Reserve Bank of India imposes monetary penalty on two payment system operators
The Reserve Bank of India (RBI) has imposed monetary penalty on two payment system operators (PSOs) for “committing offences of the nature referred to in Section 26 (6) of the Payment and Settlement Systems Act, 2007 (PSS Act)”.
One Mobikwik Systems Private Limited and Spice Money Limited have been fined Rs 1 crore each.
An RBI release stated, “The penalties have been imposed in exercise of powers vested in RBI under the provisions of Section 30 of the PSS Act. These actions are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.”
Founders of MobiKwik: Upasana Taku (L) and Bipin Preet Singh (R).
Woobly becomes the first Indian startup to make it to 10X Incubator portfolio
10X Incubator has accepted Woobly, founded by Satyaveer Paul, into the portfolio. Woobly was selected out of over 11,000 ideas submitted and is the only Indian startup to be part of the incubator so far.
As a 10X Incubator portfolio company, Woobly will bring to market a smart IoT device — Woobly | WaiterLITE — which looks like a lamp but acts as a digital assistant to the guests and waiters.
Teen super app Uable appoints Vasavi Kandula as Co-founder
announced the appointment of Vasavi Kandula as its co-founder. Founded by Saurabh Saxena, Uable enables 13-19-year-olds to earn, spend, and become independent through content and community. It incentivises them to both create and consume content, make friends, and explore their interests.
In her new role, Vasavi will lead the growth and product strategy at the firm. She has been associated with Uable from its product development stage and has led cross-functional roles at the firm. An IIT Madras alumnus, Vasavi previously worked with Deutsche Bank, Citi Bank, and JP Morgan.
IIFL Fintech Fund to invest Rs 300 Cr in early-stage fintech startups
Fairfax-backed IIFL Group’s announced that its IIFL Fintech Fund is planning to invest Rs 300 crore in early-stage Indian fintech startups in the next two years, to facilitate the creation of affordable products and technologies that aid financial inclusion.
In August 2021, IIFL Fintech Fund was established with a dedicated Rs 140 crore sponsorship from two group companies — IIFL Finance and IIFL Securities. The financial services group aims to offer last-mile credit with the help of cost-effective technologies.
The fund sponsored by IIFL Finance and IIFL Securities has already made four investments — Leegality, FinBox, Trendlyne, and DataSutram — within three months of its existence.
Ather Energy strengthens the leadership team, appoints two new senior leaders
announced two key appointments to strengthen its leadership team as the company embarks on its next phase of growth.
In a statement, the company claimed that it registered strong year-on-year growth and has expanded its retail footprint to 26 cities and plans to expand to around 150 experience centres in 100 cities by March 2023.
In view of its long-term business objectives and goals, Ather Energy has appointed Gurinder Singh Sukhija as Head of Ownership Management and Murali Sashidharan as Head of Communications and Government Relations.
