PHONEPE ACQUISITIONS
Fintechs' secure credit play; New Jersey turns IT hub
Happy Monday! Fintech companies like Cred, PhonePe and Paytm are seeking partnerships with NBFCs to enter the secured credit market. This and more in today’s ETtech Morning Dispatch.
Zomato-Paytm ticketing deal; Oyo’s Rs 1,000-crore funding
Zomato is looking to strengthen its ‘going-out’ business with the acquisition of Paytm’s ticket booking and events business. Details on this, and more in today’s ETtech Morning Dispatch.
Flipkart's path to profitability will decide IPO timing, says Walmart CFO
Walmart sees financial services as a growth opportunity, with PhonePe and Flipkart driving monetisation prospects. A report by Bernstein Research suggests India's ecommerce market could double by 2025.
Paytm employees warned of potential job losses after hit from RBI probe
Paytm, the Indian fintech pioneer, signalled job cuts and asset trimming after reporting its first sales decline on record due to a regulatory probe. The company's net losses surged to 5.5 billion rupees, with revenue dropping by 2.6%. Paytm aims to recover by streamlining operations and focusing on core businesses.
Groww's reverse flip to India; investors bet on gaming studios
Happy Thursday! Fintech startup Groww has completed the process of domiciling itself to India from the US. This and more in today’s ETtech Morning Dispatch.
UPI Service providers sought regulatory intervention to make transactions remunerative
The UPI payment ecosystem is currently under the sway of two major players – Google Pay, commanding a substantial 47% market share, and PhonePe, a Walmart subsidiary, holding a significant 37% share. This duopoly underscores the competitive landscape and the uphill battle faced by smaller players.
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ETtech In-depth: Decoding the UPI growth story through the eyes of a duopoly
If the third largest UPI payment app further loses market share, there is a high chance that the likes of PhonePe and Google Pay will benefit, skewing the market share dynamics even more, industry insiders said.
Binny Bansal eyes big game again post Flipkart exit
Flipkart cofounder Binny Bansal exited the Flipkart board in January, but he’s been busy making investments and giving shape to his new startup as well as portfolio companies
UPI transaction fee debate resurfaces as PhonePe & Google Pay cash in on Paytm's fall
The dominance of PhonePe and Google Pay in the UPI market has sparked discussions about introducing fees on merchant transactions. Fintech companies argue that a merchant discount rate (MDR) is needed for long-term sustainability. Introducing fees could incentivize smaller players to compete and attract bigger platforms, benefiting the overall UPI ecosystem.
Jio Financial Services shares drop over 7% on denying Paytm wallet acquisition talks
Jio Financial shares ended 14% higher on BSE on Monday following a media report stating that Jio has been in talks to buy the Paytm wallet business since November. Citing sources, the report had said as part of a larger bailout plan, Jio may offer to acquire Paytm Payments Bank.
DMI Group acquires ZestMoney in a fire sale
The deal will give DMI the exclusive right to use all brands of ZestMoney, with its non-banking finance company (NBFC) arm DMI Finance becoming the preferred lender on Zest’s platform, it said in a statement on Wednesday.
ZestMoney posts Rs 412 crore loss for FY23, revenues increase 72%
Overall revenue for the buy-now-pay-later platform grew 72% to Rs 250 crore during the year. Total expenses in FY23 also rose 21% year-on-year to Rs 662.2 crore.
Rakesh Deshmukh steps down as CEO of PhonePe-owned Indus Appstore
Deshmukh, along with IIT Bombay alumni Akash Dongre and Sudhir Bangarambandi, founded Indus OS in 2013. Through its marketplace App Bazaar, the platform allows users to discover and access mobile applications in their own language.
PhonePe explored investment in Dunzo’s merchant business
However, Dunzo investors were not in favour due to strategic nature of Walmart-backed company.
How PhonePe's plan to invest in Dunzo hit a roadblock; Slice seeks fresh funds
PhonePe was interested in acquiring the merchant network and quickly tapped into it for Pincode. It has been spending on customer acquisitions and discounts on the separate platform to acquire more users.
PhonePe among top fintech companies with $1.3 trillion total payment value: Walmart
Walmart, the world's biggest retailer, said its digital payments firm PhonePe has a total payment value (TPV) of $1.3 trillion, equalling some of the largest fintech players in its home market of the US, indicating the Indian firm’s market cap potential when it lists.
PhonePe partners with Dream11, Nazara Tech, A23, MPL and other game developers for Indus Appstore
PhonePe is offering zero commissions on in-app payments in an effort to attract more app developers to build on its own app store.
Flipkart founder Binny Bansal may invest $25-30 million more in Ankit Nagori’s Curefoods
Bansal, who made a complete exit from Flipkart in August by selling his remaining shares in the ecommerce firm he cofounded with Sachin Bansal in 2007, has accelerated his personal investments, writing significantly large cheques in startups such as PhonePe and Curefoods.
PhonePe opens Indus Appstore for Android developers to challenge Google-Apple duopoly
Digital payments major, PhonePe, is challenging the dominance of Google and Apple by opening its Indus Appstore to other Android developers. The Indus Appstore Developer Platform will be free for the first year and will not charge developers any platform fee or commission for in-app payments.
Walmart spent $3.5 billion to buy Flipkart shares from Tiger Global, Accel, Binny Bansal, others: Filing
Tiger Global and Accel Partners held about 5% collectively in the Bengaluru-based etailer. Tiger registered a $3.5-billion in profits on its Flipkart investment, as per a communication sent by the New York-based fund to its limited partners (sponsors in funds) on June 28. The retailer also bought the residual stake of Flipkart cofounder Binny Bansal along with other minority shareholders.
PhonePe enters stock broking segment, launches Share.Market app
On Wednesday, the startup launched Share.Market, which enables users to open trading accounts and invest in stocks, mutual funds, and ETFs.
ZestMoney raises fresh capital from existing investors
After a proposed acquisition deal with PhonePe fell through and its founders moved on, this round could be a lifeline for the pay-later startup.
PhonePe taps merchants in big lending push
After its planned acquisition of ZestMoney fell through, PhonePe is focussing on merchant lending. After a pilot with some 20,000 disbursed loans, it is now going live for its entire merchant base.
Walmart shareholding in PhonePe reduces to 85%
Since January, PhonePe has raised $850 million via five deals, including with private equity firms General Atlantic, Ribbit Capital and Tiger Global participating.
ETtech Exclusive: PhonePe may waive off ZestMoney’s $18 million debt after failed acquisition
The Walmart-owned digital payments major is looking to strike a commercial agreement and may pay $8 million to ZestMoney for the licensing agreement
PhonePe chalks up further $100 million from General Atlantic; more expected
Private equity, co-investors have infused $450 m in ongoing fundraise, may go up to $600m
ZestMoney to lay off 100 employees after PhonePe acquisition falls through
ZestMoney’s founders and leadership informed employees about the layoff at a town hall meeting on April 6, they said. The impact is expected to be felt across departments.
Scoop: PhonePe may buy BNPL startup ZestMoney in big consolidation move
This comes amid a global reset in the BNPL sector, fuelled by interest rate hikes and an overall squeeze in consumer spending. ZestMoney has been on the block, looking for a buyer as it struggled to raise fresh funds after tech investors turned overly skittish this year.
PhonePe, Affle Global reach settlement on OSLabs acquisition
ET reported on April 13 that both parties were looking to settle the matter after filing cases against each other in the Singapore High Court starting May 2021.
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