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Velocity announces Rs 400 Cr festive season fund for D2C brands

Velocity, a cash-flow-based financing platform, has earmarked Rs 400 crore to support the financing needs of D2C and ecommerce brands in the upcoming festive season sales.

This year’s allocation is over 60% more than the Rs250 crores earmarked in 2023, highlighting the industry’s expectations of a bigger festive season in 2024.

This financing will support brands and sellers on major ecommerce platforms such as Amazon, Flipkart, Myntra and Shopify and new-age quick commerce platforms like Blinkit, Instamart, and Zepto in enhancing their product assortment, accelerating delivery timelines, and capitalise on emerging trends such as premiumisation.

“Velocity’s debt financing is specifically designed to empower D2C and ecommerce brands…By providing the financial support they need, we’re excited to support the growth journey of several brands as they prepare to capitalize on the festive season demand and ecommerce growth,” Abhiroop Medhekar, Co-founder and CEO of Velocity, said.

InsuranceDekho launches SaaS platform Heph

InsuranceDekho has launched Heph, a SaaS platform, offering a comprehensive suite of digital solutions designed to streamline operations for insurance distributors across the country.

Heph’s full-stack technology covers every aspect of insurance operations – from front-end customer interfaces to robust back-end systems, covering a wide range of products including health, life, motor and group insurance.

The platform works with 49 insurers and supports multiple distribution channels. It caters to a diverse clientele including Banks, NBFCs, Brokers, OEMs, Fintechs, and Digital players.

“At Heph, we’ve built a platform that marries technological innovation with deep insurance expertise. Our mission is to empower businesses across the financial spectrum to offer seamless, efficient insurance solutions,” Ankit Agrawal, Co-founder and CEO of InsuranceDekho said.

Fintech startup POP achieves monthly run rate of 1M UPI transactions

Fintech startup POP claims to have achieved a monthly run rate of one million transactions within the second month of its launch, and a total of over 1.5 million transactions since its launch.

With a growth rate of over 100% month-on-month, the company aims to be among the top 10 UPI apps by the end of this year, it said.

POP UPI rewards, via POPcoins, are merchant-funded and can be redeemed to buy a wide range of products from all major direct-to-consumer brands in categories, all housed within the POP app.

With this approach, POP is leveraging daily usage phenomena like UPI to help unlock a larger and relevant user base interested in buying new-age brands.

(This article will be updated with the latest news throughout the day.)