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News on Medial
PhonePe doubles down on financial services; CEOs appointed for lending, insurance and wealth businesses
Money Control
·
1y ago
Medial
Fintech giant PhonePe is focusing on expanding its financial services offerings and has appointed CEOs for its lending, insurance, and broking businesses. Hemant Gupta will head the lending business, Vishal Gupta will lead the insurance business, and Ujjwal Jain will spearhead the wealth and broking business. The company recently entered the stock broking sector with its app, "Share.Market." PhonePe has crossed 500 million registered users and achieved a 77% growth in consolidated revenue for FY23. The company is valued at $12 billion.
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PhonePe poured bulk of past year’s investments into insurance business
Economic Times
·
1y ago
Medial
Walmart-owned PhonePe has invested over Rs 800 crore in its subsidiaries in the past year to expand businesses like insurance broking and hyperlocal e-commerce. More than half of this investment went to PhonePe Insurance Broking Services, indicating the company's focus on building a retail cover distribution business. PhonePe has also invested in its wealth broking subsidiary and its hyperlocal e-commerce app Pincode. While insurance has been a strategic bet for PhonePe, the company needs to sell more life and health products to generate strong revenue.
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PhonePe crosses 500 million registered users, alters top deck
Economic Times
·
1y ago
Medial
Digital payments platform PhonePe has appointed chief executives for its various new business verticals and announced that it has surpassed 500 million registered users. Hemant Gala will now serve as the CEO of PhonePe's lending business, Vishal Gupta has been promoted to the role of CEO for its insurance business, Vivek Lohcheb has become the CEO for Pincode, and Ujjwal Jain has been appointed to head its wealth management product, Share.Market. PhonePe aims to bring digital payments to 1 billion Indians and believes these organizational changes will help achieve that goal.
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RBI approves Jio Financial Services' conversion to core investment company
YourStory
·
1y ago
Medial
The Reserve Bank of India (RBI) has given approval for Jio Financial Services Ltd to convert from a non-banking financial company (NBFC) to a core investment company (CIC). This conversion allows Jio Financial Services to primarily engage in acquiring shares and securities. Jio Financial Services recently launched the "JioFinance" app, which offers a range of financial services such as banking, transactions, bill settlements, and insurance advisory features. The company plans to expand its offerings to include lending, investment, and insurance services in the future. Additionally, Jio Financial Services announced a joint venture with BlackRock to provide wealth management and brokerage services in India.
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The crisscrossing paths of Flipkart and PhonePe
Money Control
·
1y ago
Medial
Flipkart and PhonePe relationship is today looking like a Venn diagram where the investors and consumers meet, but the organisations are charting a distinct path for themselves as independent companies. This has probably made them compete with each other in financial services such as lending and insurance. And that is not incidental. Read the article on the source link below to know more-
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JM Financial appoints former Axis Cap exec as head of institutional equities
VCCircle
·
6m ago
Medial
JM Financial has appointed Ankur Jhaveri as the managing director and CEO of its institutional equities arm, JM Financial Institutional Securities Ltd. With nearly two decades of experience, Jhaveri will focus on enhancing the firm's sales, trading, research, and derivatives operations. Prior to this, he worked at Axis Capital as managing director. JM Financial provides a range of financial services, including wealth management, investment banking, and mortgage lending, and operates across 227 cities in India.
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PhonePe targets D2C route, more merchant revenue
Economic Times
·
1y ago
Medial
PhonePe's plans to accelerate merchant revenue and focus on direct-to-consumer (D2C) brands. With a growing user base, PhonePe aims to increase its merchant business and create new revenue streams. It plans to offer more services to merchants, such as lending, insurance, and working capital solutions. Additionally, PhonePe is exploring opportunities with D2C brands to provide them with tools and services to expand their digital presence and drive sales.
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Upstox forays into insurance distribution
Entrackr
·
1y ago
Medial
Wealth management platform Upstox has announced its entry into the insurance distribution business. The company aims to revolutionise the insurance landscape by offering its users a customised experience of purchasing insurance in line with their needs, Upstox said in a press release. Currently, Upstox is offering term life insurance on its platform and is planning to roll out health, motor and travel insurance soon. HDFC Life is among the first insurers to partner with Upstox and feature its term Insurance plans on the platform. Upstox offers a wide range of financial instruments including stocks, IPOs, F&O, commodities, currencies, fixed deposits, P2P lending, government bonds, NCDs, Gold, and insurance, among others. The Mumbai-based firm registered a 44% year-on-year growth in its broking revenue and crossed a Rs 1,000 crore threshold during FY23. The Tiger Global-backed firm also claimed that it turned profitable in FY23. Upstox competes with the likes of Zerodha, Groww, and PhonePe’s Share.Market. It’s worth highlighting that PhonePe also offers insurance products on its platform.
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PhonePe appoints Manish Sabharwal as independent director, Binny Bansal steps down
YourStory
·
7m ago
Medial
PhonePe, the digital payments company, has appointed Manish Sabharwal as an independent director and chair of its audit committee. Sabharwal, Vice-Chairman of staffing company Teamlease Services, will be responsible for maintaining the integrity and effectiveness of PhonePe's financial reporting, internal controls, and risk management practices. Additionally, PhonePe announced that Flipkart Co-founder Binny Bansal has stepped down from its Board of Directors. Sameer Nigam, CEO and Founder of PhonePe, expressed gratitude to Bansal for his support and welcomed Sabharwal, highlighting his expertise in shaping Indian policies for education, employment, and employability.
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PhonePe expects to achieve operational profit by 2025: CEO Sameer Nigam
Economic Times
·
1y ago
Medial
India's leading fintech firm PhonePe aims to achieve operational profitability by 2025, according to CEO Sameer Nigam. He stated that the company's payment, advertising, banking, and insurance businesses will reach breakeven by that time, supported by rising revenue and reduced losses. PhonePe recently raised $850 million in funding, valuing it at $12 billion. Nigam also discussed the launch of PhonePe's stock trading platform Share.Market, highlighting the company's expansion into various financial services to build a large customer base over the next decade.
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PhonePe acquires GSPay IP from GupShup for UPI on feature phones
Entrackr
·
1m ago
Medial
PhonePe acquires GSPay IP from GupShup for UPI on feature phones PhonePe has announced an IP purchase of conversational engagement platform Gupshup’s proprietary ‘GSPay’ technology stack for enabling UPI-based payments for feature phones. GSPay is a mobile application built on top of NPCI’s UPI payment solution for feature phones (UPI 123PAY). According to PhonePe, it plans to customize and extend the recently acquired GSPay IP and launch its own feature-phone based UPI payment mobile app on new feature phones in India, over the next few quarters. PhonePe aims to provide all basic UPI features such as P2P transfers, offline QR payments, and receiving of money from any other UPI customer to their mobile numbers or self-QRs seamlessly. This move aims to create full payment interoperability between feature phone and smartphone users and bring crores of Indians who still use feature phones into the Indian digital payments ecosystem. “This segment of users has been historically underserved by the digital financial industry and the broader startup ecosystem. We hope we can enable crores of these feature phone customers to participate in India’s burgeoning digital payments market,” said Sameer Nigam, co-founder & CEO of PhonePe. PhonePe’s portfolio of businesses includes the distribution of financial products (insurance, lending, and wealth) as well as new consumer tech businesses (Pincode and Indus AppStore). As per market research, India had approximately 24 crore feature phone users in 2024, and an additional approx 15 crore feature phone shipments are expected over the next five years. Launched in 2016, PhonePe has over 60 crore (600 million) registered users and a digital payments acceptance network spread across over 4 crore merchants. It also processes over 33 crore transactions daily with an Annualized Total Payment Value (TPV) of over Rs 150 lakh crore.
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