pb fintech

Chinese technology behemoth Tencent on Friday offloaded a 2.09% stake in Gurugram-based financial services company PB Fintech for Rs 562 crore through bulk deals, data from BSE stated.Tencent sold the shares for Rs 596.6 a piece, roughly 39% below PB Fintech’s IPO price of Rs 980. As per the latest transaction, Tencent's shareholding in PB Fintech has reduced to 6.28% from 8.37% (as of March 2023).Alternately, French financial services major Societe Generale has bought a 0.5% stake in the fintech, data from the exchanges…

Hi, this is Pranav Mukul in New Delhi. Earlier this week, the Internet and Mobile Association of India (IAMAI) elected a new 24-member governing council – and from that, a four-member executive council.Dream11 cofounder and CEO Harsh Jain was elected the chairperson with Makemytrip cofounder Rajesh Magow becoming the vice-chairperson and Times Internet vice chairman Satyan Gajwani taking over as the treasurer.Today, we go deeper to understand what the change in guard could mean for the Indian tech and startup…

Layoffs have now hit Reliance Industries, with its wholesale format JioMart sacking over employees, as per people in the know. This and more in today’s ETtech Morning Dispatch.Also in the letter:■ PhonePe raises $100 million from General Atlantic■ Policybazaar narrows Q4 losses■ Zomato see uptick in orders paid with Rs 2,000 notes Reliance JioMart fires 1,000, bigger layoff round likely: sources After starting a distribution price war last year, Reliance Industries’ online wholesale format JioMart has laid off…

Electric two-wheeler sales took a beating in April, according to data from Vahan, a government database that tracks vehicle registrations, compiled by Elara Capital.This and more in today's ETtech Top 5.Also in this letter:■ BharatPe acquires 51% in NBFC Trillion Loans to bolster lending play■ Why are Indian startups imploding?■ ETtech Done DealsEV scooter sales slow down in April; Ola Electric grows marginally Electric two-wheeler sales took a beating in April recording unit sales of 66,810 scooters, down by about 23%…

The technology sector had a bumper 2021 owing to the pandemic-driven boom for digital platforms offering various products and services, stock market listings of new-age firms, and big-ticket funding rounds which led to a record number of unicorns being birthed in a single year. ETtech The year 2022 has been a reality check after the euphoria of last year. The startup funding winter triggered by the war between Russia and Ukraine along with rising interest rates in the US pushed the sector into trouble, which was further…

The market for initial public offerings fell off a cliff in 2022 in India and around the world. In India, IPO activity saw a dramatic slowdown in 2022 after a record-breaking 2021, thanks to heightened volatility caused by geopolitical tensions and global economic turmoil. ETtech Poor post-IPO performance of new-age startups also caused many of their peers to rethink their listing plans. 2022 vs 2021 Fund mobilisation through IPOs halved to nearly Rs 57,000 crore in 2022. The collection would have been much lower if…