IDFC First Bank Probes Suspected ₹5,900 Cr Fraud

IDFC First Bank has announced it is investigating a suspected fraud of about $65 million (₹5,900 crore) involving accounts of Haryana government entities. The issue surfaced when one of the departments attempted to close its account and discrepancies in balances were discovered.

The first outlet to report the IDFC First Bank suspected fraud case was PTI (Press Trust of India). Multiple publications including The Hindu BusinessLine, Rediff, and Times of India later carried the story, but they all cited PTI as the original source of the disclosure.  

Key Details

• Branch involved: Chandigarh
• Employees suspended: Four staff members pending investigation
• Nature of fraud: Discrepancies in reconciliation of balances in government accounts
• Actions taken:
  • Police have been alerted
  • A Special Committee was convened on February 20, 2026
  • The Audit Committee and Board of Directors met on February 21
  • An independent forensic audit will be appointed
  • Recall requests sent to beneficiary banks to lien-mark suspicious balances

Why This Matters

This case highlights vulnerabilities in internal controls at banks, especially when handling large government accounts. It also raises questions about oversight mechanisms in public sector financial management.

IDFC FIRST Bank Launches FIRST Wings Start-Up Lounge to Empower Indian Start-ups

IDFC FIRST Bank, today announced the launch of startup lounge an exclusive space designed to support entrepreneurs and empower early-stage startups in India. Located in Koramangala, Bengaluru, this unique space aims to provide essential resources, mentorship, and networking opportunities for entrepreneurs looking to scale their businesses.

On the occasion Mr. Bhavesh Jatania, Head Start-up Banking, IDFC FIRST Bank said “We are excited to announce the IDFC FIRST Bank Start-up Lounge, a first of its kind initiative by a bank in India. The Start-up Lounge will serve as meeting and collaboration point, providing entrepreneurs a conducive environment to innovate and grow. IDFC FIRST Bank will also partner with leading incubators, accelerators, venture capitalists and angel investors, creating synergies that will help startups gain competitive edge in a fast- evolving business environment.”

The FIRST Wings Start-up Lounge is equipped with state-of-the-art facilities, including meeting rooms and advanced video conferencing solutions, creating an ideal environment for entrepreneurs, and investors to connect, collaborate and grow.

To provide additional support to the entrepreneurs the Start-up Lounge will also host events:

• Knowledge Sessions: Access to a curated knowledge resources and mentorship sessions conducted by industry experts.
• Networking Events: Events that connect startups with investors and industry experts.
• Pitch Presentations: Present business ideas to potential investors and receive valuable feedback.

Key features of the First Wings Startup Banking Program by IDFC FIRST Bank:

• FIRST Start-up Current Account: Zero fee current account with free banking services with no minimum balance requirement for initial three years for early-stage startups.
• FIRST Bravo Feature: A smart sweep facility that allows startups to earn returns up to 7.25% on idle funds by automatically transferring excess amounts over Rs 2 lakhs into fixed deposits.
• FIRST Business Corporate Credit Card: Designed to help start-ups manage their business expenses with a flexible step-up credit feature.
• Founder Success Program: “LeapToUnicorn” one of its kind initiatives that provides access to mentorship, networking and fundraising opportunities through a meticulously planned journey.

Conclusion

With the support of various ecosystem partners, including investors, government bodies, and accelerators, the FIRST Wings Start-up Lounge aims to act as a catalyst for start-up growth. By bringing together key players in one space, IDFC FIRST Bank is helping startups navigate the complexities of growth and innovation.

About IDFC FIRST Bank

IDFC FIRST Bank is a new age Universal Bank in India built on the foundations of Ethical Banking, Digital Banking, and Social Good Banking. We are building a world class bank in India.

As part of the Bank’s ethical banking approach, it applies a "Near and Dear" Test to its products, so that the employees of the Bank serve only such products they'd want for their own loved ones. It believes income earned unethically is not worth earning.

Therefore, the Bank avoids complicated descriptions, calculations, and legalese that customers don’t understand. It abolished all charges on Savings Accounts including for Debit Cards, IMPS, RTGS, NEFT, Cash Deposit, “Non-Home branch” access, Cash withdrawals at ATMs and at branches, 3rd party transaction charges at branches, SMS Alert, Cheque book, Demand Drafts, Pay-order, duplicate statement, and all such services that are usually charged in the market. It follows the principle that it won’t touch its customers’ bank account for one reason or other. It is the first and only bank in India till date to do so.

IDFC FIRST Bank is the first bank in India to offer monthly credit on savings accounts. The credit cards have no hidden charges. It offers Lifetime Free without minimum spend conditions, never-expiring rewards points, zero interest on cash withdrawal at ATMs, dynamic low APR and much more. Fees if any are transparent and described neatly in a manner a common person can understand. Every product offered by the bank is highly customer friendly, most often the best in the industry.

As part of technology led banking, the Bank has built a modern technology stack and has built an advanced mobile app with 250+ features such as Goal based investing, MF investment assistance, electric-speed payments, Account Aggregator, MF Aggregator, Personal Finance Manager, Auto categorisation of spends, single app for personal and business banking, UPI on Credit Cards, travel and shop, bill and recharges, deals and reward redemptions, which offer great convenience to the customers. For business customers the Bank offers on-the-go bulk payments, ability to pay income tax, GST, customs duty, and connected banking with ERP solutions.

As part of the Social Banking theme, the Bank’s business model is naturally geared to social banking. It has developed unique capabilities for financing bottom of pyramid customers with consistently high asset quality. The Bank has financed over 40 million customers including 0.3 million SMEs, 0.9 million livelihood (cattle loans), 16 million lifestyle improvement loans (for laptops, washing machine, etc.), 1 million sanitation loans (toilets, water fittings), 6.5 million mobility loans (2-wheelers and cars), and home financing (over 100,000 homes), and 15 million loans to 4.3 million women-entrepreneurs. It also offers other retail and rural loans such as Kisan Credit Cards, harvest financing, gold loans etc.

IDFC FIRST Bank is a Universal Bank, and offers end to end Corporate Banking, Trade Finance such as issuance of LCs & BGs, SBLC, Packing Credit, Pre-shipment and Post-shipment Finance, Treasury products including risk hedging solutions like Forwards, Swaps, Options, and other Forex Solutions, SME Banking, Wealth Management, NRI banking, Cash Management, Nostro & Vostro account operations, Escrow facilities, Correspondent Banking, Fastag, Toll-acquiring, Dealer Finance and Purchase/Sales Invoice discounting.

ESG Goals: The Bank is incorporating ESG in every aspect of working and has high ESG scores. The Bank believes that to get an opportunity to create a new age, ethical and world class Bank for India is a great privilege for its employees.

The FIRST Millennia Credit Card Guide - Is It Built for You?

In today's fast-paced digital world, having a reliable and rewarding credit card is like having a passport to endless possibilities. That's where the IDFC FIRST Millennia Credit Card comes into play. Whether you're a young professional or a tech-savvy individual, this credit card is designed to elevate your financial experience without any hassles. In this guide, we'll walk you through the exciting benefits and features of the FIRST Millennia Credit Card and help you determine if it's the perfect fit for you.

Why the IDFC FIRST Millennia Credit Card?

Picture this: A credit card that's not only powerful but also absolutely free for a lifetime. Yes, you read that right! The FIRST Millennia Credit Card stands out as a lifetime-free credit card that offers a plethora of advantages tailored to suit your modern lifestyle. Let's dive into some of the key features that make it a standout choice:

1. Tailored for millennials

The name says it all! This online credit card is built with the young and dynamic generation in mind. Whether you're exploring the world, dining out, or indulging in online shopping sprees, the FIRST Millennia Credit Card brings you exclusive offers and discounts across various categories that resonate with your preferences.

2. Unravel a world of offers

Get ready to be spoilt for choice with over 300+ merchant offers, low interest rates, 10X reward points, and amazing merchant discounts. From cashbacks on online shopping to fuel surcharge waivers, this card has got it all covered. Enjoy discounts on leading food delivery apps, entertainment platforms, and e-commerce giants. Your cravings for savings and rewards are in for a treat!

3. Effortless online application

Say goodbye to lengthy paperwork and hello to simplicity. Applying for the FIRST Millennia Credit Card is a breeze, and the best part is that it's done entirely online. Ensuring that you meet the eligibility criteria of having an annual income of ₹ 3 Lacs or more, you can enjoy its benefits. No more waiting in long queues or dealing with paperwork. Just a few clicks, and you're on your way to holding a powerful financial tool in your hands.

4. Contactless transactions

In a world where time is of the essence, contactless payments are a game-changer. The FIRST Millennia Credit Card comes equipped with contactless payment technology, making your transactions faster and more secure than ever before. Just tap your card and breeze through your payments.

Is the FIRST Millennia Credit Card your ideal match?

The IDFC FIRST Millennia Credit Card is undoubtedly a compelling choice for those who value simplicity, rewards, and convenience. If you're a tech-savvy individual who loves exclusive offers, seamless online experiences, and the idea of a free credit card that caters to your lifestyle, then this card is tailored just for you.

In conclusion, the FIRST Millennia Credit Card is not just another online credit card; it's your gateway to a world of exciting benefits and financial empowerment. With its tailored features and unbeatable rewards, it's time to take your financial journey to the next level. Apply for the IDFC FIRST Millennia Credit Card today and embark on a journey towards a more rewarding future.

IDFC First Bank Signs Up With Indian Navy to Offer Honour First Banking Solutions

Commodore Neeraj Malhotra, Commodore – Pay and Allowances, Indian Navy and Colin D’Souza, Head – Corporate Salary, IDFC FIRST Bank after signing a memorandum of understanding (MoU) at the Naval Headquarters in New Delhi.

IDFC FIRST Bank announced the signing of a Memorandum of Understanding (MoU) with the Indian Navy to offer Honour FIRST, a premium banking solution, to serving personnel and veterans of the Indian Navy.

The Honour FIRST Defence Account is specially designed keeping in mind the needs of the Armed Forces and its veterans. Account holders of Honour FIRST are supported by a dedicated team of defence veterans.

The MoU for Honour FIRST was signed at the Naval Headquarters in New Delhi between Commodore Neeraj Malhotra, Commodore - Pay and Allowances, Indian Navy and senior officials of IDFC FIRST Bank.

Commodore Neeraj Malhotra, Commodore-Pay and Allowances of Indian Navy, said, “I welcome the initiative of IDFC FIRST Bank to offer customized banking solutions to suit the needs of the Indian Navy and its personnel.”

Speaking on the occasion, Amit Kumar, Head – Retail Liabilities, IDFC FIRST Bank, said, “This is indeed a proud moment for us. The association couldn’t have come at a better time as the Indian Navy commemorates the 50th anniversary of India’s historic victory in the 1971 war. We look forward to serving the banking needs of the prestigious Indian Navy as its safeguards the maritime frontiers of our country. This association is rooted in our nation-first approach to banking and reiterates our longstanding commitment to meeting the needs of our Armed Forces.”

The Honour FIRST Defence account comes with a range of privileges and features such as a zerobalance salary account that earns up to 5 per cent interest per annum and a netbanking and mobile App that offers superior user interface and experience.

Honour FIRST Account holders get a free enhanced Personal Accident Insurance Cover of Rs. 46 lakhs for both on-duty and off-duty incidents. This not only covers accidental death but also total and partial permanent disability. This Personal Accident Insurance Cover includes a Child Education Grant of Rs. 4 lakhs, and a marriage cover of Rs 2 lakh.

In addition, other best-in-class features include a top-of-the-line Visa Signature Debit Card with no annual charges, free Air Accidental Insurance cover of Rs. 1 crore and complimentary airport lounge access at domestic airports, twice a quarter.

Honour FIRST Defence Account also offers free lost card liability and fraud protection of up to Rs. 6 lakhs, purchase protection against burglary, theft and damage up to 90 days from date of purchase up to Rs. 1 lakh.

Account holders of Honour FIRST are eligible for a ‘Free for Life Credit Card’ with variable APR and 10X Reward Points, 1.5% forex markup, complimentary access to select spas and lounges at domestic and international airports, travel insurance and other benefits round the year. Privileges also include 10X reward points on spends greater than Rs. 20,000, 6X rewards on all online spends, complimentary for life & interest-free credit for purchases and cash withdrawals.

Other benefits comprise free unlimited ATM transactions across all domestic ATM’s, free online payment transactions, unlimited cheque books and anywhere banking across the Bank’s network of branches and ATMs.

The Bank is constantly investing in state-of-the-art technology to bring digital innovations to its customers, with a view to enhancing customer convenience and experience.


About IDFC FIRST Bank

Created in 2018 by the merger of renowned infrastructure financing institution IDFC Ltd. and leading technology NBFC, Capital First, IDFC FIRST Bank, with a balance sheet of over Rs. 1,68,000 crore, has provided over 30 million loans in its combined history and serves customers in over 60,000 villages cities and towns across the length and breadth of the country. IDFC FIRST Bank’s vision is to serve an aspiring India, backed by human values and technology and to be a force for social good. The Bank’s mission is to touch millions of Indians in a positive manner.

In a short time, the Bank has expanded to 601 branches, 161 asset service centres, 609 ATMs and 94 recyclers and 623 rural business correspondent centres across the country, a next-generation net and mobile banking platform and 24/7 Customer Care services, and is incrementally growing digitally. IDFC FIRST Bank is committed to bring high-quality banking at affordable rates to India. The Bank also offers technology-enabled corporate banking solutions.

IDFC FIRST Bank Launches Video KYC for Online Savings Accounts

Putting customers’ safety first, IDFC FIRST Bank today announced the launch of video KYC for its online Savings Accounts opening journey. The start-to-finish digital journey makes Savings Account opening a delight, as it enables customers to complete the paperless KYC process in approximately two minutes and avail the industry’s best interest rates on savings balances.

The digital facility offers customers a branch-like experience at home, making it possible to meet bankers virtually, at a time convenient to the customer. The zero contact method completely does away with paper work or biometric verification, thereby removing physical interaction between the bank and customer from the KYC process.

The pandemic has altered the way customers want to interact with their banks as they increasingly rely on digital and mobile channels to transact. As a Bank that is on the forefront of creating new digital experiences, IDFC FIRST has responded quickly to this evolving need, making it possible to maintain social distancing, while giving customers access to personalised human support.

Amit Kumar, Head – Retail Liabilities, IDFC FIRST Bank, said, “As a customer-focused bank, we are building digital experiences that make customers feel secure and engaged, while keeping the in-branch experience alive. Video KYC makes the online journey for opening Savings Accounts simple and fast as customers do not have to venture outside their homes or meet anyone from the Bank to complete the process. Customers can start earning 7% interest and maximise their returns on funds held or invested anywhere else. This is especially relevant in the current times given loss of incomes and low returns offered by most other options."

The RBI-sanctioned video based KYC process for opening of online savings account allows customers to open a full-fledged savings account with no limit on maximum account balance.

When a savings account is opened online, customers are sent a user-specific video KYC link and the Bank’s representative completes the KYC on the video call. The Bank has strict controls in place to ensure security of customer data, in line with regulations.

The IDFC FIRST Bank Savings Account comes with a host of benefits such as a debit card loaded with offers, user-friendly mobile app and netbanking, WhatsApp banking, and an industry best rate of 7% on Savings Account balances above Rs. 1 lakh.

The Bank stays committed to assisting customers through their digital banking journeys and helping them transact remotely.

IDFC FIRST Bank was created by the merger of IDFC Bank and Capital First in December 2018. The Bank provides a range of financial solutions to individuals, small businesses and corporates. The Bank offers high attractive solutions for savings and current accounts, NRI accounts, salary accounts, demat accounts, fixed and recurring deposits, home and personal loans, two-wheeler loans, consumer durable loans, small business loans, forex products, payment solutions and wealth management services. Customers can choose where and how they want to bank: 464 bank liability branches, 128 asset branches, 356 ATMs and 652 rural business correspondent centres across the country, net banking, mobile banking and 24/7 toll free Banker-on-Call service.

Sr. Management of IDFC FIRST Bank Volunteered for 10% Cut in Compensation in Current FY' 2020-21

IDFC FIRST Bank today announced that its senior management has volunteered to take a 10% cut in compensation in the current financial year 2020-21. Mr. V Vaidyanathan, MD & CEO, IDFC FIRST Bank, has voluntarily offered to take a pay cut of 30% in his compensation including Fixed compensation as well as all allowances. Mr. Vaidyanathan said, “Such pay cut forms part of the Bank’s austerity measures which start at the top. Further, we feel the pain our customers, big, small, micro enterprises and people at large are going through, and we also want to be empathetic to the situation.”

The management is reviewing the impact of the pandemic every day and is making all efforts to safeguard customer interest in line with its mission statement which recognizes the customer as its First Stakeholder. The Bank’s branches and customer service teams have been operating at near-to-full capacity with minimal reduction in services throughout the lockdown to meet its customers’ needs.

On the employee front, the Bank has honored all offers that were made to new hires before the pandemic, including all lateral hires as well as 550 management trainees. This is in keeping with the Bank’s philosophy of honoring its commitments in all circumstances.

The Bank also paid 100% of the variable pay to 78.2% of employees for the period pertaining to FY 19- 20 despite the arrival of the pandemic. Variable pay for FY 19-20 was cut more, progressively, for employees with greater seniority, and bonus for senior management was cut by 65% of the eligible amount.

IDFC FIRST Bank’s employees voluntarily contributed one day’s salary totaling Rs. 3.29 crore to the PM CARES Fund. In addition, the Bank contributed Rs 5 crore to the PM CARES Fund to support the nation’s fight against coronavirus. In addition, Mr. Vaidyanathan personally contributed Rs. 47 lacs to COVID relief, including Rs. 25 lacs to the PM CARES Fund for COVID Relief and Rs. 5 lacs for Chief Ministers COVID Relief Fund. Inclusive of employees’ contribution, the Bank contributed a total amount of Rs. 10.86 crore towards the COVID Relief related activities so far and continues its work in this area. A large number of these activities are centered in Maharashtra.

The Bank also launched a number of COVID relief initiatives that involved its customers and employees at large. These included Ask-for-Mask, Gaon-Gaon Mask, Shramik-Sahayata Program, Share-a-meal, Jaankari mein Samajhdari, COVID Warrior-on-Wheels, and Give India Foundation programs. Under these programs, the Bank has selected women borrower customers and is paying them at commercial rates for producing 3.5 lac masks which are distributed in their own rural and urban communities, providing cash support of Rs. 3000 to migrant laborers, paying select customers and NGOs for preparing and distributing meals for displaced workers, spreading awareness about COVID prevention through catchy videos in vernacular languages, and providing home-to-hospital-to-home car pick-up service for doctors and healthcare workers. The implementation of these programs is monitored at the highest levels at the Bank.

The Bank is committed to playing its part in supporting customers as well as vulnerable communities during this difficult period.

IDFC FIRST Bank was created by the merger of IDFC Bank and Capital First in December 2018. The Bank provides a range of financial solutions to individuals, small businesses and corporates. The Bank offers high attractive solutions for savings and current accounts, NRI accounts, salary accounts, demat accounts, fixed and recurring deposits, home and personal loans, two-wheeler loans, consumer durable loans, small business loans, forex products, payment solutions and wealth management services. Customers can choose where and how they want to bank: 464 bank liability branches, 128 asset branches, 356 ATMs and 652 rural business correspondent centres across the country, net banking, mobile banking and 24/7 toll free Banker-on-Call service.

Citykart Raises ₹100 Crore from IDFC Alternatives and India SME Investments

New Delhi headqartered value retail chain Citykart has raised Rs 100 crore from private equity fund IDFC Alternatives and India SME Investment for a significant minority stake. This was first external round of funding for Citykart.

The fresh funding will help the retail startup to add 100 stores in the Northern and Eastern markets and grow revenue by fourfold in the next few years, an reported Financial Express.

The fund infusion will be done by parting a “significant minority stake” in the company. The company has opened 40 stores on an asset light model in large retail malls across various small towns and cities in UP and Bihar during the past two years. Its revenue has grown by an average of 32 percent over the last two years, the statement said without giving the absolute number.

Founded in 2016, by Sudhanshu Agarwal, CityKart is one of the largest family stores chain in North and North East India and operates 15 retail outlets that are currently present at states like Uttar Pradesh, Assam and Nagaland.

Prior to launching Citykart, Agarwal was Vice President.at TPG Wholesale (Vishal Mega Mart) and Vishal Retail Ltd., which are retail businesses owned by private equity fund TPG Capital.

“Citykart is addressing a large and untapped opportunity of providing fast fashion apparel at affordable prices to its customers in smaller towns and rural areas. We are delighted to partner with Citykart to fulfil its vision,” IDFC Alternatives’ partner Girish Nadkarni said.

This is the fourth investment from IDFC Private Equity Fund IV and the first investment from this fund in the retail segment, the statement said, adding the company has done 45 investments till now across funds.

Earlier this month, IDFC Alternatives has led the $30 million funding of Zolo, a Bangalore-based startup that offers managed co-living spaces to students and professionals.

Co-Living Startup Zolo Raises $30 Mn from Nexus Venture and IDFC Alternatives

Bangalore-based Zolo, which offers managed co-living spaces to students and professionals, has raised $30 million (~ ₹208 crore) in a Series B funding round led by existing investor Nexus Venture Partners and IDFC Alternatives, along with participation from Mirae Asset, a South Korea-based independent financial services group.

The startup will use the raised capital in expanding its footprint across the metro cities.

With this fresh funding, the valuation of Zolo is estimated to ramped up by more than $100 million.

Founded in 2015, by Akhil Sikri, Isha Choudhry, Nikhil Sikri and Sneha Choudhry, Zolo is a marketplace for property solutions like paying guest accommodation, service apartments and independent flats. The startup currently operates in Bengaluru, Hyderabad, Pune, Chennai and Kota and has tied up with numerous building owners and large developers for its expansion plan.

So far, Zolo has raised a total of $35 million in funding over two rounds. Prior to this, the startup had raised $5 million from Nexus Venture Partners, in January 2017.

ZoloStays will also focus on automation and rely on IoT (Internet of Things) for smart electricity and water billing in its properties. “We also look to build a stronger community through our online and offline initiatives through gamification. Customisation is another key area where we now want to focus,” said Nikhil Sikri, Zolo's co-founder.

ZoloStays, which competes with similar players like NestAway, Stanza Living, Stay Abode and Coho Dorms, claims to be India's largest company offering fully managed co-living spaces with 16,000 live beds and 50,000 locked-in beds under its two offerings -- Zolo Standard and Zolo Select.

The company claims that it has grown twelve fold since then and plans to clock 10 times growth in the next two years. It plans to boost its current staff strength of 350 people by hiring another 200-300 by the end of 2019.

The company's revenue from operations stood at Rs 27 crore for FY18 while it incurred a loss of Rs 4 crore, said Sikri to Economic Times. He added that the startup plans to clock Rs 100 crore in revenue for the next financial year.

In recent funding of co-living startups, Delhi-based Placio had raised $2 million in pre-series-A funding from Prestellar Ventures, a Singapore-based private equity

In August last year, StayAbode had raised an undisclosed amount from Anupam Mittal (CEO, People Group) and Vineet Sekhsaria (Head, Real Estate investing, Morgan Stanley) and Japanese gaming company Akatsuki Inc, in August last year.

This was followed by $10 million fund raise by Delhi headquartered Stanza Living, which was led by Sequoia India.

Automated Marketing Platform Verloop Raises $3 Mn from from IDFC Parampara, Kris Gopalakrishnan and Ranjan Pai

Philadelphia and Bangalore-based Verloop, a customer support and engagement automation platform, has announced the closing of a $3 million in Series A round of funding led by IDFC Parampara Fund, an early stage startup fund jointly established by IDFC group and venture capital firm Parampara Capital.

The round also saw the participation from Kris Gopalakrishnan - Infosys Co-founder and Dr Ranjan Pai - Chairman of the Manipal Education and Medical Group (MEMG).

Earlier in November 2016, Verloop had raised undisclosed amount in seed funding from Growth Story, Anand Chandrasekaran, Mohandas Pai and Suresh Vaswani - President of Dell Services, and Kris Gopalakrishnan.

The startup will use the capital raised in enhancing its customer engagement platform as the startup expands its team and scales operations to address the global market for automated customer services and marketing that MetricNet estimates is valued at US$19 billion annually.

Founded in 2016 by Gaurav Singh, Verloop claims to be the world's smartest conversational marketing and sales platform, which is powered by its own machine learning algorithms developed in-house especially the algorithms in NLP, NLU and pattern matching has. The platfor has Verloop bot and allows to automate FAQs, build automated flows, capture leads and schedule meetings 24x7.

“Our conversational automation platform already works with more than 5000 clients across eCommerce, Healthcare, Education, Entertainment & Lifestyle sectors across 37 countries," said Gaurav Singh, the 28-year old Founder & CEO of Verloop.

"This investment is a striking endorsement from some of the savviest and most well-known names in start-up and tech ecosystem and comes at a time when we are continuing to hire top talent and build further traction for the business", he said.

Prior to starting Verloop, Gaurav had earlier founded GoDeliver, an on-demand delivery startup, acquired by its larger competitor MagicTiger in July 2015. Prior to this, he has worked at Vizury, a growth marketing platform, now re-branded as Lemnisk.

Jatin Desai, General Partner at IDFC-Parampara, "People are seeking out a conversational experience with brands and Verloop helps organizations do this at scale. Over the last several months we’ve undertaken an intricate assessment of the Verloop platform, its architecture and the product roadmap. We were very impressed at the way the team has built Verloop and are delighted to partner with Gaurav and his team. The use-cases they’ve built are very interesting and there is great potential for the product to verticalize and mine the potential for automated customer engagement across industries, across countries and across languages."

“There have been a few notable success stories of Saas-based ventures from India and we believe Verloop certainly has the credentials to emerge a leader in the Conversational AI market that is currently led by players such as Drift and Intercom, globally,” he added.

Kris Gopalakrishnan, Co-Founder, Infosys, said, "We are seeing a massive behavioural shift with people demanding personalized and conversational brand experiences. Large, growing organizations and celebrity brands will be hard pressed to meet this requirement profitably and at-scale as interactions run into multiple millions. This is where ML (machine learning) technology coupled with human ingenuity comes in and can help harvest the potential in these interactions. Verloop has built an easily scalable model to target a huge addressable market.”

More than 120 million unique conversations have been processed since Verloop launched operations in late 2016. Verloop use-cases span Marketing & Sales (Lead Gen qualification, conversational campaigns, upsell and cross-sell etc), Customer Support (automated helpdesk, personalized onboarding of customers etc) and Celebrity Brand Management (persona management, engaging with fans, pre- and post- launch etc).

Clients who have leveraged the Verloop platform include Nykaa, Qtrove, Pipa Bella, Portea, Apollo Munich Health Insurance, and Aadhaar Bridge. The Verloop platform has also been used by some of the biggest stars in Indian entertainment including Rajinikanth for his movie Kaala. Several other mainstream and niche celebrities, publication houses and entertainment magazines are utilising conversational automation to connect with fans and readers.

Verloop.io is a language-agnostic platform that already supports 7 Indian languages including Hindi, English, Tamil, Telugu, Kannada, Marathi, Bengali and Hinglish. In addition, the company has developed a new messaging protocol and a patent-pending technology for bot to human hand-off of conversations when it detects that the conversation can be better served by a human chat rep.

Verloop was part of the Y Combinator Startup School 2017 and has made numerous machine learning contributions to MIT Machine Learning libraries, Facebook ML libraries and other open source ML libraries. The Verloop team also delivered a presentation on mixed language (Hinglish) detection and understanding at a Bertelsmann conference in Hamburg.

IDFC-Parampara is Rs 100 crore corpus fund that was launched last year by IDFC Alternatives, the private equity arm of IDFC group, and venture capital firm Parampara Capital. The fund has so far made 4 investments including Verloop. The three other investsee startups are -- Play Shifu (November 2017), Chakr Innovation (April 2018) and Entropik Technology (July 2018)

Mumbai Startup and IDFC Bank Partner to Bring India's First UPI-Based Digital Credit Card

Mumbai-based fintech startup ePayLater has partnered with IDFC Bank to bring instant digital credit to individuals transacting online and offline, using BHIM UPI using ePayLater’s ‘Buy Now, Pay Later’ thereby aiding small businesses and merchants alike.

ePayLater, provider of innovative digital credit solutions, has partnered with IDFC Bank to bring instant digital credit to individuals transacting online and offline, using BHIM UPI. ePayLater’s ‘Buy Now, Pay Later’ credit facility works like a credit card without the hassles associated with a long application process or friction at payment checkout. For the first time, digital credit is made possible using the BHIM UPI railroad, the instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. Individuals, merchants and small businesses can now opt for real-time credit, in addition to other prepaid modes of payment, for their purchases using BHIM UPI.

ePayLater’s ‘Buy Now, Pay Later’ facility allows users to avail credit and transact, with a 14-day interest-free period from the date of purchase, to settle outstanding bills. This is the smoothest possible checkout experience, as users no longer have to pull out their card to complete a transaction. To gain access to the credit facility, users need to download the ePayLater application. It uses advanced machine learning techniques for a real-time credit assessment using data such as buying patterns, digital footprint, social media information, and device information. The user is then provided a credit limit in real-time, which can be used to pay for products and services at both online and offline stores. Here is how you can set up ‘Buy Now, Pay Later’. The app is now available on Google Playstore and will be released on Apple Store shortly. The process to understand how to create ePayLater UPI and use it to make payments is simple as well.



ePayLater aids small businesses and merchants fast-track their growth forging radical partnerships with emerging FinTech companies using BAAP (Bank As A Platform). The procedure to avail either a line of credit, short terms loans, or merchant cash advance is simple and swift. With minimal paperwork, instant approvals and an effective buyer-payer management process in place that allows the settlement of multiple purchase orders online by receiving a payment link on the registered Email ID/mobile number, ePayLater has been harnessing their online platform to help scale small businesses and merchants.

By deploying innovative technology and strategic alliances, ePayLater has been working towards extending its digital credit solution to a wider customer segment. The partnership with IDFC Bank provides ePayLater customised BHIM UPI solution that is required to offer instant credit

Aurko Bhattacharya, Co-Founder, ePayLater, said, “The penetration of credit cards has been abysmally low in our country. Now thanks to 320 million smartphone users and government initiatives in the form of UPI digital payments are gaining traction. Through this initiative, we intend to use the wide network of UPI to empower the common man, by providing credit whenever and wherever they wish to use it. In other words, this would put credit cards in the hands of millions without the need for a physical card or the hassles of a cumbersome application process. We are happy to associate with forward-looking banks like IDFC that make such innovations possible.”

Avtar Monga, Chief Operating Officer (COO), IDFC Bank, said, “New payment railroads have disrupted the way individuals transact and ensured that credit cards are not the only option they have, to make payments. When these new railroads are combined with innovative solutions, they make digital payments fast, simple, secure and available to a wider set of people. IDFC Bank is working towards creating unique use-cases for BHIM UPI in areas where it has never been used before. The Bank has customised BHIM UPI for ePayLater. This technology solution enables ePayLater to offer short-term digital credit using UPI for the first time. It opens up a whole new world of possibilities for users of BHIM UPI.”

IDFC Bank’s association with ePayLater is in tandem with the bank’s strategy of forging radical partnerships with emerging FinTech companies using BAAP (Bank As A Platform). The Bank today has close to 24 partnerships for UPI payments and 4 partnerships for MSME digital lending. A focus on digital technology has resulted in increased convenience while transacting, improved speed and stability, paperless processes and additional security, leading to enhanced customer experience. It allows IDFC Bank to launch innovative products in a very short cycle time.

ePayLater’s innovative feature of the digital solution combined with the ease of payment via UPI, would enable a wider section of the population of avail credit. In a country of 132 crore people, only 3.7 crore people use credit cards. However, the amount transacted on POS through these credit cards is comparable to the amount transacted on the 85.5 crore debit cards in India. This indicates a strong appetite for credit in the Indian economy, which is expected to grow as more Indians opt for digital payments.

Founded in December of 2015 by Aurko Bhattacharya, Prasannaa Murlidharan, Uday Somayajula, Shanmunathan Thiagaraja and Akshat Saxena, ePaylater is a payment solution startup, operated by Mumbai-based Arthashastra Fintech Pvt. Ltd, that aims to separate the experience of shopping from the hassles of payment process. In June 2016, the startup had raised $2 million in a seed round of funding from HNIs who are amongst the leaders in the global financial industry. In May 2017, the startup partnered with IRCTC to offer a quick and completely frictionless payment experience for ticket bookings on IRCTC.

It may be recalled that in January, IndusInd Bank and Dynamics Inc. together launched India`s first battery-powered, interactive payment cards. It was announced at the 2018 Consumer Electronics Show (“CES”).

Via - BusinessWire India

Mumbai Startup and IDFC Bank Partner to Bring India's First UPI-Based Digital Credit Card

Mumbai-based fintech startup ePayLater has partnered with IDFC Bank to bring instant digital credit to individuals transacting online and offline, using BHIM UPI using ePayLater’s ‘Buy Now, Pay Later’ thereby aiding small businesses and merchants alike.

ePayLater, provider of innovative digital credit solutions, has partnered with IDFC Bank to bring instant digital credit to individuals transacting online and offline, using BHIM UPI. ePayLater’s ‘Buy Now, Pay Later’ credit facility works like a credit card without the hassles associated with a long application process or friction at payment checkout. For the first time, digital credit is made possible using the BHIM UPI railroad, the instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. Individuals, merchants and small businesses can now opt for real-time credit, in addition to other prepaid modes of payment, for their purchases using BHIM UPI.

ePayLater’s ‘Buy Now, Pay Later’ facility allows users to avail credit and transact, with a 14-day interest-free period from the date of purchase, to settle outstanding bills. This is the smoothest possible checkout experience, as users no longer have to pull out their card to complete a transaction. To gain access to the credit facility, users need to download the ePayLater application. It uses advanced machine learning techniques for a real-time credit assessment using data such as buying patterns, digital footprint, social media information, and device information. The user is then provided a credit limit in real-time, which can be used to pay for products and services at both online and offline stores. Here is how you can set up ‘Buy Now, Pay Later’. The app is now available on Google Playstore and will be released on Apple Store shortly. The process to understand how to create ePayLater UPI and use it to make payments is simple as well.



ePayLater aids small businesses and merchants fast-track their growth forging radical partnerships with emerging FinTech companies using BAAP (Bank As A Platform). The procedure to avail either a line of credit, short terms loans, or merchant cash advance is simple and swift. With minimal paperwork, instant approvals and an effective buyer-payer management process in place that allows the settlement of multiple purchase orders online by receiving a payment link on the registered Email ID/mobile number, ePayLater has been harnessing their online platform to help scale small businesses and merchants.

By deploying innovative technology and strategic alliances, ePayLater has been working towards extending its digital credit solution to a wider customer segment. The partnership with IDFC Bank provides ePayLater customised BHIM UPI solution that is required to offer instant credit

Aurko Bhattacharya, Co-Founder, ePayLater, said, “The penetration of credit cards has been abysmally low in our country. Now thanks to 320 million smartphone users and government initiatives in the form of UPI digital payments are gaining traction. Through this initiative, we intend to use the wide network of UPI to empower the common man, by providing credit whenever and wherever they wish to use it. In other words, this would put credit cards in the hands of millions without the need for a physical card or the hassles of a cumbersome application process. We are happy to associate with forward-looking banks like IDFC that make such innovations possible.”

Avtar Monga, Chief Operating Officer (COO), IDFC Bank, said, “New payment railroads have disrupted the way individuals transact and ensured that credit cards are not the only option they have, to make payments. When these new railroads are combined with innovative solutions, they make digital payments fast, simple, secure and available to a wider set of people. IDFC Bank is working towards creating unique use-cases for BHIM UPI in areas where it has never been used before. The Bank has customised BHIM UPI for ePayLater. This technology solution enables ePayLater to offer short-term digital credit using UPI for the first time. It opens up a whole new world of possibilities for users of BHIM UPI.”

IDFC Bank’s association with ePayLater is in tandem with the bank’s strategy of forging radical partnerships with emerging FinTech companies using BAAP (Bank As A Platform). The Bank today has close to 24 partnerships for UPI payments and 4 partnerships for MSME digital lending. A focus on digital technology has resulted in increased convenience while transacting, improved speed and stability, paperless processes and additional security, leading to enhanced customer experience. It allows IDFC Bank to launch innovative products in a very short cycle time.

ePayLater’s innovative feature of the digital solution combined with the ease of payment via UPI, would enable a wider section of the population of avail credit. In a country of 132 crore people, only 3.7 crore people use credit cards. However, the amount transacted on POS through these credit cards is comparable to the amount transacted on the 85.5 crore debit cards in India. This indicates a strong appetite for credit in the Indian economy, which is expected to grow as more Indians opt for digital payments.

Founded in December of 2015 by Aurko Bhattacharya, Prasannaa Murlidharan, Uday Somayajula, Shanmunathan Thiagaraja and Akshat Saxena, ePaylater is a payment solution startup, operated by Mumbai-based Arthashastra Fintech Pvt. Ltd, that aims to separate the experience of shopping from the hassles of payment process. In June 2016, the startup had raised $2 million in a seed round of funding from HNIs who are amongst the leaders in the global financial industry. In May 2017, the startup partnered with IRCTC to offer a quick and completely frictionless payment experience for ticket bookings on IRCTC.

It may be recalled that in January, IndusInd Bank and Dynamics Inc. together launched India`s first battery-powered, interactive payment cards. It was announced at the 2018 Consumer Electronics Show (“CES”).

Via - BusinessWire India