Latest news with #ArvindAgarwal
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Business Standard
3 days ago
- Business
- Business Standard
Fintech firm PayU India to invest $120 mn by end of FY26, say senior exec
Fintech company PayU India will invest $100-$120 million in its credit business alongside putting money in its payments vertical in FY26, said its group chief financial officer Arvind Agarwal. The amount will be raised through existing resources, including internal accruals, debt, and further equity, according to the Prosus-backed company. The Dutch investor has infused $35 million (around Rs 300 crore) out of the total budgeted investment in the first quarter of FY26. The credit business is expected to get an investment of $50-$60 million. PayU is considering another $60-$70 million infusion in payments infrastructure firm Mindgate Solutions, in which it acquired a 43.5 per cent stake in March. 'There's no capital requirement for loss-funding, but we do require some capital for growth. Last year, in FY25, Prosus invested almost $200 million in PayU,' Agarwal told 'Business Standard'. Out of the $200 million it raised in FY25, PayU invested $100 million in its credit business. The remaining amount was allocated to inorganic initiatives, like the Mindgate investment, along with some organic capital infusion. '...the payments business on a standalone basis itself generates $25 million in ebitda, so it doesn't require any capital unless we want to go inorganic. We are also making investments into artificial intelligence and technology but that is self-funded from the payments (vertical's) profit,' he said. Agarwal expected the company to become ebitda positive in FY26, referring to earnings before interest, taxes, depreciation, and amortisation. 'The payment [business] has been profitable at the ebitda level for the last three years, and credit will become profitable on an ebitda basis in the coming quarter: Q2 of FY26. In Q2, it should break even on an ebitda basis. As a result of that, PayU India as a whole will become ebitda positive in FY26.' Prosus's annual report last month said PayU's payments business recorded a revenue growth of 12 per cent to $498 million in FY25. PayU Finance, the group's credit unit, saw its revenue grow to $171 million, taking the group's consolidated revenue for the year to $669 million. The Dutch investor's report added that PayU India had reorganised its payments business to boost customer acquisition and partnerships. 'Instead of the earlier structure, which was built around enterprise or government-only channels; it was more like a product-line organisation. We thought the right structure for our company is farming and hunting,' said Agarwal. By reorganisation, Agarwal referred to a dual approach: 'farming', which focuses on existing merchants by deepening the penetration of value-added services (VaS) and software-as-a-service (SaaS) products; and 'hunting' for new customers. VaS includes services such as affordability, loan payments, and checkout finance. The SaaS business includes categories such as fraud risk management and authentication. 'Now, we will start consolidating Mindgate's numbers from FY26. VAS and SaaS should be one-third of payments. It's a higher-profitability business. Of the total PayU revenue, it will be almost one-fourth,' he said. PayU India in May received final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator; that was a year after securing in-principle approval. In January 2023, the RBI had asked the company to reapply for a payment aggregator licence. One of the reasons cited was the company's complex corporate structure. 'There was an embargo for 15 months. Obviously, we need to get back our speed in bringing on more and more new customers,' he said.
The Hindu
10-06-2025
- Politics
- The Hindu
Odisha higher education department, IGNOU sign MoU to offer courses in Odia
Odisha's Higher Education Department and the Indira Gandhi National Open University (IGNOU), New Delhi, have signed a memorandum of understanding (MoU) to offer a range of undergraduate, postgraduate, diploma, and certificate programmes in Odia language, a minister said. According to the agreement, IGNOU will now provide courses such as bachelor's and master's degrees, postgraduate diplomas, diplomas, certificates, and specialised programmes — including travel and tourism management, BBA, MBA, and other professional courses — in Odia language across the state. Higher Education Minister Suryabanshi Suraj attended the signing ceremony as the chief guest on Monday. "Through this MoU, our students can now pursue higher education in Odia," he said. The minister said offering programmes in the mother tongue removes barriers. "Language or medium should no longer be a hindrance in access to higher education," he said, adding that this initiative reinforces the National Education Policy's focus on providing education in regional languages. The MoU is expected to foster students' creativity, reduce dropout rates, and boost the state's gross enrolment ratio in higher education, the minister added. Higher Education Secretary, Arvind Agarwal, Department Special Secretary, Ramakant Nayak, IGNOU Vice-Chancellor, Professor Uma Kanjilal, and Registrar Dr. Alok Chaubey were present at the event, an official statement said.
The Print
10-06-2025
- Business
- The Print
Odisha higher education department, IGNOU sign MoU to offer courses in Odia
Higher Education Minister Suryabanshi Suraj attended the signing ceremony as the chief guest on Monday. According to the agreement, IGNOU will now provide courses such as bachelor's and master's degrees, postgraduate diplomas, diplomas, certificates, and specialised programmes — including travel and tourism management, BBA, MBA, and other professional courses — in Odia language across the state. Bhubaneswar, Jun 10 (PTI) Odisha's Higher Education Department and the Indira Gandhi National Open University (IGNOU), New Delhi, have signed a memorandum of understanding (MoU) to offer a range of undergraduate, postgraduate, diploma, and certificate programmes in Odia language, a minister said. 'Through this MoU, our students can now pursue higher education in Odia,' he said. The minister said offering programmes in mother tongue removes barriers. 'Language or medium should no longer be a hindrance in access to higher education,' he said, adding that this initiative reinforces the National Education Policy's focus on providing education in regional languages. The MoU is expected to foster students' creativity, reduce dropout rates and boost the state's gross enrolment ratio in higher education, the minister added. Higher education secretary Arvind Agarwal, department special secretary Ramakant Nayak, IGNOU vice-chancellor Professor Uma Kanjilal and registrar Dr. Alok Chaubey were present at the event, an official statement said. PTI AAM AAM MNB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Fashion Network
21-04-2025
- Business
- Fashion Network
Arvino to launch five new India stores
Jewellery brand Arvino plans to open five new stores across India to offer its personalised designs to shoppers across the country and connect with new demographics. 'There's no substitute for hard work," said Arvino's founder Arvind Agarwal about his brand journey, Elle India reported. "Stay fearless in your creations and always uphold great karma.' Keen to widen its customer base, the label targets women of a wide range of ages. The brand recently launched new collection 'Soleil,' designed to blend vintage inspirations with modern styling, according to its Facebook page. The collection has gone live on Arvino's direct to customer e-commerce store and includes statement bangles and chokers, sculptural earrings, gemstone beads, and pendants with designs inspired by shells and other natural elements. Arvino was established in 1992 and is headquartered in Miami, US, according to its Linkedin page. The business' website lists Jaipur as its address and its e-commerce store features a wide range of 18 carat gold-plated jewellery with "multi-level certifications across our supply chain to showcase the degree of our sustainability and ethics in our practices," according to the brand. These include RJC™ certification, SEDEX-auditing, and a zero-waste business philosophy.
