The consumer lending sector’s hypergrowth has boosted fintech firms like Navi, Kreditbee, Moneyview, and Fibe, with all reporting strong profits in FY24. Navi posted a net profit of ₹669 crore, driven by personal loans and a microfinance sale. Fibe shifted to larger loans, earning ₹105 crore in profit. Kreditbee and Moneyview also saw profits, with ₹285 crore and ₹171 crore, respectively. Fintech firms leveraged technology for rapid loan processing, outperforming traditional banks.
The Bombay Stock Exchange Brokers’ Forum (BBF) has appointed Anup Gupta as its new chairman, replacing Kishor Kansagra. Gupta, a director at Sykes & Ray Equities, brings expertise in M&A, corporate finance, and derivatives. BBF represents over 650 broking firms, contributes to regulatory policy, and focuses on professional development and investor education.
ONDC has entered the mutual fund space, completing its first transaction in partnership with Nippon India Mutual Fund. This move is part of ONDC’s broader strategy to expand into financial services, following its recent launch of digital loans. The network aims to democratize access to investment products across India and plans to introduce insurance and other financial services soon. ONDC’s goal is to increase mutual fund adoption beyond India’s top 30 cities.
Peak XV Partners has decided to reduce the size of its $2.85 billion fund by 16% (about $465 million) because the public and private markets in India are very expensive right now. They want to be more careful with how they invest money and give back some of it to their investors. They also changed how they pay their fund managers: instead of the old 2.5% fee and 30% of profits, managers will now get a 2% fee and 20% of profits, but can still earn 30% if the fund performs very well.
These changes come as Peak XV has been selling more of its investments, earning $1 billion in exits since it split from Sequoia India, with over $10 billion in profits overall. The decision to reduce the fund and tweak manager pay was welcomed by investors.