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

Economic Times

Economic Times · 2y ago

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

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.

Related News

PhonePe anticipates increased market share: CEO Sameer Nigam on RBI action against Paytm

Economic Times

Economic Times · 1y ago

PhonePe anticipates increased market share: CEO Sameer Nigam on RBI action against Paytm

PhonePe CEO Sameer Nigam expects to gain a share of Paytm's user base following regulatory action by the Reserve Bank of India against Paytm Payments Bank. PhonePe saw a 15-20% increase in its user base due to the challenges faced by Paytm. Nigam acknowledged the complexity of the regulatory environment and the importance of regulatory decisions. PhonePe is launching its Indus Appstore on February 21 to challenge Apple and Google's dominance. The deadline to make deposits or recharge accounts with Paytm Payments Bank has been extended to March 15.

The People Taking PhonePe From UPI App To Super App

Inc42 · 10m ago

The People Taking PhonePe From UPI App To Super App

Indian fintech giant PhonePe has reported revenue of over INR 5,000 Cr ($674 million) in FY24, making it the second startup in the country to achieve this milestone after Paytm. CEO Sameer Nigam has also stated that PhonePe is aligning its corporate governance with that of a publicly listed company. The Walmart-backed company has a centralized team of 12 members, including the three co-founders, overseeing its six subsidiaries.

Proposed UPI Market Cap Rule Hindering PhonePe’s IPO Plans, Says CEO Sameer Nigam

Inc42 · 1y ago

Proposed UPI Market Cap Rule Hindering PhonePe’s IPO Plans, Says CEO Sameer Nigam

PhonePe, a digital payments platform, is unable to go public due to the lack of clarity on the market share cap guidelines set by the National Payments Corporation of India (NPCI). The NPCI had proposed a 30% market cap limit for third-party app providers in 2020, and a final decision is expected to be made this year. Sameer Nigam, CEO of PhonePe, stated that the company's first milestone is to achieve profitability, and it is also focusing on diversifying its offerings.

Yes Bank's former executive Ritesh Pai to head PhonePe's global payments biz

Livemint

Livemint · 1y ago

Yes Bank's former executive Ritesh Pai to head PhonePe's global payments biz

PhonePe has appointed Ritesh Pai, a former Yes Bank official, as the CEO of its international payments business. Pai will be responsible for leading the company's global expansion plans. He has previously served in key roles at TerraPay and Yes Bank, where he led digital initiatives. PhonePe CEO Sameer Nigam expressed his confidence in Pai's abilities and wished him the best in his new role.

Tech has to lead and regulation has to follow: PhonePe’s Sameer Nigam

Business Today

Business Today · 1y ago

Tech has to lead and regulation has to follow: PhonePe’s Sameer Nigam

At the Global Fintech Festival in Mumbai, WalMart-owned Phone Pe’s Sameer Nigam said India’s path to financial sustainability has come from striking a balance between regulation and technology and that a regulatory framework plays an important role in developing the health of India's Fintech ecosystem. “By definition tech has to lead and regulation has to follow. I found regulators to be extremely approachable. But we need to figure out how to make sure the entire industry doesn’t get hurt. Timing is key when it comes to regulation around fintech start-ups. In payments, we're actually ahead of the curve as a country,” Sameer Nigam, founder and CEO, PhonePe said.

Nervous about going public with 30% market-share cap looming: PhonePe’s Sameer Nigam | Mint

Livemint

Livemint · 1y ago

Nervous about going public with 30% market-share cap looming: PhonePe’s Sameer Nigam | Mint

PhonePe's potential public listing is being hindered by a proposed 30% cap on market share for third-party app providers (TPAPs) processing payments via India's Unified Payments Interface (UPI), according to founder and CEO Sameer Nigam. The National Payments Corporation of India proposed the cap in November 2020, with a deadline of December 2024. Nigam expressed concerns about going public if the cap is in place, stating that he wants to be able to assure investors of the company's future growth. PhonePe recently turned operationally profitable and reported strong revenue growth. Nigam mentioned ongoing discussions with regulators to address concerns.

Open-ended Digital Competition Bill making startups scared: PhonePe's Nigam

Inshorts · 1y ago

Open-ended Digital Competition Bill making startups scared: PhonePe's Nigam

PhonePe CEO Sameer Nigam said definitions for Systemically Significant Digital Enterprises in the draft Digital Competition Bill are "open-ended". "It leaves everybody in the startup ecosystem...scared," he stated. "The minute you leave that kind of interpretive power with a body like the CCI (Competition Commission of India), you're...creating a chilling effect in the ecosystem," he added.

After Flipkart, Binny Bansal steps down from PhonePe board

Economic Times

Economic Times · 9m ago

After Flipkart, Binny Bansal steps down from PhonePe board

Binny Bansal, co-founder of Flipkart, has stepped down from the board of PhonePe, the digital payments platform acquired by Flipkart in 2016. Bansal had left the Flipkart board in January to establish his new venture, OppDoor. Manish Sabharwal, founder of TeamLease, has now been appointed as an independent director and chair of PhonePe's audit committee. PhonePe founder Sameer Nigam expressed gratitude for Bansal's support and welcomed Sabharwal to the board. Nigam also praised Sabharwal's understanding of India's economy and his leadership in shaping education and employment policies.

PhonePe appoints Manish Sabharwal as independent director, Binny Bansal steps down

YourStory

YourStory · 9m ago

PhonePe appoints Manish Sabharwal as independent director, Binny Bansal steps down

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.

Billdesk cofounder MN Srinivasu appointed IAMAI chairman for two years

Economic Times

Economic Times · 3m ago

Billdesk cofounder MN Srinivasu appointed IAMAI chairman for two years

Billdesk cofounder MN Srinivasu has been appointed chairman of the Internet and Mobile Association of India (IAMAI) for two years, succeeding Dream Sports' cofounder Harsh Jain. Harshil Mathur of Razorpay and Sameer Nigam of PhonePe are elected vice-chairman and treasurer, respectively. IAMAI, a not-for-profit body with over 600 members, faced controversy during the 2023 elections when some members claimed bias towards Big Tech over local startups.

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