Fino Payment Bank's tepid listing could get a big push
Fino Payments Bank, which debuted its public listing on Indian bourses on Friday, posted a 74 percent annual growth in its Profit After Tax (PAT) with Rs 7.89 crore in Q2FY22 ending September 30, 2021, as compared to Rs 4.52 crore in Q2FY21.
Fino Payments Bank, which debuted its public listing on Indian bourses on Friday, posted a 74 percent annual growth in its Profit After Tax (PAT) with Rs 7.89 crore in Q2FY22 ending September 30, 2021, as compared to Rs 4.52 crore in Q2FY21.
Quarterly, the profit growth was 152.07 percent in September 2021 quarter as compared to Rs 3.13 crore in June 2021 quarter.
The payments bank platform has facilitated more than 435 million transactions with a gross transaction value of Rs 1.33 lakh crore in the financial year 2020-21.
The fintech bank turned profitable in the fourth quarter of 2019-20 and has been profitable in subsequent quarterly periods. The bank registered a profit of Rs 20.5 crore in 2020-21.
The Q2FY22 financial results also revealed that that the payment bank's revenue grew by 35 percent YoY at Rs 242.15 crore on the back of 32 percent growth in transaction revenue, 43 percent in subscription income, and 35 percent in open banking.
On November 12, the shares of Fino Payments Bank made a tepid market debut, listing with a discount of nearly 6 percent from its issue price of Rs 577.
The stock made its debut at Rs 548, on BSE, 5 percent below its issue price. It later dipped 7.15 percent to Rs 535.70. At the NSE, it listed at Rs 544.35, lower by 5.65 percent.
The initial public offer of Fino Payments Bank Limited was subscribed 2.03 times earlier this month. The Rs 1,200-crore IPO had a price range of Rs 560-577 per share for the offer.
Check out YourStory's full coverage of TechSparks 2021 here.
Click here to download YourStory’s Tech50 report.
The Interview
In the wake of the pandemic, IT behemoth TCS launched a transformative operating model framework called Secure Borderless Workspaces, becoming the first company to introduce a location-independent work model.
Milind Lakkad, EVP and Global Head, HR at TCS, says it’s critical for an employee’s and the organisation’s values to be aligned for both to be successful. In this conversation with YourStory, he talks about productivity challenges, hiring, onboarding processes, reimagining the supply chain, and much more.
Editor’s Pick: Turning Point
Logistics-tech startup , backed by Tiger Global Management and Sequoia Capital India, was started as The Porter in August 2014 by IIT alumni Pranav Goel, Uttam Digga, and Vikas Choudhary to change the fragmented intra-logistics industry by leveraging technology.
The Mumbai-based startup is a logistics marketplace that allows businesses to book vehicles on demand for completing intra-city logistics needs. It has disrupted various domains of logistics by launching an on-demand marketplace for LCVs and bikes — Porter for Enterprise and Packers and Movers. Read more.
Startup Spotlight
Train your pets with Supertails
It is not easy being a pet parent. Single-handedly caring for one’s fur babies and navigating the confusing online world of pet food and supplies makes the task a difficult one indeed. Bengaluru-based petcare platform , however, promises to ensure a smooth journey.
Launched in 2021 by Vineet Khanna, Varun Sadana, and Aman Tekriwal, the startup provides veterinary care, pet food and supplies, and offers pet training sessions. Read more.
News & Updates
- Surat-based edtech startup Valuationary raised a pre-seed round of $100,000 from strategic investors and corporate leaders. It will use the funds to hire talent for marketing and product development and accelerate its growth to expand its footprint in India and global markets.
- With One97 Communications, the parent company of fintech startup ’s $2.5 billion IPO, nearly 350 of its former and current employees will reportedly become millionaires with a net worth of Rs 1 crore each.
- Fashion and lifestyle ecommerce platform Myntra has named Nandita Sinha as its Chief Executive Officer. Her appointment is effective January 1, 2022, and she will report to Group CEO Kalyan Krishnamurthy.
Before you go, stay inspired with…
“Consumer behaviour towards convenience banking is gaining impetus. To add to that, traction on our UPI platform is also heartening as it reinstates our belief in digitisation as the future of India.”
— Rishi Gupta, CEO and Managing Director, Fino Payments Bank
Now get the Daily Capsule in your inbox. Subscribe to our newsletter today!