Latest news with #PrabhakarReddy
Hans India
03-07-2025
- Politics
- Hans India
Midnight demolition sparks political outrage
Nalgonda: Tensions flared up in Chundur town of Nalgonda district after municipal officials carried out a midnight demolition of a building reportedly owned by former Municipal Chairman Tokala Venkanna. The building was torn down using JCBs in the dark of the Tuesday night, triggering widespread criticism and allegations of political vendetta. Venkanna condemned the action, accusing municipal authorities of acting in a biased and arbitrary manner. He claimed that road widening and demolition notices were being selectively issued only to non-ruling party members, while structures belonging to ruling party supporters were either ignored or measured leniently. Questionable road measurements raise eyebrows In a scathing criticism of the ongoing road expansion works, Venkanna pointed out glaring inconsistencies in road width—78 feet in some areas, 85 in others, and even 95 feet in a few places. He alleged that these discrepancies reflect favoritism and political targeting. Vowing to challenge the injustice, he announced his intention to approach the High Court, asserting his faith in the judicial system. Political vendetta, cry BRS leaders The controversy deepened when former Munugode MLA Kusukuntla Prabhakar Reddy visited the demolition site the following day. Accompanied by BRS party leaders and local supporters, he labeled the act as a deliberate political vendetta, allegedly masterminded by current MLA Komatireddy Rajgopal Reddy. Prabhakar Reddy accused the ruling MLA of failing to secure even a single rupee of development funds for Chundur. In contrast, he touted his own track record of bringing Rs50 crore in municipal grants during his tenure. Bring development, not demolitions: BRS to Rajgopal Reddy BRS leaders used the incident to challenge Rajgopal Reddy's leadership. 'If you have the courage, bring development to Chundur instead of targeting opposition workers,' said Prabhakar Reddy, accusing the MLA of misusing his power for political revenge. With legal challenges, public protests, and mounting political friction on the horizon, the midnight demolition may well be the beginning of a larger showdown in Chundur's civic and political landscape.
The Hindu
01-07-2025
- Politics
- The Hindu
25,640 houses completed under PMAY in Nellore district
Nearly 89,577 houses have been sanctioned to the people in SPSR Nellore district under the Pradhan Mantri Awas Yojana (PMAY) and 25,640 houses have been completed so far, said Nellore MP Vemireddy Prabhakar Reddy during the second DISHA (District Development Coordination and Monitoring Committee) meeting, at Nellore Zilla Parishad office, on Tuesday. Mr. Prabhakar Reddy addressed the meeting as the DISHA Committee Chairman. Along with him, Municipal Administration and Urban Development Minister (MA&UD) Ponguru Narayana, District Collector O. Anand, Nellore Municipal Corporation Commissioner Y.O. Nandan, Zilla Parishad Chairperson Anam Arunamma, MLC Balli Kalyan Chakravarthy and others participated in the meet. The MP sought detailed information on various issues during the meeting and said that more than 7.21 lakh beneficiaries are receiving ration from 1,513 fair price shops in the district. He said that there are nine mega industrial projects and 33 large industries in the district, which provide employment to about 19,000 people. 'If there are any problems in the implementation of the schemes, we will immediately bring them to the attention of the Central government and steps will be taken to resolve the issues. The coalition government will provide the best support for the development of the district,' Mr. Prabhakar Reddy said. 'Of the total 31,231 soil tests, 29,714 samples have been collected so far. Drip irrigation sprinklers have been provided to over 5,700 farmers through the Andhra Pradesh Micro Irrigation Project. 24 projects have been undertaken under the Rural Infrastructure Fund at a cost of ₹30 crore. Infrastructure has been provided to 2,934 anganwadi centers in the district,' he added.
Finextra
26-05-2025
- Business
- Finextra
OpenFX raises $23m to bring real-time settlement to cross-border payments
Foreign exchange infrastructure company OpenFX has emerged from stealth with $23 million in funding led by Accel. 0 FX, Lightspeed Faction, Castle Island Ventures, Flybridge, and Hash3 joined the round for OpenFX, the brainchild of Prabhakar Reddy, who previously co-founded digital asset prime brokerage FalconX. The startup is building a real-time, open, transparent FX network that enables near-instant settlement of cross-border transactions. The company claims its platform reduces payment friction by making FX transfers 99% faster and up to 90% cheaper, while operating 24/7/365. Its multi-layer liquidity architecture connects traditional banking rails with digital-native systems, enabling 90% of transactions to settle in under 60 minutes, compared to the industry standard of two to seven days. Launched in stealth in early 2024, OpenFX has validated its cross-border payment platform and settlement network at scale, processing billions in transactions across the top G20 FX pairs, signing up remittance providers, neobanks, brokerages, payment processors, and global payroll companies. The new funding will be used for a push into Latin American and Asian markets, launching treasury management solutions, and extending the firm's regulatory framework across strategic jurisdictions. Says Reddy: "The $200 trillion annual FX market still runs on infrastructure designed in the 1970s, trapping approximately $4 trillion in working capital and extracting hundreds of billions in unnecessary fees annually. "While domestic real-time payments have become the standard, cross-border money movement remains stuck in an analog era. We're building the critical settlement infrastructure needed for the AI-driven economy, where money moves as freely as data—unrestricted by time zones, banking hours, or legacy systems."
Yahoo
24-05-2025
- Business
- Yahoo
OpenFX secures $23m in initial financing round
OpenFX, an FX infrastructure firm facilitating cross-border payments, has emerged from stealth after raising $23m. The funding round was led by venture capital firm Accel. It also saw contributions from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3, and several fintech investors. The newly acquired funds will be allocated for immediate expansion plans in Latin America and Asia, the introduction of treasury management solutions, and the extension of its regulatory framework to cover more jurisdictions. This follows the company reaching $10bn in annualised transaction volume within a year of its launch in early 2024. The company, founded by entrepreneur Prabhakar Reddy, aims to build an FX network that enables real-time, and near-instant settlement of cross-border transactions. OpenFX's platform is designed to reduce the time and cost associated with FX transfers, operating to bypass the constraints of traditional banking hours. The company utilises a multi-layer liquidity architecture that integrates conventional banking systems with digital-native technologies. The platform customer base include remittance providers, neobanks, brokerages, payment processors, and global payroll companies. The leadership team at OpenFX brings together expertise from various sectors, including traditional finance, blockchain infrastructure, and global payments. Reddy said: "While domestic real-time payments have become the standard, cross-border money movement remains stuck in an analog era. We're building the critical settlement infrastructure needed for the AI-driven economy, where money moves as freely as data—unrestricted by time zones, banking hours, or legacy systems." 'We're building the invisible rails that will power the next decade of global commerce—making international payments as seamless, instant, and reliable as sending an email." "OpenFX secures $23m in initial financing round " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Entrepreneur
23-05-2025
- Business
- Entrepreneur
Accel Leads USD 23 Mn Round in OpenFX
The round also saw participation from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3, and other strategic fintech investors. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. OpenFX, a pioneering FX infrastructure startup, has officially emerged from stealth, announcing a USD 23 million funding round led by Accel. The round also saw participation from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3, and other strategic fintech investors. This funding will fuel the company's ambitious plans to expand across Latin America and Asia, launch treasury management products, and scale its regulatory footprint globally. The brainchild of Prabhakar Reddy—co-founder and former COO of USD 8 billion-valued digital asset brokerage FalconX—OpenFX was founded in early 2024 to revolutionise cross-border payments. In less than a year, the startup claims to have processed over USD 10 billion in annualised transaction volume. By leveraging cutting-edge payment rails and an innovative last-mile liquidity model, OpenFX enables real-time, 24/7/365 FX settlement—making global payments 99% faster and up to 90% cheaper than legacy systems. "The USD 200 trillion FX market still runs on 1970s-era infrastructure, trapping USD 4 trillion in working capital," said Prabhakar Reddy, Founder and CEO of OpenFX. "We're building the critical settlement infrastructure for the AI-driven economy—where money moves as freely as data." OpenFX's platform connects traditional financial systems with digital-native infrastructures through a multi-layer liquidity architecture. This allows 90% of transactions to settle within 60 minutes—compared to the industry's 2-7 day norm—without the need for massive balance sheets. The platform has already seen rapid adoption among neobanks, remittance firms, brokerages, global payroll providers, and fintechs, with some clients hitting USD 100 million in transaction volume within just 17 days. "Shekhar Kirani, Partner at Accel, shared: "OpenFX combines an exceptional founding team with a massive market opportunity. They're building the AWS of global finance—trusted infrastructure that empowers enterprises and developers to modernize cross-border commerce." OpenFX's 42-person global team brings experience from heavyweights like PayPal, Affirm, Slack, JP Morgan, Citi, and Microsoft, united by a vision to digitize global money movement. From the US and UK to India and the UAE, their mission is clear: make money move as seamlessly as an email. As OpenFX continues to scale, it is not just disrupting foreign exchange—it is redefining the very rails of global commerce in the digital age.
