Beenext invests US$4.5M in fintech platform YAP
Singaporean venture capital firm Beenext has announced US$4.5 million investment in Indian fintech platform YAP, according to ET.
8i Ventures Fund, The DMI Group, Better Capital, and angel investors including Alok Mittal, CEO, Indifi, Ashneer Grover, CEO, BharatPe, Amrish Rau, CEO, PineLabs and Jupiter founder Jitendra Gupta also joined the round.
The company has said that the funds will be used to strengthen its team and enhance its platform with a focus on credit, corporate banking solutions, and cross-border payments.
“Our platform is connected to 15 banks in India, and by leveraging technology, we are accelerating the shift in ‘sacheting’ of financial services by new cohorts of distribution, leading to lowering costs, enhancing access, and better value proposition to end consumers,” said Prabhu Rangarajan, co-founder of YAP.
YAP works with financial institutions as product providers and offers end-to-end programme management services over APIs.
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Facebook buys 10 per cent stake in Indian telecom operator Reliance Jio
Social media giant Facebook has announced an investment of US$5.7 billion in India’s telecom operator Reliance Jio, according to Techcrunch. The deal will bring Jio’s valuation to US$65.95 billion.
Facebook said that the stake marks its “commitment to India, where it will focus on collaborating with Jio to create ‘new ways for people and businesses to operate more effectively in the growing digital economy’.”
The agreement also marks one of India’s largest foreign direct investment in the technology space.
Mukesh Ambani, managing director of Jio, said that the synergy between the two companies will help realise Digital India Mission with its two goals: “Ease of living and ease of doing business for every single category of Indian people without exception.”
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Image Credit: Beenext
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