Page 10 - Phonepe

PhonePe reaches $1 trn annualised payment value run rate, gets licence

Digital payments platform PhonePe has achieved an annualised total payment value run rate of USD 1 trillion, or Rs 84 lakh crore, mainly on account of its lead in UPI transactions, the company said on Saturday. The company claims to have digitised over 35 million offline merchants spread across tier 2, 3, 4 cities and beyond, covering 99 per cent pin codes in the country. "We are delighted to reach the USD 1-trillion annualised TPV run rate. We look forward to turbo-charging the next wave of growth for UPI payments in India with offerings like 'UPI lite', 'UPI international' and 'credit on UPI' to enable greater financial inclusion for Indians," PhonePe head of consumer business Sonika Chandra said in a statement. The company said that the growth is backed by its leadership in the UPI space where it holds over 50 per cent market share by value. "The company has also received an in-principle approval for its PA (payment aggregator) licence from the RBI," the statement said. PhonePe

Flipkart co-founder Binny Bansal planning to invest $100-150 mn in PhonePe

PhonePe has a formidable market presence in the Indian digital payments space. The app leverages the Unified Payments Interface (UPI) like its other peers

PhonePe raises $100 mn in additional funding at $12 bn valuation

This follows $350 million in capital from General Atlantic as a part of an ongoing fundraise with a target of raising up to $1 billion in all

PhonePe launches cross-border UPI payments service, says it's India's first

Users can activate UPI-linked bank account for the international service at the merchant location, or before that

Paytm, PhonePe to launch UPI Lite for smaller epayments soon: Report

UPI Lite was introduced by the National Payment Corporation of India (NPCI) last year to facilitate small ticket transactions up to Rs 200

PhonePe investors had to pay Rs 8,000 cr taxes to shift base to India: CEO

Sameer Nigam says move worked due to presence of long-term investors such as Walmart, Tencent and several balance sheet investors who can take a multi-decade view

PhonePe raises $350 mn from General Atlantic; now bigger than Swiggy, Paytm

Joins decacorn club as most-valued fintech after topping $12-billion valuation in new funding

BHIM dilemma: Transaction value high, but volumes way lower than rivals

From accounting for a quarter of all UPI transactions, app now has a share of just 0.76%

Paid most of $1 bn tax for PhonePe shifting base to India, confirms Walmart

The company said last month it had completed the separation of PhonePe from Flipkart, adding that it would remain a majority stakeholder in both the companies

Retail giant Walmart gets $1-billion tax bill for PhonePe shift to India

The bill stems from the relocation and rise in value of PhonePe Pvt, which Walmart took majority ownership of after acquiring parent outfit Flipkart Online Services Pvt

Flipkart's $700 million payout to benefit 25,000 employees: Report

Investors of Flipkart including Walmart will pay for the cash payout and it will benefit past and present employees of Flipkart, Myntra and PhonePe

Flipkart, PhonePe complete separation as fintech firm preps for fundraise

PhonePe in talks with parent Walmart, General Atlantic, and other investors to raise about $700 mn

UPI ecosystem needs to be sustainable to grow further: Google Pay

Hints at the need to make transactions on the platform chargeable

Walmart's payments startup PhonePe seeks to raise $1 billion: Report

The company is in talks with SoftBank Group Corp.'s Vision Fund, an investor in PhonePe's parent entity Flipkart, although Walmart will remain top investor, the people said

Is it the end of WhatsApp's UPI ambition?

The free run for PhonePe and Google Pay is likely to continue, as the 30% market cap mandate will not come into force for another two years. So, what does it mean for new players like WhatsApp?

UPI volume cap deadline extended by 2 yrs in relief for PhonePe, Google Pay

Players wanted five-year extension on the market cap deadline

Flipkart staff may get Rs 5,700 cr in stock buyback scheme in a few weeks

This will be the biggest Esop buyback in tech industry. Flipkart owns over 80% stake in PhonePe and is looking to exit the company. Walmart owns 10% in the Bengaluru-based fintech firm

Flipkart to go for $700 million ESOP buyback during PhonePe funding: Report

The round will readjust Flipkart's valuation from $37.6 billion to $33 billion and PhonePe will have a separate shareholding structure

PhonePe set to acquire fintech start-up ZestMoney for about $300 mn

Deal expected to be closed in two-four weeks, says source

Google Pay, PhonePe, other UPI payment apps may impose transaction limit

UPI payment apps like Google Pay, PhonePe, Paytm, and others may soon impose a limit on the transaction