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OYO & Mamaearth put IPOs on hold📊, Paytm wallet via UPI📱, First Citizens Bank to acquire SVB🏦
IPOs on hold amid tech downturn, Paytm allows wallet users to pay via UPI QR, First Citizens Bank to acquire SVB’s deposits, Acquisition, and more.
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OYO & Mamaearth put IPOs on hold amid tech downturn📊
Beauty and wellness brand Mamaearth has put its IPO plans on hold amid the banking crisis and weak market conditions. The company intended to raise $200 million-$300 million with an aim for a $3 billion valuation.
Mamaearth is in a “wait-and-watch mode” at a time when the Nifty is trading 10% below its peak and most recent debutants below their issue prices.
Hospitality unicorn OYO, too, is reconsidering its stock market debut amid plunging tech valuations. It is reportedly preparing to file a fresh offering with just a third of the shares it originally planned to sell.
This will be Oyo’s second attempt at getting a nod for the IPO from the SEBI.
Paytm allows wallet users to pay via UPI QR codes📱
After the Reserve Bank of India (RBI) mandated all Prepaid Payment Instruments (PPI) like wallets to be interoperable with Unified Payments Interface (UPI) and card networks by March 31 last year, Paytm Payments Bank Ltd (PPBL) extended complete interoperability, with wallet users now able to pay by scanning UPI codes.
Paytm said in a statement that the “Bank (PPBL) will earn 1.1% interchange revenue when its wallet customers (i.e., the KYC wallets issued by Paytm Payments Bank) make payment on merchants acquired by other payment aggregators or banks”.
First Citizens Bank to acquire SVB’s deposits, loans from FDIC🏦
The Federal Deposit Insurance Corporation (FDIC) has agreed to sell all the loans and deposits of the now-collapsed startup-favorite Silicon Valley Bank (SVB), to North Carolina-based First-Citizens bank, structured as a whole bank purchase with loss share coverage.
FDIC was appointed as a receiver to the SVB after it collapsed earlier this month.
The FDIC announced that Silicon Valley Bridge Bank, National Association depositors will be automatically transferred to First-Citizens Bank & Trust Company and that their deposits will remain insured by the FDIC up to the limit.
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