Latest news with #PhonePe
Yahoo
a day ago
- Business
- Yahoo
Fintech firm Pine Labs seeks up to $6 billion valuation in India IPO, source says
By Vivek Kumar M (Reuters) -Indian fintech firm Pine Labs' [ initial public offering could be worth about $1 billion and the company is seeking a valuation of up to $6 billion, a source familiar with the matter said on Thursday. Pine Labs is looking to issue fresh shares worth 26 billion rupees ($304 million) while existing investors including Peak XV, PayPal and Mastercard will sell up to 147.8 million shares, draft papers filed with the market regulator showed. The company, which competes with Paytm and Walmart's PhonePe, is seeking a valuation of between $5 billion and $6 billion, according to the source, who did not want to be identified. The company was last valued at $5 billion when it raised funds in 2022. Pine Labs offers full-stack payment solutions such as point-of-sale machines to merchants for card payments. It will use the IPO proceeds to invest in overseas units, develop technology and pare down debt. India's IPO market has had a slow start to the year, but foreign investors are now returning to local stocks after a major exodus, attracted by big-ticket block trades, often a precursor to a recovery in IPOs. IPO proceeds from Indian issues are down 4.2% so far this year compared to a year earlier, while the number of issues have fallen 29%, data from LSEG up to mid-June showed. Still, the stock market is gathering steam as concerns around global trade uncertainties ease. The benchmark Nifty 50 is up 8% this year, but remains 3% below its record highs hit last September. Six IPOs are open for bids this week, including HDB Financial's $1.5 billion offering, the biggest ever by an Indian non-bank lender. Pine Labs posted a revenue of 13.41 billion rupees in fiscal year 2024, up from 12.91 billion rupees in 2023, while its losses widened to 1.87 billion rupees from 562 million over the same period, according to its prospectus. Morgan Stanley, Citi and Jefferies are among the bookrunners for the offering. ($1 = 85.6150 Indian rupees) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Business Standard
2 days ago
- Business
- Business Standard
Govt, UPI apps to lay real-time digital tripwire for every payment tap
Extra layers of scrutiny to guard the digitally unversed Ajinkya Kawale Aashish Aryan Mumbai/New Delhi Listen to This Article The government is working with third-party Unified Payments Interface (UPI) applications (apps) such as Google Pay, PhonePe, and Paytm, among others, to implement stricter safety measures that flag and block in real time any suspicious peer-to-peer and person-to-business transactions, several people familiar with the developments told Business Standard. The move aims to curb fraudulent transactions happening through these third-party application providers (TPAPs), especially among less digitally literate users of these apps, an official said. 'The idea here is to ensure that any or all transactions, irrespective of the amount, go through higher checks and balances — even if the total
United News of India
2 days ago
- Business
- United News of India
PhonePe partners with HDFC to launch co-branded Credit card
Hyderabad, June 26 (UNI) PhonePe Limited (Formerly PhonePe Private Limited), one of India's leading fintech companies, and HDFC Bank today announced the launch of the 'PhonePe HDFC Bank Co-Branded Credit Card', marking PhonePe's foray into the co-branded card segment. In partnership with HDFC Bank, this new line of co-branded RuPay Credit Cards is designed to meet the evolving financial needs of the Indian consumer by offering benefits on UPI spends especially on the PhonePe Platform, the company said in a release. This strategic partnership between HDFC Bank and PhonePe leverages their respective banking and fintech strengths to make credit cards accessible and user-friendly. Available in 'Ultimo' and 'UNO' variants, these cards offer rewards on popular spending categories like recharge, bill payments, travel, online shopping, groceries, and cabs. Additionally, the cards integrate seamlessly with UPI, allowing users to pay for their everyday spends via credit card while enjoying the rewards offered on the cards via the extensive merchant network enabled on UPI QRs. Sonika Chandra, Chief Business Officer, Consumer Payments at PhonePe said, "This launch underscores our commitment to providing innovative financial solutions to our wide set of user base. This card is positioned to offer PhonePe customers value on their regular spends, by giving them 10 percent reward points across select categories like bill payments, recharges, and travel bookings. Additionally, consumers can use this card seamlessly across millions of UPI merchants. We are confident that our strategic partnership with HDFC Bank, coupled with the benefits that this card offers will redefine the credit card experience for millions of Indians." Parag Rao, Country Head – Payments, Liability Products, Consumer Finance & Marketing, HDFC Bank, said, "Our partnership with PhonePe allows us to tap into a segment of digitally native consumers, making credit cards more rewarding and widely usable, especially via UPI—an interface that has become central to India's digital payments ecosystem. With this co-branded card, users get the best of both worlds with our trusted credit card platform and PhonePe's customer-centric digital experience." Eligible PhonePe users can apply for the co-branded credit card directly on the PhonePe Mobile App, the application process is fully digital. Once the card is issued by HDFC Bank, users can link the card on PhonePe and make payments to merchants via UPI. Users can also manage their card and pay their monthly credit card bill through the PhonePe app. The card will be rolled out to eligible PhonePe users in a phased manner. UNI KNR RN
Time of India
2 days ago
- Business
- Time of India
Walmart Inc leadership meets Prime Minister Narendra Modi
Walmart CEO Doug McMillon met Prime Minister Narendra Modi to discuss the company's expanding partnership with India, including Flipkart, PhonePe, and Walmart Global Tech. McMillon highlighted Walmart's commitment to $10 billion in annual exports and innovation investment, with board member Steuart Walton and CEO Kath McLay also attending. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The leadership of Walmart Inc led by its President and CEO Doug McMillon met Prime Minister Narendra Modi and discussed the US-based retail giant's growing partnership with on his second visit to India in less than 18 months, discussed Walmart's growing partnership with India, the company said in a post on team is on a two-day visit to the CEO discussed Walmart's growing partnership with India, which includes Flipkart , PhonePe, Walmart Global Tech and Walmart Sourcing, in his meeting with Modi, which took place on is the fourth meeting between Prime Minister Modi and McMillon over the last few has visited India multiple times since becoming the CEO of the Bentonville-headquartered retail giant in 2014."Thank you, Honourable PM @narendramodi for a valuable meeting. We are excited by your vision and proud to support by partnering to achieve our $10b annual exports goal and investing in innovation through Flipkart & PhonePe. India remains central to our strategy," said McMillon on Walmart Inc's X account on McMillon, Walmart board member Steuart Walton and Walmart International President & CEO Kath McLay were also is from the Walton family, which founded Walmart. He is the grandson of Sam Walton, the founder of is the first time someone from the Walmart owner family Walton, is meeting the prime is President & CEO, Walmart International, which operates outside the US markets in 18 countries, including has commitment to sourcing USD 10 billion worth of goods from the country. PTI
Hans India
2 days ago
- Business
- Hans India
PhonePe, HDFC Bank unveil co-branded RuPay credit card with UPI credit payments
PhonePe and HDFC Bank have launched a new co-branded credit card on the RuPay network, marking PhonePe's entry into the credit card space. Named the 'PhonePe HDFC Bank Credit Card', it's available in two variants—'Ultimo' and 'UNO'—and is integrated with UPI to enable credit-based payments at any merchant accepting UPI QR codes. Designed for digital-first users, the card offers tailored rewards and spending benefits. The Ultimo variant provides: 10% reward points on transactions via the PhonePe app—bill payments, recharges, travel, and Pincode purchases 5% reward points on select online merchant spends 1% reward points on UPI 'Scan & Pay' transactions Two complimentary domestic airport lounge visits every quarter Both variants support seamless UPI-linked payments through credit and can be managed directly in the PhonePe app. Users can apply for the card digitally, and HDFC Bank will issue and activate the card upon approval. The rollout will occur in phases. The partnership combines HDFC Bank's credit capabilities with PhonePe's digital penetration, targeting India's growing population of UPI-savvy users. As of April 2025, PhonePe boasts over 61 crore users and a merchant network of 4 crore outlets, processing more than 34 crore daily transactions and over ₹150 lakh crore in annual TPV.
