Brands
Shopmatic’s user base swells to over 10000 within five months since launch
MUMBAI: With the current trend to digitize businesses gaining increasing mileage, Singapore-based e-commerce company, Shopmatic, which provides a platform for merchants to take their business online, has achieved tremendous growth within just five months since its launch. It has reached its first milestone with 10,000 online store owners choosing Shopmatic’s services to engage and expand their customer base.
Launched in October 2015, Shopmatic helps merchants and individuals handle the full spectrum of what is required to grow their business online, from developing a webstore to listing it on marketplaces, and promoting it on social channels, along with helping with insights on how to sell online. Within a month of launching operations, Shopmatic tied up with Confederation of All India Traders (CAIT) to help its almost 6 crore merchants digitize their offline businesses. Earlier this year in January, Shopmatic signed a deal with online payments giant PayPal to enable its merchants to expand their global sales. The move also marked PayPal’s first tie-up with an Indian partner. All these tie-ups have been instrumental in helping the e-commerce company reach its first milestone.
Commenting on these growth numbers, Shopmatic Group CEO Anurag Avula said, “We are quite happy with this progress as this confirms that we are heading in the right direction. These numbers are also a reaffirmation of the surging confidence of small merchants in tapping the online ecosystem for increasing their consumer base on both the national and global front.”
Meanwhile, to enable easy payments and delivery solutions to the target consumers of online businesses, the e-commerce business-enabler has recently tied up with India’s payment getaway solution and mobile wallet, Citrus Pay. On the logistics front, Shopmatic has made strategic partnerships with local and global logistics players like Delhivery.
Since its inception, Shopmatic has been offering a revolutionary, all-in-one e-commerce solution that enables business owners to build and manage their businesses online, commission-free. This means they do not have to rely on commission-based marketplaces, which can charge up to 15% for each transaction. Shopmatic’s key features include:
• Compelling web presence with attractive store fronts;
• Seamless integration with local and international payment gateways;
• Tie-ups with logistics partners, enabling automated shipping;
• Facilitated listing across multiple marketplaces and social channels, such as Facebook;
• Organized dashboard with data insights and inventory management;
• Simple pricing with no hidden fees. All packages come with a one-month free trial;
• Customized solutions to service entrepreneurs, assisting them in promoting and selling their services to a wider customer base.
By offering comprehensive service offerings that help businesses establish an online presence as per their relevant market and target audience, Shopmatic is taking the right measures to ensure entrepreneurs do not miss out on the potential that the burgeoning virtual ecosystem promises today.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
