Nifty25,103.20100.16

PhonePe

PhonePe is a digital payments and financial services company headquartered in Bangalore, India. PhonePe was founded in December 2015 by Sameer Nigam, Rahul Chari and Burzin Engineer. The company was acquired by Flipkart in April 2016 and The PhonePe app went live in August that year.

IPO-bound PhonePe announces UPI payments on feature phones

PhonePe i roll out UPI payments tailored for feature phone users, leveraging its recent acquisition of GSPay technology. This innovative feature-phone UPI app will provide essential capabilities such as peer-to-peer transfers and offline QR payments, specifically designed to cater to the often overlooked feature phone demographic.

UPI transactions rise 4.4% in May after April decline

Since its launch in 2016, UPI has grown rapidly, driven by government efforts to push digital payments post-demonetisation, increased smartphone penetration, and the entry of private players like Google Pay, PhonePe, and Paytm. However, the platform’s breakneck growth has started to slow as it approaches saturation, ET reported on April 7.

Cred secures $72 million from GIC, other existing investors at lower valuation of $3.5 billion

The fintech major was valued at $6.4 billion in 2022 during its last major fund infusion. The current fund infusion is in the form of primary capital, which means that existing investors have not sold any shares in this round.

Fintech startup Decentro raises Rs 30 crore, will shift domicile to India

Decentro, a fintech startup, secured Rs 30 crore in funding led by InfoEdge Ventures. The company intends to move its base from Singapore to India. This move aligns with other Indian startups returning home. Decentro aims to enhance its products and expand its enterprise adoption. They offer APIs for KYC, payments, and debt collection.

Online payment aggregators focus on anti-fraud tech to up revenues

Facing intense competition and pricing pressures in the core payments business, large payment aggregators in India, such as PayU, Razorpay and PhonePe, are developing and deploying fraud detection software platforms for banks and fintech companies. They are pitching these tools to banks, offering them a higher degree of safety for their customers as well as better transaction success rates.

India’s listed digital firms’ market in early days as ‘reverse flipping’ gains steam: Bay Capital

The white paper noted that publicly listed digital-first companies in India are now valued at over $90 billion. As more businesses turn profitable and scale up, the overall value of India’s digital sector is expected to rise steadily, it added.

Which mutual funds are scoring high on value, quality and momentum factors: Insights from Share.Market’s MF scorecard

PPFAS Mutual Fund: Based on Share.Market’s CRISP Mutual Funds Scorecard, funds with high exposure to Value and Momentum styles outperformed across most categories over the past five years. Consistent performers include Nippon India, HDFC, ICICI Prudential, Franklin Templeton, and PPFAS Mutual Funds, with a strong focus on Quality, Value, and balanced investment styles driving sustained success.

Digital payment firms in a no-win game as margins hit rock bottom

Online payment aggregators (PAs) are locked in a race to the bottom on pricing, each trying to outbid the others to win market share in an increasingly cutthroat sector. The online PA space has seen frenetic activity over the past year, including new licenses issued, major players re-entering growth mode, and a couple of large fundraises.

Stuck UPI payment on PhonePe, Google Pay, Paytm? Possible fraud prevention against flagged mobile number

To combat financial crime, the Department of Telecommunications has adopted the Financial Fraud Risk Indicator (FRI), disseminated through the Digital Intelligence Platform (DIP). This risk-based metric classifies mobile numbers based on their association with potential fraud, enabling proactive interventions by UPI platforms like PhonePe, Google Pay, and Paytm.

Startups leverage distribution chops to gain ground in general insurance

Startups are leveraging their distribution muscle to carve out a larger share of India’s underpenetrated general insurance market. A growing number of startups have secured or are applying for corporate agency licences, which allow them to partner with up to 27 insurers across life, general and health categories.

PhonePe’s 5% dilemma: Payments still dominate revenue as it gets IPO-ready

PhonePe, backed by Walmart, is preparing for an IPO. The company's revenue heavily depends on its payments business. Financial services contribute a small portion to its total income. Rivals like Paytm generate more revenue from financial services. PhonePe's insurance business is growing. Its credit business is still in early stages. The company's valuation and IPO pricing are under scrutiny.

DoT introduces 'Financial Fraud Risk Indicator' to fight cyber fraud

The Telecom Department's 'Financial Fraud Risk Indicator' (FRI) enhances intelligence sharing with financial institutions to combat cyber fraud. This tool classifies mobile numbers based on fraud risk, enabling swift action against suspected scams. PhonePe, an early adopter, uses FRI to decline high-risk transactions and alert users, demonstrating the model's effectiveness in predicting cyber fraud involvement.

PhonePe’s pre-IPO challenges; VC funds get AI edge

Happy Monday! Digital payments leader PhonePe is struggling with diversifying its revenue streams on the road to IPO. This and more in today’s ETtech Morning Dispatch.

These UPI transactions will face restrictions from August 1, as NPCI introduces new API rules to prevent outages

Starting August 1, 2025, NPCI is regulating UPI API usage, limiting balance inquiries to 50 per app daily and restricting autopay mandates to only take place during non-peak hours. Banks must start sending balance updates with transaction notifications, and transaction status checks will be staggered throughout the day. Read on to know how this will impact your UPI transactions.

India’s supplements wild west; Payments firms’ SaaS play

Happy Monday! As over-the-counter health supplements are increasingly available online, concerns arise about their efficacy and regulation. This and more in the latest edition of ETtech’s Morning Dispatch

Digitally safe & sound

Karnataka High Court's ruling on the PhonePe case highlights the need to balance user privacy with national security concerns in the digital age. While privacy is a fundamental right, it's not absolute and must be proportionate to legitimate state interests. India's approach to data protection will shape civil liberties and its economic future, requiring clear frameworks and robust oversight.

Half of India’s vehicles still uninsured, says New India Assurance chief

Despite data availability, nearly half of India's vehicles are uninsured, posing risks, according to New India Assurance CMD Girija Subramanian. She advocates for revised third-party motor insurance premiums, unadjusted for years despite rising court awards. New India Assurance aims to regain market share in private car and two-wheeler segments and expand its digital presence through partnerships and investments.

Shiprocket makes confidential filing for Rs 2,500 crore IPO

Of the total amount, the Zomato and Temasek-backed startup, which helps D2C brands and small sellers sell online, is expected to mop up Rs 1,000-1,100 crore in the form of fresh capital. The confidential filing route allows companies to delay the public disclosure of information, such as the company’s latest financials and the IPO details.

Indian IPO market gains momentum with 7 cos launching offerings in May

After a three-month lull, India's primary equity market is rebounding, with seven companies launching IPOs in May and more planned for June. This resurgence is fueled by a stabilizing secondary market, easing geopolitical tensions, and successful block deals. Investor confidence is returning, and the market favors companies with strong fundamentals and realistic valuations, signaling sustained growth.

Karnataka HC rejects PhonePe plea in cybercrime case; says confidentiality must coexist with accountability

The police are investigating a complaint from a citizen who said he deposited his bets on six online betting sites during the India-South Africa cricket match in September 2022. His money was visible in the wallets on the site, but he was blocked from withdrawing it.

PhonePe UPI payments disrupted as new data centre fails to handle rush

The glitch also impacted other unified payments interface (UPI) apps like Paytm and Google Pay. Thousands of users reported issues with UPI on Downdetector. This is the third such disruption in less than a month.

Shiprocket to soon file confidential prospectus for Rs 2,000-2,500 crore IPO

Shiprocket, backed by Zomato, is preparing to file for an IPO with SEBI, aiming to raise Rs 2,000-2,500 crore. The company, which manages shipments for D2C brands, saw a 21% revenue increase in FY24. Despite losses widening due to past acquisitions, Shiprocket turned cash-flow positive in FY25 and is expanding into payments, cross-border shipping, and quick commerce.

SBI's record USD 9.2 bn profit fuelled by relatively small digital cohort

State Bank of India's record profits are largely attributed to its digital platform, YONO, which has transformed the bank's growth strategy. Despite serving over 500 million accounts, only a fraction are YONO users, highlighting a disparity between digital and traditional banking segments.

Reverse flipping: The billion-dollar Gharwapsi fueling India’s startup swagger

Indian startups are increasingly “reverse flipping” back from foreign jurisdictions due to regulatory reforms, maturing capital markets, and rising investor confidence. This shift reflects India’s growing appeal as a global startup hub with strong domestic support.

Billdesk cofounder MN Srinivasu appointed IAMAI chairman for two years

Srinivasu replaces Harsh Jain, cofounder and chief executive of Dream Sports, who assumed the post in May 2023. Before Jain, Sanjay Gupta, vice president and country manager of Google, had held the office.

ET Explainer: Behind UPI-first digital payment apps’ latest plan to revamp their mobile wallet operations

Paytm CEO Vijay Shekhar Sharma said the company is close to regaining its mobile wallet business after losing it due to RBI’s shutdown of its payments bank. With wallets now supporting UPI, offering MDR revenue, and benefiting from relaxed KYC norms, fintechs are reviving interest in prepaid payment instruments.

BluSmart fleet on the block, HCL-Foxconn semicon JV

Lenders and lessors are planning to sell EVs on the BluSmart fleet to recover their dues. This and more in today’s ETtech Morning Dispatch.

Slow start: Why UPI Lite, wallet-based payments are yet to take off?

New payment features like UPI Lite, UPI Circle, and wallet-based UPI payments are yet to gain traction as zero-MDR policy hampers fintech investments. In April, around 120 million UPI transactions were made through mobile wallets or prepaid payment instruments (PPIs) to settle transactions worth around Rs 4,000 crore, shows data sourced by ET.

UPI extras miss mark; Amazon streamlines India ops

Happy Friday! Most new features on Unified Payments Interface (UPI) have struggled to gain meaningful traction over the years. This and more in today’s ETtech Morning Dispatch.

Flipkart‘s quick breather; Now hiring: AI leaders

Happy Tuesday! Flipkart is going slow on the expansion of its quick commerce service to control costs. This and more in today’s ETtech Morning Dispatch.

PhonePe focuses on 'Made in India' with next-gen SmartSpeaker

PhonePe has launched its next-generation SmartSpeaker, manufactured in India, to better serve merchants' evolving needs. Building upon the original model, this upgraded version retains popular features while introducing enhancements like 4G connectivity for faster speeds and improved reliability. The device boasts extended battery life, clear audio, and a compact design, aiming to drive financial inclusion and foster domestic innovation.

Bank holiday today: Banks will be closed for 3 consecutive days in this state for Rabindranath Tagore Jayanti

Banks in this state will experience an extended weekend of bank closures from May 9, 2025 to May 11, 2025, so customers cannot visit bank branches for a three-day period. This is due to a combination of a regional holiday and standard weekend banking rules set by the Reserve Bank of India.

Flipkart, PhonePe, Oyo among $100 billion tech startups eyeing IPOs by 2027

Over three dozen Indian tech startups with a combined valuation of $100 billion are eyeing IPOs by 2027, signaling a revival in public listings. Major names include Flipkart, PhonePe, and Oyo. According to The Rainmaker Group, most IPO-bound firms are striking a balance between rapid growth and profitability, setting the stage for a strong comeback in equity markets.

In fierce UPI fight, new players Flipkart-backed Super.Money, Navi, Cred start to gain ground

New-generation UPI apps such as Navi, Cred, Bhim, and Super.Money have been quietly gaining market share over the last six months, aggressively using cashbacks and incentives to carve out a slice of the growing digital payments market. NPCI data shows that these smaller apps have collectively nearly doubled their market share.

From Nikhil Kamath to PhonePe’s Rahul Chari: Meet the startup founders who are redefining the future of sports ownership in India

Indian startup founders and venture capitalists are increasingly investing in sports teams, from eSports to pickleball, seeking community building and brand visibility beyond financial returns. This trend signals a shift towards hands-on startup builders redefining sports ownership in India. These investors bring early-stage thinking and long-term commitment, unlike traditional corporate owners.

Gold-loan fintech firms spot a glimmer in RBI’s draft rules

Bengaluru-based Rupeek, Chennai-headquartered Oro Money, Noida’s Indiagold and Manipal Fintech of Gurugram are a few of the major startups operating in this space. Earlier this year Manipal Fintech onboarded Puja Abhishek Singh as its new chief executive officer. Singh joined the company from Paytm, where she was heading business operations.

Indian authorities keen to charge merchants fees to bolster homegrown payments network, sources say

India's payments authority, central bank, and industry are urging the government to allow a fee on digital payments to large merchants via UPI. This Merchant Discount Rate (MDR) aims to boost investment for payments firms and revive slowing UPI growth. A rate of 0.2% to 0.3% is suggested. The final decision rests with Prime Minister Narendra Modi's office.

RBI boost for gold loan fintechs; Blinkit dents Zomato’s profits

Happy Friday! The RBI is formalising the gold loan market, opening doors for fintechs in the space. This and more in today’s ETtech Morning Dispatch.

Home care startup app Urban Company files draft papers for $223 million IPO

Urban Company, backed by Tiger Global, has filed for an IPO of 19 billion rupees. The online service aggregator will raise funds by issuing new shares. Existing investors plan to sell their stock. The company intends to use the funds to develop its technology. It will also use the funds for office leases and marketing.

New players in UPI sweepstakes; Urban Company’s IPO papers

Happy Tuesday! In the longstanding UPI battle, fresh players are giving incumbents a tough fight. This and more in today’s ETtech Morning Dispatch.

The golden illusion: Know the risks behind gold’s safe haven image

Gold, though seen as a safe-haven, carries notable risk with high volatility and drawdowns. Over 15 years, equities outperformed gold, but gold's negative correlation with equities supports diversification. Experts suggest a balanced portfolio with 10–20% gold allocation to manage risk and enhance long-term returns.

Make UPI transactions faster soon: Thanks to this move by NPCI these transactions to be processed 50% faster

Starting June 16, 2025, UPI transactions are set to become faster, with completion times reduced to as low as 15 seconds. NPCI's mandate aims to cut response times for most financial activities, including status checks and reversals, down to 10 seconds. These changes promise quicker transaction confirmations and a more reliable experience for customers. Read on to know how this will impact you while you undertake UPI transactions going ahead.

Amazon infuses Rs 350 crore into India payments business amid growing competition

The move comes as rival Flipkart’s fintech app, Super.money, is actively seeking fresh funding. On January 13, ET reported that Flipkart is in advanced talks to lead a $35-40 million funding round for Super.money, which could potentially include external investors for the first time.

Can Sarvam AI overcome challenges to build India's first indigenous LLM under the INDIAai Mission?

Sarvam AI, chosen by the Indian government, will build an indigenous foundational LLM under the INDIAai Mission, receiving 4,096 Nvidia H100 GPUs. This initiative, part of the ₹10,372 cr INDIAai Mission, aims to democratize AI innovation and establish India as an AI powerhouse, addressing challenges like linguistic diversity, data cleansing, and talent acquisition.

Akshaya Tritiya 2025: PhonePe and Paytm launch festive digital gold offers with cashback, discounts, and prize pool

PhonePe converts to public company ahead of planned IPO

As part of the transition, the firm has also changed its name from "PhonePe Private Limited" to "PhonePe Limited.” Walmart chief executive officer Doug McMillon on February 20 announced that PhonePe had begun preparations for a potential listing on Indian stock exchanges, though he did not specify a timeline.

Shriram Finance to provide payment services through mobile wallets, prepaid cards, more

Shriram Finance Ltd. is set to broaden its financial services by venturing into the payments sector, introducing mobile wallets, prepaid cards, and UPI. This strategic move aims to diversify its offerings and enhance earnings. The company reported a net income increase, though slightly below analyst expectations, with assets under management also showing growth.

Amazon launches 'Buy for Me' feature to help customers shop from other brands

Amazon has rolled out "Buy for Me", a new feature, for a small group of US customers, which allows them to find and purchase certain products from other brands’ websites when those products are not available on Amazon.

PhonePe enables UPI Circle feature useful for delegated payments; Step-step-guide on how to use it

Unified Payment Interface (UPI) circle has been enabled by PhonePe. Sonika Chandra said, “UPI Circle is a step forward in extending the ease & convenience of digital payments for those who are underbanked and those new to the ecosystem. This can be a parent providing expenses to their college kids, authorizing payments on behalf of older parents who may be wary of digital payments or busy individuals who want to delegate household chores."

Apple’s India pivot; Cloud, AI fuel Alphabet's gain

Apple is seeking to assemble all iPhones sold in the US in India by next year, the Financial Times reported. This and more in today’s ETtech Top 5.

CX management startup Nextiva launches hub in Bengaluru; plans to hire 150 in India

The new roles in the Bengaluru office will be in the product and tech divisions. This expansion also involves the complete integration of Simplify360, the AI-powered customer experience platform that Nextiva acquired in 2023.

PhonePe rolls out UPI Circle for shared payments

PhonePe has introduced UPI Circle, enabling primary users to manage payments for dependents and trusted contacts without linked bank accounts. The feature allows dependents to make payments using their UPI ID while the primary user retains control over approvals, spending, and history. The company said that this aligns with its goal of democratising digital payments.

Ather Energy cuts IPO fresh issue size to Rs 2,626 crore

In the red herring prospectus submitted to the markets regulator Sebi, Ather Energy said it is looking to raise Rs 2,626 crore from the fresh issue of shares under the maiden public offering, compared to Rs 3,100 crore it had listed in the DRHP for the IPO.

Flipkart gets board’s nod to shift domicile to India

With its flip back, Flipkart will join a swathe of new-age firms, which have redomiciled themselves to India. Fantasy sports platform Dream11, earlier this year, moved its base from the US to India – in what was the first startup to do so under the newly implemented fast-track route.

Iron out ‘reverse flipping’ kinks: Startups tell govt

Startup Policy Forum (SPF), an industry group representing over 50 new-age companies, in a communication to the Ministry of Corporate Affairs (MCA), flagged significant delays and uncertainties many startups continue to face despite recent positive regulatory changes.

NPCI planning to let users save UPI IDs at merchant checkouts

The National Payments Corporation of India (NPCI) is preparing a major overhaul of the Unified Payment Interface (UPI) online checkout experience, sparking concerns among smaller payment apps. Three people in the know told us that NPCI plans to let consumers store their UPI IDs at merchant checkpoints, similar to how debit and credit cards are tokenised.

NPCI attributes UPI outage to excessive API calls; plans preventive measures

The third such incident in two weeks was traced back to certain PSP banks repeatedly sending requests, including for older transactions, without waiting for responses, which created congestion in the system. Going forward, NPCI plans to enforce stricter rate-limiters and reiterate API usage guidelines to all PSP banks.

UPI hit by another outage, thousands of users report issues in payments

UPI services surged were over 1,000 as of noon, with payments and fund transfers being the most reported problems. Banks cite surge in transactions driven likely by spike in gaming & betting activity for disruptions. NPCI cited intermittent technical issues, affecting apps like Google Pay, PhonePe, and Paytm. Despite UPI's dominance, frequent outages are frustrating users and slowing its rapid growth trajectory.

ETtech Explainer: Why do UPI payments fail and what is NPCI doing to check these failures?

Banks generally operate at 85-95% success rate on UPI with most of the transaction failures happening due to business problems. Over the last few weeks system-wide transaction failures over multiple occasions have raised eyebrows in the policy circles on whether the UPI network is coming under too much stress.

Inside the Gensol–BluSmart collapse; Wow! Momo’s fresh funding

Happy Friday! Quick-service restaurant chain Wow! Momo is raising Rs 130-150 crore in funding. This and more in today’s ETtech Morning Dispatch.

UPI outage disrupts digital payments nationwide, users vent online

India’s UPI system faced a major outage on Saturday, disrupting payments nationwide and impacting small businesses. Users, caught off guard, voiced frustration online, highlighting the country’s growing digital dependence. This marks the third disruption in a week, raising concerns over system reliability as UPI becomes central to India’s cash-lite economy.

No more international UPI transactions via QR share & pay, says NPCI

NPCI has recently disabled QR-based international share and pay UPI transactions, impacting P2M payments starting April 4, 2025. This change restricts users from making payments by scanning shared QR codes, though live scanning at physical locations remains possible. Additionally, loading wallets via collect requests is now prohibited to enhance transaction security and reduce fraud risks.

UPI speed bump: Wider base shrinks growth rate

In terms of transaction value, March 2025 was at Rs 24.77 lakh crore, up 25.2% from Rs 19.78 lakh crore in the year ago. That's down from 40.3% growth between March 2023 and March 2024, and 46.8% from the year before that.

5 power-packed tips for investors to thrive in a falling market

As markets decline sharply, investors may panic, but staying rational is key. This article offers five tips: understand volatility, avoid emotional decisions, stick to SIPs, invest lump sums gradually, and ignore market noise. A disciplined, long-term approach rooted in asset allocation can help investors navigate and benefit from downturns.

Revolut gets RBI nod for PPIs, wallets

Revolut India already holds licences to function as a Category-II Authorised Money Exchange Dealer (AD-II), and to offer multi-currency forex cards and cross-border remittance services. With the PPI licence in place, Revolut can now offer both international and domestic payment solutions under one platform in India. Through its mobile wallet product, Revolut will also be able to offer UPI payment services to its Indian customers.

Juspay closes $60 million funding from Kedaara, others; valuation doubles to more than $900 million

This round comes more than two years after Juspay raised $60 million in a funding round led by SoftBank. In a secondary investment, the funds infused do not go to the company but instead go to existing investors selling their shares.

UPI outage hits India, NPCI confirms technical glitch now resolved

India's UPI system experienced a significant disruption on Wednesday evening, affecting platforms like Google Pay and PhonePe. Users reported transaction failures on social media, with the issue lasting about an hour. The NPCI confirmed the problems have been resolved and apologized for the inconvenience.

Kerala launches digital payment system, online services in govt hospitals

Kerala Health Minister Veena George announced the introduction of digital payment systems in 313 government hospitals to facilitate various service fee transactions. This system, part of the e-health initiative, employs POS devices from State Bank of India and Canara Bank, and includes capabilities such as the M-Health app and QR code-based ticket booking.

Bike taxis hit brakes; IT’s complicated with Trump

Bike taxi services face a fresh setback in Karnataka following a court ruling on Wednesday. This and more in today’s ETtech Top 5.

India tech startups worth $100 billion seen seeking IPOs by 2027

Walmart Inc.-controlled online retailer Flipkart, payments firm PhonePe and lodging provider Oyo Hotels are among the companies seeking to list in the country, which was the world’s second-largest market for share sales last year but has lost steam since.

NPCI reports intermittent UPI transaction rejections; attributes it to financial year closing

NPCI announced occasional UPI transaction declines due to financial year-end closing. NPCI said that the system is now stable, with banks working on redressal. This follows a major outage last week, which caused around 23,000 users to log in complaints after the outage disrupted payments and fund transfers.

UPI faces second outage in a week, disrupting transactions

Downdetector, a website that tracks service disruptions, said the outage reports peaked at 520 at 7:23 PM. Around 53% of the issues reported related to fund transfers a, while 44% involved payment failures.

Banks face intermittent transaction declines; NPCI attributes disruption to financial year-end closure

Digital payment users in India experienced issues with online transactions due to intermittent declines linked to banks' financial year-end closing. Despite the UPI system functioning, NPCI worked with banks to address and stabilize the disruptions, which significantly impacted users on March 26, 2025.

Startups rethink IPOs; US visa dilemma for students

Happy Tuesday! The global market rout may push Indian startups to reconsider IPO plans. This and more in today’s ETtech Morning Dispatch.

The josh for Indian IPOs is high again. Does it indicate a market bottom?

Despite recent market volatility, several companies in India have shown renewed interest in IPOs, indicating market stabilization. Experts believe this signifies the absence of a prolonged negative return phase and highlights a strong Indian economic outlook bolstered by positive indicators and sectoral growth.

New-age firms' Monday blues; Juspay's near-unicorn round

The global stock market carnage has come for India’s freshly-listed new-age tech firms. This and more in today’s ETtech Top 5.

What is Phonepe Wealth?

NPCI addresses UPI outage, says 'system stabilised' now

Digital payment platforms, including GooglePay and PhonePe, faced technical glitches, leaving users in trouble.

PhonePe racks up additional $200 million from Walmart in ongoing fundraise

The round is being raised at a pre-money valuation of $12 billion, making PhonePe the most valuable fintech in the country, surpassing payment services provider, Razorpay which was last valued at $7.5 billion.

PhonePe shifts headquarters from Singapore to India

The fintech firm has moved businesses and subsidiaries of PhonePe Singapore, including its insurance broking services and wealth broking services, to PhonePe Pvt Ltd - India.

PhonePe claims one in four Indians now uses its app

PhonePe says registered user base has grown 28% over the past 12 months—from 273 million in January 2021 to 350 million in December 2021.

Companies rush to file for IPOs despite weak market

This surge in draft filings signals a strong pipeline of upcoming IPOs, even amid prevailing market uncertainties. So far, 52 companies have secured Sebi approval for their public issues, while a total of 65 firms have submitted draft IPO papers to the market regulator.

IPO-bound PhonePe set to hire Amit Doshi as CMO

Rohan Misra, son of former SoftBank Vision Fund chief executive Rajeev Misra, is launching his own fund, Gravity Holdings. The London-based fund has raised $150 million to back Indian technology startups.

PhonePe introduces device tokenisation for debit, credit card payments

PhonePe has introduced a device tokenisation solution for credit and debit cards, enhancing security and simplifying the transaction process for users. The initial rollout supports Visa cards, with plans to expand to more networks. This solution benefits both consumers and merchants by offering faster transactions and reducing fraud risks.

Walmart-backed PhonePe set to acquire WealthDesk, OpenQ for $75 million

PhonePe, which had also applied for a mutual fund license with the Securities and Exchange Board of India (Sebi) last December, will acquire WealthDesk at a deal value of $50 million, while OpenQ deal is pegged at $25 million, sources said.

PhonePe integrates Swiggy on its Switch platform

PhonePe Switch enables merchant partners to integrate their existing progressive web apps (PWAs) or mobile sites to the platform, and reach out to the PhonePe user base.

PhonePe's loss drops marginally to Rs 1,728 crore in FY21

Digital payments firm PhonePe’s revenue from operations was Rs 690 crore in FY21, from Rs 371.7 crore in the previous fiscal year.

Walmart-owned PhonePe begins preparations for India IPO

Fintech company PhonePe on Thursday announced that it has begun preparatory steps for the launch of its initial public offering (IPO) as it plans to list the company on Indian stock exchanges.

Flipkart partially spins off PhonePe, Binny Bansal to join board of fintech company

Flipkart co-founder Binny Bansal will join PhonePe's board of directors, along with the fintech company's co-founders Sameer Nigam and Rahul Chari.

PhonePe FY23 revenues rise 77% to Rs 2,914 crore; payments business eyes operating profit

The company says the growth was driven by market expansion, leadership in the digital payments market, and the launch and scale-up of products and businesses

NPCI says Flipkart's PhonePe does not follow UPI rules

NPCI noted that PhonePe and Flipkart Apps are in contravention of the UPI guidelines of interoperability. Hence, NPCI has directed PhonePe and Flipkart to comply with the UPI guidelines.

PhonePe slashes 60% of its customer support agents over 5 years in AI era

PhonePe has reduced customer support staff by 60% in five years, leveraging AI-driven chatbots to resolve over 90% of issues, amidst a 40-fold transaction increase. Despite challenges like the zero MDR law and the COVID-19 pandemic, this automation helped PhonePe achieve profitability.