MAM
Ace Creative Learning forays into retail education
BENGALURU: Indian integrated learning player, Ace Creative Learning (ACL) has forayed into the retail segment with its flagship product – DeekshaTAB.
With a Rs 5 crore investment into the development of the software for this product, the company is targeting revenue of Rs 15 crore with a customer reach of 5000 until the end of this fiscal. And has an ambitious of crossing revenues of Rs 100 crore over the next three years. ACL says that DeekshaTAB is a one stop shop for CET/COMED-K aspirants across the country.
The DeekshaTAB , manufactured by Lenovo weighs around 400 grams, has an 8 inch display, and will be available at a price of Rs.34,999. ACL says that the DeekshaTAB is among a series of products that it plans to line up in the coming months that will be targeted at spirants for other competitive exams such as JEE, NEET, GATE and UPSC. By 2020, ACL is looking to reach out to 50000 students that will use the DeekshaTAB and eyeing a 20 per cent stake of the education tablet business.
ACL has planned a Rs 50 lakh print and digital campaign over the next 45 days to push DeekshaTAB. At present, the ACL has planned to sell the product directly to students, but is looking at channel partners. Overall, the company expects to close this fiscal with revenue of Rs 50 crore. It marketing spends are around Rs 3.5 crore reveals ACL VP of sales and marketing Venkatesan E. ACL’s creative and media buying is generally inhouse, with a part of the media buying being looked after by Torque Communications.
ACL had introduced the integrated learning programs in colleges to combine preparation for board exam and competitive exams through the Deeksha System in 2004. In 2008, ACL had raised investments of Rs 41 crore, from Accel Partners, Catamaran and Kaizen Private Equity.
Brands
Reserve Bank of India cancels Paytm Payments Bank licence
Central bank cites compliance failures; curbs tighten as wind-up looms
MUMBAI: India’s banking watchdog delivered its sharpest blow yet to Paytm Payments Bank, cancelling its licence and effectively ending its ability to operate as a bank under the law.
The Reserve Bank of India said the entity can no longer conduct banking business under the Banking Regulation Act, citing concerns that its affairs were not being run in the interest of depositors or the public and that it had failed to meet licence conditions.
The move escalates a crackdown that has been building for months. The bank had already been barred from onboarding new customers since March 11, 2022, and later faced restrictions on deposits, credit and wallet top-ups. In January 2024, the central bank ordered it to stop accepting fresh deposits, pointing to persistent non-compliance, including lapses in customer due diligence, use of funds and technology systems.
Operationally, the bank is now on a tight leash. It may process withdrawals of existing deposits and facilitate loan referrals through banking correspondents, but it cannot take fresh deposits.
The central bank said it would apply to the high court to wind up the bank.
Paytm sought to ringfence the fallout. In a regulatory filing, it said the licence cancellation applies to Paytm Payments Bank Limited, a separate entity, and should not be attributed to One 97 Communications. It added that there is no exposure or material business arrangement with the bank and that it operates independently, without Paytm’s board or management involvement.
“As informed earlier, Paytm (One 97 Communications Limited) and its services, which have been operating without interruption, will continue to operate uninterrupted. These include the Paytm app, Paytm UPI, Paytm Gold and all other services offered by its subsidiaries and associated companies,” the company said.
The distinction may reassure users of the app ecosystem, but the regulator’s verdict is unequivocal. After years of warnings, caps and curbs, the payments bank experiment at Paytm is being shut down—decisively, and with little room left to manoeuvre.
