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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.
Bengaluru-based firm attributes regulatory pushback and a capital crunch as reasons for closing down after four-and-a-half years
Four-and-a-half years into the evolving fintech business and $20 million in funding later, Bengaluru-headquartered Niro has ceased operations, its CEO and co-founder Aditya Kumar announced on Tuesday. He attributed the shutdown to heavy regulation and the company running out of money.
“But sure enough, a perfect storm of regulatory pushback on personal lending, credit deterioration and sub-optimal capitalization forced us to pivot business models (successfully), just as capital ran out,” he said in a post on LinkedIn. “Despite scouring the globe for capital and the country for suitors - I wasn’t able to bring this one home,” he went on …
The loan aggregator keeps sending updates on WhatsApp even to users who haven’t applied for a loan. The company is exploiting a grey area in India’s telecom regulatory framework and WhatsApp’s policies.
Billionaire Mohamed Alabbar goes for the Indian Ocean archipelago, India’s PhonePe gets UAE approval, and other updates from the week.
Its Rs 1,050 crore bet on the five-year-old company—valued at an implied 11.2x revenue multiple and a promoter with baggage—raises serious questions around due diligence.
