How Fampay's Rs 200 Cr Bet on Fintech for Teenagers Fell Flat

- Fampay raised $38 million in 2021, targeting teens under 18, but struggled due to weak business fundamentals. - The fintech firm faced a major setback when IDFC Bank ceased its payments partnership in February 2023, leading to a loss of users and financial instability. - In March 2023, Fampay pivoted to a UPI-focused app, but still reported significant losses, with Rs 120 crore lost in FY23. - Despite entering the top 10 UPI-based payment apps, Fampay's financial woes continued, with mounting expenditures and a high burn rate. - The company's future may hinge on a potential selloff, as it struggles to sustain momentum in the competitive fintech landscape. Source: [Entrackr](https://entrackr.com/2024/08/how-fampays-rs-200-cr-bet-on-fintech-for-teenagers-fell-flat/)