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PhonePe puts IPO on hold as Iran–Israel–US war rattles public markets

EntrackrEntrackr · 17d ago
PhonePe puts IPO on hold as Iran–Israel–US war rattles public markets
Medial

PhonePe puts IPO on hold as Iran–Israel–US war rattles public markets Digital payments platform PhonePe has temporarily paused its initial public offering (IPO) plans due to ongoing geopolitical tensions and volatility in global financial markets. In a press statement on Monday, the company said it has deferred its public market listing process and will resume the IPO once stability returns to global capital markets. PhonePe’s IPO delay comes amid tensions involving Iran, the US, and Israel, which have increased volatility in global markets and affected investor sentiment, prompting several IPO-bound companies to delay their listings. PhonePe CEO Sameer Nigam said the company remains committed to going public in India despite the temporary pause. He also expressed hope for a quick resolution to the ongoing Iran–Israel–US conflict. Founded in 2016, PhonePe is one of India’s largest digital payments platforms, with over 650 million registered users and a merchant network of more than 47 million. In February, it led UPI among third-party apps with 9.28 billion transactions worth Rs 13,10,392.95 crore, holding a 45.5% share by volume and 48.8% by value. Earlier this year in January, PhonePe filed its updated DRHP with Securities and Exchange Board of India (SEBI) to raise around Rs 12,000 crore (approximately $1.5 billion) through an IPO. According to multiple media reports, the company was targeting a valuation of around $10.5 billion. Notably, in October last year, General Atlantic invested $600 million in PhonePe at a valuation of roughly $14.5 billion. The decision to hold the IPO comes amid heightened market volatility, which could potentially impact the company’s valuation. PhonePe’s largest shareholder Walmart may prefer to avoid listing under uncertain market conditions that could compress its valuation. While PhonePe may be a relatively small bet for Walmart, the company’s valuation remains crucial for the fintech firm, making the timing of its public market debut an important factor.

PhonePe acquires GSPay IP from GupShup for UPI on feature phones

EntrackrEntrackr · 10m ago
PhonePe acquires GSPay IP from GupShup for UPI on feature phones
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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