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Time of India
18 hours ago
- Business
- Time of India
DSP Asset Managers partners with Cybrilla to bring mutual funds live on ONDC Network
DSP Asset Managers has partnered with Cybrilla to become one of the first mutual fund companies to go live on the Open Network for Digital Commerce (ONDC). By joining ONDC Network , DSP MF is opening up new opportunities as the network's open design lets more distributors, including local entrepreneurs and fintech startups—offer mutual funds to a wider audience. ONDC is an initiative of the Ministry of Commerce and Industry, Government of India to create a facilitative model that revolutionizes digital commerce, giving greater thrust to penetration of retail e-commerce in India, according to a press release by the fund house. Also Read | Nearly 112 lakh SIPs closed in 2025: Should you worry about the negative net SIP trend? Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » ONDC Network's financial services initiative focuses on helping people who have been unserved / underserved by the traditional financial system. It provides easier access to credit for individuals and small businesses, especially in areas where banking services are limited. It also offers simple investment options for first-time investors who want to start small and grow their savings steadily, the release added. Because ONDC Network is decentralized, DSP and its partners can create new investment products like daily SIPs or goal-based micro-investments. Live Events This setup also lowers costs. DSP can cover KYC and payment gateway fees, making it easier for new distributors to join and serve customers. The Network's focus on bringing in first-time investors and keeping them engaged fits perfectly with DSP's belief in disciplined, long-term investing. ONDC network is also evaluating feasibility of newer technologies like Central Bank Digital Currency (CBDC) which can be used for purchase and redemption of mutual funds lowering overall costs and offering instant settlement. "Our Integration with ONDC is a big step toward making investing simple and available to everyone in India. We want to reach people in smaller cities who have fewer options and help them start building wealth with confidence. This is not just about technology — it's about giving more people a fair chance to grow financially,' said Manish Rathi, VP and Head – Consumer Growth Marketing, DSP Asset Managers. Also Read | Mutual funds slashes cash allocation by Rs 13,000 crore in June; PPFAS and Quant MF join trend "This integration signals a shift from centralized distribution to decentralized opportunity. By bringing mutual funds onto the ONDC Network, we're not just expanding access; we're reconfiguring the way financial products are discovered, trusted, and adopted at scale. DSP's early participation exemplifies the foresight needed to lead in this new landscape,' said Vibhor Jain, Acting CEO and COO at ONDC. "Bringing mutual funds onto the ONDC network isn't just a technical milestone, it's a structural shift in how financial products reach people. With DSP Asset Managers on board, we're enabling a new kind of distribution where local distributors and digital apps can offer low-cost, goal-based investments to first-time investors across India. It's exactly the kind of inclusive infrastructure we've always wanted to build, and we're proud to help make wealth creation more accessible,' said Anchal Jajodia, Co-founder, Cybrilla.
Mint
27-05-2025
- Business
- Mint
Nandan Nilekani-backed bus operator seeks up to $70 million to accelerate its expansion
Bengaluru: IntrCity SmartBus, a Noida-based bus operator, is looking to raise as much as $70 million in Series D fundraising from existing and new investors to fuel its expansion, said three people familiar with the developments. Growth-stage venture capital firm A91 Partners, which has invested in startups such as Sugar Cosmetics, Blue Tokai Coffee Roasters, and beverage maker Paper Boat, is likely to pick up a 15-20% stake in IntrCity SmartBus, they said. 'The specifics of the deal are still being worked out. There is considerable interest so more investors may join the round," one of them said. The Series D fundraising round will result in a higher valuation for IntrCity SmartBus, which is currently estimated to be worth about $120 million, said the second of the three people. IntrCity SmartBus, which operates buses on intercity routes (as its name suggests), will use the capital to add 500 buses over the next two years and serve 1 million travellers every month. The company will also use a part of the funds to expand the operations of its companion brand RailYatri, this person added. IntrCity SmartBus currently operates more than 300 buses through 30 partner operators on more than 630 routes across 16 states in India, handling about 300,000 passengers every month. RailYatri, a train-booking platform, serves more than 14 million users a month. The bus operator previously raised $4.5 million in its Series C fundraising round in February last year from Mirabilis Investment Trust, with existing investors including Nandan Nilekani's family trust, Omidyar Network India, and US-based Ujamaa Ventures participating. Overall, IntrCity SmartBus has raised about $50 million since its inception in 2019. 'We have ambitious plans for the next two years, and we are working on the best strategy to achieve that. Conversations from both private and public market funds is a regular business-as-usual at IntrCity. As of now there is nothing concrete yet," a spokesperson for IntrCity SmartBus said in response to Mint's queries on its fundraising plans. A91 Partners did not respond to Mint's query emailed on Monday. Also read | Mint Exclusive: KKR eyes its largest Asia infra fund topping $9 bn, India to corner a big slice Bus bookings: On the fast-track IntrCity SmartBus expects its revenue, which jumped 70% to ₹540 crore in 2024-25, to climb to ₹1,000 crore by FY27 as it adds 500 buses and new routes connecting remote regions, co-founder and chief executive Manish Rathi said in a statement last month. 'While the bus industry in India spans three generations, the key challenge traditionally has always been balancing scale with profitability. We believe we are the only player in the industry today to have cracked the code of scaling profitably—using technology, data science, and operational compliance as our core enablers," Rathi had said. Competition in India's online bus-booking segment is on the rise. In December, BP Ventures, the venture capital arm of British oil and gas giant BP, invested $9 million in intercity bus operator Zingbus in a Series A funding round. In August last year, Bengaluru-based all-electric bus platform Fresh Bus secured $10 million in a round led by early-stage venture capital firm Maniv. Peak XV-backed travel fintech company Scapia also ventured into bus travel with 'Scapia Buses' in July last year. Also read | Flipkart on track to open 800 dark stores by December as quick commerce booms Between July and September 2024, India's intercity bus market saw a gross ticketing value of ₹4,000 crore, with over 5,000 active private bus operators serving 44.78 million passengers, according to redBus's India BusTrack Report. In FY24, redBus, a bus-booking platform owned by online travel platform MakeMyTrip Ltd, recorded a gross merchandise value (GMV) of over $1 billion and revenue of $100-103 million, with a growth rate in the mid-twenties. The company planned to maintain this growth trajectory in FY25. MakeMyTrip's bus-ticketing segment saw its revenue rise nearly 32% year-on-year to $31.8 million in the latest October-December quarter. India's intercity bus industry is projected to touch ₹1.04 trillion in value by 2026, expanding at a compound annual growth rate of over 6%, according to a February 2024 report by the Internet and Mobile Association of India and Grant Thornton Bharat. Also read | Investcorp wins big from Citykart exit after co gets capital from A91, TPG | Company Business News
