News, The Morning Context

Slow and steady Digio is winning the paperless race

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Digio, founded by Nithin Kamath and Abhimanyu Pandian, has “slowly and silently become the back-end infrastructure provider to several industries”. The software-as-a-service (SaaS) company offers a suite of tools built around reducing paperwork, including Know Your Customer (KYC) checks, document management, compliance monitoring, and financial information aggregation. It was an early player in the space and quickly onboarded most of the stockbrokers and e-signing players. What sets Digio apart is its all-round product, focusing on the “forefront of India’s paperless digital transformation”.

News, The Morning Context

CRED set to raise $75 million at $3.5 billion valuation

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The down round will help stabilize the Kunal Shah-helmed fintech’s runway as it tackles headwinds in unsecured lending. CRED is close to announcing a deal to raise $75 million from existing investors, with the round being led by Singaporean sovereign wealth fund GIC. The deal values the company at $3.5 billion, a decrease from its $6.4 billion valuation in 2022. The company reported revenue of Rs 2,473 crore and a loss of Rs 1,644 crore in FY23-24.

News, The Morning Context

Supreme Court temporarily halts Bhushan Power’s liquidation

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A two-judge bench of the Supreme Court on Monday temporarily stopped the liquidation of Bhushan Power and Steel Ltd (BPSL). This halts proceedings at the National Company Law Tribunal (NCLT) until at least June 2, which is JSW Steel’s deadline to file a review petition on the apex court’s May 2 verdict. The apex court had scrapped JSW Steel’s 2021 acquisition of the then-insolvent steelmaker under the Insolvency and Bankruptcy Code (IBC) and ordered BPSL’s liquidation. JSW argued that liquidation would jeopardize its intended review petition.

News, The Morning Context

MobiKwik can see light at the end of the tunnel

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The worst may be over for MobiKwik. The Gurugram-based fintech company ended the 2024–25 fiscal year with a loss of ₹121 crore, down from a profit of ₹14 crore in the previous year. Higher losses are a result of its risky lending business, which ran into trouble after the Reserve Bank of India’s nudge last year to slow down unsecured lending. The company has pivoted its focus to higher-ticket, longer-term loans. Its payments business remains strong, with non-UPI payments making up 68% of processed payments, up from 37%.

News, The Morning Context

PB Fintech’s excellent results need to be read with caution

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PB Fintech’s quarterly results were impressive, showing remarkable growth in revenue and a zoom in profits. However, the market’s reaction was subdued, and analysts are divided between buy and sell recommendations. Caution is needed because two of the leading products—Policybazaar and PaisaBazaar—yielded low margins. Furthermore, the credit business, especially unsecured lending, is slowing down following mandates from the Reserve Bank of India (RBI). Another risk is the potential for policy lapses leading to clawbacks on commissions already booked as revenue.

News, The Morning Context

Former senior executive Lathika Pai sues Microsoft

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Lathika Pai, a veteran executive in the Indian startup ecosystem, has filed a lawsuit against her former employer Microsoft India. The civil suit seeks that the tech giant pay approximately Rs 35 crore in damages for allegedly coercing Pai to resign by intimidating her and creating a hostile work environment. The lawsuit names Microsoft India president Puneet Chandok and human resources head Arum Kakatkar as defendants.

News, The Morning Context

Amid results showing signs of recovery, Vijay Shekhar Sharma teases a return for Paytm wallets

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Paytm announced its results for the quarter ended March 2025, showing signs of recovery. Founder Vijay Shekhar Sharma teased a potential return for Paytm wallets, saying they “may be near a breakthrough or some resolution.” This is a significant hint for shareholders following the fintech company’s decline after the RBI restrictions on Paytm Payments Bank. The company is on track for profitability, with strong growth in financial services and merchant subscriptions.

News, The Morning Context

SC scrapped Bhushan Power and Steel deal to protect IBC, not undermine it

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Every party in the acquisition of insolvent steelmaker Bhushan Power and Steel Ltd stretched the limits, including JSW Steel and the NCLT/NCLAT. The Supreme Court’s verdict cancelled the acquisition and ordered BPSL’s liquidation. The SC’s message is that the Insolvency and Bankruptcy Code (IBC) resolution process rules must be followed, and violations cannot be condoned. The ruling upholds the sanctity of the IBC framework, despite the cost to the acquirer, JSW Steel.

News, The Morning Context

Lured by a get rich(er) quick scheme, HNIs allege TradeCred bluffed them

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TradeCred may have reached the end of the road, according to eight HNI investors who want to withdraw their funds after alleging the invoice discounting platform bluffed them. The platform offered high-net-worth individuals the chance to invest in invoices for short-term returns. The story details a journey from sales pitches to legal notices, with many investors still waiting for their principal amount and returns. The platform is currently operating in a regulatory grey area.

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