New players in UPI sweepstakes; Urban Company's IPO papers
Also in the letter:
In fierce UPI fight, new players Flipkart-backed Super.Money, Navi, Cred start to gain ground
Driving the news:
How they're doing it:
A broader financial services play beyond payments, with fintechs willing to subsidise UPI losses to cross-sell credit and bill payment services.
Large incumbents like PhonePe, Google Pay, and Paytm have scaled back cashback offers, giving new entrants room to grow.
Rising UPI volumes during the IPL season, fuelled by gaming and betting transactions.
Big picture:
Yes, but:
Setting target:
Also Read:
Urban Company files DRHP for Rs 1,900-crore IPO
Key details:
Rs 429 crore via fresh issue; Rs 1,471 crore via secondary share sale by investors including Accel, Elevation, Tiger Global, and Vy Capital.
Founders Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra will not sell shares.
Use of funds:
Financials:
Ather Energy's IPO sees 16% subscription on first day
By the numbers:
86 lakh shares bid against 5.34 crore on offer.
RII (retail) portion subscribed 63%.
NII (non-institutional) portion subscribed 16%.
Background:
Electronics parts PLI draws in Dixon, Tatas, Foxconn and others
Details:
Tata Electronics is targeting the enclosures segment; Dixon aims to apply for multiple categories including display and camera modules.
Foxconn is exploring smartphone display module assembly.
Startups step in, too:
Other Top Stories By Our Reporters
Dailyhunt parent VerSe's internal controls inadequate, says Deloitte audit:
IPO-bound Meesho to change Indian parent entity's name from Fashnear Technologies:
YouTube appoints Gunjan Soni as new India managing director:
Global Picks We Are Reading
Happy Tuesday! In the longstanding UPI battle, fresh players are giving incumbents a tough fight. This and more in today's ETtech Morning Dispatch.■ New PLI draws interest■ Deloitte's Dailyhunt red flags■ Meesho's pre-IPO refreshNew-generation UPI apps such as Navi, Cred, Bhim, and Super.Money have been quietly gaining market share over the last six months, aggressively using cashbacks and incentives to carve out a slice of the growing digital payments market.NPCI data shows that these smaller apps have collectively nearly doubled their market share. While their overall percentage remains modest, the absolute gains in user numbers are significant.PhonePe and Google Pay still dominate UPI, controlling over 80% of all transactions. But the NPCI is pushing smaller players to break this duopoly.UPI remains non-remunerative and largely commoditised. Few fintechs may have the appetite to continue burning cash indefinitely to capture share.Finance minister Nirmala Sitharaman on Monday underlined a target of one billion UPI transactions per day within 2–3 years and emphasised accelerating UPI's internationalisation through interoperable frameworks and wider global acceptance.Abhiraj Singh Bhal, CEO, Urban CompanyAt-home services platform Urban Company has filed draft IPO papers for a Rs 1,900-crore offering, trimming the size from the Rs 3,000 crore planned earlier.Urban Company plans to allocate Rs 190 crore towards tech development and cloud infrastructure, with the rest going towards office leases and marketing.The company posted Rs 846 crore in operating revenue in the first nine months of FY25, up 41% year-on-year, and reported a net profit of Rs 242 crore.Tarun Mehta, founder, Ather EnergyElectric two-wheeler maker Ather Energy opened its IPO on April 28 , garnering a 16% subscription on the first day.Ather's Rs 2,981-crore issue , priced at Rs 304-321 per share, is the first mainboard IPO of FY26. The offer closes on April 30.Major firms including Dixon Technologies, Tata Electronics, and Foxconn plan to invest under the new electronics components PLI scheme.Contract manufacturer Zetwerk is actively scouting partnerships across multiple categories, its electronics president Josh Foulger said.L-R, Umang Bedi and Virendra Gupta, founders, DailyhuntVerSe Innovation's auditor, Deloitte, has flagged issues in the internal controls of the parent of Dailyhunt and Josh for the financial year ended March 31, 2024, stating that these "material weaknesses" could potentially lead to misstatement in accounting aspects including operating expenses, trade payables and expense account balances.IPO-bound ecommerce firm Meesho's board has approved changing the name of its Indian entity, Fashnear Technologies Pvt Ltd, to Meesho Pvt Ltd, according to regulatory filings made with the Registrar of Companies.YouTube said on Monday that it had appointed Gunjan Soni as the country's managing director. The US-based video platform said Soni, who brings over two decades of leadership experience spanning business, technology, marketing and ecommerce, will lead YouTube's growth and innovation efforts in India.■ Poop drones are keeping sewers running so humans don't have to ( Wired ■ Why Trump can't build iPhones in the US ( FT ■ China's chipmakers are catching up to Nvidia and TSMC. Here's how they compare ( Rest of World
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