M2P Fintech’s road to rediscovery has hit a bump. The partnership with Unity was one such setback. Unity has formally exited the company. Unity was by far the bigger customer. The setback hits M2P hard as one of the top fintech players in India, after raising capital from venture capital firms at improved valuations last year.
Out to list. Pine Labs is a hardware business pretending to be a fintech. Pine Labs was injected with vast amounts of VC money. The hope was that the hardware would trade for higher multiples. The core of the company is its POS machines. Pine Labs has a strong core of large retail chains. The company is trying to grow with new products and in new regions.
It reported losses in Q2 and Q3, its financial services business is reeling and its payments business is growing but earning less. The Gurugram-based fintech needs a turnaround. Since its mid-December initial public offering (IPO), MobiKwik’s shares have fallen by just under 40%. The company’s losses are largely due to its financial services business being severely impacted, despite healthy growth in its payments business. This financial trouble is attributed to sectoral headwinds and a debacle in its P2P lending product with partner Lendbox, which virtually shut down after an RBI circular.
