RBI Will Now Enable E-Mandate For Recurring Payments Up To $279 Mn
The Reserve Bank of India (RBI) permitted processing of e-mandate on credit and debit cards for recurring transactions (merchant payments) with a cap of INR 2,000 from September.
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Grofers receives $70 Mn Series F tranche from Softbank at $567 Mn valuationGrofers has received another $70 Mn tranche of its Series F funding from SoftBank. The tranche is a part of the grocery delivery app’s $200 Mn funding raised mainly from the SoftBank Vision Fund (SVF).
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- Fintech company that provides payment technology to online merchants PayU will acquire digital lending platform and short term loan provider PaySense for $60 Mn
- Pune-based reskilling startup InterviewBit Academy will raise $20 Mn funding from Tiger Global Management, Sequoia Capital India and Singapore’s Economic Development Board (EBD)
- American seed accelerator Y Combinator has inducted four Indian startups in its Summer 2019 batch. The selected startups include Binks, Lokal, MyPetrolPump, and Vahan
- Delhi-headquartered insurance company Max Life Insurance will launch its Max Life Innovation Labs, an accelerator program to harness Insurtech solutions
- Coliving startup ZoloStays will raise $100 Mn Series C funding from new and existing investors. The new series of funding will be a mix of debt and equity
- JLL India in collaboration with Invest India, Accelerating Growth of New India’s Innovations and Startup India will launch JLL IDEAs, a real estate-focused accelerator program
- The e-commerce unicorn Snapdeal will raise $100 Mn funding from Softbank. SoftBank will invest $60 Mn in series funding