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BharatPe raises Rs 139 crore in debt from Alteria Capital, ICICI Bank

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NEW DELHI: Fintech company BharatPe on Sunday said it has raised Rs 139 crore (about USD 20 million) in debt from venture debt firm Alteria Capital and ICICI Bank that will be used to strengthen its lending business and provide credit to merchants.

Founded by Ashneer Grover and Shashvat Nakrani in 2018, BharatPe offers merchants a single interface for all UPI apps like Paytm, PhonePe, Google Pay, BHIM, Mobikwik, Freecharge and others. It also facilitates loan facility for its merchant partners.

Speaking to PTI, BharatPe co-founder and CEO Ashneer Grover said Rs 90 crore in debt came from Alteria Capital, while the remaining Rs 49 crore was from ICICI Bank.

“We have raised funds from ICICI Bank at a competitive interest rate of less than 9 per cent. We are aggressively building our lending vertical and our loan book is currently at Rs 400 crore.

“With this infusion, we can double down on our efforts and we expect the loan book to grow to Rs 700-750 crore by the end of March 2021,” he added.

Grover said BharatPe had set a target of disbursing Rs 1,000 crore of loans in 2020-21, of which Rs 800 crore has already been disbursed.

“The latest tranche of debt raised will help further build the lending business and enable credit for millions of businesses, across the length and breadth of India,” Grover said.

Last week, BharatPe raised Rs 60 crore in debt from Innoven Capital. With this, BharatPe has raised a total of Rs 199 crore (USD 28 million) in debt till date. It had said it plans to raise over Rs 5,000 crore in debt funding in the next two years to build its lending business.

“We have committed ourselves to provide USD 700 million of loans to small merchants and kirana store owners by March 2023 and are hoping to onboard more institutional debt partners in the near future,” he said.

Grover added that the company aims to become a digital bank that is the one-stop destination for merchants for all kinds of financial services and this tranche of funds will get things rolling.

Merchants are the top priority for the company and it is committed to solving the credit problem for them, he said.

“The institutional debt raised will help catapult our lending business. We intend to raise close to USD 700 million of debt capital over the next two years… By March 2023, our aim is to be present in 300 cities and have the lending product available in 200 cities,” he added.

Grover said the company has already disbursed loans to more than one lakh merchants and aims to scale this up by 8-10 times and enable credit for a million kirana store owners in 2021.

Currently, serving over 50 lakh merchants across 65 cities, the company has grown business 30 times in 2019 and processed over six crore UPI transactions a month (annualised transaction processed value of over USD 7 billion).

BharatPe has raised close to USD 171 million in equity and debt till date. The company’s investors include Beenext, Sequoia, SteadView Capital, Ribbit Capital, Coatue Management LLC, Insight Partners, and Amplo.

Source: Press Trust of India

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Vi showcases 5G

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NEW DELHI: Vodafone Idea Limited (VIL), leading telecom operator, today demonstrated a range of 5G-based technology solutions as part of its ongoing 5G trials on government allocated 5G spectrum in Pune, Maharashtra and Gandhinagar, Gujarat.

According to Ravinder Takkar, MD & CEO, Vodafone Idea Limited, “With our 5G trials underway, Vi is preparing to take India on the next journey of fifth generation wireless mobile communication technology. Our 5G trials showcase a whole new world of possibilities across various domains that promise a new era of technology advancement in India. I am confident that 5G will bring a better tomorrow that will deliver significant benefits to consumers, businesses and society, driving digital economy growth in India.”

With the purpose for a better tomorrow, Vi has been conducting 5G trials and developed a wide range of use cases relevant for Enterprises and Consumers in India. Vi has partnered with industry leaders like L&T Smart World & Communication, Athonet, Indian start-ups like Vizzbee & Tweek Labs, and technology leaders – Ericsson and Nokia for trialling use cases in the two locations.

Committed to helping its customers thrive and have a better tomorrow, Vi is leveraging the power of 5G technology across segments such as industry 4.0, smart cities, smart healthcare, smart workplace, smart education, smart agriculture, gaming, amongst others. Vi’s trials have proven that high data speed, low latency and reliability of 5G technology, can bring about massive developments by enhancing business performance, revolutionizing customer experience, changing consumer lifestyle and positively impacting people dwelling in remote corners of India.

Vi has been allocated 26 GHz and 3.5 GHz spectrum in the mmWave band by the DoT, for 5G network trials and use cases. Vi has achieved peak speeds in excess of 1.5 Gbps on 3.5 GHz, more than 4.2 Gbps on 26 GHz and up to 9.8 Gbps on backhaul spectrum of E-bands.

The 5G trial network set up by Vi in Pune, deploys Ericsson Radios and Ericsson Dual Mode Core based on cloud native technology comprising of 5G SA, 5G NSA & LTE packet core functions. All use cases demonstrated in Pune have been developed over Ericsson’s 5G technology solutions.

In Gandhinagar, Vi is using Nokia’s AirScale radio portfolio and Microwave E-band solution for the trial that support enterprises, both large and small and medium businesses with reliable connectivity. Vi use cases in Gandhinagar were demonstrated via a live telecast at the special media preview held in Pune.

 

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LTI, IBM inaugurate innovation and experience center in Bengaluru

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NEW DELHI: Larsen & Toubro Infotech, a global technology consulting and digital solutions company has opened an Innovation & Experience Centre at LTI Whitefield campus in Bengaluru (India) focusing on IBM technologies. The Center will assist enterprises in modernizing their operations and accelerating digital transformation journeys.

This Innovation and Experience Center will showcase LTI solutions that have been co-created using IBM technologies such as IBM Cloud and Cloud Paks. The Centre will also serve as a forum for customers to engage with LTI and IBM technical resources for in-depth technology briefings, solution demos, software, tool access and solution workshops.

Sudhir Chaturvedi, President-Sales and Executive Board Member, LTI, said: “The rapid technological advances make it necessary for customers to experience solutions before adopting them. Our new center in Bengaluru fulfils this need for the joint customers of IBM and LTI. This center will offer combined benefits of LTI’s rich domain proficiency and IBM’s deep technical expertise, and thereby assist clients in their transformation journey.”

Through this center, IBM and LTI will collaborate and invest in creating joint solutions and develop industry viewpoints around digital transformation, hybrid cloud, data & AI, and security services. In addition, both LTI and IBM teams, will work with customers to address their requirements around driving digital transformation and managing multiple clouds.

Evaristus Mainsah, GM, Hybrid Cloud and Edge Ecosystem, IBM, said, “This center is an outcome of our growing alliance with LTI to help clients predict, automate, secure, and modernize their business operations. We are confident our clients will benefit from the ease of access to industry-specific assets and customized joint solutions with IBM’s open hybrid cloud approach that will help to accelerate their transformation journeys.”

Distinct features of the center include an IBM Playground for associates to explore and experiment with prototypes, History Zone that highlights LTI-IBM alliance journey, joint customer success stories, Innovation Zone for brainstorming on innovative ideas and planning future offerings, and Discussion Zone with feedback mechanism to ensure continuous improvement.

LTI has strong capabilities in IBM’s Digital Business Automation portfolio. LTI’s Automation consultants are helping clients in driving productivity improvements with industry specific pre-built IBM frameworks. Earlier this year, LTI and IBM had announced expansion of their global alliance.

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Cygnet Infotech’s Cygnature adds a new feature; helps procure an electronic stamp online

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NEW DELHI: Cygnature by Cygnet Infotech, the global Technology Products & Services company, has added an important feature called ‘e-stamp’ to its e-signing solution. Cygnature is an award-winning signing solution that securely authenticates signers, offers them a range of signature types for signing and protects the integrity of the documents.

With the e-stamp feature, businesses will be able to procure e-stamps through Cygnature platform and significantly ease the process of stamping documents.

COVID-19 has been a catalyst in pushing industries to move towards a paperless economy by offering a faster way of executing documents. Cygnet Infotech’s Cygnature supports organizations when it comes to digitally transforming their businesses. Cygnet Infotech’s Cygnature has added a useful feature ‘E-Stamp’ in its latest release providing multiple benefits. E-stamp can be generated within minutes using this feature. It can help you save time as physical stamp paper procurement is a time-consuming process. Users can prepay the stamp duty amount and then issue stamp papers against that balance.

With Cygnature, the solution can help digitize the process of paying the stamp duty and procuring e-stamp challan online rather than going to a stamp paper vendor to procure traditional stamp paper:

1. Initiate a workflow by uploading an agreement on Cygnature

2. Add E-stamp, select state and stamp duty amount to be paid for the relevant document category

3. Provide details of first and second party

4. On confirmation of details, the e-stamp challan will be generated and gets added instantly to the uploaded agreement

5. Both the parties can then continue to sign the document using Cygnature by adding placeholders to e-sign the document

6. The stamp duty amount will be deducted from the prepaid amount you deposit in your Cygnature account

7. The physical copies of the stamp paper will be couriered at the end of the month to the consumer’s address

Cygnature will not provide advice on the amount of stamp duty to be paid. This will have to be decided by the user.

Niraj Hutheesing, Founder & Managing Director at Cygnet Infotech said, “Cygnet Infotech’s product, Cygnature has been developed with an aim to promote seamless digital signing of documents. With the introduction of Cygnature’s E-stamp feature, we seek to further support businesses in speeding up the process of authorization of documents. Paying stamp duty is mandatory for many transactions across the country, and to simplify the process, e-stamp will help tackle counterfeiting and will further make the payment of stamp duty easier and glitch free.”

In this latest release, Cygnature’s E-stamp feature will be available for 5 states – Delhi, Gujarat, Maharashtra, Karnataka and Tamil Nadu.

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