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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 Group exits Account Aggregator business

EntrackrEntrackr · 5m ago
PhonePe Group exits Account Aggregator business
Medial

PhonePe Group exits Account Aggregator business PhonePe Group on Friday announced its decision to exit the Account Aggregator business and instead partner with other account aggregators in the market. According to the company, it will surrender its NBFC-AA license to the RBI and has initiated the wind-down of its account aggregator operations. “We will be reaching out to our AA user base shortly to inform them of our decision and assist them as per regulatory guidelines,” the company said in a press release. In 2023, the Walmart-owned company received in-principle approval from the RBI to operate as an Account Aggregator, followed by the final license in June 2023. “We feel proud that we have managed to register nearly 5 crore Indians onto our AA platform in less than two years. However, due to competing priorities, we have not been able to onboard as many financial information providers (FIPs) to our platform as we would have liked,” the company said. PhonePe is the largest player in the UPI ecosystem with nearly 50% market share and the Sameer Nigam-led company reported more than Rs 5,000 crore in revenue in FY24. The company's losses declined by 28.6% to Rs 1,996 crore during the period.

Infibeam crosses Rs 1,000 Cr revenue threshold in Q2 FY25

EntrackrEntrackr · 8m ago
Infibeam crosses Rs 1,000 Cr revenue threshold in Q2 FY25
Medial

Digital payments firm Infibeam's operating revenue grew by 29.19% during the quarter ending September 2024. Moreover, the Ahmedabad-based company’s profit also increased 16.45% in Q2 FY25. Infibeam Avenues’s revenue from operations spiked to Rs 1,016.65 crore in Q2 FY25 from Rs 786.97 crore in Q2 FY24, its unaudited consolidated financial statements from Bombay Stock Exchange (BSE) show. Payment business accounted for 95.7% of its total collection which increased by 31.82% to Rs 973.34 crore in Q2 FY25. Meanwhile, there was a 10.81% decline in e-commerce platform business, which fell to Rs 43.31 crore. The company recorded a total revenue of 1,020.19 crore in Q2 FY25. Infibeam operates a diversified digital platform, with a primary focus on digital payments and e-commerce solutions. The company’s total expenses for Q2 FY25 rose by 30.41% to Rs 957.1 crore in Q2 FY25. Operating expenses was the largest contributor, rising by 29.98% to Rs 882.3 crore. Employee benefits increased by 10.86% to Rs 34.5 crore, while depreciation cost grew 3.64% to Rs 17.1 crore. The company also incurred Rs 23.2 crore on other undisclosed expenses. Infibeam’s profit after tax rose 16.495 to Rs 47.4 crore in Q2 FY25 from Rs 40.69 crore in the same period last year. Its ROCE and EBITDA margin stood at 1.62% and 7.96%, respectively. On a unit basis, the company spent Re 0.94 to earn a rupee of operating revenue in Q2 FY25. Infibeam competes with major players like Paytm, Razorpay, and PhonePe in the digital payments sector. At the end of today, its market cap stood at Rs 7,600 crore while the firm stock was trading at Rs 27.30.

Delhivery reports Rs 70 Cr profit in Q4 FY25; revenue jumps 6%

EntrackrEntrackr · 2m ago
Delhivery reports Rs 70 Cr profit in Q4 FY25; revenue jumps 6%
Medial

Delhivery reports Rs 70 Cr profit in Q4 FY25; revenue jumps 6% Logistics company Delhivery announced its Q4 FY25 results on Friday, reporting a 6% year-on-year increase in revenue. The Gurugram-based firm also reported a profit of Rs 72 crore during the same period. Delhivery’s revenue from operations grew to Rs 2,191 crore in Q4 FY25, according to its financial statements filed with the National Stock Exchange (NSE). For the full fiscal year (FY25), Delhivery’s operating revenue increased 10% to Rs 8,932 crore in FY25 from Rs 8,141 crore in FY24. Delhivery's primary revenue sources were its logistics services, including warehousing, last-mile logistics, and designing and deploying logistics management systems. The firm also earned Rs 112 crore from non-operating activities, bringing its total revenue to Rs 2,303 crore in Q4 FY25. Meanwhile, for the full fiscal year, total income reached Rs 9,372 crore. For Delhivery, freight handling and servicing costs made up 70% of its total expenditure, rising by 3% to Rs 1,566 crore in Q4 FY25. Employee benefit expenses decreased by 6% to Rs 337 crore. Legal, depreciation, and other overhead costs contributed to a minor decrease in overall expenditure, which reached Rs 2,249 crore during the quarter. For the full financial year ending March 2025, the firm’s total expenses rose to Rs 9,217 crore as against Rs 8,825 crore in FY24. Delhivery's continued growth and controlled expenditure resulted in a profit of Rs 72 crore in Q4 FY25, compared to a loss of Rs 68 crore in Q4 FY24. On a fiscal basis, it turned profitable and reported a net profit of Rs 162 crore in FY25 as compared to a loss of Rs 249 crore in FY24. At the close of today’s trading session, Delhivery’s share price stood at Rs 321 per share, giving the company a market capitalization of Rs 23,957 crore.

Infibeam profit spikes 50% to Rs 64 Cr in Q3 FY25

EntrackrEntrackr · 5m ago
Infibeam profit spikes 50% to Rs 64 Cr in Q3 FY25
Medial

Digital payments firm Infibeam continued its strong financial momentum, with profits surging 50% in the quarter ending December 2024. The Ahmedabad-based company's operating revenue also grew 18% year on year in the quarter ending December 2024. Infibeam Avenues’ revenue from operations spiked to Rs 1,070 crore in Q3 FY25 from Rs 907 crore in Q3 FY24, as per its unaudited consolidated financial statements sourced from the National Stock Exchange (NSE). Payment business accounted for 94% of its total collection which increased by 17% to Rs 1,010 crore in Q3 FY25. Meanwhile, there was a 23.2% increase in the e-commerce platform business, which rose to Rs 60.3 crore. The company recorded a total revenue of 1,093.5 crore in Q3 FY25. Infibeam operates a diversified digital platform, with a primary focus on digital payments and e-commerce solutions. The company’s total expenses rose by 18% to Rs 1,013 crore in Q3 FY25. For the digital payment firm, its payment processing was the largest cost center, rising by 16.6% to Rs 930.4 crore. Employee benefits Increased by 30% to Rs 40 crore, while depreciation cost grew 11.8% to Rs 19 crore. The company also incurred Rs 23.6 crore on other undisclosed expenses in the said quarter. Infibeam’s profit after tax rose 50% to Rs 64.4 crore in Q3 FY25 from Rs 43 crore in the same period last year. On a unit basis, the company spent Re 0.95 to earn a rupee of operating revenue in the last quarter. Infibeam competes with major players like Paytm, Razorpay, and PhonePe in the digital payments sector. At 14:22 PM today, its market cap stood at Rs 6,504 crore while the firm stock was trading at Rs 23.32.

Paytm posts Rs 1,828 Cr revenue and Rs 208 Cr loss in Q3 FY25

EntrackrEntrackr · 6m ago
Paytm posts Rs 1,828 Cr revenue and Rs 208 Cr loss in Q3 FY25
Medial

Fintech firm Paytm announced its financial results for the third quarter of the current fiscal year (Q3 FY25) on Monday. The Noida-based company reported revenue of Rs 1,828 crore and a net loss of Rs 208 crore for the period. According to Paytm’s unaudited consolidated quarterly report filed with the National Stock Exchange, its revenue from operations declined by 35.9% year-on-year from Rs 2,850 crore in Q3 FY24 to Rs 1,828 crore in Q3 FY25. However, on a quarter-on-quarter basis, the firm recorded a 10% increase in revenue compared to Q2 FY25 (the preceding quarter). Income from payment service revenue accounted for 55% of the total operating revenue which stood at Rs 1,003 crore in Q3 FY25 while the revenue from financial and marketing services were recorded at Rs 502 crore and Rs 267 crore in the same period. The company also added Rs 189 crore from other non-operating sources, bringing its overall revenue to Rs 2016.5 crore in Q3 FY25. For the fintech firm, its employee benefits remained the largest cost center accounting for 34% of the overall cost which decreased by 36% to Rs 756 crore in Q3 FY25. This includes Rs 182 crore as ESOP cost (non-cash). Its payment processing charges and marketing costs were reduced by 42% and 48.7% to Rs 570 crore and Rs 141 crore respectively in Q3 FY25 from Rs 982 crore and Rs 275 crore in Q3 FY24. Software, communication, legal, cashback, and other overheads took the total expenditure to Rs 2,220 crore in Q3 FY25 from Rs 3,216 crore in Q3 FY24. A reduction across all overhead departments enabled Paytm to narrow its losses by 6.3% to Rs 208 crore in Q3 FY25 from Rs 222 crore in Q3 FY24.

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