Tag: startup

BOI conducts ‘customer outreach programme’ in Delhi, BFSI News, ET BFSI

Banking & Finance

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New Delhi [India], November 13 (ANI): With an aim to take mainstream banking services to the people, the Bank of India has been conducting “Customer Outreach Programme”through its branches across the country to include more and more people in the mainstream banking and offer them banking services of their choice.

One first such programme was conducted at Srinagar on October 6, 2021.

According to the official release, BOI conducted another ‘Customer Outreach Programme” at its National Banking Group, New Delhi on November 11 with an attendance of over 100 customers including new and existing customers from all the branches across the New Delhi Zone.

The programme was inaugurated by Managing Director and CEO Atanu Kumar Das by opening New 116 BCs outlets at various locations in Ladakh, Delhi, Punjab and Rajasthan.

Speaking on the occasion, Das highlighted various initiatives taken by the bank under RAM (Retail, Agri and MSME) in recent times for the benefit of its customers.

He informed that the bank has recently slashed ROI for home loans and vehicle loans and has posted a net profit of 1,050.98 crores for the quarter of September 2021 marking a rise of 99.89 per cent.

He said, “BOI is committed fully to the economic revival process.”

He further added that BOI is at the forefront of successfully implementing all the government-sponsored schemes viz. MSME, Mudra, Stand-up, Start-up, PM SVANidhi schemes.

Bank has achieved 33 per cent PMSBY enrolments in PMJDY against DFS Targets 30 per cent for Q2FY21-22 and has won the “APY Annual Award (2020-21)” for overall performance for achieving ‘per APY’ target. The bank is implementing an E-PLATFORM solution for Straight through the process of major Banking products.

Das also distributed sanction letters to the beneficiary customers of various banking products viz. Housing Loan, Vehicle Loan, Stand up and Startup, MSME and PM SVANidhi schemes to the tune of ‘300cr.

It is noteworthy that during the month-long “customer outreach programmes”, the Bank of India has sanctioned ‘5000 cr and disbursed more than 4000 cr in the RAM segment alone. Another 8500 cr disbursal was done in corporate segments.

Bank intends to enrol 1500 BCs in these states during this quarter. Field General Manager Arun Kumar Jain, Zonal Manager, New Delhi Zone Ajay Kumar Panth, other senior officers and respective branch heads along with customers were present during the programme. (ANI)



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Interior-design startup Flipspaces raises $2 million from investors

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Interior-design startup Flipspaces on Tuesday said it has raised $2 million (around ₹14.6 crore) from investors to fund expansion and growth plans.

In a pre-series-B round, the company has raised $2 million from a consortium led by Prashasta Seth, ex-CEO, IIFL AMC, the company said in a statement.

The round saw participation from family groups and High Net Worth Individuals (HNIs).

Flipspaces is also backed by Carpediem Capital, a growth-stage PE fund for mid-sized ventures.

Founded in July 2015, by IIT Bombay alumni, the company provides interior design services and build projects for commercial spaces.

Growth

Kunal Sharma – Founder and CEO of Flipspaces said, the company’s US vertical has grown 25 times in the last four quarters and is now profitable at the Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) level.

“We are getting close to our vision of becoming the Zoho for Interior Design and Build domain which is a $1 trillion plus market globally,” he added.

Flipspaces said it has recently launched a B2B SAAS vertical called Vizstore which allows furniture and furnishing brands and retailers to virtualise their showroom experience.

“We have kept furthering our differentiation through tech-enablement in every vertical of business while keeping a sharp focus on profitability which has helped us tide through difficult times of Covid-infused shut-down. In many ways, we are a stronger and more diversified business now,” said Vikash Anand, Co-Founder and Head of Business Development.

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Novo raises $40.7 million in the largest Series A funding for neobanks

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Novo, a preferred business banking partner for SMEs, start-ups and freelancers, has raised $40.7 million (₹302 crore) in a Series A round of funding, making it the highest Series A funding for neobanks.

The independent tech company that enables small businesses to open accounts in minutes without a minimum balance requirement has raised the capital from Valar Ventures along with Crosslink Capital, Rainfall Ventures, Red Sea Ventures and BoxGroup.

Founded in 2016 by Tyler McIntyre and Michael Rangel, Novo has a client base of over one lakh SME customers. A neobank is a bank that is 100 per cent digital and does not operate physical branches.

Commenting on the funding, Michael Rangel, Co-Founder & CEO, Novo, said in a statement, “Novo has witnessed deeper investor interest in recent times, especially owing to the pandemic enhancing the role of virtual support ecosystem. India, being one of the fastest growing economies, is a vital market for us. Novo is focussed on creating jobs in India in support operations and building advanced technology, enabled by our funding partners. Presently, Novo has a strength of over 50 employees in India and plans to triple it to 150 by this financial year (FY22).”

Ajar Upadhyay, Director of Operations – India, Novo, said, “At Novo, we have support operations in India across Gurgaon, Ahmedabad and Bengaluru. The funding will be utilised to expand operations, banking, product and, most importantly, engineering verticals and enhance hiring across key and support roles in India.”

Prior to this Series A round, Novo had raised $6.7 million in its seed Round from Crosslink Capital, Red Sea Ventures, Hack VC, RRE, Rainfall, and the Stanford Law School Venture Fund.

Novo brings banking services to the largely underserved communities of freelancers, start-up founders, and small business owners.

At no hidden charges, Novo allows its clients to open business checking accounts in an enviable span of minutes and assures them of safe and secure transactions. The funding will enhance Novo’s platforms and services to provide a compelling banking experience to its clients.

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InsurTech startup Vital raises $3mn in pre-series A round led by BLinC Invest

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InsurTech platform Vital has raised $3 million with a pre-series A round led by venture capital company BLinC Invest.

“Venture Catalyst, Survam Partners and several other angel investors also participated in the pre-series A round,” it said in a statement on Wednesday.

Established in 2020, Vital aims to provide personalised health insurance coverage to each customer based on their individual needs and go beyond hospitalisation to include essential wellness expenses.

It offers monthly subscriptions with premiums up to 70 per cent lower through small deductibles. It also rewards its members for leading a healthier lifestyle.

It has co-developed the insurance cover with Care Health Insurance and integrated with Mfine, Healthians, Thyrocare, 1Mg, BeatO, Fitterfly, Fitternity, Cult fit, and Betterlyf, for the wellness benefits.

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Bill payment startup Xpay Life plans to raise funds for expansion

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Mobile van-based bill payment startup Xpay Life Pvt Ltd is looking to raise funds for expansion.

“COVID-19 disrupted our lives altogether. Our business witnessed a surge, and we successfully initiated our application business during the lockdown. In less than a year, we have grown from zero to 1 million-plus

customer base and have completed over 3 million transactions in the past 8-9 months, crossing a value of over 50 crores. Offering a platform enabling cash-based along with easy and quick digital payments is what differentiates us from the other players,” Rohit Kumar, CEO and Founder, Xpay Life Pvt. Ltd said in a statement.

He said the pandemic initiated the cashless era in India. While the urban areas have already inculcated digital methods for making payments, the rural areas are still in digital adoption.

Seeking this as an opportunity, Xpay works to empower the rural people digitally. It provides a one-stop solution to ensure that the multi-utility bill payment becomes easy and simple by using a combination of mobile vans, Point of Sale devices, and cash Acceptors, the statement said.

Started in 2019 by Rohit Kumar, Xpay’s patented Mobile van Solution comes fitted with an interactive touch screen kiosk and ATM and helps facilitate doorstep banking and payments for rural and regional banks. Using a blockchain-based transaction framework and following the AMBIC model offers various options for bill payments.

Rohit Kumar has self-funded this start-up and has so far invested more than a million dollars. However, the firm is now seeking investment to expand and grow. Presently, Xpay clocks revenue of Rs 75 crore annually, and around 3 lakh consumers pay their bills via XPay Life on an average monthly basis.

The venture has deployed kiosks in 12 cities, including Delhi, Pune and Patna. XPay Life aims to set up 1,000 payment kiosks by the end of 2021 and 1 lakh touch screen kiosks, PoS, along with mobile ATP vans in the next three years.

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Symbo Platform raises $9.4 million in Series A funding

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Insurtech start-up Symbo Platform on Thursday announced the completion of a $9.4-million funding round.

This was led by CreditEase Fintech Investment Fund and San Francisco-based investment firm Think Investments, with participation from existing investors Integra Partners, Insignia Ventures and AJ Capital, it said in a statement.

“With the proceeds of this round, Symbo intends to continue investing in its core technology and leadership team to bring its offerings to scale,” it said, adding that the key areas of investment will be recruitment across technology and product functions along with senior business development hires in Singapore, Malaysia and Indonesia.

A large part of the funds has also been earmarked for investment into Symbo’s Indian affiliate.

“The funding will be used to strengthen our technology and expand our agent and partner footprint so we can continue to drive insurance penetration in the country,” said Anik Jain, Co-founder and CEO, Symbo India Insurance Broking.

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