers Stop, Libas, AdilQadri, Noise, Fireboltt, and more.

Fintech start-up POP, founded by former Flipkart employees, has introduced India’s first multi-brand co-branded credit card, the YEB BANK POP-CLUB  RuPay Credit Card, developed in collaboration with RuPay and Yes Bank. This launch coincides with POP surpassing 1 million UPI transactions, aims to leverage the power of the RuPay network to make credit on UPI easier for its network of users

The credit card was launched at the Global Fintech Festival (GFF) in the presence of Mr. Nalin Bansal- Chief of Corporate and Fintech Relationships at NPCI and Mr. Amit Sinha- Head of credit card sales and partnerships at Yes Bank

As India’s first multi-brand co-branded card, it brings together top brands such as Zomato, Blinkit, Cult, Rapido, Cleartrip, and Pharmeasy, covering key daily expenditure categories like e-commerce, groceries, F&B, travel, and health & fitness. POP aims to create a relevant value proposition with these marquee brands while leveraging the growing UPI and RuPay networks.

Cardholders can earn rewards on every transaction through POPcoins. RuPay cardholders benefit from accelerated POPcoins earnings when using the card with POP UPI. POPcoins can be redeemed for a wide range of products from major direct-to-consumer (D2C) brands in categories such as beauty, personal care, electronics, fashion, and home goods—all available within the POP app. Additionally, POPcoins can be used for purchases on Zomato, Blinkit, Cult, Rapido, Cleartrip, and Pharmeasy.

The card offers an attractive rewards structure, ensuring that every transaction is rewarding. Users can earn 10% POPcoins on all online transactions, 2% POPcoins on offline transactions, and an additional 5% POPcoins when using the card with POP UPI. The card has no joining fee and comes with an exclusive set of joining benefits worth ₹5,000, including 500 bonus POPcoins, a six-month Pharmeasy Plus membership, a ₹750 Cleartrip Flight Voucher, a ₹500 Cult Voucher, a three-month Zomato Gold Membership, and a Rapido Ride Pass.

“We initiated a waitlist during the pre-launch phase alongside the launch of POP UPI. The response was overwhelming, with 32,000 customers waitlisting for the card—an impressive feat achieved without any marketing push. This strong initial interest reflects the market’s readiness,” said Bhargav Errangi, Founder of POP. Errangi, a former Flipkart Senior Director, has a track record of scaling Flipkart’s Shopsy and Flipkart Supercoins.

In June 2024, POP launched its UPI + e-commerce app platform, where users can earn POPcoins on each UPI transaction. Within just two months, POP surpassed a monthly UPI transaction rate of 1 million.

Cygnet.One, a leading player that empowers organizations to achieve business process digital transformation through co-ideation, co-creation, co-innovation, and co-evolution, has partnered with NBFC Ratnaafin to offer credit access to MSME through invoice financing via Cygnet BridgeCash, an advanced platform designed to enable MSMEs’ financial inclusivity.

The credit supply-demand gap for MSMEs is estimated to be $530 Bn and even steeper with micro-enterprises. 30 to 40% of loans get denied, citing lack of credit history, and hence, MSMEs are constrained for working capital. Thankfully, with the recent mandates from the Govt., such as e-invoicing under the GST regime, Invoice financing will now ease credit access to MSMEs.

With a 24-year legacy in compliance transformations and digital transactions, especially as an IRP and GSP, Cygnet. One already processes 15-19% of India’s e-invoices, uniquely positioning them to lead the charge in financial inclusivity to bridge the working capital gap /stress. This launch marks a milestone in fintech, as Cygnet BridgeCash combines technology and expertise to simplify credit access through anchor-based invoice financing.

They have access to over 30,000 subscriber GSTINs from all industries and their 4000000+ vendor and customer ecosystem, Cygnet.One has an opportunity to enable nearly INR 5 Bn+ invoice financing monthly.

As a distinguished non-banking financial company (NBFC), Ratnaafin is committed to empowering MSMEs across India with comprehensive financial offerings. From business, machinery, and working capital loans to loans against property, Ratnaafin provides the financial backbone that small and medium enterprises need to thrive.

In addition to traditional lending, Ratnaafin champions sustainable energy initiatives through its solar loan program and offers specialized solutions like supply chain finance, designed to meet the unique needs of businesses in today’s dynamic market.

By focusing on quick approvals, competitive interest rates, and personalized financial services, Ratnaafin ensures that businesses and individuals can unlock growth opportunities and achieve their financial objectives efficiently.

As Ratnaafin looks forward to potential partnerships, such as with Cygnet, they continue to drive innovation and growth within the financial sector, furthering their mission to make financial empowerment accessible to all.

Malav Desai, Director at Ratnaafin, shared his thoughts on the partnership: “Our collaboration with Cygnet.One is a significant step toward enhancing financial access for MSMEs. Combining Cygnet’s technological expertise with Ratnaafin’s deep understanding of MSME financing, we are poised to offer innovative solutions to empower businesses to thrive in today’s competitive landscape.”

Unlike other players in the MSME financing sector that focus on small-value, paperless loans, Cygnet BridgeCash takes advantage of Cygnet.One’s deep integration with India’s e-invoicing ecosystem for sourcing. They have built a technology-backed end-to-end digital financing platform, ensuring a seamless and transparent approach for buyers and sellers.

With Ratnaafin as their strategic partner and a credible NBFC, Cygnet BridgeCash brings faster, tech-driven financial inclusivity solutions to the MSME sector. The platform leverages Cygnet.One’s longstanding leadership in digital transformation, offering MSMEs a more structured path to working capital through consent-driven financing, ensuring trust and efficiency in the process.

“We’re excited to build on our strong foundation in digital transactions with Cygnet BridgeCash and drive the future of financial access for businesses,” said Niraj Hutheesing, Founder and Managing Director of Cygnet.One.

The platform facilitates analytics through GST Business Intelligence in a consent-driven flow and leverages AI-driven Banking IDP analysis to assess creditworthiness. Lenders benefit from the ability to add custom underwriting rules on the pre-integrated platform or integrate their underwriting system.

The API-first digital platform provides a seamless interface for sellers, buyers, and lenders to execute and monitor invoice financing effectively. Cygnet BridgeCash is poised to set the standard for digital invoice financing in India, making Cygnet.One a trailblazer in this rapidly evolving industry.

StepTrade Revolution Fund, a focused investment fund dedicated to providing Qualified Institutional Buyers (QIBs) and Anchor Investment Opportunies with exposure to SME and Microcap segments, has achieved a significant milestone by surpassing Rs. 100 crore in Assets Under Management (AUM) within just six months of filing its First Closing.

Launched in March 2024 with a base NAV of Rs. 100 and an initial capital commitment of Rs. 22 crore, the fund has demonstrated remarkable growth, driven by its strategic investment approach and strong performance. As of today, the fund’s NAV has appreciated to almost Rs.130, representing a gain of approximately 75%.

The success of StepTrade Revolution Fund can be attributed to the expertise and dedication of its young and dynamic fund management team, led by CA Kresha Gupta and Ankush Jain, CFA. Their combined experience and strategic insights have enabled the fund to identify and capitalize on promising investment opportunities within the SME and Microcap space.

“We are thrilled to announce that StepTrade Revolution Fund has surpassed Rs. 100 crore in AUM within such a short period,” said CA Kresha Gupta, Director and Fund Manager. “This achievement is a testament to the confidence and support of our investors, as well as the hard work and dedication of our team. We remain committed to delivering consistent returns and providing our investors with access to high-quality investment opportunities.”

StepTrade Revolution Fund continues to actively seek out undervalued and growth-oriented companies in the SME and Microcap sectors. The fund’s investment strategy is focused on generating long-term capital appreciation through a combination of fundamental analysis, valuation modeling, and risk management.

Fintech startup POP, founded by a team of former Flipkart employees, has achieved a monthly run rate of one million transactions within the second month of its launch. With an impressive growth rate of 100%+ month-on-month, the company’s ambition is to be among the top 10 UPI apps by the end of this year.

POP has reached a total of 1.5 million+ transactions since its launch.

POP UPI rewards, via POPcoins, are merchant-funded and can be redeemed to buy a wide range of products from all major direct-to-consumer (D2C) brands in categories such as beauty, personal care, electronics, fashion, and home goods – all housed within the POP app.

With this approach, POP is leveraging daily usage phenomena like UPI to help unlock a larger and relevant user base who is interested in buying new-age brands with very minimal marketing spend.

“At POP, we’ve always focused on sustainable business growth. With UPI transactions soaring, we saw the need for a business model innovation. We are offering credit card-style rewards on UPI, funded primarily by merchants. POP rewards customers with 2% POPcoins on every UPI transaction, which can be redeemed for competitive discounts across 500+ new-age brands on our app,” Bhargav Errangi, founder of POP, said.

This approach provides customers with meaningful value on everyday phenomena like UPI payments, attracts new customers for merchants, and allows POP to build a large commerce network around UPI at minimal cost.
POP is working aggressively to drive its payments-to-commerce vision.

Within 8 weeks, POPcoins earned via UPI transactions are already driving over 20000 monthly e-commerce orders. The company expects this number to hit one million monthly orders by the end of the year.

Cygnet.One, a globally recognized technology solutions provider, has joined forces withVIPRE Security Group, an award-winning cybersecurity, privacy, and data protection business, in a strategic partnership aimed at combating cyber threats in India.

This collaboration brings together Cygnet.One’s industry expertise and VIPREone of the world’s largest threat intelligence clouds and real-time behaviour monitoring products providing unparalleled protection against top online threats.

VIPRE’s reputation as a trusted and proven internet security solution is bolstered by its consistent 100% block rates and zero false positives, as verified by AV-Comparatives.

According to Usman Choudhary, General Manager and CTPO, VIPRE, “Our partnership is based on a shared vision of bringing the latest technology to solve business challenges. Our purpose-built solutions will help Cygnet.One to deliver IT security services easily, efficiently, and profitably to their clients in India”.

The strategic partnership between Cygnet.One and VIPRE is a significant step towards addressing the increasing demand for robust security solutions in India. By leveraging Cygnet.One’s deep industry knowledge and VIPRE’s advanced security technologies, the collaboration aims to provide comprehensive protection to businesses and individuals across the country.

“Our partnership with VIPRE reinforces our commitment to delivering cutting-edge technology solutions to our clients,” said Niraj Hutheesing, Founder and Managing Director of Cygnet.One. “VIPRE’s track record of excellence and their ability to combat even the most sophisticated cyber threats make them an ideal partner. Together, we are confident that we can effectively combat the growing menace of cyber-attacks in India and empower our clients with unmatched security.”

The Cygnet.One and VIPRE partnership represents a shared mission to ensure a safer digital environment for organizations and individuals in India. By combining expertise, experience, and advanced technologies, the collaboration aims to elevate the cybersecurity landscape and protect users against the ever-evolving threat landscape.