Page 8 - Phonepe

PhonePe expects to achieve operational profit by 2025: CEO Sameer Nigam

India's most valuable fintech firm PhonePe expects to achieve operational profit by 2025, a top official of the company said on Wednesday. PhonePe founder and CEO Sameer Nigam told PTI that the company's payment, advertising, banking and insurance businesses will reach breakeven by the time the company becomes operationally profitable at the group level. While speaking on the sidelines of the launch PhonePe's stock trading platform Share.Market, Nigam said that PhonePe has now become a household brand and a lot of financial services are being distributed on PhonePe, both on the consumer and merchant side. "We don't have to spend much on the marketing side there. I think at the group level, we have enough capital to deploy on Pincode and Share.Market, let them grow while we still hit EBITDA positive by 2025. I think it's doable," Nigam said. Without sharing financial numbers, he said that the company is on track to achieve EBITDA break even as its revenue is rising and losses are ..

PhonePe forays into online stock broking as it expands its services

The platform will charge users an onboarding price of 199 rupees, while there will be no charge for trades of up to 400 rupees, the company said in a statement

When money talks: All you need to know about voice-based payment method

PhonePe, the digital payments firm, has launched a service by creating voice-based alerts for payments

Fintech major PhonePe to enable users to pay tax directly on app

The company has partnered with a B2B payments and service provider, PayMate, to make this feature available

PhonePe Insurance launches monthly subscriptions for health policies

Option will lower financial burden for customers, says company owned by fintech major PhonePe

Flipkart makes nearly $700 mn cash payout to staff post PhonePe separation

Walmart-backed Flipkart on Friday began mega cash payout to staff, estimated to be worth USD 700 million, following its separation from fintech firm PhonePe. The board of directors of Flipkart had announced the complete separation from the PhonePe business by selling off its entire shareholding in December 2022. Accordingly, the board decided to pay USD 43.67 as compensation for each ESOP (vested options for eligible current and former stakeholders and unvested options only for eligible current stakeholders) as of the record date of December 23, 2022. "Further to the communication made on April 21, 2023, regarding this payout, I am delighted to inform you that the much-awaited compensation will be made today, July 14, 2023," Flipkart CEO Kalyan Krishnamurthy said in an internal e-mail, seen by PTI. In response to an e-mail query by PTI, the company confirmed that the payout following the separation of PhonePe (announced in December 2022) has been made to employees. Meanwhile, in t

Phonepe launches point-of-sale systems so vendors can accept card payments

Paytm had been providing all-in-one POS machines to check-out counters across the country, which were earlier only available for bank payments

PhonePe's ONDC app Pincode goes live in 10 cities, to expand services

The company says it will expand category offerings and expand nationwide

After PayCM, Congress uses 'PhonePe' to target Shivraj Singh; firm objects

The poster war in Madhya Pradesh is similar to what happened during the Karnataka Assembly elections

Indian banks looking for a bigger stake in digital India via own QR codes

Lenders are leveraging partnerships with fintechs and technology service providers to manage their apps and QR codes

How India fell in love with online payments

From paying a vegetable vendor to buying a high-end gadget, Indians are swiftly adopting online modes of payments for different needs. Watch the video to know why

Flipkart, PhonePe could be $100 bn businesses in India, says Walmart

Flipkart was valued at more than $40 billion in 2022 and counts itself among India's most valuable startups

Fintech major PhonePe launches AA Services via wholly-owned subsidiary

Authorised by RBI, an account aggregator (AA) is a licensed entity that can collect financial data with a user's consent

Walmart shareholding in fintech firm PhonePe drops to 85% from 89%

Retail giant Walmart's shareholding in decacorn fintech firm PhonePe has dropped to 85 per cent from 89 per cent following its ongoing fundraise of USD 1 billion, the US based firm said. PhonePe has now raised a total of USD 850 million of primary capital in the current round till the end of May. "During the three months ended April 30, 2023, the company received USD 0.5 billion related to new rounds of equity funding for the company's majority-owned PhonePe subsidiary, which reduced the company's ownership from approximately 89 per cent as of January 31, 2023 to approximately 85 per cent," Walmart said in a latest regulatory filing. Till April 30, the Walmart group firm has raised USD 750 million, including USD 200 million capital infusion from Walmart. General Atlantic and its co-investors have contributed USD 550 million in the ongoing USD 1 billion funding round of PhonePe at a pre-money valuation of USD 12 billion. Ribbit Capital, Tiger Global and TVS Capital Funds have inves

PhonePe links 2 lakh Rupay credit cards to UPI, says it is first to do it

Enables Rupay card acceptance across 12 million merchant outlets in the country

PhonePe raises another $100 mn from General Atlantic as part of $1 bn plan

The company has raised a total of $850 million from several global investors, including $550 million from General Atlantic alone

PhonePe raises additional $100 million from PE firm General Atlantic

Walmart Inc-owned payments firm PhonePe said that it has secured an additional $100 million from private equity firm General Atlantic, in the latest round of its ongoing $1 billion fundraising

Flipkart's double-digit growth helps Walmart sales jump 13% at $26.8 bn

Walmart-owned fintech firm PhonePe saw its annualised total payments volume cross $1 trillion in Q1

ZestMoney sets up new leadership team, a day after founders resign

ZestMoney's founders have resigned, several weeks after fintech giant PhonePe decided to halt its proposed acquisition of the buy now, pay later (BNPL) platform

Zomato begins its own UPI offering, Flipkart expected to follow soon

The report citing sources added that e-commerce platform Flipkart is also hopping on the bandwagon and has started its work for UPI offerings