If you’ve ever attended the India Upstarts and TechCrunch conferences, you know that the country has a lot of amazing startups. Some of these startups include Paytm, Slice, and Coinbase. These startups are changing the way that people are using technology.
Slice
Slice is a card based lending startup that focuses on subprime millennials. The company is also one of the largest card users in the country. In addition to credit cards, it has launched a number of other products and services aimed at a wider demographic.
The latest funding round was led by Tiger Global, GMO itsmy Venture Partners and Moore Strategic Ventures. It came as Slice was readying itself for a crowded UPI payments market. Aside from its own offerings, Slice will work with the National Payments Corporation of India to enable credit lines in wallets through UPI.
While the company’s card-based offerings have been a tad bit lackluster, it appears Slice is looking to expand its business. For instance, the company is in the midst of testing microtransaction features within its core card product.
While announcing the new funding, Slice didn’t get into details, including its valuation, but hinted at a potential raise. One rumor is that it could fetch a tidy sum of money.
Paytm
Paytm is an Indian payments startup that gameplanet offers a host of financial services. It is one of the leading players in the market. In recent years, it has entered the lending, e-commerce and movie ticketing arenas.
Last year, it launched a new bank called Paytm Payments Bank, aimed at helping consumers use the internet to access their money. This new bank is a more user-friendly alternative to traditional banks.
Although it has yet to make a profit, the company continues to expand its financial offerings. Earlier this year, it launched a new gadget that lets users make purchases and perform other simple tasks using a small device.
The new device features an “all-in-one” QR code system that supports various mobile wallets and other payment apps. The system is designed to be convenient for merchants.
Another notable achievement is the company’s launch of the Unified Payments Interface (UPI). UPI is a payments system developed by a consortium of banks travelnowworld and other industry players.
MobiKwik
MobiKwik in India is one of the leading mobile wallets that offers a wide range of financial services to Indian consumers. The firm provides a number of features to its users, such as an accidental insurance policy, a credit line, and the ability transarc to pay utility bills.
In October 2018, MobiKwik appointed Bikram Bir Singh as its business head. The company also plans to expand its merchant base, and a recent report suggests that it will invest about $45 million in acquiring new customers.
MobiKwik started in 2009 as a website that had a travellworldnow closed wallet facility. Later, it launched a mobile application to allow users to pay online.
After the demonetization of old notes, the company’s user base and downloads jumped i-fold. According to Forbes magazine, one million new users were added every month. Its merchant base also increased to over 1.5 million from the previous 250,000. Currently, MobiKwik has 105 million registered users.
In the past few years, MobiKwik has also ventured into the offline space. One of the reasons for its success is the ease of use of its services.
Coinbase
Coinbase, the world’s largest crypto exchange, is taking steps to expand its presence in India. In announcing its plan to launch an eponymous crypto trading service in the country, the firm said it would also support the UPI payments infrastructure developed by a coalition of retail banks.A day after the announcement, the app failed to function. Users who tried to buy tokens with their debit cards were told the payment option was “currently unavailable”.
After a few days, Coinbase suspended its UPI payments. But the firm didn’t explain why. Instead, it blamed the drop in the prices of cryptocurrencies. It plans to cut 950 jobs. The company estimates that it will pay about $68 million in cash to cover the severance benefits.
Meanwhile, the company is looking to expand its presence in other emerging markets. Chief Executive Brian Armstrong said Coinbase has a long-term bet on India. He said the government’s response may violate the Supreme Court’s ruling on cryptocurrencies.
