Bansal, through his microfinance firm Chaitanya India, has applied for a banking licence.
Tilman Ehrbeck, managing partner, Flourish, spoke about the India opportunity, how the market offers a blueprint for other emerging markets, and the broad themes which interest him here.
Bansal could likely invest $400-450 million in the new venture, according to estimates, which will likely make it one of the biggest equity infusions by a promoter into a new financial services venture.
It is suspected that consumers, at a staggering pace, might have ordered new winter clothes and other products and then returned it weeks later after using it, pushing Flipkart to make this change in its policy, sources said.
If you are in business, the issue of profitability is going to catch up with you eventually. All businesses exist for generating profits. All valuation models are eventually built on profit, earning multiples.
The step comes at a time when e-tailers are facing rigorous regulatory scrutiny over various practices, particularly over having lopsided contracts favouring some merchants. A merchant, who sells independently on the marketplace and also supplies to Amazon-backed seller firms, said he has used seeding to improve search results.
A Y Combinator spokesperson said the number of from each country is still not final and that it is not related to its Chinese exit either.
Sharma said the payments bank will approach the government and the banking regulator for a small finance bank licence as it can leverage the model using technology enabled low-cost operations — a central theme of small finance banks, according to the RBI.
Earlier this week, ClearTax obtained the licence to be a GST Suvidha Provider, enabling it to offer tech solutions to taxpayers.
Rapido was founded by Aravind Sanka, Rishikesh S R and Pavan Guntupalli in 2015 and also counts Hero MotoCorp MD Pawan Munjal among its investors.
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