Posts in category: Press Releases

Rio, a fast-growing fintech platform, has announced the launch of its UPI app, providing users with seamless access to credit for UPI payments. In parallel, Rio has partnered with YES BANK, and NPCI to introduce the co-branded YES BANK Rio RuPay Credit Card. This partnership aims to revolutionize the way consumers access and use credit, combining the benefits of credit with the ease and ubiquity of UPI.

The YES BANK Rio RuPay Credit Card allows users to make purchases via UPI at over 100 million merchant locations across India. It is designed for the modern consumer, offering exclusive rewards, no fees, and a credit limit of up to ₹5 lakh.

This partnership aims to cater to the growing demand for accessible and efficient financial solutions, particularly in Tier 2 and Tier 3 cities. Within a month of its beta launch, Rio received applications from over 244 cities across India, with 60% from Tier 2 and Tier 3 cities, highlighting the growing demand for high-quality products outside major cities.

Rio’s app is set to become one of the first platforms to seamlessly integrate credit benefits into UPI payments. The app simplifies daily transactions while offering users personalized rewards and exclusive deals through its “Know Your Offers” feature, which can be instantly redeemed. This innovative solution positions Rio as a leader in UPI-enabled credit, with over 10,000 downloads already recorded during its beta launch.

Ms. Riya Bhattacharya, Co-founder and CEO of Rio Money, expressed her vision: “Rio will become the favourite UPI App for millions of users in India that lead an aspirational lifestyle and love affordability products. We are building a brand that they love and use everyday. The Credit Card is just the beginning of how we aim to integrate credit with UPI to transform consumer finance in India. With the launch of Credit-on-UPI, we are pioneering a lifestyle product that will redefine cash flow management for 600 million Indians. We expect this market to grow into a $350 billion opportunity, subsuming other credit and payment products.”

As UPI transactions are poised to increase tenfold from 0.5 billion daily transactions, Rio is positioned to be a key enabler of credit products via UPI and will cater to over 100 million users in the next five years.

Mr. Anil Singh, Country Head – Credit Cards and Merchant Acquiring, Yes Bank, expressed his excitement: “We are thrilled to offer this co-branded credit card to Rio users. It’s truly the credit card of choice, linking with UPI and unlocking the true potential of payments. The credit card provides rich benefits in the form of simple cashbacks and a host of exciting offers which are compelling for users for their regular spends.”

Mr. Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives at NPCI expressed his enthusiasm: “We are happy to partner with the energetic team at Rio, one of the new Fintechs who have successfully launched a Credit focused product on UPI. While they are going to drive penetration through cashbacks and other benefits, their value proposition focused on new consumer acquisition through Friends and Family, we believe will drive a lot of responsible credit uptake.”

With UPI-led credit cards becoming increasingly popular, Rio is poised to capture a large share of this burgeoning market. Experts estimate that credit on UPI will outgrow traditional credit products, creating a $1 trillion opportunity by 2030.

Currently, UPI is accepted at over 100 million merchant locations compared to only ten million POS machines that support traditional credit cards. UPI led credit is already exhibiting a very high user adoption rate, the largest listed Credit card issuer seeing 50% growth quarter-on-quarter.

Credit has almost doubled this festive season largely led by Credit Cards and Buy Now, Pay Later (BNPL) options for D2C brands on GoKwik’s network.  The preference for credit surged from 3.49% to 6.9% this year thus indicating healthy economic performance and increased consumer sentiment.

This Diwali sale period shoppers showcased a higher preference for prepaid payment modes with a 13% surge in prepaid orders compared to last year. On the contrary, cash on delivery (COD) orders saw an 8% dip in the same period, reveals GoKwik, India’s leading eCommerce enabler that helps brands improve profits and efficiency by reducing COD orders.

COD (Cash on Delivery) is a payment method where customers pay upon receiving their goods. This can build trust with buyers wary of online payments, especially in areas with fraud concerns. While COD enables businesses to access a wider customer base in Tier 2 and Tier 3 regions, it can also cause cash flow delays, higher return rates, and increased logistical costs, potentially impacting profitability.
However, COD in India still continues to be dominant at 46% followed by UPI at 44%.

“Affordability has always been a key driver for eCommerce growth in India, with shoppers opting for more flexible payment choices. We’ve been focused on building an ecosystem that supports this innate need among Indian shoppers. By offering multiple prepaid options on our checkout, we have not only provided more affordable payment choices to shoppers, but also provided greater control to merchants over their growth. Having a higher prepaid share of orders helps brands mitigate the impact of return to origin (RTO) and enables profitable growth for them. Our efforts in this direction have started to show the much needed shift in consumer preference,” said Chirag Taneja, Co-Founder and CEO, GoKwik.

Categories such as footwear and fashion have seen the highest preference for credit-based prepaid payments while certain other categories like beauty and personal care continued to show high preference for COD.

Another interesting trend during this festive period is the shift in consumer preference from COD to credit payment options such as credit cards and BNPL in tier 3 cities.

Rohit Prasad, MD & CEO, Easebuzz, added, “We are happy to support GoKwik during this festive sale period. With an exceptional 99.9% uptime, Easebuzz platform empowered D2C brands manage millions of transactions without any downtimes, a crucial advantage during peak shopping periods. Our extensive payment acceptance methods, affordability suite with BNPL & EMI options, coupons and rewards during checkout helped these brands deliver a superior shopping experience for their customers.”

While overall Average Order Value (AOV) rose by a nominal 3% during this period, categories like fashion and jewellery saw particularly strong growth at 15% and 13% respectively. Categories with high AOV products like electronics saw a 36% increase in credit card payments and a 27% increase in BNPL, showing that shoppers prefer these payment methods for high-value purchases.

GoKwik houses over 10000 brands in its network including Lenskart, Neemans, Man Matters, Shoppers Stop, etc, ranging from fashion, beauty, health and nutrition, electronics and other key categories of the online shopping space. The eCommerce enabler houses over 120Mn shoppers in its network of D2C brands.

GetVantage, India’s leading embedded finance and working capital platform, announced investments in the logistics sector, providing INR 1.8 Cr in growth capital each to three prominent logistics startups: Celcius Logistics, Ohm Logistics, and Fitsol. This funding arrives at a pivotal time as logistics businesses operate at full capacity to meet the high demand during the festive season.

GetVantage funds through its liscensed NBFC GetGrowth Capital, and its AIF Venture Finance Fund with Varanium Capital, among other partner NBFCs.

The logistics sector has seen significant momentum in recent months, driven by the increasing needs of emerging local brand startups and other businesses preparing for the festive rush along with the Travel industry. This fresh round of growth financing will enable Celcius, Ohm, and Fitsol to scale their operations and meet working capital requirements to cater to the growing demand from businesses across sectors.

On the investment, Bhavik Vasa, Founder of GetVantage, said “The logistics industry is set to play a critical role in supporting India’s $5.5 trillion GDP economic ambitions. GetVantage is empowering the next generation of innovators by fueling their growth at a critical juncture with non-dilutive capital. Our commitment to Celcius, Ohm, and Fitsol demonstrates our belief in the future of clean tech and green energy in logistics. Together, we’re driving sustainable solutions to meet soaring market demand, underlining its significance in both domestic and international markets. We are thrilled to be a part of this massive transformation in the sector by backing innovative yet high revenue-generating companies.”

Swarup Bose, CEO & Founder of Celcius Logistics, added, “At Celcius, our mission is to make cold chain logistics more efficient and reliable through the use of technology. We aim to build a strong ecosystem that ensures the safe and timely delivery of temperature-sensitive goods throughout the country, whether it’s food, pharmaceuticals, or other perishables. GetVantage has been a partner with us in this journey and we look forward to more associations.”

Anand Pathak, Founder of Fitsol, also shared, “Fitsol is a decarbonization partner for manufacturing companies and we want to reduce 1 bn ton of CO2 from the supply chain. To achieve this goal, we partnered with GetVantage for working capital and it was a great experience working with their team. They were quick to respond, adhering to the time commitment of delivery.”

India’s logistics sector continues to evolve, integrating technology and automation to offer efficient supply chain solutions for domestic and global merchants alike. The country now ranks 38th out of 139 on the Logistics Performance Index, highlighting the importance of this industry.

Contributing 13-14% of the national GDP and employing over 22 million people, the logistics sector plays a vital role in the nation’s economy. Continued investment in this space will foster a stronger, more connected supply chain ecosystem, fueling further economic growth.

Berrylush, a leading women’s western fashion brand, has announced a strategic partnership with GoKwik, a leading e-commerce enablement platform, to enhance its online presence and accelerate growth.

This partnership with GoKwik will help Berrylush double its order volume and revenue by 2025 by offering a superior shopping experience to its customers while expanding its D2C footprint across deeper Indian regions.

Alok Paul, Co-founder and COO of Berrylush, stated,“In India’s fast-evolving e-commerce landscape, ensuring a seamless customer experience and reducing RTOs are crucial for sustainable growth. With GoKwik’s innovative solutions, we are already witnessing positive shifts. In just 15 days, we have seen significant progress toward achieving our objectives, and we anticipate a substantial reduction in drop-offs and RTO rates. As e-commerce continues to grow, addressing RTOs will be essential for maintaining profitability and customer satisfaction.”

Berrylush has established itself as a leading player in the Omnichannel fashion industry, aiming to clock a INR 100 Cr revenue this fiscal year. It will utilise GoKwik’s 120Mn shopper network, the deepest in India to provide eCommerce shoppers with an enhanced experience across the checkout funnel and beyond. With its robust tech and data science-backed intelligence, Berrylush aims to boost COD GMV while reducing returns before delivery.

Chirag Taneja, Co-founder and CEO of GoKwik, added, “Berrylush, is a brand that has truly mastered the art of connecting with today’s fashion-conscious shoppers. They have been growing steadily and have ambitious plans for the next year. We look forward to supporting them in bringing those growth plans to fruition through our solutions. Excited to witness and enable their upward journey from here on!”

Following the successful launch of GoKwik’s solution on their website, Berrylush plans to integrate the system into their mobile app, further aiming to reduce drop-offs by 20% and RTOs by 50%. With GoKwik’s support, Berrylush anticipates a smooth transition and continued growth in the months ahead.

GoKwik houses over 10000 eCommerce brands in its network including Lenskart, Neemans, Man Matters, Shoppers Stop, etc, ranging from fashion, beauty, health and nutrition, electronics and other key categories of the online shopping space. The company recently announced global expansion with the acquisition of Return Prime, a Shopify app to manage returns for eCommerce brands.

Berrylush, who has been bootstrapped till now, plans to raise funds to scale operations. It also plans to record a 7% EBITDA profit this fiscal year.

Gemba Capital, India’s leading Micro VC Fund has boosted it Advisory Board with the inclusion of Somak Ghosh, a Banking and Investment Management stalwart. Somak brings a total of 30+ years of experience across Corporate and Development Banking, Venture Capital/Private Equity, Infrastructure Finance and Corporate Strategy.

Somak started his career in 1993 and spent a decade with ICICI, Reliance and Rabo India before joining Yes Bank as Group President in 2004.

At Yes Bank, Somak was leading the bank’s Corporate and Development Banking Charter. He was subsequently designated as a Professional Co-Founder for his contribution towards setting up and building one of India’s most successful midsized banks. By the time Somak left Yes Bank in 2012, he was managing over Rs. 40,000 crore of the bank’s assets and over 50% of the profits.

Driven by his interest in the startup ecosystem, in 2013 he set up SEBI registered Contrarian Vriddhi Fund and made seed investments in 12 startups, which includes Pratilipi, Progcap, Signzy, Squadstack, Minjar to name a few.

Somak also sits on the Investment Committee of Motilal Oswal Real Estate Fund. Somak did his MBA from FMS (Delhi) and is an Advanced Leadership Fellow at Harvard (USA).

On joining the Advisory Board at Gemba Capital, Somak Ghosh commented that “I always wanted to contribute towards the development of the startup and fintech ecosystem in India. This engagement with Gemba Capital is an effort to help the ecosystem with my experiences and learnings. I have known both Adith and Govind for a long time and I look forward to add strategic value to Gemba Capital and their portfolio companies.” 

Commenting on the engagement Adith Podhar, Founding Partner at Gemba Capital said “Somak brings a vast wealth of experience across BFSI and Venture Capital domains. The Fund will seek his advice on governance and strategic decisions. With his expertise and mentorship, we will add real value to our Portfolio Companies since Fintech is a core investment focus for our Fund-II. We are super elated to have him as part of Gemba Capital Family”

Gemba Capital has invested in 50+ startups so far including the likes of Plum Insurtech, Grip Invest, Wint Wealth, Zuper, Navadhan, Volt Money, Click Post, Showroom, Strata, Kredmint to name a few. They recently received the SEBI License for their second fund of US$30 million through which they will invest in seed/pre-seed stage startups across Fintech, Consumer Tech and B2B Platforms.

Unmanned Aerial Vehicle (UAV) solutions provider SKYBER Aerospace, known for its deep-tech and AI-driven innovations, has partnered with Sibia Technologies, headquartered out of Dubai, for the sales and services of their UAV products in the Middle East and Africa.

This partnership aligns with the rapidly growing demand for UAV technologies in the Defense as well as commercial segments in the MEA region. The multi-year partnership is structured to cover multiple aspects of the UAV industry, including product sales, service and maintenance, training and operational support and technology integration.

SKYBER Aerospace will supply high-performance UAV systems and innovate to meet the region’s specific demands. Sibia Technologies will manage local sales, service, customer relationships, marketing efforts, and regional supply chain logistics.

With an expected market size of $5.3 billion by 2029, the region presents vast opportunities in both government and commercial sectors. “Countries like the UAE, Saudi Arabia, Qatar, and parts of Africa are expected to be significant consumers of UAV technology due to their increasing Defense budgets, need for border security, and investments in modern technology for commercial sectors. The partnership between SKYBER Aerospace and Sibia Technologies represents a significant step towards tapping into the burgeoning UAV market in the Middle East and Africa,” said Joseph George, co-founder and CEO, SKYBER Aerospace.

The partnership aims to secure large Defense contracts, address commercial needs in the oil & gas, construction and agriculture sectors, and maintain technological leadership in UAV solutions. Sibia Technologies will leverage its existing partnerships with the leading telecom operators in the Middle East and Africa region to enable UAV solutions using public and private 5G networks.

“We are happy to announce this partnership with SKYBER Aerospace. It’s a symbiotic relationship where companies leverage their strengths to grow in a competitive market. We will be taking an integrated role in delivering the UAV systems and managing post-sale services like training operators, providing support services, performing post-sales engineering support, and ensuring regulatory compliance.” said Nour Al Atassi, CEO, Sibia Technologies.

The partnership will also involve localizing SKYBER Aerospace’s UAV platforms to suit regional needs. For example, UAV systems might be adapted for better performance in extreme weather conditions like high temperatures and dust storms or specific industries like oil and gas exploration or agricultural and construction mapping.

Clients in the Middle East and Africa will benefit significantly from localized support, ensuring faster response times, on-the-ground maintenance, and readily available spare parts. By establishing regional training centers, operators can improve their skills, enhancing the usability and safety of UAV systems.

Additionally, clients will receive assistance in navigating local UAV regulations and obtaining the necessary permits, reducing potential hurdles. This partnership aims to minimize downtime and operational disruptions, making UAV solutions more cost-effective. Furthermore, customized military UAV systems will provide enhanced data security and seamless integration into regional defense systems, offering tailored solutions for the specific needs of these markets.

The partnership is also focused on bringing innovative products to the market, such as fully autonomous drones that can operate without human intervention. These drones will feature advanced AI-driven navigation and decision-making systems. Future UAVs could be equipped with high-precision sensors and long-range surveillance capabilities, making them ideal for military and security applications.

Drone-swarming technology is another promising development that could enhance surveillance, Defense operations, and disaster response efforts. The companies are also working on precision agriculture, construction monitoring, and cargo and delivery drones.

SKYBER Aerospace has also been focusing on full-stack solutions incorporating next-gen technologies, including hybrid-powered UAVs and enhanced AI-enabled edge computing chipsets, reflecting their commitment to pushing the boundaries of UAV technology through intense research and development commitment.

The focus for the next five years will be to establish leadership in the MEA market, expand product portfolios, set up local manufacturing facilities, and work on diversifying UAV applications

Cosmic PV Power, a leading Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM) in solar panel manufacturing, has secured a significant lead investment from Chanakya Opportunities Fund I, led by CA Kresha Gupta.

Renowned for its excellence in the production of high-quality solar panels, Cosmic PV Power provides its OEM and ODM services to various clients while also selling solar panels under its own brand.

Founded by Jenish Kumar Ghael & Shravan Kumar Gupta in 2020, Cosmic PV Power Private Limited’s solar vertical produces polycrystalline and monocrystalline and Topcon solar panel with capacity up to 580KWp. Equipped with Mono-Perc and Topcon technology, Cosmic PV Power operates a manufacturing facility with a capacity of 600MW, positioning it as a key player in India’s renewable energy sector.

“We are excited to have Chanakya Opportunities Fund as an investor, supporting our mission to expand our manufacturing capacity from Megawatt to a Gigawatt Factory. This investment reinforces our commitment to driving India’s clean energy transition and sustainable growth as we continue to innovate and expand Cosmic PV Power’s footprint in the solar industry.” said Shravan Kumar Gupta, Director, Cosmic PV Power Private Limited.

Chanakya Opportunities Fund is India’s first SEBI-registered CAT II fund focused on the SME Exchange and Microcap Segment. The fund is being managed by StepTrade Share Services Pvt. Ltd. (Investment Management Entity).

Investment management firm StepTrade Share Services recently made a significant global leap with the launch of  ‘Steptrade India Fund’ through GIFT city. This fund allows global investors to tap into India’s burgeoning SME sector and positions Steptrade as a key player on the international stage.

Steptrade holds licences across AIF categories and is certified to provide Portfolio Management Services. Building on the success of the Chanakya Opportunities Fund and the Steptrade Revolution Fund, Steptrade is driven by a bold vision to become the largest Asset Management Company (AMC) dedicated to empowering SMEs.

Speaking on the investment Kresha Gupta, Founder and Fund Manager, Chanakya Opportunities Fund said “Our investment in Cosmic PV Power is the testament of our vision to support clean and green India.”

GSTN introduced a new application ‘Invoice Management System’ dated September 3, 2024, to bring more transparency to the existing Input tax credit mechanism. This application will go functional with data being provided from GSTN starting 14th of October.

Cygnet.One, a leader in digital compliance solutions goes LIVEwith its Invoice Management System (IMS) on 12th of October 2024, marking a significant milestone as the first ASP-GSP platform.Starting today, allEnterprises customers will be ready to experience a robust Invoice management system.

Our Founder & MD Niraj Hutheesing quotes, “This launch underscores our commitment to transforming the GST compliance landscape through cutting-edge technology aligned with the vision of the GSTN (GST Network).”

The new IMS system streamlines GST processes, ensuring full compliance and transparency with tax authorities. It shall offer the recipients to accept, reject and put on hold (pending), such actions to help compute GSTR 2B.

To enable the above exercise, Cygnet Tax platform will help carry out inbulk &one-to-one pre-reconciliation action prior to IMS. It will also help provide a communication/notification module to the counterparty to enable seamless corrective actions.

IMS is an ideal system which provides a single source if truth where all Input tax credit related data is available at one place. Cygnet will help ease turnaround time of purchase invoice digitization which is critical for IMS actions.This system is designed to address common issues such as data entry errors, delayed approvals, and incorrect tax deductions, which can lead to non-compliance and penalties.

Cygnetis dedicated to revolutionizing business process transformation and digital compliance through our comprehensive compliance solutions not just in India but globally. Our solutions also offer purchase digitization, enables 99% reconciliation, streamlines accounts payable, enables accurate litigation management, ensures global e-Invoicing & VAT compliance in major regions that eases tax operations beyond compliance.

Cygnet.One’s Tax platforms leverages advanced technologies such as AI/ML and real-time data validations. It seamlessly integrates with ERP systems to manage large volumes of invoices, ensuring accuracy and timeliness. The system automates vendor data mapping, classifies transactions, and suggests appropriate tax deductions and reconciliations, alleviating the burden on finance teams.