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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The fintech startup switched to a lowball offer amid a downturn in investor sentiment and questions over Smallcase’s business model.
Editor's note: Last year, CRED founder Kunal Shah came up with an ambitious plan to expand the fintech company’s wealth management offerings. He wanted CRED to invest in Smallcase, a seven-year-old stock investment platform backed by India’s leading brokerage, Zerodha, among others. Talks between the firms about a deal—which reportedly would have valued Smallcase as high as $300-400 million—have fallen through after six months of negotiations. The companies couldn’t agree on Smallcase’s valuation, according to five industry executives who were either involved in the deal or tracking it closely. All of them spoke on condition of anonymity. This comes after Vasanth Kamath, Smallcase co-founder and CEO, said recently that news of a deal having been finalized was “not true”. Questions sent to CRED and Smallcase remain unanswered. CRED has over the past couple of years worked towards building an all-in-one financial app for well-off Indians. To that end, the fintech company has gone from merely allowing users to pay their credit card bills to becoming a platform for lending, investment and managing personal finances. Acquiring Smallcase would have broadened CRED’s user base, …
A dismal track record in portfolio management services doesn’t help the firm as it takes its first steps in a crowded industry dominated by some heavyweights.
The newly announced levy on UPI payments undermines the very foundation of using digital payments for stock market investing. Brokers are in a tizzy.
India’s second-largest brokerage by active clients wants to handle IPOs as a merchant banker. But gaining a foothold in the highly competitive sector is easier said than done.
