Techiexpert.com
No Result
View All Result
  • Tech
  • Startup
  • Artificial Intelligence
  • IOT
  • Big Data
  • Cloud
  • Data Analytics
  • Machine Learning
  • Blockchain
No Result
View All Result
  • Tech
  • Startup
  • Artificial Intelligence
  • IOT
  • Big Data
  • Cloud
  • Data Analytics
  • Machine Learning
  • Blockchain
No Result
View All Result
Techiexpert.com
No Result
View All Result

ICICI Bank to pick up stake in ePaylater in latest fintech bet

Sony T by Sony T
July 27, 2018
in Startup news
0
ICICI Bank to pick up stake in ePaylater in latest fintech bet 1
9
SHARES
132
VIEWS
Share on FacebookShare on Twitter

India’s second largest private sector lender ICICI Bank has invested ₹8.72 crores in the mobile payments startup ePayLater in order to buy a minority stake as it forays into the fintech sector starting from 2015.

As reported by the bank in its stock exchange filing, ICICI bank will be picking up 9.91% stake in the startup and the deal is expected to be completed by the end of 30 July.

The startup which is totally managed and operated by Arthashashtra Fintech ePayLater, was founded by the 5 IITian Aurko Bhattacharya, Prasannaa Muralidharan, Uday Somayajula, Shanmuhanathan Thiagaraja, along with Akshat Saxena in the year 2015 December with its headquarter which is based out of Mumbai.

The startup provides its customers with the option to  ‘buy now and pay later’ on e-commerce platforms with just one a single click of mouse. The customers are given a time period of 14 days to make the payment with an ease. In that period, customers can make more payments and they can be stacked together to make a single payment, which makes their transactions smoother and much easier.

Some of the other services which this startup provide includes mobile recharge, postpaid and utility bill payments, hotel and bus booking, along with offering nearby deals to its customers with huge discounts as well. The startup charges a commission on every transaction from the merchant but not from the customers.

According to the filings, the company has generated revenue of ₹32 lakhs for the fiscal year 2016-17 and incurred a net loss of ₹1.75 crores.

In an earlier news, ICICI Bank had planned to invest ₹100 crores in tech startups through its new fund which they have generated from mutual funds and SIPs. This investment is part of the banks plan to fulfil its investment by the end of the year. Already the bank has spent about ₹40 crores from the fund.

Other investments made by ICICI Bank in the fintech domain include mobile payments startup Taptis Technologies, Aadhaar and Biometric payment solutions Fingpay, along with Arteria Technologies, which offers SAP based supply chain solutions.

Investments in the Indian technology sector is expected to pick up the pace with many other India specific funds being planned by big venture capital firms like Ganesh Ventures, Lightspeed Venture Partners, among others.

 

Tags: ePaylaterFintechMumbai startups
Share4Tweet2Share1Pin1

Popular this week

  • Y2Mate.com 2023: How to Download Videos and Audios

    Y2Mate.com 2023: How to Download Videos and Audios

    560 shares
    Share 224 Tweet 140
  • Top 10 Omegle Alternatives you might like

    436 shares
    Share 174 Tweet 109
  • Global Cybersecurity Innovator, Zeron, Secures $500,000 in Seed Funding

    75 shares
    Share 30 Tweet 19
  • What is windows modules installer ? How to Enable/Disable

    181 shares
    Share 72 Tweet 45
  • The Impact of AI on the Diamond Trading Business

    24 shares
    Share 9 Tweet 6
  • How to Find Condo Games on Roblox

    117 shares
    Share 47 Tweet 29

Popular Sections On Techiexpert

Artificial Intelligence Big Data Blockchain Blogging Cloud Computing Data Analytics How to Internet Of Things Machine Learning Marketing Trends Social Media Startup news Tech news

Latest Stories on Techiexpert

Predicting Internal Corrosion in Energy Pipelines with Data-Driven Insights

Predicting Internal Corrosion in Energy Pipelines with Data-Driven Insights
Share4Tweet2Share1Pin1

Basic Tips for Selecting the Best Forex Broker

VPS Helps Forex Trading
Share5Tweet3Share1Pin1

5G-Powered IoT-Driven Smart Cities Take Shapes

5G-Powered IoT-Driven Smart Cities Take Shapes
Share5Tweet3Share1Pin1
  • Privacy Policy
  • About Us
  • Contact us
  • Cookie Policy
  • Write For Us

© 2016-2022 All Rights Reserved

No Result
View All Result
  • Tech
  • Startup
  • Artificial Intelligence
  • IOT
  • Big Data
  • Cloud
  • Data Analytics
  • Machine Learning
  • Blockchain

© 2016-2022 All Rights Reserved

Cookie Law Notice
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
SAVE & ACCEPT
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.