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The crisscrossing paths of Flipkart and PhonePe

Money Control

Money Control · 2y ago

The crisscrossing paths of Flipkart and PhonePe

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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PhonePe among top fintech companies with $1.3 trillion total payment value: Walmart

Economic Times

Economic Times · 1y ago

PhonePe among top fintech companies with $1.3 trillion total payment value: Walmart

Walmart announces that its digital payments firm, PhonePe, has reached a Total Payment Value (TPV) of $1.3 trillion, comparable to major US fintech players. Walmart acquired PhonePe in 2018 as part of the Flipkart deal. PhonePe controls 50% of India's payments market and raised $850 million in 2023. Despite ongoing discussions about a Flipkart IPO, Walmart hasn't finalized a timeframe, focusing on improving Flipkart's financials. PhonePe and Flipkart are potential IPO candidates, with PhonePe being a leading payment company globally outside of China.

IPOs of Walmart's Flipkart, PhonePe could take couple of years: Walmart executive

Economic Times

Economic Times · 1y ago

IPOs of Walmart's Flipkart, PhonePe could take couple of years: Walmart executive

Walmart's Flipkart marketplace and PhonePe digital payments platform may go public within the next couple of years, according to a Walmart executive. The initial public offering (IPO) of PhonePe could come before Flipkart, despite Flipkart being a more established business. PhonePe is one of India's largest payment platforms and is tied to the country's Unified Payments Interface (UPI), enabling users to transfer money across multiple banks. The exact timing of the IPO and choice of exchange for listing are still being considered. Executives believe that both Flipkart and PhonePe could become $100 billion businesses.

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.

Flipkart valuation declines by over Rs 41,000 crore in two years

Economic Times

Economic Times · 1y ago

Flipkart valuation declines by over Rs 41,000 crore in two years

Flipkart's valuation has reportedly declined by $5 billion to $35 billion as of January 2024 compared to $40 billion in January 2022. The decline is attributed to the demerger of Flipkart's fintech subsidiary, PhonePe. However, sources suggest that the current valuation of Flipkart is still in the range of $38-40 billion. Walmart, Flipkart's parent company, increased its stake in Flipkart to approximately 85% in FY2024. Flipkart disputes the decrease in valuation reported by Walmart, stating that the valuation adjustment was made due to the separation of PhonePe. Flipkart's GMV has grown significantly, increasing its current valuation.

Flipkart mafia: Former employees own 44 start-ups, eight backed by Binny Bansal

Hindustan Times Tech

Hindustan Times Tech · 1y ago

Flipkart mafia: Former employees own 44 start-ups, eight backed by Binny Bansal

The 'Flipkart Mafia,' a group of former Flipkart employees, has established 44 start-ups, with six being unicorns valued at $25 billion collectively. A correlation exists between Flipkart’s ESOP buybacks and start-up creation, particularly in 2018 and 2019. Binny Bansal, Flipkart co-founder, has invested in eight of these ventures, with PhonePe being the highest valued at $12 billion.

Flipkart, PhonePe on path to profitability: Walmart CFO

Economic Times

Economic Times · 1y ago

Flipkart, PhonePe on path to profitability: Walmart CFO

Ecommerce firm Flipkart and payments services provider PhonePe, both owned by Walmart, are making progress towards profitability. Flipkart's losses in the ecommerce segment have improved, providing confidence in the financial outlook for the business. Walmart is evaluating the right time to take Flipkart public, with its profitability path influencing the timing of its IPO. PhonePe, on the other hand, has been performing well, handling approximately $1.5 trillion worth of total payment volume annually. The platform has become one of the largest payment providers in the world outside of China.

Flipkart pulls Walmart's advertising business and global sales

YourStory

YourStory · 3m ago

Flipkart pulls Walmart's advertising business and global sales

Walmart's advertising business surged by 20% in Q1, driven by Flipkart's successful operations. Global net sales increased by 7.8% to $32.1 billion, fueled by growth in China, Flipkart, and Walmex. Despite improvements, the operating income for the international segment decreased due to investments in Flipkart, Walmex, and Canada. Flipkart is expanding its quick commerce with Flipkart Minutes, targeting 800 dark stores by year-end. Morningstar notes potential future growth from Walmart's investments in Flipkart and PhonePe.

Flipkart, PhonePe could be $100 bn businesses: Walmart CFO

Inshorts · 2y ago

Flipkart, PhonePe could be $100 bn businesses: Walmart CFO

During a conference, Walmart's Chief Financial Officer, John David Rainey, expressed his belief that both Flipkart and PhonePe have the potential to become $100 billion businesses in the future. Rainey emphasized India's significance and the attention it receives in terms of Walmart's international aspirations. Earlier this year, Walmart invested an additional $200 million in PhonePe, demonstrating its commitment to the Indian market.

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.

Flipkart valuation down by over ₹41,000 crore since 2022

Livemint

Livemint · 1y ago

Flipkart valuation down by over ₹41,000 crore since 2022

Flipkart, the Indian e-commerce company owned by Walmart, has seen its valuation drop by $5 billion since January 2022. This comes as Flipkart's fintech subsidiary PhonePe becomes an independent entity. Walmart's equity transactions highlight the changes, with the company diluting 8% of its equity in Flipkart and then increasing its stake by 10%. Flipkart disputes the reported valuation decrease, stating that it was an appropriate adjustment after PhonePe's separation. Meanwhile, Flipkart insiders note significant growth in Gross Merchandise Value (GMV) in 2023, potentially impacting the company's valuation positively. In FY23, Flipkart reported a net loss of ₹4,846 crore.

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