MAM
Viral goes viral at National Payments Corp RuPay unit
BENGALURU: The National Payments Corp of India (NPCI) has landed Viral Maru as its new head of RuPay, betting that her decade-long streak of making plastic fantastic will turbocharge India’s homegrown card network. Maru’s mandate? Transform RuPay from plucky underdog into a credit, digital and tokenised payments juggernaut that can slug it out with the Visa-Mastercard duopoly.
It’s a hire that makes sense. Maru has spent the better part of ten years making Indians swipe, tap and spend. Most recently, as vice-president and head of banking and payments at Fi, she steered the Neobank’s charge into cards and UPI. Before that, she spent five months at Tata Digital as director of strategic initiatives, having already put in two-and-a-half years launching the Tata Neu HDFC Bank credit card—an app-first assault on India’s loyalty ecosystem.
But it’s her nearly six-year stint at HDFC Bank that really sharpened her chops. As vertical head of digital acquisitions and innovation, she doubled online-sourced cards year-on-year, moved 80 per cent of physical sales to digitally assisted channels, and built API stacks that made card onboarding almost frictionless. She also championed tokenisation on Google Pay and Jio Pay, and launched instant card issuance—the sort of stuff that makes fintech types go weak at the knees.
Earlier, as product and portfolio head for Diners Club consumer cards at HDFC, she doubled acceptance coverage across India and dreamt up a self-sustaining 10X rewards programme that turned Diners into the card of choice for the swish set. She even put real-time lounge usage displays on point-of-sale terminals—an industry first that made airport lounges slightly less of a scrum.
Her career started at Axis Bank, where she launched online remittance platforms for the UAE, America, Britain, Singapore and Canada, and grew NRI accounts by 50 per cent year-on-year. A stint at Citibank India polished her acquisition and brand-building skills before she entered the big leagues.
Now, with NPCI’s backing and India’s digital payments infrastructure maturing at breakneck speed, Maru has her work cut out. RuPay may already be ubiquitous at petrol pumps and kirana shops, but cracking premium cards and credit is another game entirely. If anyone can make it happen, though, it’s someone whose career has quite literally gone viral.
Brands
Nykaa eyes majority stake in Deepika Padukone’s 82°E brand
Deal could help scale premium label as Nykaa sharpens its beauty play
MUMBAI: Nykaa is in advanced discussions to acquire a majority stake in 82°E, the premium skincare label founded by Deepika Padukone, according to media reports.
The proposed deal signals Nykaa’s intent to deepen its House of Nykaa portfolio while giving 82°E the scale it has struggled to achieve independently. Padukone is expected to retain a minority stake if the transaction goes through.
For Nykaa, the play is both strategic and timely. With a customer base of over 42 million, the company is betting on its strong distribution, logistics, and repeat purchase ecosystem to revive the brand’s momentum. The two sides already share a working relationship, with Padukone serving as Nykaa’s global brand ambassador since September 2025.
Launched in late 2022, 82°E entered the market with a premium positioning but has faced headwinds. The brand reported revenue of Rs 14.7 crore in FY25, down 30 per cent year on year, alongside losses of Rs 12.26 crore. Industry observers have pointed to steep pricing, a somewhat diffused brand identity, and intense competition from digital-first labels as key challenges.
The potential acquisition also reflects a broader shift in India’s beauty and lifestyle space, where celebrity-led brands are increasingly partnering with larger corporates to unlock scale. Alia Bhatt’s Ed-a-Mamma, for instance, sold a majority stake to Reliance Retail, while Katrina Kaif’s Kay Beauty has emerged as a standout success within Nykaa’s portfolio, clocking Rs 132.4 crore in FY25 revenue.
Nykaa itself has been on a strong growth trajectory. Its parent, FSN E-Commerce Ventures, reported a 156 per cent jump in net profit to Rs 68 crore in the December 2025 quarter, with revenue reaching Rs 2,873 crore.
Nykaa has been steadily building its portfolio through acquisitions such as Dot & Key, Earth Rhythm and Nudge Wellness, signalling a clear push to own and scale homegrown brands.
If the 82°E deal materialises, it could mark a fresh chapter for the label, blending celebrity appeal with corporate muscle. For Nykaa, it is another calculated step in staying ahead in an increasingly crowded beauty aisle.
