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Razorpay Expands Fintech Verse, India’s EV Dreams Hit A Wall & More
- Razorpay acquires a majority stake in digital payments startup POP for $30 Mn, allowing users to make UPI payments and earn POPCoins.
- The deal enables Razorpay to diversify its product mix and leverage POP’s existing 6 Lakh daily UPI transactions and 1 Mn monthly active users.
- Razorpay aims to drive repeat purchases for businesses with instant rewards, payments, and brand discovery through Razorpay Engage.
- Razorpay's FY24 profits surged 365% YoY to INR 33.5 Cr, gearing up for an IPO with successful Desh Wapsi and public entity transition.
- India's EV sector faces challenges due to China's restrictions on rare earth minerals export, impacting EV makers.
- MakeMyTrip plans to raise $2 Bn to buy back stake from Chinese investor Trip.com Group Limited amid concerns over Chinese shareholding.
- Various startups make headlines, including ArisInfra preparing for an IPO, Quadria launching a $300 Mn healthcare fund, and Delhivery's acquisition of Ecom Express.
- Mamaearth appoints Yatish Bhargava as the new CBO, Zoomcar faces a data breach, and Zepto focuses on growth and profitability over an immediate IPO.
- Chara Technologies aims to reduce reliance on China by producing rare-earth-free synchronous reluctance motors for EVs, targeting sales of 15,000 motors and $5 Mn revenue by FY26.
- Chara plans to raise INR 50-60 Cr in Series A funding to increase its motor production capacity.
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