MAM
IPL 2022: RapiPay signs partnership deal with Delhi Capitals
Mumbai: Fintech company RapiPay on Tuesday announced a strategic partnership with Delhi Capitals (DC), becoming the team’s ‘neo banking partner’ for the upcoming 15th season of Indian Premier League (IPL).
As a part this association, the RapiPay brand logo will feature on the back of Delhi Capitals players’ helmets and caps. Making its debut in IPL with this partnership, the company aims to connect with millions of cricket fans across the world. RapiPay has become the first ever player in its category to partner with an IPL team for a sponsorship of this scale, according to the brand.
“It is an absolute honour that RapiPay has chosen to make their IPL debut with us – Delhi Capitals,” stated DC Interim CEO Vinod Bisht, on the association. “We are delighted to welcome them on boarding. I am confident this will be a successful partnership for both brands.”
This latest partnership reinforces RapiPay’s brand building strategy and expanded commitment to grow neo banking to the list mile in India, said the statement.
“We are excited and proud to be associated with Delhi Capitals, as it is a shared quest for success and excellence that brings us together,” said RapiPay Fintech CEO Nipun Jain. “Cricket is the pulse of our nation and IPL matches are the most watched event on TV and OTT platforms in our country. Our association with Delhi Capitals will help us in boosting our brand awareness and further propel our Neo Banking initiatives pan India.”
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
