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Ahead of mega IPO, PhonePe converts to public entity

EntrackrEntrackr · 3m ago
Ahead of mega IPO, PhonePe converts to public entity
Medial

It’s worth noting that PhonePe was the first Indian company to shift its domicile from overseas (Singapore) to India. PhonePe, the digital payments platform aiming for a $15 billion valuation in its upcoming initial public offering, has converted from a private company to a public limited company. “The members are hereby informed that, as one of the prerequisites for the process of initial public offering, the company is required to convert into a public limited company under the Companies Act, 2013,” PhonePe said in a regulatory filing with the Registrar of Companies (RoC). The name of the company will be changed from “PhonePe Private Limited” to “PhonePe Limited.” Notably, PhonePe became the first Indian company to relocate its domicile from overseas (Singapore) to India. In 2022, the Walmart-controlled firm completed this reverse flip, paying over Rs 8,000 crore (around $1 billion) in taxes as part of the process. Media reports indicate that PhonePe plans to initiate its IPO process in the first week of March and has brought on board Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley as advisors. Led by Sameer Nigam, PhonePe last secured $100 million in December 2023 as part of a $1 billion funding round, at a pre-money valuation of $12 billion. Walmart remains the majority shareholder, while other notable investors include Microsoft, General Atlantic, Tiger Global, Ribbit Capital, TVS Capital, Tencent, and the Qatar Investment Authority. PhonePe is the largest player in the UPI ecosystem, commanding over 47% of the market share by transaction volume. The company reported revenue of more than Rs 5,000 crore in FY24, while reducing losses by 28.6% to Rs 1,996 crore in the same period.

PhonePe widens lead over G-Pay in March; CRED’s UPI ranking slips to 7th

EntrackrEntrackr · 3m ago
PhonePe widens lead over G-Pay in March; CRED’s UPI ranking slips to 7th
Medial

PhonePe widens lead over G-Pay in March; CRED’s UPI ranking slips to 7th While the top five UPI apps — PhonePe, Google Pay, Paytm, Navi, and Super.money — maintained their positions, CRED dropped to seventh place, overtaken by Axis Bank. The Unified Payments Interface (UPI) recorded a 13.6% increase in volume in March, reaching 18.30 billion transactions. While the top five UPI apps — PhonePe, Google Pay, Paytm, Navi, and Super.money — maintained their positions, CRED dropped to seventh place, overtaken by Axis Bank. This follows a similar shift in February, when Super.money replaced CRED in the top five rankings. Axis Bank moved ahead of CRED after recording 125 million B2C transactions in March. In the UPI system, B2C (business-to-customer) transactions include payments like refunds, salaries, or cashback that businesses send to customers. With a commanding 47.25% market share by transaction volume, PhonePe retained its top position by processing 8.64 billion transactions. Google Pay followed closely with 36.04%, handling 6.59 billion transactions. Together, the two giants controlled over 83% of the UPI transaction volume. Paytm, the third largest player, contributed a 6.67% share (1.22 billion transactions). In terms of transaction value, PhonePe again led with a 50.76% market share, handling over Rs 12.57 lakh crore, followed by Google Pay at 34.99% (Rs 8.66 lakh crore). CRED, despite a modest volume share of 0.79%, emerged as a high-value player and contributed Rs 55,091.22 crore, or 2.22% of the total value. This reflects the firm’s positioning among high-value users. Other apps like Amazon Pay, ICICI Bank, and Axis Bank had a relatively minor presence in terms of both volume and value but still catered to specific user segments. In a recent development, the Indian government approved a new scheme with a budget of Rs 1,500 crore to encourage small merchants to use digital payments through the BHIM-UPI platform.

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