New Delhi, Mar 28 (PTI) Tech firm Larsen and Toubro Infotech (LTI) today said it has entered into a mutual commercial settlement with one of its clients for an amount of USD 10 million. Also Read - Social Media Impact: 79-Year-Old Roadside Plant Seller's Sales Double After Viral Photo

“The company has entered into a mutual commercial settlement with one of its clients for an amount of USD 10 million to be paid over the next 2 year period. The company continues to provide IT services to the client, in line with the existing services agreement, LTI said in a BSE filing. Also Read - Bengaluru Youth Flashes at Woman & Gropes Her, Arrested Within Hours

It, however, did not provide further details about the agreement. Also Read - 3 Women Sell Fake Covid-19 Certificates For Rs 2,500 in Bengaluru, Racket Busted

The settlement amount will be accounted for in the fourth quarter of FY2018.


Freecharge adds UPI on its app

* Fintech platform Freecharge today said it has launched BHIM UPI (Unified Payment Interface) on its app.

Freecharge users will now have the convenience to use all UPI-based payment services via their @freecharge UPI ID, it said in a statement.

This interface would provide a number of services like sending money by entering recipient’s UPI ID or Account Number and IFSC; requesting money; paying online and offline merchants; and scanning and paying via UPI enabled QR code, it added.

“With UPI integration, we are adding one more large scale instrument that enables users to make digital transactions with ease. UPI is increasingly emerging as a mainstream payment method and will enhance the growth of digital transactions,” Freecharge CEO Sangram Singh said.


SmartCoin raises $2 million funding from international investors * Bengaluru-based fintech startup SmartCoin today said it has raised USD 2 million in pre-Series A funding from a top Chinese VC fund and Accion Venture Lab.

Unicorn India Ventures, which is an existing investor in the company, also participated in the round, along with fintech accelerator, ISME ACE, SmartCoin said in a statement.

SmartCoin lends small-to-mid-sized ticket loans to mobile users after building a SmartCoin credit score, which is backed by data science and machine learning.

The company raised seed funding from Unicorn India Ventures last year.

“We have successfully disbursed over 50,000 micro loans… With this round, we expect to grow the momentum and further scale 10X over the next 6 12 months,” Rohit Garg, Co-founder and CEO at SmartCoin, said.

This is published unedited from the PTI feed.