Sales League Table 2020 | Banking Technology Winners

Results Announced!

Stay up-to-date with the latest industry news and analysis.

Subscribe to BankTech Daily News today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

Core Banking Market Dynamics Report 2020

Global analysis of core banking system sales. Subscribe now

Piramal Enterprises’ housing unit gets highest rating amidst FinTech JV talks with Rel Jio

Image result for ajay piramal

Ajay Piramal, Chairman, Piramal Group

Rating agency CRISIL has reaffirmed highest rating to Piramal Capital and Housing Finance Ltd. (PCHFL), a part of listed entity Piramal Enterprises, for its Commercial Paper Programme (CCP) worth INR 10,500 crore. The development comes in at a time when the market is abuzz with speculation that Piramal Enterprises, PCHFL’s holding company, is planning a joint venture with Reliance Jio for consumer lending platform and FinTech business.

Financial daily The Economic Times was the first to report that Mukesh Ambani-led Reliance Jio and Ajay Piramal-led Piramal Enterprises would be floating a new FinTech and digital lending platform.  Piramal and Ambani are related as the former’s son is married to the latter’s daughter.

However, IBS Intelligence could not ascertain the veracity of the development. Mails send to Piramal Enterprises have remained unanswered.

As per the media reports, the JV is at a very early stage and that Piramal Enterprises is also likely to receive a whopping INR 9000-odd crore (USD 1.5 billion approximately) private equity infusion led by Japanese Investment firm Softbank for the FinTech business.

Besides, there are also reports that Piramal Enterprises has received around INR 200 crore (USD 29 million) from Sachin Bansal, the poster boy of India’s e-commerce industry and co-founder of Flipkart. Following his ouster from Flipkart, Bansal has been actively chasing companies and startups in the FinTech and financial services segment for strategic investments.

The funds were routed through non-convertible debentures issued by Piramal Enterprises, said a report by Mint. The report further added that the Piramal Enterprises will use this funding for its financial services business.

Related IBS Intelligence Research

Related Posts

cred.ai emerges from stealth mode & launches technology-powered Metal Card

cred.ai, a Philadelphia-based FinTech company, has announced its emergence from stealth mode to debut technology-powered Metal Card, a consumer spending product that leverages proprietary technology to give users controls, convenience, and automatic credit score optimization. With cred.ai Guaranty, customers do not have to pay fees or interest. They will also receive a premium brand experience […]

This post is only available to members.

Read More »

Cloud9 Technologies teams up with comitFS to boost real-time voice trading APIs

Cloud-based communications provider Cloud9 Technologies has teamed up with comitFS, a UK-based provider of voice middleware and API abstraction capabilities for financial services companies. The collaboration will facilitate the development of real-time call control capabilities for voice trading within the institutional marketplace. “As trading dynamics shift to a more digitally-driven environment, firms want the peace […]

This post is only available to members.

Read More »

Quantum Group acquires mobile cashback app Tail

London-based FinTech incubator Quantum Group today announced the acquisition of mobile cashback app Tail. The acquisition is expected to enable Quantum Group to increase the number of banking partners integrated with Tail and to onboard different retailers from around the UK. Tail’s platform enables retailers to create hyperlocal marketing campaigns, thus allowing them to increase […]

This post is only available to members.

Read More »