Bengaluru-based B2B e-commerce company Jumbotail has raised Rs 151 crore in a funding round led by Singapore-based venture capital firm Artal Asia. Jumbotail plans to use the funds to scale up its products and services for new and emerging brands. The company aims to be fully profitable by the end of 2024.
Visa and Mastercard have temporarily suspended intermediated commercial card payments in India as per the directive of the Reserve Bank of India (RBI). The move may be driven by the RBI’s efforts to prevent illegal transactions and unauthorized payments by merchants who have not undergone proper KYC processes. This is the latest action by the RBI in its efforts to regulate the fintech and consumer lending sectors in the country.
