Today's Tech Check- "Breaking Business & Tech Insights: Mynavi's Acquisition, Wibmo's Banking Revolution, Lyskraft's Big Funding, RBI's TalkCharge Order, and Gen Z's Social Shift!"
26th April,2024
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1. "Mynavi's Strategic Move: Acquiring Majority Stake in Rising HRtech Star Awign"
Mynavi Corporation Acquisition: Japan-based Mynavi acquires a strategic majority stake in Indian HRtech startup Awign in an all-cash transaction.
Awign's Ambition: Aiming for global expansion and strengthening its business, particularly by targeting Japanese companies in India.
Enhancements Post-Acquisition: Awign to boost talent acquisition, global brand presence, and invest in technology for its work-as-a-service platform.
Financial Growth: Follows Awign's $15 million Series B funding and successful ESOP buyback program, with projections of net profitability in the near future.
Investor Exit: Acquisition prompts exit of Awign’s early investors, including Capria and Lumis.
Mynavi's Expansion Strategy: Aimed at solidifying its position as the leading HR company in Asia, Mynavi has been extending its footprint beyond Japan, including investments in Indian markets.
Future Plans for Awign: Maintaining its operations and workforce in India for at least five more years, focusing on serving Japanese corporate clients in the region.
#technology#funding#News#successful#strategic#workforce#startup#business#success#markets#company#Article
2. "Revolutionizing Digital Banking: How Wibmo's Payment Gateway Transforms Financial Distribution for Banks and Firms"
PayU, owned by Naspers, acquired Wibmo for $70 million in 2019.
Wibmo is enhancing digital distribution for banks and financial firms with a new payment gateway solution.
CEO Suresh Rajagopalan revealed that Wibmo secured several major contracts both in India and internationally.
Wibmo introduced a tokenisation solution to comply with RBI guidelines and support ecommerce checkouts.
A prepaid issuance platform for physical and virtual cards has been launched by Wibmo.
PayU is gearing up for an IPO in India, with recent restructuring including appointing Arvind Agrawal from Nykaa as CFO.
Recently, PayU received RBI's in-principle approval to function as a payment aggregator.
PayU and NPCI are collaborating to extend credit via UPI to merchants.
In H1 FY24, PayU reported a 21% revenue increase to $497 million.
#News#ecommerce#UPI#commerce#RBI#bank#digital#Internet
3. "Lyskraft's Breakthrough: How Ex-Zomato Star Mohit Gupta & Myntra's Mukesh Bansal Secured a Stunning $26 Million Investment"
Lyskraft, co-founded by Mohit Gupta (former Zomato exec) and Mukesh Bansal (Myntra founder), raises $26M in seed funding led by Peak XV Partners.
The startup plans to develop an omnichannel marketplace for premium brands, starting with women’s fashion, then expanding into more lifestyle categories.
The funding aims to bolster Lyskraft’s position in the competitive market against rivals like Newme, Absolute Brands, and Virgio.
This seed round is notable as one of the largest early-stage investments in an Indian startup amid recent funding slowdowns.
Bansal, with a strong ecommerce background, has also invested in fashion platform Virgio, targeting Gen Z, led by another former Myntra executive, Amar Nagaram.
Gupta, having left Zomato in 2022, transitioned from CEO of the food delivery arm to co-founder in 2020.
The investment highlights the growing focus on Gen Z consumers in the ecommerce fashion sector, with companies like Flipkart and Myntra launching tailored fashion verticals for this demographic.
The fashion and apparel sector in India, as per Inc42’s report, valued at $20B in 2022, is expected to reach $112B by 2030.
#funding#News#ecommerce#commerce#startup#Internet
4. "RBI Orders TalkCharge to Halt Wallet Services: How to Get Your Money Back"
RBI Directive: Orders TalkCharge Technologies to stop issuing prepaid payment instruments (PPIs) and refund customers.
Violation: TalkCharge issued PPIs without RBI's authorization, leading to central bank's action.
Refund Deadline: Platform directed to refund wallet balances by May 17.
Misleading Claims: TalkCharge falsely claimed RBI demanded repayment of cashback, leading to a rebuke from the bank.
Public Warning: RBI advises caution and verification before using such platforms.
Wider Scrutiny: Similar actions taken against Kotak Mahindra Bank and Paytm Payments Bank for non-compliances.
Regulatory Environment: RBI tightens scrutiny over the financial sector, affecting giants like Razorpay and Cashfree regarding payment aggregator licenses.
#B2G#News#Kotak#bank#RBI
5. "Why Gen Z's Political Voice is Fading on Social Media: A Deep Dive"
President Joe Biden signed a bill that might lead to a TikTok ban in the U.S. unless ByteDance sells it.
Young political content creators argue this could limit Gen Z's access to political news.
They claim a significant portion of 18-24 year olds receive political information through TikTok.
#Politics#Instagram#genz#socialmedia#JoeBiden#TikTok#Social#Biden#creator economy
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