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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Unable to make or raise money, the pocket money app is transitioning into a UPI-based payments platform that will no longer be exclusive to teens and their parents.
Editor's note: It’s crunch time for FamPay. At a recent board meeting, faced with mounting pressure from investors to showcase revenue and curtail expenses, founders Sambhav Jain and Kush Taneja realized that their pocket money app may not survive for long if they don’t quickly make changes to its strategy and business model. So, they made three decisions. First, to immediately stop all growth initiatives to scale the pocket money app. Second, to let go of a bunch of highly paid senior executives. And third, to fast-track the company’s transition into a UPI-based consumer payments platform, no longer exclusive to teenagers and their parents. To this end, the company has laid off at least four senior members of the leadership team, according to three executives aware of the matter, who asked not to be named. They are Shobhit Gupta (head of engineering), Brijesh Bhardwaj (head of product and growth), Fatema Raja (design lead) and Aditya Binakiya (product lead). All four were high-profile hires made by the firm over the last two years from WhatsApp, Dunzo, Gojek and Twitter, respectively. It was news …
The Rs 250 SIP was launched last year by the former SEBI chairperson with one clear goal: financial inclusion. More than a year later, the much-hyped scheme doesn’t seem to have caught on with MF investors.
The fintech’s financial services business has done reasonably well in Q4 FY26. But upping its lending game without the NBFC tag will be a tall task.
The RBI’s unusually harsh order raises deeper questions about management credibility—and whether investors should take assurances at face value.
