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RBI gives small finance bank licence to consortium of Centrum Financial-BharatPe

Zomato's IPO playbook SUBSCRIBE Thank you for subscribing to Unwrapped We'll soon meet in your inbox. / Unwrapped This is Samidha. After its hugely successful IPO last week, Zomatomade a bumper debut on Dalal Street on Friday (July 23). The stock closed at Rs 125.85 on the Bombay Stock Exchange, 65.59% higher than the issue price. I delved into the various factors—from meticulous planning to perfect timing—that made Zomato’s journey to the public markets a hit. On Sept. 12, 2020, Deepinder Goyal, Zomato’s founder and CEO, wrote an email to employees, which seemed more like an update...

BharatPe banks on engineers SUBSCRIBE Thank you for subscribing to Morning Dispatch We'll soon meet in your inbox. / Morning Dispatch In June, a three-year old fintech startup won a rare banking licence from the RBI—a prize that has eluded many of India’s biggest business barons. BharatPe now plans to launch India’s first merchant-focussed bank in the next three to four months. We spoke to several experts to make sense of the company’s foray into traditional banking. Also in this letter: Why IT services firms are on a hiring spree Govts need to hold (L-R) BharatPe cofounder Ashneer...

Synopsis The story of how BharatPe, a three-year-old fintech startup, partnered 44-year-old NBFC Centrum Finance to acquire a banking licence and make a play for the troubled PMC Bank has more to it than meets the eye. ETtech (L-R) BharatPe cofounder Ashneer Grover, Centrum Group chairman Jaspal Bindra, BharatPe group president Suhail Sameer Mumbai | Bengaluru:BharatPe’s proposed joint venture with non-banking financial company Centrum Finance to set up a small finance bank and acquire troubled Punjab and Maharashtra Co-operative (PMC) Bank is a landmark event for fintech players harbourin...

The deal, expected to be worth $30 million, marks BharatPe’s first acquisition since its inception.