RBI blocks NBFC plans of Mauritius-funded startups

Indian startups will have to wait longer to own their non-banking financial company (NBFC) licence since the RBI has returned the applications of several of them, some of which are top-funded. These include Sequoia-backed BharatPe, Google Capital-backed CarDekho, and digital banking startup Jupiter, backed by Sequoia and Matrix Partners.

The move follows recent geopolitical developments that have spurred tighter scrutiny of Chinese capital coming into local startups via tax havens like Mauritius, where most venture capital and private equity funds are registered. Most of these startups who applied for a licence and have raised VC funding will have to wait longer before there is a change in the RBI's stance.

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