RockClimber’s Setting The Stage On Fire, CASHe Ventures Into Insurance Broking, Flipkart Broadens Its Bill Payment Options and more

RockClimber targets a $5 million raise for expansion as it eyes a Rs 100 crore turnover. CASHe ventures into insurance broking with its acquisition of Centcart. Flipkart broadens its bill payment options through BillDesk, while Angel One refutes new data leak claims affecting millions. NPCI considers setting a 1.2% interchange fee for credit line UPI transactions, shaping the fintech landscape ahead.

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What Matters

“Hum Bhi Hai Josh Mein”: Beverages maker RockClimber plans to raise $5 million, aims Rs 100 crore turnover

RockClimber is making waves in India's bustling beverage market by focusing on authenticity and quality. With established brands and newcomers like Bira already thriving, RockClimber sees plenty of room for innovation and growth.

By offering unique and genuine flavors, they're set to quench the thirst of a vast and diverse audience.

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“Ab Humari Baari”: CASHe Buys Hyderabad-Based Centcart Insurance To Enter Insurance Broking Space

CASHe is diving into the insurance broking space with its acquisition of Hyderabad-based Centcart Insurance Broking Services. This move, backed by an IRDAI-approved license, enables CASHe to offer insurance products to its 50 million users, focusing on rural and semi-urban markets.

Following their 2022 entry into wealth management, this expansion positions CASHe to tap into India's booming insurance market, projected to hit $200 billion by 2027.

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“Yahan Ke Hum Sikandar”: Flipkart expands bill payment suite in partnership with BillDesk

Flipkart is ramping up its fintech game by adding new bill payment options to its app, including Fastag, DTH recharges, landline, broadband, and mobile postpaid bills.

Partnering with BillDesk, Flipkart integrates these services with the Bharat Bill Payments System (BBPS), enhancing convenience for its users. Notably, this expansion comes as Flipkart considers redomiciling its parent entity to India from Singapore, gearing up for its upcoming IPO.

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“Hum Bekasoor Hai”: Angel One Denies Any New Data Leak After Report Claims 7.9 Mn Users Affected

Angel One denies any new data leak after reports claimed 7.9 million users were affected, clarifying the breach dates back to April 20, 2023. The hack exposed critical personal information like names, addresses, and sensitive data, including profit and loss bank statements.

However, Angel One assures that its app uses 2-factor authentication, and no private client data is stored.

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“Waqt Rehte Sudhar Jaao”: NPCI May Fix 1.2% Interchange For Credit Line On UPI Transactions

NPCI may soon set a 1.2% interchange fee on credit line UPI transactions, according to recent reports. Earlier this year, NPCI explored a lower interchange fee structure than that for credit card transactions.

Despite a slight dip in June's UPI transaction volume to INR 20.07 lakh crore from May's INR 20.45 lakh crore, the market remains robust compared to last year's figures.

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1. Centriti, a B2B e-procurement platform for the HoReCa industry, has raised Rs 6 crore in a funding round led by Emergent India Ventures. The round also saw participation from Atrium Angels, Alluvium Capital, Venture Garage, CoralBay Ventures, HOF, and Brigade Group.

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2. RockClimber plans to raise $5 million to achieve a Rs 100 crore turnover, focusing on expansion and online growth. With 140 distributors and upcoming energy drinks, they aim to enhance their presence in the Middle East and Africa.

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3. Immuneel Therapeutics, co-founded by Kiran Mazumdar-Shaw, has secured INR 100 crore (nearly $12 million) in extended Series A funding from Taiba Middle East FZ LLC. The biotech startup aims to use the funds to expand its operations.

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4. TimBuckDo, utilizing AI to connect students with flexible work opportunities, has raised Rs 2 crore in seed funding from US-based angel investors Morton Meyerson and Nandkishore Kalambi. The funding aims to bolster TimBuckDo's platform and expand its services.

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5. Skild AI, founded by pioneers in self-supervised and adaptive robotics, secures $300 million in Series A funding, valuing the company at $1.5 billion. Led by Lightspeed Venture Partners, Coatue, SoftBank Group, and Bezos Expeditions, the funding aims to establish a scalable AI foundation model for robotics.

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