/
•
•
FamPay eyes UPI for survival
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.
24 April, 2023•10 min
0
24 April, 2023•10 min
0
Getting your Trinity Audio player ready...
Why read this story?
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 …
More in Internet
Internet
Swiggy sits out the quick-commerce race—and risks losing it
Investors eager to ride India’s quick-commerce boom are already losing confidence in Swiggy. A Rs 7,300* crore war chest and little urgency, its restraint is starting to hurt.
You may also like
Internet
How will Paytm battle Bajaj Finance without an NBFC licence?
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.
Internet
A question of trust at Paytm
The RBI’s unusually harsh order raises deeper questions about management credibility—and whether investors should take assurances at face value.
Business
Yes Bank’s comeback is real, but incomplete
The beleaguered lender outperformed larger rivals—and itself—on several metrics in FY26, but one-offs and a still weak retail engine keep its investors on edge.
