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Tag: Ant Financial

  • Top 8 Leading Fintech Startups in China

    Fintech is one of the leading industries in the world because of many emerging unicorns in the sector. The fintech industry has become a game-changer for banking services industries as it has been tremendously impacted by Technology enterprises. Most Fintech startups offer financial services such as mobile payment, digital banking, insurance, crowdfunding, wealth management, or recently even digital currencies like cryptocurrency.

    Fintech companies nowadays have to rely on advanced technology like datasets, Internet of Things (IoT) artificial intelligence (AI), cloud computing, or even blockchain in order to provide their services. Fintech currently has over 79 Unicorns globally making it the largest sector with the most number of Unicorns, while there are more upcoming fintech startups that will be added to the list.

    The global Fintech market was said to be valued at $111 billion, while it is now expected to grow to more than $158 billion by 2023. China is often considered one of the leading countries in the sector of financial technology. The country so far has over 2,160 Fintech startups out of which over 18 are already unicorns. According to some studies over half of the world’s digital payments were made in the country using apps like Alipay and WeChat in 2017.

    In 2018, China received over $25.5 billion investments into its fintech industry making it the leader in this sector. Even to this date china continues to be the leader in the industry because it completed over 600 plus deals in 2018 alone, the country also has the highest fintech adoption rate of 69% in the world.

    China went through a Fintech boom because many startups wanted to fill the gap of traditional banking which lacked in the country by introducing fintech services that fulfilled the needs of ordinary people and SMEs. Because of the growth of the fraudulent practices in the Chinese sector in China, the Government has come up with rules and regulations including 65 national financial standards and 252 financial industry standards to control them.

    The fintech startups in China are targeting the middle class in the sectors of wealth management, different types of insurance and private banking as the services like mobile payment is already popular in the country.

    Tencent
    Ant Financial
    Lufax
    Bitmain
    Dianrong
    Ping An
    JD Digits (Formerly JD Finance)
    Renrenxing Technology
    Frequently Asked Questions

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    Here’s a list of top fintech startups in China.

    Tencent

    Company Tencent
    Founded year 1998
    Headquarters Shenzhen (China)
    Funding $12.6 Billion
    Investors Lippo Group, Prosus & Naspers, PCCW, IDG Capital

    Tencent Logo
    Tencent Logo

    Tencent is considered to be one of the largest gaming companies in the world, but also has a foothold in the Fintech industry. Over the years the company has come up with top-notch payment services through WeChat, which was considered to be the first online-only bank offering wealth management and other financial services in China. Through WeChat Pay the company has made many strategic investments and third-party marketplaces, increasing its valuation to $21 billion in 2018.

    The company was initially founded by Ma Huateng, Tony Zhang, Xu Chenye, Chen Yidan and Zeng Liqing in 1998, with its headquarters based in Shenzhen, China. The main competitor to Tencent in the fintech sector is Alipay which is under Alibaba. By the end of 2019, WeChat had is estimated 800 million users and 50 million merchants on the platform every month. This is why Tencent is one of the most financially valuable companies in the world.

    Ant Financial

    Company Ant Financial
    Founded year 2014
    Headquarters Hangzhou (China)
    Funding $22 Billion
    Investors General Atlantic, Meros Equity Global Management, Warburg Pincus, The Carayle Group, Credit Suisse, Temasek Holdings, Sequoia Capital, Khazanah Nasional, Silver Lake

    Ant Financial Logo
    Ant Financial Logo

    Ant Financial is one of the top fintech startups in China that was founded in 2014 with its headquarters in Hangzhou, China. Ant Financial provides various digital payment services for both customers and businesses.

    Ant Financial is known for its Alipay mobile wallets which offer financial services like transferring money to bank accounts, bill payments, online or offline mobile bill payments, among others. The brands under Ant Financial are Alipay, Ant Fortune, Yu’e Bao, Zhima Credit, MYbank and Ant Financial Cloud.

    Alipay also allows SMEs to accept online payments from customers through cards, corporate credit solutions and Bank transfers. Ant Financial Group is a subsidiary of the Alibaba Group which is a Chinese eCommerce giant and is also said to be the world’s most valuable Unicorn Company.

    As of 2018, the company has over 87 million users across the world along with JV partners, currently, it has over 1.2 billion users worldwide. Besides its mobile wallet services, Ant Financial is also a leading fundraising company in the country.

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    Lufax

    Company Lufax
    Founded year 2011
    Headquarters Shanghai (China)
    Funding –
    Investors HarbourVest Partners

    Lufax Logo
    Lufax Logo

    Lufax is a popular online wealth management and P2P lending platform for personal loans. The company provides insurance services to both individuals and institutions with advanced technology like AI and Cloud. Lufax was founded by 2011 in Shanghai, China and was originally set up by Ping An as an incubation project.

    It currently is the second-largest P2P lender in the country and is planning to branch out its business gradually to work with funds and insurance companies. In 2018, the company also expanded its services to Singapore, the same year it also came out with a new blockchain solution that identifies users and tracks transactions, especially between borrowers and lenders. Lufax is said to be the best Internet financing industry in China as it has accelerated the marketing process.

    Bitmain

    Company Bitmain
    Founded year 2013
    Headquarters Beijing (China)
    Funding $764.7 million
    Investors Temasek Holdings, Crimson Ventures, Noris Capital, Newegg, Coatue, Sequoia Capital China, CAS Investment Management, Jumbo Sheen Group, HuangPu River Capital

    Bitmain Logo
    Bitmain Logo

    Bitcoin is a well-known Edtech startup that provides hardware-based mining solutions for Cryptocurrencies. The company was started by Micree Zhan, Jihan Wu in 2013 with its headquarters based in Beijing, China. Bitmain is known for providing hardware-based mining (ASIC) solutions for bitcoin mining. By 2018, the company became the largest designer of ASIC chips for bitcoin mining.

    Besides ASIC chips the company also makes servers, simple routers, AI applications, mining tools and other services & products for blockchain. Bitmain also operates BTC.com and Antpool which became the biggest pool for bitcoin. Bitcoin introduced Bitmain Technology in 2013 that successfully engaged with the field of AI and increased power consumption speed.

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    Dianrong

    Company Dianrong
    Founded year 2013
    Headquarters Shanghai (China)
    Funding $549 million
    Investors Simon Investment Managers, EG Capital Advisors, Affirma Capital, ORIX Asia Capital, CITIC Securities, China Minsheng Investment Group, GIC

    Dianrong Logo
    Dianrong Logo

    Dianrong is a leading peer to peer platform for personal loans. The company was founded in 2012 with its headquarters in Shanghai, China. Dianrong provides products and service offerings like credit ratings, investment products, marketplace lending solutions risk management and operation tools.

    In 2018, the company created a supply chain finance solution designed especially for finance and business. The company provides a well planned and secure infrastructure for industry data and insights.

    Ping An

    Company Ping An
    Founded year 1988
    Headquarters Shenzhen (China)
    Funding $4.8 billion
    Investors –

    Ping An Logo
    Ping An Logo

    Ping An Technology is the main subsidiary of Ping An Group a multinational conglomerate. The company is in charge of the financial sector that provides services like insurance, banking, investment, and numerous other internet businesses. The company went on to create Lufax and Oneconnect which are both well-known fintech companies in China.

    The company was founded in 2008 and initially provided IT services to firms within the Ping An Insurance Group. Ping An also allows its customers to use its P2P lending services over AI technology. Ping An was the first insurance company to be selected on the index and is currently the World’s top global insurance brand in 2020.

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    JD Digits (Formerly JD Finance)

    Company JD Digits
    Founded year 1998
    Headquarters Beijing (China)
    Funding CN¥ 34 billion
    Investors CICC, COFCO, APOFCO, Sequoia Capital China, China Creation Ventures, China Taiping Insurance, Intonation Ventures, Harvest Global Investments

    JD Finance is one of the leading Chinese fintech companies that was started by the JD Group in 2013. JD Group is one of the biggest B2C online retailers in China. The company has its headquarters in Beijing, China and aims to become the most trustworthy internet investment and funding platform. The company provides its customers with services for investment and financial management, which are easy, high yielding and safe.

    The company uses advanced technology big data, AI, cloud computing, blockchain and IoT for providing its financial services. JD Finance is estimated to be $20 billion as it raised over $1.9 billion in 2018. The company comprises 10 business divisions that cover different types of covering corporate and consumer finance needs.

    Renrenxing Technology

    Company Renrenxing Technology
    Founded year 2014
    Headquarters Beijing (China)
    Funding CN¥ 4.5 billion

    Renrenxing Technology is another popular Chinese Edtech startup that is known for developing applications for borrowing and lending money. The company started Jiedaibao in 2015 which has its headquarters in Beijing, China. Jiedaibao is a leader in providing peer to peer services for lending and borrowing money, besides that it also offers services like matching, registration, collection and other services for small loans for customers and SMEs.

    The company is now known to be the country’s top tech unicorn company as its valuation is estimated to be over $10 billion. Through Jiedaibao, Renrenxing Technology has come up with an app that helps in deciding interest rates independently and based on that it generates an electronic contract that is legal. This enables their customers to get personal loans at a fixed price and get reminded of the repayment or expiry of the contract.

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    Frequently Asked Questions

    What are the top Fintech startups in China?

    The top Fintech startups in China are Renrenxing Technology, JD Finance, Ping An, Dianrong, Bitmain, Lufax, Ant Financial and Tencent.

    How many fintech startups does China have?

    The country so far has over 2,160 Fintech startups out of which over 18 are already unicorns.

    What is the valuation of the global fintech market?

    The global Fintech market was said to be valued at $111 billion, while it is now expected to grow to more than $158 billion by 2023.

  • Story of Zomato COO and CoFounder, Gaurav Gupta from Entry to his Parting

    Gaurav Gupta was the Global Head of the Advertising sales of Zomato and was later promoted to the COO position of the company. After 4 years of exceptional contribution towards his work and leading the launch of a wide range of the services of the business, Gaurav Gupta was again elevated to the rank of the Co-founder of Zomato on March 2, 2019. However, after a brief stint of a little more than 2 years as the Co-founder and COO of Zomato, Gaurav Gupta resigned from the company on September 14, 2021.

    Quite intriguing isn’t it?

    We know you want to know more about Gaurav Gupta, which is why StartupTalky covers the story of Zomato COO and Co-founder, Gaurav Gupta from his entry into the organization to his resignation.

    Gaurav Gupta Biography

    Name Gaurav Gupta
    Nickname GG
    Nationality Indian
    Education Indian Institute of Technology (IIT) Delhi
    Profession Sales and Advertising Head, Business Head
    Position Former COO and Co-founder of Zomato
    Co-founder Zomato

    Gaurav Gupta Before He Joined Zomato

    Little is known about Gaurav Gupta’s life before he joined Zomato, but as per his Linkedin profile and a TOI article, Gaurav worked as a consultant at A.T. Kearney for a decade.

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    Gaurav Gupta’s Early Days in Zomato

    Gaurav joined the organization in 2015 and was the Head of the Supply of Zomato. He was the key person, who led the launch of numerous services that the online food ordering platform currently draws revenue from across a bunch of international markets. Furthermore, Gaurav also launched the table reservation business and was also responsible for scaling it up across India, UAE, and Australia.

    Gaurav Gupta not only led the advertising sales of the company globally but also played a significant role in launching Zomato Gold. Gupta played an instrumental role in growing the subscription service of Zomato to one of the fastest-growing of paid membership programs. Furthermore, he had also worked with Zomato’s payments business, registered under Zomato Pay.

    Gaurav was then promoted as the COO of the company and thereby, acted as the head of the operations team.

    Gaurav Gupta eventually moved from the COO role to lead Zomato’s nutrition business. On this Gaurav mentioned via an email saying, “I was anyway not doing this role, and it will be great for all of us if we find someone better than me to do this role,” wrote Gupta.

    Gaurav Gupta Promoted as the COO of Zomato

    In January 2018, at a time when Zomato was seeing a key shuffle in top management roles, he was elevated from his earlier role of the global head for advertising sales to the COO. As the COO, he was given charge of critical operations including content and new initiatives such as their cloud kitchen module, Zomato Infrastructure Services along with sourcing and reviews on the platform.

    Gaurav Gupta as the Co-founder of the Company

    In a move that Zomato’s Co-Founder and CEO Deepinder Goyal stated as ‘empowerment for the right person’, the company’s 38-year-old Chief Operating Officer (COO), Gaurav Gupta was given the title of co-founder. The announcement, which comes as a surprise to many, was made by the company’s CEO Goyal in an internal mail on the 1st of March, 2019. Zomato confirmed the development but declined to share further details.

    Deepinder Goyal stated in the mail saying,

    This is not a ‘reward’- this is empowerment, for the right person, to seamlessly be able to level-up to a role which he has shown the potential for.” He further mentioned that along with the new title of co-founder, Gupta’s role and title as the COO would still be maintained.

    The company then decided to elevate Gaurav Gupta’s position to that of the Co-founder of the company in March 2019.

    As part of the employee empowerment policy of Zomato, the company embraced Gaurav Gupta as one of its co-founders.

    “We are going to call GG ‘co-founder and COO’, in addition to his COO role,” said the Co-founder and CEO Deepinder Goyal via an email to its employees.

    His services were looked up to by everyone in Zomato and he was even singularly praised by CEO Goyal on a couple of occasions due to the success that Zomato is enjoying through numerous add-ons to its primary food delivery business. These include Zomato Gold, the subscription service of Zomato; Hyperpure (through which Zomato supplies fruits, vegetables, and meat to restaurants); the events unit of the company, Zomaland, and more.

    Why is being a Co-founder prestigious and rare in the Startup Ecosystem?

    It is one of the rare moments in the startup ecosystem when a company rewards its experienced and executive by conferring them the title of a founding partner. However, it happened with Zomato and Gaurav Gupta.

    The ride aggregating giant, OLA is another Indian startup company that encourages its employees in a similar fashion. Pranay Jivrajka, an early employee of Ola had also been given the title of a founding partner in 2017, where a similar thing happened. The Chief Executive Officer (CEO) of Ola Foods and a Co-founder of Ola has already taken an exit from the firm in the wake of 2021.

    The Exit of Gaurav Gupta

    Gaurav Gupta finds his way to exit on September 14, 2021, after two years since his promotion to the position of a Co-founder. The resignation of Gaurav Gupta comes a little more than a year after Pankaj Chaddah had quit the company in March 2020. Pankaj Chaddah co-founded Zomato with Deepinder Goyal in 2008 and had been extensively known as the face of the brand for over a decade.

    Zomato has already drawn a conclusion to some of its business lines and subsidiaries, including its grocery delivery service, nutrition and nutraceuticals, along with some of its international subsidiaries.

    Gaurav Gupta had sent a heartfelt email on his parting to every one of Zomato where he addressed Zomato Co-founder and CEO Deepinder Goyal via a special mention. Deepinder also replied to Gaurav promptly in the same email bidding his Co-founder a fitting farewell.

    Furthermore, Deepinder also took to Twitter to announce the exit of his co-founder and thanked him for the amazing journey of six long years that they spent together. Here goes his Tweet:


    On his resignation, Gaurav Gupta has said that this will be a new turn in his life, and he will be starting a new chapter after he leaves Zomato.

    Zomato and the Resignation of its COOs

    Gaurav Gupta is not the only COO of Zomato who resigned from the company, nor is he the first of its top-level resignations. Zomato seems to have seen a couple of other resignations too of people working in similar designations.

    Pankaj Chaddah was another Zomato personality who donned several hats, among which it is crucial to mention that he was also strikingly the COO of the firm. Deepak Gulati, who had joined Zomato as the President and the Chief Operating Officer of the company had also resigned in September 2017, within six months.

    Conclusion

    Resignations and struggles are part of every organization and Zomato is not an exception but the ground it gives to its employees to grow as an individual and as a team player is laudable indeed. Zomato is backed by investors like Chinese payment giants Ant Financial (payment affiliate of Chinese e-commerce giant Alibaba), venture capital firm Sequoia and Naukri-owner Info Edge with a valuation of over $2 billion. However, with the competition from companies like Swiggy and a never-ending demand for better service, only time will tell how this move will affect in helping Zomato stay ahead of its competitors.

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    FAQ’s

    Who is Gaurav Gupta?

    Gaurav Gupta is the co-founder of Zomato who was elevated to the role of Co-founder from COO and eventually resigned from the organization on September 14, 2021.

    When he joined Zomato?

    Gaurav Gupta joined Zomato in 2015 and was working as a global head for advertising sales for Zomato.

    What’s his current role in Zomato?

    Gaurav Gupta is currently leading Zomato’s nutrition business.

    Who is the founder of Zomato?

    Pankaj Chaddah and Deepinder Goyal are the founders of Zomato. Zomato was founded in July 2008.

    Who are the co-founders of Zomato at present?

    Zomato has four cofounders— Deepinder Goyal, Gunjan Patidar, Gaurav Gupta, Akriti Chopra, and Mohit Gupta.

  • Why has Jack Ma not made any Public Appearance

    Jack Ma is a Chinese based entrepreneur, philanthropist and investor. He is the co-founder of Alibaba Group. In the Great leaders’ list of Forbes’ World’s 50 Greatest Leaders, he was ranked 2nd. He is considered to be an influential figure for the community of startups. Jack Ma had not made any public appearance for a quite few months. Let’s look at the reason for it.

    Disappearance of Jack Ma
    Reason for the Disappearance
    Jack Ma’s Last Appearance
    FAQ

    Disappearance of Jack Ma

    Jack Ma had not made any public appearance since October 2020 and later made an appearance through an online video during the month of January 2021. His disappearance had created a fear about his whereabouts.

    It was reported that Jack Ma was also missing from the final episode of his own talent show where he provides a chance for African entrepreneurs to compete for USD 1.5 million. The talent show is named as Africa’s Business Heroes.

    In the month of January 2021, the disappearance of Jack Ma had made headlines in most of the newspapers.

    Reason for the Disappearance

    The disappearance of Jack Ma began when he criticized the regulatory system of China in the month of October claiming that it has a pawnshop mentality. He criticized the regulatory system saying that companies like AliPay were unsuitable for financial regulatory structure just like that of China’s.

    This had happened days before Ant Group was looking forward to launching one of the world’s largest IPOs worth USD 37 billion on the Shanghai exchange and the Hong Kong Exchange. Following the criticism, the Chinese authorities had launched an anti-monopoly probe against the company and stopped its IPO application.

    Jack Ma Wealth
    Jack Ma Wealth

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    Jack Ma’s Last Appearance

    Jack Ma had appeared in an online conference where he addressed 100s of teachers. This conference was part of his annual event which Jack Ma hosts in order to recognize the efforts of the rural teachers.

    State-affiliated media Global Times had shared a video and tweeted saying Jack Ma has not disappeared, here we go and added the statement that Jack Ma just had a video conference with 100 village teachers in the morning conveying that they would meet up once the Covid situations are better.

    Qingqing Chen who is a senior reported added a follow up tweet which said that Jack Ma who used to be an English teacher gave wishes to the English teachers through a video. She added on saying that normally this activity would be held in Sanya in Southern Hainan but this year due to the ongoing pandemic it was done through a video conference.

    There was another video that showed Jack Ma taking a tour in a primary school in his hometown of Hangzhou. He had informed the teachers that he would spend more time in Philanthropy.

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    FAQ

    When was Jack Ma last seen in public?

    Jack Ma was last seen on Jan 20 during a live video chat with rural educators.

    Is Jack Ma the richest man in China?

    Jack Ma is no longer the richest person in china in 2021.

    What does Jack Ma do?

    Jack Ma is an Entrepreneur, Businessperson, Teacher and a Philanthropist.

    Conclusion

    Jack Ma’s exact whereabouts have not yet been identified by the Chinese authority. However, the anti-monopoly case against the company has been implemented even after the appearance of Jack Ma.

  • Changes in FDI Norms: Harm to investors from China or to Unicorn Startups Of India?

    The government of India brought in a lot of changes in the FDI norms. This was done keeping in mind the nation’s condition amidst the global pandemic. The main aim was to prevent foreign companies from opportunistic take overs of Indian firms.

    The recent investments made their point on curbing Chinese investments in Indian Firms. As per the new FDI norm any country that shares a land border with India will no longer be able to use the automatic route in the FDI. The companies who would like to invest must seek government’s clearance over any investment proposal.

    The changes were brought in late April earlier this year. The main aim was to stop Chinese Investors from   their predatory behavior. These rules would be applied on countries such as Bhutan, Pakistan, Nepal, Myanmar, Afghanistan. But there is a very small flow of investments from these countries. So, this is evident that the norms are to keep an eye on China for any signs of exploitative behavior.

    All this was not done on any sudden decision. The reason behind all this is form the year 2015. Since 2015 China has increased its investment in India. This looks like a very strategic move. According to a report by the DPIIT, Department for Promotion of Industry and Internal Trade. The total amount of FDI that has flown from China to India is around $1.8 Billion. All this within a 2015-2019. In the year  2015 itself there was an investment of total $494.75 million.

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    The industry that has particularly caught the eye of the Chinese investor is the Indian Automobile Industry. Between the same period that is from 2015-2019. The automobile Industry has seen a total investment of $876.30 million. The electrical equipment manufacturing along with the book printing sectors have also seen a hug inflow. All this FDI flow confirms the foothold of Chinese investors in the nation.

    Yearly FDI Inflows (in USD Million)
    Yearly FDI Inflows (in USD Million)

    The companies that would be affected the most would be the companies like BigBasket, Paytm and Ola. These companies are just collateral damages of the governments new rules to protect minor companies. The online Grocery vendor Gofers along with the digital payment app and OLA have  received millions of dollars as investment from Chinese Investors.

    The new norms would effect the fresh funds that were supposed to role in.

    “The new FDI guidelines essentially imply Chinese capital would require prior government approval. In effect, given the uncertainty around approval, startups will shy away from Chinese capital. In the immediate future, this could impact PhonePe and potentially Paytm at a later date,” said Ashneer Grover, CEO and co-founder, BharatPe

    According to a report by the Think Tank Gateway House a total of $4 Billion has been invested in Indian startups by the Chinese tech investors. Another report said that 18 of India’s 30 Unicorn Startups are funded by Chinese Investors.

    Companies having Chinese Investments are:

    | Chinese Investors | Indian Startups|
    |— |— |—|
    | Tencent | Byju’s,Ola,Dream11,Flipkart,Hike |
    | Alibaba | Paytm,BigBasket,Snapdeal,Zomato |
    | Xiaomi | Hungama, Sharechat, Rapido |

    BigBasket the online grocery store got a $50 million funding from Alibaba. This investment rolled in when the company was facing its own share of problems in the lockdown. But these new FDI norms would hit the company. BigBasket would face troubles for its capital infusions with Alibaba. BigBasket would now have to search other places to reach its requirements on the basis of investments.

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    Paytm raised a huge sum of $1 Billion from the Soft Bank in Japan and from Ant Financial from Alibaba. Paytm faces tough competition from Google and PhonePe(owned by Walmart). To fight these competitors Paytm has to be always on the edge of innovation . But the company would face a major fallback after the new norms. Alibaba is the largest share holder in the company. This would indeed affect the digital payments platform.

    Alibaba’s Ant Financial has been an investor in Zomato since the year 2018. Ant Financial invested $210 million in the food delivery app. It go a stake of 14.7%. By this Ant Financial became the company’s Largest investor. This stake was raised to 23%. According to news reports this was going to be increased earlier this year. But between that the Indian government revised its FDI norms.  

    18 of the 30 Unicorn Startups who are funded by Chinese Investors would face a lot of troubles. The move of making changes in the FDI norms is to hurt the Chinese Investors. But this would hurt the unicorn startups. This move has put many jobs on risk.