ZestMoney

ZestMoney's founders have resigned, several weeks after fintech giant PhonePe decided to halt its proposed acquisition of the buy now, pay later (BNPL) platform

In April, ZestMoney laid off 100 employees, or about 20 per cent of its workforce

PhonePe

ZestMoney is said to be in talks with some of its existing investors to raise separate equity capital, the report said

layoff

PhonePe in talks with BNPL firm to hire some staff left after acquisition talks fail

Stress, depression, burnout, employees, workers, jobs, wfh, work from home, work

ZestMoney founders held a town hall on March 30 and informed employees about layoffs across depts, say sources; not known yet how many would be asked to go

Lapses in due diligence, valuation disagreements, funding winter, tough regulatory environment, fintech slowdown being cited as reasons

The main reasons the deal fell out were lapses in due diligence, disagreement over valuation, sustainability of the business and the platform's shareholding structure

Flipkart

This will be the biggest Esop buyback in tech industry. Flipkart owns over 80% stake in PhonePe and is looking to exit the company. Walmart owns 10% in the Bengaluru-based fintech firm

Deal expected to be closed in two-four weeks, says source

e-commerce, digital, online, amazon, flipkart, festive sales, consumer

Most of these players saw transactions on their platforms rise on account of increased spends on categories like apparel, electronics and grocery

valuation, start-ups, startups, funding, fundraising, investors, investments, capital

The shift towards pay later solutions is a global phenomenon and represents young digital consumers looking for transparency, honesty and no hidden charges in financial products

Representative image

Australian buy-now-pay-later firm Zip Co Ltd said it would invest $50 million to acquire a minority interest in Indian peer, ZestMoney, as part of its plans to tap new growth markets and add investors

Goldman Sachs

The Bengaluru-based startup expects to cross an annual run rate of over $1 billion in disbursal run rate in less than 18 months

Dollar, US Dollar

ZestMoney said its technology platform provides easy access to consumer loans to millions of Indian households, which currently have no access to credit cards or any other formal financing options

Digital lending platform ZestMoney raises $13.4 mn funding led by Xiaomi

ZestMoney, in collaboration with Xiaomi, had launched Mi Finance last year through which customers can buy Xiaomi products via a cardless EMI

Adani Group on Thursday bagged two contracts worth Rs 13,888 crore from a state-owned discom to install smart meters.
A total of six tenders were awarded by the Maharashtra State Electricity Distribution Company Ltd (MSEDCL) to install smart meters, of which two have been bagged by the Adani Group, according to an official communiqu from the discom seen by PTI.
The diversified group, which has a sizeable presence in the power sector and had recently won a Rs 1,000 crore contract to install smart meters in the area serviced by BEST Undertaking in Mumbai, will act as an advanced metering infrastructure service provider for smart prepaid metering in MSEDCL, it said.
The two zones awarded to Adani include Bhandup, Kalyan and Konkan having 63.44 lakh meters, and Baramati and Pune having 52.45 lakh meters, it said.
Letter of Awards have been issued to the successful firms, as per the communiqu.
Officials from Adani Group were not immediately available for comment.
The group's transmiss

Adani, Adani Group

Tensions have been high since Canadian PM Trudeau on Monday alleged that the Indian government was behind the fatal shooting of Hardeep Singh Nijjar

visa, Canada

Catch all the latest updates from across the globe here

Manipur

Stocks held by Canada Pension Plan Investment Board (CPPIB), which is among the biggest FPIs investing in the domestic market, have come under pressure since developments on the India-Canada tensions

India-Canada tensions: Multi-billion economic deals at risk if rift widens

India-Canada

Adani group won the Dharavi rebuilding project in July by bidding $610 million for the project

Dharavi Redevelopment Project

"Our country is going through challenging times. What defines this country more than anything else is its secular character"

Kerala CM Pinarayi Vijayan

Days before potentially crossing paths with Russia's top diplomat at the United Nations, Ukrainian President Volodymyr Zelenskyy suggested Monday that the world body needs to answer for allowing his country's invader a seat at the tables of power.
"For us, it's very important that all our words, all our messages, will be heard by our partners. And if in the United Nations still  it's a pity, but still  there is a place for Russian terrorists, the question is not to me. I think it's a question to all the members of the United Nations," Zelenskyy said after visiting wounded Ukrainian military members at a New York hospital.
He had just arrived in the US to make his country's case to the world and to Washington for continued help in trying to repel Russia's invasion, nearly 19 months into what has become a grinding war.
Ukraine's Western allies have supplied weapons and other assistance, and the US Congress is currently weighing President Joe Biden's request to provide as much as USD 2

Ukraine's President Volodymyr Zelenskyy

MEA's statement comes after Canada expelled an Indian diplomat on Monday as it investigates credible allegations that India's government may have had links to the assassination in Canada

Canadian Prime Minister Justin Trudeau arrives for his daily press conference on COVID-19, in front of his residence at Rideau Cottage in Ottawa. Photo: PTI

Justin Trudeau

The price of 22-carat gold went up by Rs 140, with the yellow metal selling at Rs 55,050

Gold

The US is grateful to India and Prime Minister Narendra Modi for the G20 presidency and President Joe Biden returned from the leaders' summit in Delhi feeling "very positive and optimistic", a senior White House official said.
Biden "came away from the G20 feeling very positive and optimistic about the direction. I mean, there was an awful lot of great work done at the G20 and we're all grateful to Prime Minister Modi for his presidency, for India's presidency of it, but also for the way the agenda was executed," National Security Council (NSC) Coordinator for Strategic Communications John Kirby said at a press briefing in response to a question by PTI.
"It was a very, very productive couple of days," Kirby said, referring to the G20 Leaders' Summit held in Delhi on September 9 and 10 under the Indian presidency of the grouping of the world's biggest economies.
Kirby addressed reporters at the New York Foreign Press Center here Monday on US priorities for the high-level 78th session

Prime Minister Narendra Modi announces adoption of G20 Leaders' Summit Declaration during the Summit's Session-1 on 'One Earth', at Bharat Mandapam of Pragati Maidan in New Delhi on Saturday.

The government introduced the Women's Reservation Bill in the Parliament almost three decades after it was first drafted

Parliament

The fiscal burden of states will increase over time

pensions, funds, retirement, investments, investors, savings

Former RBI Governor Bimal Jalan said it is better if the person's expertise is considered than whether he/she is a bureaucrat or a private sector executive

TRAI

Prime Minister Narendra Modi begins Whatsapp Channel following conclusion of the first day in the new parliament building

PM Modi on Whatsapp Channels (Photo: Whatsapp)

The Delhi government has inked an agreement with Switch Mobility for 950 low-floor electric buses.
Delhi Transport Minister Kailash Gahlot told PTI that the 12-metre buses would start arriving within four to six months.
These e-buses will be equipped with CCTV cameras, panic buttons and GPS devices, Gahlot said, adding that Delhi has the highest number of electric buses in the country.
In a post on X, Delhi Transport Commissioner Ashish Kundra said, "Delhi Government  signs an agreement with @SwitchMobility for 950 low-floor 12-meter electric buses under National bus programme."
Switch Mobility is the electric vehicle division of Hinduja Group's flagship company Ashok Leyland.

e-bus, Electric bus

Increased spending on back of improved finances, says Deloitte study

festival season

Here is the best of Business Standard's opinion pieces for today

MSMEs

India attended a two-day meeting convened by a neutral expert in Vienna that was part of proceedings aimed at resolution of a dispute between New Delhi and Islamabad on the Kishenganga and Ratle hydroelectric projects in Jammu and Kashmir.
Senior Advocate Harish Salve was present in the capacity of India's lead counsel in the matter, the Ministry of External Affairs (MEA) said on Thursday.
"A delegation from India, led by Secretary, Department of Water Resources, attended a meeting of the neutral expert proceedings in the Kishenganga and Ratle matter at the Permanent Court of Arbitration in Vienna on September 20 and 21," it said.
The MEA said the meeting was convened by the neutral expert appointed on India's request under the aegis of the Indus Waters Treaty and was attended by representatives of India and Pakistan.
"India's participation in this meeting is in line with India's consistent, principled stand that as per the graded mechanism provided for in the Indus Waters Treaty, 

india-pakistan

Prime Minister Narendra Modi on Thursday lauded the parliamentary's approval to the women's reservation bill as a defining moment in the nation's democratic journey.
Parliament approved the bill for reserving one-third of seats in the Lok Sabha and state assemblies for women with the Rajya Sabha unanimously clearing it on Thursday. All 214 MPs present in the Upper House voted in favour of it.
"This is not merely a legislation; it is a tribute to the countless women who have made our nation. India has been enriched by their resilience and contributions," Modi posted on X as the Rajya Sabha unanimously passed the bill a day after its approval by the Lok Sabha.
"A defining moment in our nation's democratic journey! Congratulations to 140 crore Indians. I thank all the Rajya Sabha MPs who voted for the Nari Shakti Vandan Adhiniyam. Such unanimous support is indeed gladdening," Modi said.
With the passage of the 'Nari Shakti Vandan Adhiniyam' in Parliament, an era of stronger ...

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ZestMoney

ZestMoney sets up new leadership team, a day after founders resign

ZestMoney founders resign weeks after PhonePe calls off to acquisition

PhonePe may forgo ZestMoney's $18 mn debt after failed acquisition: Report

ZestMoney laying off 100 employees after deal with PhonePe fails

ZestMoney looking to lay off employees after deal with PhonePe fails

Walmart-owned PhonePe calls off deal to acquire fintech startup ZestMoney

PhonePe calls off deal to acquire BNPL platform ZestMoney: Report

Flipkart staff may get Rs 5,700 cr in stock buyback scheme in a few weeks

PhonePe set to acquire fintech start-up ZestMoney for about $300 mn

Diwali bonanza for BNPL platforms as disbursals grow by more than 100%

ZestMoney raises $50 mn from Zip Co to scale up buy now, pay later offering

Australia's Zip enters Indian buy-now-pay-later space with ZestMoney deal

Goldman Sachs leads Rs 100 crore investment round in fintech firm ZestMoney

ZestMoney to disburse credit worth $400 mn, partners with Northern Arc

ZestMoney raises $13.4 mn in latest round of funding led by Xiaomi