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Tag: phonePe (page 1 of 2)

PhonePe to enter stockbroking business soon

PhonePe is set to enter the stockbroking business. The fintech startup has applied for the license from the SEBI and is waiting for the mandatory approvals. PhonePe aims to tap its existing user base to foray into the broking business by encouraging them to invest a part of the unutilised funds in wallets in stocks. PhonePe, in March, processed 1.19 bn UPI transactions to the tune of Rs 2.31 lakh cr to grab 44% of the UPI market share.

WhatsApp Pay’s UPI transactions double in December

WhatsApp Pay UPI transactions volume doubled in Dec as it processed 0.81 mn payments worth Rs 29.72 cr, an over 100% rise in both volume and value compared to Nov, as per NPCI data. PhonePe and Google Pay processed 902.03 mn and 854.49 mn transactions, respectively. PhonePe overtook Google Pay as the most-used UPI app in the month, facilitating transactions worth Rs 1.82 lakh cr, with a market share of 40%. Paytm processed 256.36 mn payments.

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PhonePe loss 4x over earning in FY20

PhonePe reported a 74% rise in yearly revenue to Rs 147.21 cr in the FY ended March 2020, from Rs 245.8 cr a year earlier. Its total loss narrowed 7% to Rs 1,772.93 cr, YoY. The business unit’s total expenses were up 2% to Rs 2,202.91 cr.  Advertising and promotional charges, its largest expenditure, dropped 22% to Rs 1,016,64 cr. Employee costs, another big cost centre, were cut 10% to Rs 478.92 cr.

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PhonePe raises Rs 150 cr from owner Flipkart

Digital payment platform PhonePe has raised Rs 150 cr from majority stake owner Flipkart, days after it was hived off as an independent company from the e-commerce marketplace, which had acquired it in 2016. This has come days after PhonePe raised $700 mn in a round led by Flipkart owner, Walmart, at a valuation of $5.5 bn. PhonePe currently has over 250 mn registered users in India and is a completion to Google Pay, Paytm, Facebook.

Flipkart, PhonePe have space for other investors, IPO: Walmart CEO

Flipkart and PhonePe have space for other investors and can even go for stock market listings, said Walmart CEO Doug McMillon. McMillon, however, did not share details but said both Flipkart and PhonePe could diversify in a number of ways, including IPOs. Walmart bought around 77% of Flipkart for roughly $16 bn in 2018. Bengaluru based Flipkart, was earlier reported, to preparing for an IPO overseas in the year 2021, which could value the firm at up to $50 bn.

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Flipkart co-founder Binny Bansal to join PhonePe board

Flipkart co-founder Binny Bansal will join PhonePe’s board of directors, as it separates from parent Flipkart to become independent. PhonePe co-founders Sameer Nigam, Rahul Chari, Rohit Bhagat and two other independent directors from Walmart will be also on the board. Bansal in Nov 2018 had resigned from Flipkart following an internal investigation into an allegation of “serious personal misconduct”. He has now co-founded startup consultancy xto10x Technologies.

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PhonePe raises $700 mn at $ 5.5 bn valuation, becomes a separate entity

PhonePe is “partially” spinning off to kick off a new journey after it has secured $700 mn in a new financing round. The partial spin-off means that Flipkart’s stake in PhonePe will reduce from 100% to 87%. However, the “two businesses will retain their close collaboration.” The round was led by Walmart with participation from some existing investors gave PhonePe a post-money valuation of $5.5 bn. PhonePe has amassed over 100 mn monthly active users.

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PhonePe zips past Google Pay in India in UPI

PhonePe, with 835 mn UPI transitions in Oct , has become the market leader in the digital payments. Google Pay hit 820 mn transitions, Paytm recorded about 245 mn, and Amazon Pay ended-up with 125 mn. This was the first time when Google pay didn’t drive the volume in UPI. PhonePe, in a statement, confirmed its leadership position with over 40% of the market share. It has been benefited from Flipkart’s festival sale and fantasy sports app Dream 11.

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PhonePe to hire 10,000 contract workers

PhonePe plans to hire 10K contract workers to onboard small shops or kiranas as merchants accepting digital payments. The start-up aims to double its existing merchant base of 11M to 25M in 12 months. It also plans to onboard these kiranas on its PhonePe for Business app to offer them full-stack services. PhonePe has topped as India’s P2M transaction platform ahead of Google Pay, Paytm and Amazon Pay. It clocked approx. 540M UPI transactions in July.

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