This article was written by Suvashree Ghosh and Jeanette Rodrigues. It appeared first on the Bloomberg Terminal.
India has rolled out a fresh plan to tackle an old problem: the mountain of bad loans held by its banks. With the pandemic forecast to push soured assets to a two-decade high, Prime Minister Narendra Modi is struggling to find cash to support the state-run lenders that hold most of it, and to spur credit to a shrinking economy. Most of the risky debt is concentrated in two sectors — telecoms and utilities — that are vulnerable to the economic slowdown, meaning if they face more trouble, then a massive amount of debt goes bad.
1. What’s the plan?
When the pandemic slammed India early this year, the central bank allowed lenders to freeze loan repayments through Aug. 31. Jefferies estimates that borrowers accounting for 31% of outstanding loans took up the
* Online gaming grew at 40 per cent during 2019-20 in India, according to a 2020 report by Ficci and Ernst & Young
* In April, when Paytm First Games, a fantasy sports gaming platform, organised a real-time multiplayer game called Clash Royale Tournament, it witnessed over 11,000 registrations in India
* In 2019, Dream 11, India’s first gaming unicorn, became the official partner for the IPL for ‘fantasy games’
The ongoing Indian Premier League (IPL) in the United Arab Emirates keeps Aditya Puri* busy. He closely follows the best players in the game and meticulously tracks the pitch and the weather. No, he is neither a cricketer nor an IPL team owner. He is an avid gamer who has created his own cricket team on a popular gaming platform. He derives points and earns money based on the performance of his chosen players in the tournament.
The seed funding round, one of the largest seed rounds in the Indian tech space, was led by Lightspeed Ventures India and Accel Partners India
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Fintech startup Uni has raised USD18.5 million in what is being called as one of the largest seed funding rounds from Lightspeed Ventures India and Accel Partners India.
The company is co-founded by Nitin Gupta, who has previously founded PayUMoney and worked with Ola Financial Services as a senior executive along with Prateek Jindal, known for playing a key role in building Olamoney postpaid and Laxmikant Vyas, who has previously head risks for EMI cards business and data science departments at Bajaj Finance.