Brands
Qoruz report highlights explosive growth of India’s influencer economy
MUMBAI: India’s influencer world never had it so good. Not only is their number growing, but their sphere of influence is also expanding by the day. The latest report from Qoruz, an influencer marketing intelligence platform, reveals a remarkable 322 per cent surge in India’s influencer ecosystem over the past four years. The number of influencers has grown from 962,000 in 2020 to 4.06 million by the end of 2024, underscoring the increasing reliance on creator-driven content for brand engagement.
The report charts the evolution of India’s dynamic influencer landscape, with categories like gaming experiencing exceptional growth of 213 per cent between 2020 and 2022, reaching 467,000 influencers by 2024. Travel influencers rebounded strongly post-pandemic, witnessing a 212 per cent surge in 2023, while parenting influencers steadily rose from 87,000 in 2020 to 362,000 in 2024, highlighting demand for relatable, family-focused content.
Fashion maintained its leadership position with 470,000 influencers, while niche categories such as infotainment and finance also saw significant growth, reaching 203,000 and 232,000 influencers, respectively. Health and fitness influencers doubled their base to 295,000, while food influencers bounced back to 242,000 by the end of 2024.
Looking ahead, the report projects fashion, arts and entertainment, and gaming to lead in influencer numbers in 2025, driven by evolving audience preferences.
Qoruz co-founder & head of brand alliances Aditya Gurwara said, “Influencers have evolved from product endorsers to strategic partners for brands, creating authentic, context-driven content that resonates with audiences. Categories like gaming, travel, and lifestyle present incredible opportunities for brands to collaborate with creators who truly understand their audiences.”
Qoruz co-founder & CEO Praanesh Bhuvaneswar noted, “The creator economy has grown from fewer than a million influencers in 2020 to over 4 million today. Influencers are no longer just content creators but cultural architects shaping trends and conversations. This is only the beginning of what the ecosystem can achieve.”
Qoruz’s report underscores the transformative power of influencer-led marketing and highlights the immense potential for brands to engage meaningfully with audiences through long-term partnerships and data-driven insights.
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.
