Business briefs

Fitso raises $1.5mn funding from SRI Capital, others * Sports facilities provider Fitso on Monday said it has raised USD 1.5 million in funding from a group of investors including SRI Capital, Sprout Capital and IPV Capital.

The pre-series A round also saw participation from Pankaj Chaddah (Zomato co-founder) and Ashish Gupta (Helion Venture Partners co-founder), a statement said. With this fund raise, Fitso will increase the numbers of indoor all-weather swimming pools, it added.

The company will also invest in expansion, talent and technology to boost the operations, it said. * * * *

Rajiv Kumar named Microsoft India (R&D) MD * Tech major Microsoft on Monday said it has appointed Rajiv Kumar as Managing Director of Microsoft India (R&D) Pvt Ltd (MIRPL).

Currently Corporate Vice President of Microsoft's Experiences and Devices (E+D) Group, Kumar will take on this added responsibility from Anil Bhansali, who held this role for the last six years, a statement said. Bhansali will continue as the Corporate Vice President of Cloud & Enterprise and will be relocating to Redmond, US, it added.

As part of the new role, Kumar will further build upon the capability of the engineering division and reinforce the culture of inclusion, innovation and collaboration, the statement said. * * * *

MoneyTap gets NBFC license * MoneyTap, an first app-based credit line, on Monday said it has received a non-banking financial company (NBFC) license from the Reserve Bank of India (RBI).

With this new license, MoneyTap aims to further scale its business and deepen its existing Bank/NBFC partnerships, through a strong focus on tech innovation, inclusive growth and hybrid lending strategies, a statement said. Available in more than 50 cities of India, MoneyTap has created a total loan book of Rs 1,000 crore and has achieved a disbursal run rate of Rs 2,500 crore a year, it added.

"An NBFC license will play a crucial role in further streamlining our business and accelerating innovation while keeping the customer at the centre," MoneyTap co-founder and COO Anuj Kacker said. * * * *

Infosys partners Microsoft to enable digital transformation for JG Summit Holdings * IT services major Infosys, in collaboration with Microsoft, on Monday announced a long-term strategic partnership with Manila-based JG Summit Holdings, Inc.

As technology services partner, Infosys will help formulate and execute the digital transformation strategy for JG Summit, based on Microsoft Azure, a statement said. The collaboration between Microsoft and Infosys will offer JG Summit seamless implementation and migration to Microsoft Azure cloud platform, to develop an agile and robust digital infrastructure for its business processes, it added.