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PhonePe founders donate $1 Mn to alma mater SPIT

EntrackrEntrackr · 6m ago
PhonePe founders donate $1 Mn to alma mater SPIT
Medial

Mumbai-based Sardar Patel Institute of Technology (SPIT) celebrated its Annual Alumni Reunion on December 21, 2024, where PhonePe co-founders Sameer Nigam and Rahul Chari announced a $1 million grant for their alma mater. The event, held at SP Jain Auditorium, Bhavan’s Campus, marked the 25th anniversary of the 1999 graduating batch. The reunion saw the participation of 300 alumni, including key figures from the tech and business sectors. The grant aims to boost SPIT’s infrastructure, drive innovation, and nurture an entrepreneurial spirit among students, empowering them to develop impactful solutions. Nigam, CEO of PhonePe, and Chari, CTO, were recognized with the Distinguished Alumni Award for their contributions to India’s fintech landscape and society. Under their leadership, PhonePe has become one of the leading fintech companies with a $12 billion valuation. The firm also surpassed the Rs 5,000 crore revenue mark in the last fiscal year (FY24). The institute also presented the SP-Changemakers Awards to honor alumni for their achievements.

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Amazon to contribute $1 million to Trump's inauguration fund

Economic TimesEconomic Times · 7m ago
Amazon to contribute $1 million to Trump's inauguration fund
Medial

Amazon is set to donate $1 million to President-elect Donald Trump's inauguration fund. This move comes as major tech companies aim to improve their rapport with the incoming president. Additionally, Amazon plans to stream Trump's inauguration on its Prime Video service, providing another in-kind donation worth $1 million. The donation from Meta, parent company of Facebook and Instagram, was also confirmed. The company donated $1 million to Trump's inauguration fund. This news follows Trump's announcement that Amazon founder Jeff Bezos will visit him in person. The two had previously clashed, but Bezos has recently expressed optimism about Trump's second term. Meta CEO Mark Zuckerberg has also been seeking to build a better relationship with Trump.

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.

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