Mandatory KYC for creating and transferring money through wallets has brought about a shift in business.
Paytm’s parent One97 Communications posted Rs 3,959.6 crore in net losses for the fiscal year.
The startup will use funds to set up office, create a team of engineers, sales & marketing ops.
Some of the fintechs have either secured or applied for a NBFC licence from the Reserve Bank, moving away from the initial plan of pure-play credit marketplaces.
The startup, which has already launched OneScore App for credit tracking, will also look to offer credit cards to consumers in partnership with banks.
The RBI had spoken about a similar risk on payments ecosystem while circulating a discussion paper on setting up other retail payment systems like UPI.
Working with anchor corporate entities like Tata Group and Aditya Birla, Cashflo serves the funding needs of both their vendors as well as their deals and distributors.
Funding tap is open for a host of new ventures.
Faster internet, language barriers for text and literacy issues are making these startups explore video as an option to make their products go viral.
Nayyar will be responsible for all the financial services business like lending, insurance, wealth management, stock broking at the company.
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