FINTECH NEWSLETTER:

RECENT LEGAL
DEVELOPMENTS AND
MARKET UPDATES FROM INDIA
JUNE 01, 2023 - JUNE 30, 2023

Authors: Avimukt Dar | Suneeth Katarki | Namita Viswanath

| Shreya Suri | Sarthak Doshi | Srika Agarwal | Pravi Jain

INTRODUCTION
Regulatory developments in the fintech sector are being
rolled out at a pace like never before. June 2023 started
off with the Reserve Bank of India (“RBI”) robustly
responding to the industry’s call for clarity on Default Loss
Guarantee (“DLG”), alongside other proposals involving
expansion in the scope of e-RUPI vouchers and issuance
and use of RuPay cards for international payments.
Despite the funding winter looming in the market,
the fintech sector has seen funding of nearly USD 2.1
billion being raised in the March-June 2023 quarter -
01 of 06
the highest among start-ups in other sectors, similar to
2019-2020 levels.1 Although, given the dynamic nature
of the fintech landscape as well as persistent oversight
and intervention from financial regulators in the country,
the industry could potentially witness a slowdown in the
coming months.
This newsletter highlights key developments,
announcements, measures as well as other developments
in the Indian FinTech space from June 01, 2023, to June
30, 2023.

RECENT LEGAL & REGULATORY DEVELOPMENTS
RBI issues the much-awaited guidelines on the
DLG model
On June 8, 2023, the RBI released the ‘Guidelines on
Default Loss Guarantee in Digital Lending’2 (“DLG
Guidelines”) to govern the DLG model. The DLG model
for the very first time recognises and permits regulated
entities (“REs”) to enter into arrangements with lending
service providers (“LSPs”) or other REs, under which the
latter guarantees to compensate the RE, loss due to
default (up to a certain percentage) of the loans provided
by the RE.
While the latest development comes as a respite to
fintech companies who were requesting RBI to allow
DLG models, there are certain guardrails that the RBI has
put in the DLG Guidelines.
The most significant among these is prescribing an
overall 5% (five percent) limit on the DLG cover that a
third-party can provide on the total loan portfolio, which
means most of the credit risk will continue to remain with
the RE. Further, the DLG amount cannot be set off against
the underlying individual loans and REs are required to
invoke the DLG within a maximum overdue period of
120 (one hundred and twenty) days, unless paid by the
borrower before invocation. Other safeguards under the
DLG guidelines require REs to have a board-approved
policy for DLG arrangements, providing an eligibility
criterion for the third party, fees payable by the RE (if
any), and process for monitoring and reviewing DLG
arrangements, among others.
You can find our article analysing the DLG Guidelines
here.
RBI releases the ‘Draft Master Directions on
Cyber Resilience and Digital Payment Security
Controls for Payment System Operators’
On June 02, 2023, the RBI released the draft ‘Master
Directions on Cyber Resilience and Digital Payment
Security Controls for Payment System Operators’ (“Draft
Directions”) inviting feedback and comments from
stakeholders by June 30, 2023.3
The Draft Directions are proposed to apply to all
authorised non-bank Payment System Operators
(“PSOs”) and aim to identify, manage, monitor, and
improve safety and security of the payment systems
operated by PSOs in order to help them avoid any cyber
and technology related risks arising from partnerships
02 of 08
with unregulated entities. The Draft Directions
accordingly provide a framework for information security
and emphasize on cyber resilience to secure digital
payment transactions. In this regard, PSOs are required
to formulate a board approved information security
policy and implement a cyber crisis management plan
to detect, contain, respond to, and recover from cyber
threats and attacks.
The Draft Directions also propose that PSOs must put in
place a board approved incident response mechanism,
with provisions to notify its senior management, relevant
employees and regulatory and supervisory authorities
about cyber incidents. Any cyber security incident is
required to be reported to Indian Computer Emergency
Response Team (CERT-In).
IndusLaw was involved in the stakeholder consultation
process on the Draft Directions and has provided
stakeholder comments to the RBI.
RBI expands the scope of Trade Receivables
Discounting System
On June 07, 2023, the RBI expanded the scope of the
Trade Receivables Discounting System (“TReDS”)4
as prescribed under the Guidelines for the Trade
Receivables Discounting System, 2014 (“Guidelines”)
(updated as on July 02, 2018).5 TReDS is a type of a
‘payment system’ that enables Micro, Small and Medium
Enterprises (“MSMEs”) to finance or discount their
trade receivables through different financiers. Earlier,
on February 08, 2023, the RBI had announced in the
Statement on Developmental and Regulatory Policies,
to make certain enhancements to the Guidelines, which
had been issued to MSMEs in converting their trade
receivables to liquid funds.
RBI has now proposed to expand the scope of the
Guidelines to further facilitate operation of the TReDS
by permitting all entities and institutions, allowed to
undertake factoring business under the Factoring
Regulation Act, 2011, to participate as financiers. TReDS
are now also permitted to have insurance facility and
secondary market operations on their platforms. Apart
from this, the other requirements of TReDS will remain
the same. This move by the RBI will improve the cash
flow of MSMEs by enabling financing by a wider range of
financiers, ultimately boosting the growth of the MSME
industry.

RBI releases framework for ‘Compromise
Settlements and Technical Write-offs’
Over the years, the RBI has issued various instructions
to REs regarding compromise settlements in respect of
stressed accounts, including the Prudential Framework
for Resolution of Stressed Assets dated June 07, 2019.6
On June 08, 2023, the RBI released a supplementary
regulatory framework for compromise settlements
and technical write-offs applicable to all REs7
(“Supplementary Framework”) followed by some
frequently asked questions thereon.8 It is important
to note that the Supplementary Framework does not
prescribe any debt threshold to trigger its applicability.
The Supplementary Framework provides a clear
definition of ‘compromise settlements’ and ‘technical
write-offs’ and has mandated REs to put in place board-
approved policies for delegation of powers for approval
and proposals to undertake compromise settlements in
respect of debtors classified as fraud or wilful defaulters.
The Supplementary Framework inter alia also outlines
the pre-conditions and process for undertaking such
settlements and write-offs, along with a mechanism for
reporting to the supervisory body.
RBI publishes report of the Committee for
Review of Customer Service Standards in RBI
Regulated Entities
On June 05, 2023, the RBI released a report prepared
by the committee formed for reviewing customer service
standards for REs (“Committee”), inviting comments
and feedback from stakeholders by July 07, 2023.9
The Committee was set up by the RBI in May 2022 to
evaluate and review the quality of customer service,
examine evolving needs, identify global best practices,
and suggest measures for improvement in processes
and standards.10
In the report, the Committee has made observations with
respect to lack of uniformity among REs in classifying
customer complaints and has urged the RBI to establish
03 of 08
a clear definition of what constitutes a complaint
under the Internal Grievance Redress mechanism, as
well as recommended to strengthen regulation for
overall customer protection in the financial sector. The
Committee has also identified certain gaps as well as
lack of enforcement action against REs failing to meet
customer service requirements. Accordingly, it has
urged REs to leverage technology for better delivery of
customer services and has proposed penal action against
REs which fail to meet the customer service standards,
while also providing incentives to REs making systemic
improvements.
SEBI amends the Anti-Money Laundering/
Combating the Financing of Terrorism Guidelines
for Securities Market Intermediaries
On June 16, 2023, the Securities and Exchange
Board of India (“SEBI”) issued a circular amending
the Guidelines on Anti-Money Laundering (“AML”)
Standards and Combating the Financing of Terrorism
(“CFT”) Obligations of Securities Market Intermediaries
(“Guidelines”) under the Prevention of Money-
laundering Act, 2002 and rules framed there under, to
‘further enhance the effectiveness of the AML/CFT
framework.’11
The circular emphasizes the key changes made to the
Guidelines, which includes modification to the definition
of a ’group’, addition of requirements regarding
issuance of statement of policies and procedure to
deal with money laundering and terrorism financing
by securities market intermediaries (“Intermediaries”)
to reflect the current regulatory requirements. Further,
the Intermediaries have been directed to register the
details of clients which are non-profit organizations, on
the Digital Advancement of Rural Post Office for a new
India (DARPAN) Portal of NITI Aayog and maintain the
record of such registration for 5 (five) years, after such
business relationship with the client comes to an end
or closing of the client’s account, whichever is later. The
Guidelines have further directed Intermediaries and
stock exchanges to leverage technological innovations
for effective implementation of name screening.

INDUSTRY CHALLENGES
RBI and NPCI direct co-branding partners to
‘stop UPI in a co-branding arrangement’
The RBI, through the National Payments Corporation of
India (“NPCI”) had directed both bank and non-bank
issuers of prepaid payment instruments (“PPIs”), to stop
providing Unified Payments Interface (“UPI”) services in
a co-branding arrangement by June 30, 2023. While this
directive has not been formally notified by either the RBI
or NPCI, news reports indicate that certain players have
received emails from the abovementioned regulators
in this regard. Through this directive, the RBI and NPCI
have asked PPI issuers to ensure that PPI holders are on-
boarded only by their own PPI issuer, therefore directing
all PPI issuers providing UPI services on partner/co-
branded application to discontinue issuance of the
PPI wallet.12 The reports also indicate that PPI issuers
have been directed to share an official confirmation to
the NPCI with respect to their discontinuation of PPI
offerings under the partner/ co-branded model on UPI.13
The RBI has also communicated and directed PPI license
holders that non-PPIs cannot undertake UPI services with
any third-party PPI license holders.
This move has predominantly affected the integrated
and co-branded wallet providers who do not hold a
PPI authorisation and partner with other PPI issuers
to provide UPI as a payment service on their digital
application. While the exact reasons for issuing this
directive are unclear, the move has put on hold on-going
operations of these entities. Accordingly, the only way
for these companies to enable UPI transactions is to get
a PPI authorisation. Given the sudden and unexpected
nature of the direction, several players in the market
have been forced to rethink their business models.
Impact of the DLG Guidelines on the Fintech
Sector
The issuance of the DLG Guidelines by the RBI is no
doubt a significant milestone for the digital lending
sector in India. While the DLG Guidelines have received
a positive response from the industry, there are certain
challenges that continue to exist and would have to be
navigated by the stakeholders involved.
Given that the DLG Guidelines were effective on the
date of its issuance, there is limited clarity on how
stakeholders are expected to transition their existing
arrangements in this regard, which has caused some
amount of chaos and uncertainty amongst industry
04 of 09
players. Further, while the DLG Guidelines now permit
LSPs to provide DLG cover to the REs, the cap of 5%
(five per cent) for such DLG cover has been viewed by
many as low, given that most of the credit risk would
still lie with the REs. Additionally, going forward, the
due diligence and disclosure requirements stipulated
under the DLG Guidelines, may also have an impact on
increased regulatory compliance burden on LSPs, which
in turn may pose cost and business continuity challenges
for the LSPs. Given that the DLG Guidelines are still at
an extremely nascent stage, the manner in which these
challenges play out and how stakeholders adapt to the
same remains to be seen.
SEC acts against Binance and Coinbase
United States (“US”) Securities and Exchange
Commission (“SEC”) filed charges against: (i) Binance
Holdings Ltd., which operates the crypto asset trading
platform Binance.com and Binance.US with its affiliate
BAM Trading Services Inc. (collectively referred as
“Binance”), and (ii) Coinbase Inc. (“Coinbase”), for
multiple violations of federal securities laws captured
in the Securities Act and the Exchange Act (collectively
referred as “SEC Regulations”).15 SEC, in its charges,
has explicitly identified certain crypto assets (such as
SOL, and MATIC) and stable coin (such as Binance USD)
as ‘securities’ under the SEC Regulations. The SEC has
also reviewed the crypto trading platforms and taken a
position that they are akin to exchanges and clearing
agencies, therefore requiring registration under the SEC
Regulations. The charges of the SEC against Binance and
Coinbase impacts the market and legal understanding
on what may be construed as ‘securities’ in the US.
It is important to note that the Howey test is the only test
in the US which determines whether an asset qualifies
as a ‘security’, based on fulfilment of 4 (four) elements,
i.e., whether a transaction is (a) an investment of money,
(b) in a common enterprise, (b) with the expectation
of profit, (d) derived from the efforts of others. Given
the wide interpretation that can be accorded to these
elements, a lot of discretion vests with the SEC on what
can be considered as ‘securities’. For instance, in relation
to crypto assets, the SEC was earlier of the view that if
a crypto asset is more decentralized (i.e., the control
over a particular crypto asset vests with a larger group
of individuals, against a single centralised source), it may
fall outside the ambit of ‘securities’. However, whether
a particular crypto asset is decentralized enough to

fall outside the scope of the ‘securities’ would be
determined by the SEC itself based on its interpretation
of the Howey, and such determination could be very
subjective, with the possibility of extending to other
crypto assets in the future.
Given the circumstances, it is becoming apparent that
the SEC aims to incorporate crypto assets under its
jurisdiction. Considering the aforesaid lawsuits, it is
conceivable that the consequences of these cases may
significantly impact the SEC’s enforcement endeavors
in the crypto industry for an extended period. In terms
05 of 09
of the impact on the cryptocurrency market in the US,
we may witness more entities actively shifting their
operations to countries that provide a regulatory haven
for such businesses, instead of the US. There may also be
a sudden surge of attempts at registration with the SEC.
Moreover, without access to the US market and given the
‘long arm’ jurisdiction of the SEC, it could prove crippling
for the industry including decentralized finance (DeFi),
especially given the overall impact on how regulators
worldwide perceive and analyse the SEC’s recent moves
in the crypto sector.

MARKET UPDATES AND MAJOR DEALS IN INDIAi
The ‘Statement on Developmental and Regulatory
Policies, issued by the RBI on June 08, 2023
(“Statement”),15 proposed certain positive changes for
the sector such as an expansion in the scope of purpose
and activity specific e-Rupi vouchers, by permitting
(a) non-bank PPI issuers to issue e-Rupi vouchers, and
(b) enabling issuance of e-RUPI vouchers on behalf
of individuals. Through the Statement, the RBI also
proposed to streamline the membership process for
Bharat Bill Payment Operating Units, to make the Bharat
Bill Payment System more efficient and garner increased
participation. Furthermore, in order to enable increased
payment options for Indians travelling abroad, the RBI
has decided to permit banks to issue RuPay Prepaid
Forex Cards which can be used at ATMs, Point of Sale
(PoS) machines, and online merchants overseas. The RBI
will also enable issuance of RuPay Debit, Credit, and
Prepaid Cards in foreign jurisdictions, which can be used
internationally (including in India).
While the RBI has made efforts to keep regulations at
pace with evolving business needs, it has not loosened
its grip on regulatory oversight. Certain media reports
published in June 2023 indicate that the RBI reached
out to registered peer-to-peer (“P2P”) lending startups
in March and April 2023, and posed various questions
to such entities in relation to their partnership modes
with consumer-facing applications, and risk-sharing
mechanism adopted by them.16 This is said to have been
an aftermath of the issuance of the ‘Digital Lending
Guidelines’ by the RBI on September 02, 2022, and a
part of the RBI’s efforts to ensure that REs in the digital
lending space are compliant with such guidelines.
Further, the Parliamentary Standing Committee on
Finance while dealing with ‘cyber security and rising
incidence of cyber/white collar crimes’ headed by Lok
Sabha MP, Jayant Sinha (“Parliamentary Committee”)
also recently posed questions to startup executives in
fintech companies, on the increased rate of cybercrime
incidents in India and actions which can be taken
to effectively address the same. The Parliamentary
Committee also discussed the operations of illegal
lending applications which have recently been singled
out for charging extremely high interest rates and for
harassing customers.
i. To the extent any transactions involve clients of IndusLaw, the information herein is based on statements in the media and not our
professional knowledge of the relevant transaction.
06 of 09
Separately, it is also relevant to note that the
International Organization of Securities Commissions
(“IOSCO”) unveiled a consultation report titled “Policy
Recommendations for Crypto and Digital Asset Markets.”
This can be seen as a consequence of the collapse of
the US based crypto exchange FTX, that raised concerns
over consumer protection. The industry, which typically
only has to comply with anti-money laundering checks,
has been calling for a global regulation, as different
jurisdictions follow their own rules. The recommendations
are a set of 18 (eighteen) principles that aim to promote
investor protection and market integrity in the crypto
sector. The recommendations cover a wide range of
topics, including market abuse, custody of assets, and
consumer protection. The IOSCO recommendations are
significant because they represent the first global attempt
to regulate the crypto sector. The recommendations are
likely to have a major impact on the way that crypto
businesses operate, and they could also help to attract
more institutional investors to the sector.
The IOSCO recommendations are a positive step
towards regulating the crypto sector. However, it remains
to be seen how effective the recommendations will be
in practice. The success of the recommendations will
depend on a number of factors, including the willingness
of regulators to enforce the rules and cooperation of
crypto businesses.
Lastly, financial influencers (“finfluencers”) came to the
spotlight in the last week of June, when an advertisement
featuring a finfluencer was published with logos of the
Ministry of Electronics and Information Technology
(“MeitY”), and the India G20, which in turn gave several
readers the impression that the advertisements were
endorsed by the Government.19 The MeitY subsequently
clarified that the same ought not to be seen as an
endorsement by the Government of a specific individual,
or social media platform. The development received
significant backlash from the industry and sparked a
debate on the content published by finfluencers, given
that SEBI-registered investment advisers are required to
comply with various regulatory norms, while finfluencers,
who are not regulated and are not required to adhere
to any norms, have often through their content said to
provide advice which may be seen as investment advice.

This elicited a response from the SEBI in the form of a
draft discussion paper, outlining rules and guidelines for
regulating finfluencers, which is expected to be released
within the next 2 (two) months.20
That said, players in the fintech industry have continued
to grow at a steady space, and the industry witnessed
certain notable developments in the month of June.
PayMate,ii a leading B2B payment solutions provider,
following receipt of an in-principle approval from RBI to
operate as a payment aggregator, is gearing up to re-
file its Draft Red Herring Prospectus (“DRHP”) with SEBI
in the next 3 (three) months. In May last year, PayMate
had filed its DRHP with an IPO offer of USD 182.36
(one hundred and eighty-two point thirty-six) Million.
However, earlier this year, SEBI asked PayMate to refile
its DRHP with updated details.21
PhonePe,iii a prominent player in the fintech industry,
has recently introduced its very own payment gateway
(“PG”).22 PhonePe’s PG offers a special free onboarding
offer exclusively for new merchants, while most
competing PGs impose a standard transaction fee of
2% (two per cent). Earlier this month, the PhonePe
group also launched its Account Aggregator (“AA”)
services, following the receipt of its NBFC – Account
Aggregator license from the RBI.23 The AA services
are being facilitated through PhonePe’s wholly-owned
subsidiary, PhonePe Technology Services and will
enable users to seamlessly share their financial data,
including bank statements and insurance policies.
Additionally, PhonePe, towards the end of June, also
launched a merchant lending marketplace which would
permit banks and NBFCs to offer credit to PhonePe’s 35
(thirty-five) million strong merchant base.24 With these
significant new offerings, PhonePe has forayed deeper
into the fintech landscape, and fostering a more robust
ecosystem for merchants and customers alike.
CredFlow, a small and medium enterprises (“SME”)
focused cash flow management company has
acquired business management start-up TechBiz, for
an undisclosed amount in an all-cash deal. Cred flow
offers SMEs with comprehensive financial solutions and
TechBiz assists SMEs in tracking overdue payments and
sending timely reminders to customers. This acquisition
07 of 09
is expected to expand Cred Flow’s target market and
enable the company to cater to a wider range of SME
customers.25
Pepper Group, a Singapore-based consumer finance
company has announced an investment of USD 150 (One
Hundred and Fifty) Million over the course of the next 4
(four) years to establish a fintech startup in India under
the brand name of Pepper Money. The fintech startup is
scheduled to launch in the second half of 2023 and will
target 150 (one hundred and fifty) million households in
smaller cities that demonstrate a potential for economic
growth.26
Indifi Technologies, an online lending platform, has
raised USD 35 (thirty-five) Million in its recent Series E
funding round. The round was led by funds managed
and advised by ICICI Venture, with participation
from existing investors including British International
Investment, OP Finnfund Global Impact Fund I, Omidyar
Network India, Flourish Ventures, and CX Partners. The
startup aims to accelerate its growth trajectory through
expansion and an increased market presence with the
infusion of fresh capital. It will also utilize the funding to
focus on developing new products to better serve the
underserved segments of the MSME sector.27
Lentra, a cloud-based lending software provider that
helps banks and financial institutions digitise credit
disbursal and loan servicing, has raised USD 27 (twenty-
seven) Million in an extended Series B round. The
round was led by MUFG Bank and Dharana Capital. The
fresh funding will help Lentra explore synergies within
the group, including with its strategic partner banks in
southeast Asia.28
Revfin, an electric vehicle financing company, has raised
USD 5 (five) Million from US International Development
Finance Corporation. The company intends to utilise
these funds for introducing new products, diversify into
two-wheelers for last-mile deliveries, four-wheelers for
mid-mile cargo delivery, and ride-share taxis.29
ii. PayMate is a client of IndusLaw.
iii. PhonePe is a client of IndusLaw.

KarmaLife, a credit solutions provider for gig workers,
has raised USD 5.3 (five point three) Million in an extension
to its pre-Series A funding round. The round was led by
Krishna Bhupal’s family office and existing investor, Artha
Venture Fund, and saw participation from other existing
investors, including Net Graph Investments, Singularity
Ventures, LogX Venture Partners, Balesh Sharma, Amit
Jain, Vikram Kailas, and Shaji Kumar Devakar. The
company aims to use the fresh funds to scale and expand
into new geographies and launch more products.30
Lendingkart, a fintech startup which evaluates
borrower’s creditworthiness, has raised USD 24 (twenty-
08 of 09
four) Million in a long-term debt funding from growth-
stage debt financing platform EvolutionX Debt Capital.
The startup aims to utilise the funds to drive growth and
enable financing to a larger number of MSMEs across
India.31
Scapia, a traveltech startup has raised USD 9 Million
in a seed round led by Matrix Partners India. The round
also saw participation from Tanglin Venture Partners,
Binny Bansal’s 3 STATE Ventures and angel investors Keki
Mistry, CEO of HDFC Ltd. The startup, founded in 2022,
will utilise the fresh funds to scale operations and invest
in technological capabilities.32
 09 of 09

1. https://inc42.com/buzz/winter-gloom-investors-shiver-indian-startup-funding-falls-5-4-bn-h1-2023/
2. https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12514&Mode=0
3. https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=4267
4. https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12510&Mode=0
5. https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=3504
6. https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11580&Mode=0
7. https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12513&Mode=0
8. https://www.rbi.org.in/Scripts/FAQView.aspx?Id=160
9. https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1232
10. https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53750
11. https://www.sebi.gov.in/legal/circulars/jun-2023/amendment-to-guidelines-on-anti-money-laundering-aml-standards-and-
combating-the-financing-of-terrorism-cft-obligations-of-securities-market-intermediaries-under-the-prevention-of-money-
launderin-_72683.html
12. https://inc42.com/features/has-rbis-new-ppi-directive-given-another-blow-to-the-fintech-dreamland/
13. https://www.forbesindia.com/article/news/rbis-signal-to-ppi-holders-use-licence-for-only-what-is-mandated/86259/1
14. https://www.forbesindia.com/article/cryptocurrency/sec-presses-charges-against-binances-usbased-entity-community-
accuses-the-administration-of-hindering-crypto-growth/85503/1
15. StatementonDevelopmentalandRegulatoryPolicies
16. https://inc42.com/buzz/p2p-lending-under-scanner-as-rbi-quizzes-startups/
17. https://inc42.com/buzz/parl-panel-quizzes-razorpay-phonepe-cred-execs-over-rising-cyber-incidents/;
18. https://economictimes.indiatimes.com/tech/technology/parliamentary-panel-on-finance-debates-cyber-security-rising-
white-collar-crimes/articleshow/100741974.cms?from=mdr
19. https://www.iosco.org/library/pubdocs/pdf/IOSCOPD734.pdf
20. https://www.cnbctv18.com/finance/ad-featuring-finfluencer-with-govt-logo-rachna-ranade-backlash-ministry-advises-to-be-
careful-17042921.htm; https://www.financialexpress.com/business/brandwagon-youtube-advt-prompts-calls-to-regulate-
finfluencers-3145640/
21. https://inc42.com/buzz/sebi-preparing-guidelines-to-crack-the-whip-on-unregistered-finfluencers/
22. https://inc42.com/buzz/b2b-fintech-startup-paymate-likely-to-refile-drhp-within-next-90-days/
23. https://inc42.com/buzz/phonepe-launches-own-payment-gateway-offers-free-onboarding-to-new-merchants/
24. https://inc42.com/buzz/phonepe-launches-account-aggregator-aa-services-after-acquiring-rbi-licence/
25. https://inc42.com/buzz/phonepe-launches-merchant-lending-marketplace-to-take-on-paytm/
26. https://www.vccircle.com/stellaris-backed-credflow-snaps-up-business-management-startup
27. https://inc42.com/buzz/pepper-group-to-launch-fintech-startup-pepper-money-in-india-this-year/
28. https://inc42.com/buzz/lendingtech-startup-indifi-secures-35-mn-funding-from-icici-venture-others/
29. https://www.vccircle.com/mufgbank-dharana-capital-write-27-mn-cheque-to-lentra; https://economictimes.indiatimes.com/
tech/funding/fintech-saas-firm-lentra-bags-27-million-in-extended-series-b/articleshow/100801904.cms
30. https://www.business-standard.com/finance/news/ev-financing-platform-revfin-raises-5-million-in-investment-from-
dfc-123060900774_1.html
31. https://www.vccircle.com/earlystage-startups-karmalife-bharatnxt-raise-funding
32. https://inc42.com/buzz/lendingkart-bags-funding-to-make-finance-more-accessible-to-msmes/
33. https://inc42.com/buzz/former-flipkart-exec-anil-gotetis-scapia-raises-9-mn-in-seed-funding/
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F: +91 80 4072 6666  F: +91 11 4782 1097 
E: bangalore@induslaw.com E: delhi@induslaw.com

9th Floor, Block-B

HYDERABAD DLF Cyber Park
204, Ashoka Capitol, Road No. 2 Udyog Vihar Phase - 3
Banjarahills Sector - 20
Hyderabad 500 034 Gurugram 122 008
T: +91 40 4026 4624 T: +91 12 4673 1000
F: +91 40 4004 0979  E: gurugram@induslaw.com
E: hyderabad@induslaw.com

MUMBAI
CHENNAI 1502B, 15th Floor
#11, Venkatraman Street, T Nagar, Tower – 1C, One Indiabulls Centre
Chennai - 600017 India Senapati Bapat Marg, Lower Parel
T: +91 44 4354 6600 Mumbai – 400013
F: +91 44 4354 6600 T: +91 22 4920 7200
E: chennai@induslaw.com F: +91 22 4920 7299 
E: mumbai@induslaw.com

#81-83, 8th Floor

A Wing, Mittal Court
Jamnalal Bajaj Marg
Nariman Point
Mumbai – 400021
T: +91 22 4007 4400
E: mumbai@induslaw.com

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