Wallet startup TMW  Fintech faces  bankruptcy  risk

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abhishek012

Wallet startup TMW  Fintech faces  bankruptcy  risk:

TMW Fintech purchased goods from MCT Cards and Technology Pvt. Ltd, a Manipal-based provider of SIM cards and smart cards for biometric identification and payment facilitation.

At a time India’s fintech sector is spawning unicorns, Mumbai-based wallet startup TMW Fintech Pvt. Ltd is facing liquidation, records from the National Company Law Tribunal (NCLT) showed.

TMW Fintech purchased goods from MCT Cards and Technology Pvt. Ltd, a Manipal-based provider of SIM cards and smart cards for biometric identification and payment facilitation. In 2019, MCT Cards took TWM Fintech to NCLT for defaulting on repayments over ₹38 lakh and pressed for its liquidation.

“The operational creditor (MCT Cards) had issued various invoices against the corporate debtor (TMW Fintech). The total amount of the invoices raised between October 2018 and August 2019 is ₹83.36 lakh," an NCLT order dated 8 October said. Of this, TMW paid ₹45 lakh but failed to pay the rest, the order said. “It is clear that despite repeated assurance given by the debtor to the creditor, the debtor is unable to pay its operational debt and therefore liable to be wound up/liquidated in accordance with the law."

Pramod Dattaram Rasam has been hired as the interim resolution professional to manage the insolvency process.

TMW Fintech, formerly called The Mobile Wallet Pvt. Ltd, was founded in 2015 by second-generation entrepreneur Vinay Kalantri as his third venture. Last May, Kalantri founded a fourth firm called Que Processing Services. Vinay’s father, Vijay G. Kalantri, chairman and managing director of Balaji Infra Projects Ltd, too, found himself in bankruptcy courts earlier, with one of his promoted firms, Dighi Port, going into bankruptcy. The port was acquired by Adani Ports and Special Economic Zone Ltd early this year.

TMW Fintech has no publicly declared external funding and offered a wallet-linked prepaid card powered by global payments firm Mastercard.

TMW Fintech was doing well till even three years ago. In early 2018, it acquired Gurugram-based Protinus Infotech Pvt. Ltd, which operates the payment platform Trupay. Trupay was backed by Mumbai-based early-stage investor Kae Capital and M&S Partners Pte Ltd, a Singapore-based venture capital firm that invests in early-stage Southeast Asian companies.

A year later, TMW Fintech collaborated with Reliance Infrastructure Ltd’s Mumbai Metro One, launching a 2-in-1 travel Metro smart card. However, the mobile wallet firm has not been active for some time now.

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sad.

also, my almost 1000rs still stuck with tmw.
any possibility to get it back,,.,how to try to get!!

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rpal wrote:

sad.

also, my almost 1000rs still stuck with tmw.
any possibility to get it back,,.,how to try to get!!

Send a mail to Federal bank with all your details. Federal bank will refund your money to your bank account.

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abhishek012 wrote:

Send a mail to Federal bank with all your details. Federal bank will refund your money to your bank account.

Bro I had waited for year’s and I simply thought let it go my 1000 was struck in tmw wallet, sad thing is I’m unable to login to my tmw wallet and issue is I tried to buy Amazon gift card of 1000 money deducted from Wallet and payment failed in Amazon this happened 2 years back sleepy

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abhishek012 wrote:

Send a mail to Federal bank with all your details. Federal bank will refund your money to your bank account.

I was following up till 1 year and later exhausted bro and that Vinay kalantri is fraud bro he simply opened another fintech company and escaped

Missing