Paytm revenue up 76%💰; Zomato Pay goes live🍔; upGrad to launch 10 global campuses🎓
Paytm Q2 revenue up 76%, Zomato Pay goes live, upGrad to invest $30M, Funding Deals and more.
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Paytm Q2 revenue up 76%, loss expands to Rs 571.5 crore💰
Paytm parent One 97 Communications on Monday reported a net loss of Rs 571.5 crore for the July-September period, widened from Rs 473.5 crore in the same period last year.
Its revenue from operations jumped 76% in the September quarter to Rs 1,914 crore, mainly on account of a surge in the growth of loan disbursals. The growth in operative revenue was largely driven by ‘an increase in merchant subscription revenues, growth in bill payments due to growing MTU (monthly transacting users), and growth in disbursements of loans through the platform.
Paytm, which was listed nearly a year ago, is still trading 70% below its IPO (initial public offering) issue price of Rs 2,150 on the bourses.
Zomato Pay goes live in some cities, replacing Zomato Pro🍜
Foodtech platform Zomato has rolled out Zomato Pay — the third iteration of its dining out program — in several cities, including Delhi, Mumbai, Bengaluru, Ahmedabad, and Kolkata.
In August, the company said it was recalibrating its loyalty programs, and that it had closed new signups and renewals for its flagship program Zomato Pro.
With Zomato Pay, customers will get discounts and cashback if they pay using the Zomato app at partner restaurants. The new program also includes a ‘Vibe Check’ feature, which allows eateries to post short videos to enable better discovery of their outlets.
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IPO-Bound car search platform CarDekho Group aims to infuse $100 million in its Fintech entity called Rupyy in a mix of debt and equity.
Sanfe, a women's grooming brand, has raised $1.5 million in a Series A2 round of funding led by existing investors S Chand Family office, Seeders and LetsVenture.
Dhiway, a blockchain startup, has raised $1 million in a pre-seed funding round led by Cornerstone Venture Partners Fund, SUNiCON Ventures and existing shareholders.
upGrad to invest $30M to launch 10 global campuses in US, India next year🎓
Edtech unicorn and higher education platform upGrad will invest $30 million and open 10 global campuses in the US, India and other regions next year.
Under a new brand name 'UGDX', the company said it will open three campuses in the US (the San Francisco unit goes live in January), five in India (Delhi and Chennai) and one each in Singapore and the Middle East.
"As part of our goal to be the world's first and largest fully integrated higher edtech company spanning college learners and working professionals from the age of 18 to 60+ years, this is a natural extension as we move to a very scaled blended offline and online model under our own upGrad brand," said Ronnie Screwvala, Co-founder and Chairperson, upGrad.
Under 'UGDX,' upGrad plans to have faculty recruitments in various geographies and will use technology to seamlessly integrate campuses, faculty, and corporates within one ecosystem.
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