Zetwerk is a business-to-business marketplace startup which connects large manufacturing companies with vendors and suppliers for customised products that are used as components of industrial machines and equipment.
The country will be left with only 12 large public sector banks from 27 before, the government had announced earlier this year. For existing IT service providers, this not only shrinks the market in terms of the number of prospective clients, but also poses challenges with respect to scale as banks become larger. A reduction in the number of prospective customers will affect revenues.
Industry insiders said these were precursors to Thursday's move. “We requested for a limit of ₹1 crore for investment but… at least RBI considered for an elevation to ₹50 lakh,” Ranjan told ET after the announcement.
The former chief architect of Finacle, Paddy Padmanabhan, and Rajiv Kuchhal, a Bengaluru-based serial entrepreneur also participated in the round.
“Zeta’s platform will enable banks and fintechs to create and launch digital-first financial products with support for mobile payments, various payment networks, NCMC (national common mobility card) and much more,” said Nair.
Public sector lender Bank of India (BoI) has already introduced this facility for its own customers, in partnership with Mumbai-based payments company AGS Transact Technologies.
AePS facilitates cashless transactions through biometric authentication. According to NPCI, which runs the platform, biometric-based transactions grew by 10% to 208 million transactions in October 2019 from 189 million in April. October usually sees high transactions because of the festive season and higher remittance from urban to rural areas.
With the fresh infusion of capital, Bansal’s total investment in the new-age insurance firm will go up to $45 million, making it his largest personal bet on an Indian startup.
The problem came to light due to a complaint by a whistleblower, a source aware of the developments told ET. The issue has been taken up through an internal enquiry and four of FIS’ top executives who were managing the ATM and allied services business in India have been asked to step down till the enquiry is complete, the source added.
While a few of the startups are simplifying the language of their write-ups, others are working on design elements like graphics, pictures and videos to explain product details to minimise confusion among customers.
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