Latest news with #Walmart-backed
Yahoo
4 days ago
- Business
- Yahoo
PhonePe reportedly planning $1.5bn India IPO
Walmart-backed Indian fintech firm PhonePe is gearing up for an initial public offering (IPO) to raise up to $1.5bn, Bloomberg reported citing people familiar with the matter. The IPO is expected to value the company at approximately $15bn, with plans to file a draft red herring prospectus as early as August, Bloomberg added. Founded in 2015, PhonePe is India's 'largest' digital payments provider, boasting over 610 million registered users and processing 340 million rupees of transactions daily, per Bloomberg. According to Reuters, the company serves more than 600 million registered users across 40 million merchants, handling over 310 million online transactions daily via India's unified payments interface (UPI). In 2023, PhonePe raised $100m from Ribbit Capital, Tiger Global Management, and TVS Capital Funds, valuing the company at $12bn at the time. The firm has engaged Kotak Mahindra Capital Co., JPMorgan Chase & Co., Citigroup Inc., and Morgan Stanley to manage the offering, Bloomberg reported. Discussions remain ongoing, and details may change, according to Bloomberg's sources. A PhonePe spokesperson did not respond to Bloomberg's request for comment. In May this year, PhonePe launched an upgraded version of its SmartSpeaker, a device designed to facilitate payment voice notifications for merchants. The latest iteration of the SmartSpeaker is manufactured in India and retains the voice notification feature of the original model, which was introduced in 2022. The device supports 21 language options and includes a celebrity voice feature. In April, the company introduced the UPI Circle feature on its app, enabling users to make payments to family members, friends, or other trusted individuals within a designated group. "PhonePe reportedly planning $1.5bn India IPO – report " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Time of India
4 days ago
- Business
- Time of India
PhonePe prepares for $1.5 billion IPO: All you need to know
Digital payments and financial services platform PhonePe is gearing up for a $1.5-billion initial public offering (IPO) later this year. The Walmart-backed company has tapped Kotak Mahindra Capital, JPMorgan Chase, Citigroup and Morgan Stanley to arrange the offering. Key details: Draft paper filing: The company may file its draft red herring prospectus (DRHP) by August. Target raise: It plans to raise around $1.5 billion through the listing, which is approximately Rs 13,000 crore, as per a Bloomberg report. Valuation: This would value the company at $15 billion, a significant jump over its last private valuation of $12 billion, in 2023. Live Events Key developments Flipback to India: In 2022, PhonePe, which was domiciled in Singapore, redomiciled to India. This is an important legal step for companies planning to list on Indian stock exchanges. The fintech firm was the first of many startups that returned to India driven by better listing prospects and regulatory ease. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The fintech firm added that it had also moved the ownership of its recently acquired IndusOS Appstore (OSLabs Pte Ltd) from Singapore to India. Fundraise: In May 2023, PhonePe completed raising $850 million in multiple rounds from General Atlantic, Ribbit Capital, Tiger Global and Walmart. It was valued at over $12 billion after these funding rounds. Between 2020 and 2023, the company's valuation more than doubled from $5.5 billion to $12 billion. Financials: PhonePe narrowed its net loss by 29% in financial year 2024 to Rs 1,996 crore, from Rs 2,795 crore in FY23. The improved financial performance was backed by 74% growth in its operating revenue to Rs 5,064 crore, from Rs 2,914 crore a year before. February 2025: The company publicly stated its intention to list on Indian bourses. The fintech startup did not give a timeframe for the IPO, saying the plans were initiated after considering revenue growth and improvement in its path towards profitability. April 2025: The digital payments firm transitioned from a private entity to a public company in April, according to filings with the Registrar of Companies (RoC). The conversion was approved by the company's shareholders through a special resolution passed at an extraordinary general meeting held on April 16. Diversification woes PhonePe is the market leader in the Unified Payments Interface (UPI) space, and even though it has diversified to become a full-stack financial services platform, offering credit, insurance, and stockbroking over the past three years, UPI remains its core business. In FY24, PhonePe's financial services business brought in Rs 207.4 crore—a mere 4% of its Rs 5,064 crore total revenue. While the company has multiplied its revenue over the last few years, crossing the Rs 5,000-crore mark in overall income last year, diversifying its income streams is proving harder than expected.
Time of India
5 days ago
- Business
- Time of India
Walmart-backed PhonePe seeking to raise $1.5 billion from India IPO: Bloomberg
Walmart-backed Indian fintech firm PhonePe is preparing to file preliminary documents for its initial public offering to raise as much as $1.5 billion, Bloomberg News reported on Monday, citing people familiar with the matter. The IPO would value PhonePe at nearly $15 billion, the report said, adding that PhonePe is planning to file draft papers for the listing by August. Both PhonePe and Walmart did not immediately respond to Reuters' requests for comment. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top 5 Gas Turbine Manufacturers Mexico (See The List) Turbines | Search ads Undo PhonePe is among the most widely used apps in India to make payments via the country's popular unified payments interface (UPI). It has more than 600 million registered users across 40 million merchants. It processes over 310 million online transactions daily. Live Events
Time of India
20-06-2025
- Business
- Time of India
Myntra's entry to quick commerce in Delhi-NCR and Mumbai hold key considerations
Live Events Amidst critical operational challenges in the quick commerce sector related to hiring and retaining delivery partners, ecommerce major Myntra has rolled out its 30-minute delivery service M-Now in Delhi NCR and piloted M-Now in Bengaluru in December last year, initially with about 10,000 stock-keeping units (SKUs). ET had reported on December 4 that the online fashion company plans to take the service to Mumbai, New Delhi and Pune in the coming chief executive Nandita Sinha, had told ET in an interview that the fashion etailer had identified significant demand from fashion-first and trend-focused premium customers for quick deliveries, adding that customers are looking for access to their preferred brands with speedy M-Now, customers can find collections from nearly 600 brands, including Vero Moda, Mango, Calvin Klein, Tommy Hilfiger, Levi's, Dyson, YSL, Prada, Carolina Herrera, Huda Beauty, the company said.M-Now's presence in Delhi-NCR makes it pivotal in joining the quick commerce race, and offering multiple brands in one click. In April, data sourced by ET revealed that Myntra is seeing sharp growth in vacation-related shopping. Summer-ready styles in apparel and footwear—such as sundresses, skirts, shorts, cotton shirts, swimwear, flip flops and sandals—are seeing strong said demand for these categories rose around 2.2 times year-on-year in March and April compared to the beginning of the year. Popular brands in this space include H&M, MANGO, Puma, Crocs, US Polo, Tommy Hilfiger, Adidas, Trendyol and Levi' products readily available with convenient return options are likely to spur demand on quick commerce platforms like M-Now, Myntra's M-Express has already been popular with customers, delivering orders in one to two business expanding to Delhi-NCR and Mumbai region would open opportunities to tap urban consumers looking for quick FY24, Myntra posted a net profit of Rs 30.9 crore against revenue of Rs 5,173.7 commerce now accounts for 20% of India's ecommerce market and is growing at a rate of 50% annually, Walmart International chief executive Kathryn McLay said in May Walmart-backed Flipkart's Q-comm entity Flipkart Minutes, is targeting 800 dark stores by the end of 2025. Companies such as Zepto are in advanced talks with Edelweiss Alternative Asset, domestic family offices and smaller credit funds for around Rs 1,500 crore structured had an annualised GOV of $3.6 billio n in the quarter ended December 31, 2024. Swiggy Instamart posted an annualised gross sales run rate of $1.8 billion in the same price becomes the primary differentiator for these apps with near-similar user experience, intense discounting and attendant cash burn are likely to intensify further, a recent report by ET highlighted. This month, average discounts across categories rose to 20–25% on maximum retail price compared to below 10% two years ago across various quick commerce platforms, including for segments like dairy and groceries, the sources said.
Time of India
20-06-2025
- Business
- Time of India
Delhivery unveils short-haul cargo service rivalling Uber, Porter
Indian courier delivery firm Delhivery launched its short-haul parcel transport service in two locations on Friday, ramping up competition in a market dominated by the likes of Uber and Kedaara Capital-backed Porter . Near-distance parcel delivery - often within city limits - has grown increasingly popular, following the success of quick-commerce delivery services, where everything from milk to mobile phones is delivered within 10 minutes. Currently, Uber, Swiggy-backed ride-hailing app Rapido and Porter are among firms that ferry parcels from one area of a city to another. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 외우지 않아도 영어가 기억된다면? 40분만 투자해보세요 스티븐영어 지금 시작하기 Undo Delhivery's service is currently live only in the national capital region and the southern IT hub of Bengaluru, but the company aims to rapidly expand to other key metro cities, MD and CEO Sahil Barua said in a statement. Third-party logistics firms, including Delhivery, have been looking for options to diversify as their mainstay long-haul freight businesses battle intense competition from in-house logistics arms of e-commerce giants such as Amazon and Walmart-backed Flipkart. Live Events
