Business briefs

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Wise launches international money transfer service in India New Delhi, Jun 1 (PTI) London-based Wise on Tuesday announced the launch of its international money transfer service from India.

With this launch, people will be able to send money from India to 44 countries globally, including the UK, US, Singapore, Malaysia, UAE, and countries in the Eurozone. The service from Wise (formerly known as TransferWise) is available across Android, iOS and the web, a statement said.

The company also announced the opening of its India office in Mumbai and the appointment of Rashmi Satpute as the expansion lead for the company in India, it added.

'Wise has RBI approval to offer the service in conjunction with a local bank partner,' it said, adding that RBL is our local partner for sending money from India.

The company cited RBI data to state that remittances under the Liberalised Remittance Scheme (LRS) totalled USD 18.75 billion in the fiscal ended March 2020.

**** Almo raises seed funding from Angelist India, others *Direct to Consumer (D2C) premium men's essential wear brand Almo on Tuesday said it has raised funding led by Angelist India.

Details about the quantum of funds raised and valuation were not disclosed.

The seed round also saw participation from angel investors including Arjun Vaidya (Dr Vaidya's ex-CEO), Piyush Shah (Inmobi Group co-founder), Muralikrishnan (Xiaomi India COO), Nitin Gupta (Uni Cards CEO), and Rohit Chanana (Hero Corporate Services Ex-President - Strategy).

Umang Kumar (CarDekho Group co-founder), Darshan Deora (Indvest Group MD), and Pranay Jain (Avendus Capital Vice President) were also among the investors, a statement said.

'We believe it is a shifting dynamic for an emerging brand like ours to tap into via a digital-first approach which works well for today's millennial consumers, with our focus on our D2C channel which currently drives the majority of our business,' Almo co-founder and Chief Executive Officer Abhishek Shah said.

**** Biz2X eyes expansion to APAC, Middle East regions *Biz2X, a digital lending software-as-a-service platform, on Tuesday said it plans to expand its overseas footprint to the Asia Pacific and the Middle East regions.

The company has bagged a few clients in the APAC and ME regions in 2020 and boasts of an exciting pipeline of deals in both these regions, a statement said.

'As the target for the year 2021, Biz2X is moving closer to opening their branch offices in both Singapore and Dubai,' it added.

'We are trying to expand more into overseas markets especially in APAC and ME regions. We have already started discussions with local partners as well as local employees to add to our expansion plans in both these geographies,' Biz2X Global CTO Vineet Tyagi said.

India being a large market and more digital transformation taking place, Bix2X will continue to focus and add to its already esteemed list of patrons in India as well, he added. PTI SR SHW SHW

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