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<ul><li><keyword id="6354742" type="General" weightage="80" keywordseo="flipkart" source="Orion">Flipkart</keyword> and <keyword id="6357886" type="General" weightage="100" keywordseo="phonepe" source="Orion">PhonePe</keyword> have announced that they are fully separated now, six years after the e-commerce giant acquired the latter. </li><li>The separation comes at a time when PhonePe is reportedly in talks to raise funds at a valuation of close to $13 billion. </li><li><keyword id="80487" type="General" weightage="20" keywordseo="Walmart" source="Orion">Walmart</keyword> will continue to be the largest shareholder of PhonePe and Flipkart, according to a joint statement by the companies. </li></ul>Flipkart and PhonePe have announced that they are fully separated now, six years after the e-commerce giant acquired the latter, the companies said in a joint statement on Friday. Post the completion of the separation, PhonePe is now a fully India-domiciled company. To recall, PhonePe moved its registered office from Singapore to India in October. “Setting up these businesses as separate entities will also provide value and create new opportunities for investors to participate in the Indian tech ecosystem – helping unlock and maximize enterprise value for shareholders of the two companies,” the companies said. The separation comes at a time when PhonePe is in talks to raise funds at a valuation of close to $13 billion, according to a <a href="https://www.bloomberg.com/news/articles/2022-12-08/walmart-s-payments-startup-phonepe-seeks-to-raise-1-billion">Bloomberg report</a>. If it succeeds, it would become the most-valued fintech startup in India. The company had raised $700 million in 2020, led by Walmart and existing investors, including Tiger Global, at a valuation of $5.5 billion. While media reports earlier suggested that PhonePe was planning an IPO, the company’s founder and CEO Sameer Nigam in June 2022 dismissed the reports, saying, “PhonePe is not planning an IPO right now. We are focusing on building our business, and will go public once our core businesses turn profitable and our new initiatives have achieved a good product-market fit and scale,” according to a PTI report. As part of the separation of the two companies, the existing shareholders of Flipkart Singapore and PhonePe Singapore, led by Walmart, have taken up equity directly in PhonePe India. Walmart will continue to be the largest shareholder of PhonePe and Flipkart, according to the statement. “We are looking forward to the next phase of our growth as we invest in new businesses – like insurance, wealth management and lending, while also enabling the next wave of growth for UPI payments in India. This will help propel our vision to provide billions of Indians with financial inclusion,” said Nigam in the statement. The separation of Flipkart and PhonePe could also have an impact on the former’s valuation – while the e-commerce giant is currently valued at $37.6 billion after a fundraise of $3.6 billion in 2021, it was <a href="https://www.businessinsider.in/business/corporates/news/flipkart-ipo-may-happen-in-2023-at-a-valuation-of-70-billion/articleshow/90703817.cms">reportedly</a> seeking a $60-70 billion valuation for its planned IPO in the US in 2023. <cmsannotation type="cmsannotation" annotationid="PhonePe is the current market leader in UPI payments in the country" comment="subhead" text="PhonePe is the current market leader in UPI payments in the country">PhonePe is the current market leader in UPI payments in the country</cmsannotation> PhonePe currently has over 400 million UPI users in the country, with a 46% market share in terms of payment volumes and a 49% share in terms of payment values, as of November, according to data from the National Payments Corporation of India (NPCI). Apart from this, the company also has 35 million merchants covering 99% of the pincodes in the country. It also has 1.1 million sellers on its platform, including small and medium businesses, artisans and craftsmen. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/indias-hiring-intent-rises-in-q4-led-by-positive-sentiment-in-ecommerce-telecom-and-educational-services-industries/articleshow/96424123.cms">India’s hiring intent rises in Q4 led by positive sentiment in ecommerce, telecom and educational services industries</a> <a href="https://www.businessinsider.in/business/corporates/news/reliance-retail-to-acquire-wholesaler-metro-cash-carry-for-2850-crore/articleshow/96415905.cms">Reliance Retail to acquire B2B wholesaler Metro Cash &amp; Carry for ₹2,850 crore</a> <a href="https://www.businessinsider.in/stock-market/news/fpis-load-up-on-realty-stocks-in-the-first-half-of-december-total-inflows-edge-up-to-9017-crore/articleshow/96393580.cms">FPIs load up on realty stocks in the first half of December, total inflows edge up to ₹9,017 crore</a>

Flipkart and PhonePe complete separation six years after acquisition

<ul><li><keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword> has opened its data bank for everyone with the launch of its latest product called Pulse.</li><li>The company’s CEO Sameer Nigam noted that 90% of PhonePe’s transactions are UPI-based, so they are not allowed to charge commisions on it. </li><li>Interestingly, PhonePe is the biggest player in the UPI market with control over 45% transactions on a monthly basis.</li></ul>Walmart-owned digital payment firm PhonePe on Thursday, September 2, opened its data bank for everyone with the launch of its latest product called Pulse. Pulse — available as a website and report — will give deeper insights into <keyword id="12008998" type="General" weightage="20" keywordseo="phonepe-data" source="Orion">PhonePe data</keyword> across payments and financial services. The platform as well as the report will be updated quarterly with latest insights about PhonePe’s transaction value and volume, financial services sold on the platform and more. This product includes PhonePe data bank in anonymised format. Users can check out the data at <a href="https://www.phonepe.com/pulse/">Pulse.phonepe.com</a> <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key takeaways from Pulse </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PhonePe has processed over 2000 crore transactions to date. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The company has its presence spread across 300 million users in 19,000 pin codes. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Over 63% of first time transactions on the PhonePe app are to transfer money, confirming that this category acts as the initial hook for customers to download a unified payments interface (UPI) app. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The Walmart-owned company processed nearly 400 crore transactions worth ₹7.4 lakh crore in the April to June quarter of 2021. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Last quarter it reported nearly 150 crore merchant payments and 174 crore peer-to-peer payments. </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Sameer Nigam, founder and chief executive (CEO) of PhonePe, believes that such a data bank could actually lead to some conversations among policymakers and bring about a change in the digital payments network. The major change that any fintech player like PhonePe is looking for is being able to make money out of <keyword id="4052276" type="General" weightage="20" keywordseo="upi-transactions" source="Orion">UPI transactions</keyword>. This is because it's the largest digital payments format, which witnessed 3.5 billion transactions in August 2021. Currently, the Indian government has banned payments players from charging customers/merchants on UPI transactions. Although, the same players can charge on other non-UPI digital transactions like card payments or wallet transactions. This is known as the merchant discount rate (MDR), which is a fee paid by merchants to accept payments. Nigam, in the Pulse launch event held on Thursday, highlighted that currently 85-90% of PhonePe transactions are carried out using UPI that has "zero MDR". For perspective, PhonePe actually processed nearly 400 crore transactions worth ₹7.47 lakh crore in the April-June quarter of 2021. A 90% rate would be that PhonePe did not earn any money over 350 crore transactions. “It is our hope that if more and more data is transparent, policymakers will see perhaps on a lifecycle, but they will clearly see implications of decisions. For example, like zero MDR. I do believe that it limits market participation. NPCI data shows the number of participants in the market has come down by almost two-third from 45 companies that were processing UPI to and now the number on NPCI websites is 15,” Nigam said. “I think it will start a lot of conversation,” he added. Despite being the biggest player in the India UPI market — with a market share of 43-45% on a monthly basis — PhonePe reported a revenue of ₹371.8 crore in financial year 2020. This was almost double of the number it showcased in FY2019. Meanwhile, sources in Paytm say that they earn about INR 1,700-₹1,800 crore through digital payment. At that time, the company was processing about 800-900 million UPI transactions on a monthly basis. Currently, it’s at 900 million to 1 billion monthly, as per National Payments Council of India (NPCI). SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/uber-has-ola-zomato-has-swiggy-but-whos-urban-company-competing-with/articleshow/85835674.cms">Uber has Ola, Zomato has Swiggy but who’s Urban Company competing with?</a> <a href="https://www.businessinsider.in/business/corporates/news/zomato-is-shutting-down-its-singapore-and-uk-based-subsidiaries/articleshow/85858611.cms" data-type="tilCustomLink">Zomato is shutting down its Singapore and UK-based subsidiaries</a> <a href="https://www.businessinsider.in/business/corporates/news/paytm-valuation-has-increased-by-nearly-40-a-share-heres-how/articleshow/85826886.cms">Paytm valuation has increased by nearly $40 a share — here’s how</a>

PhonePe is citing data to argue that merchants should pay for UPI transactions

<ul><li><keyword id="790242" type="COMPANY" weightage="20" keywordseo="WhatsApp">WhatsApp</keyword> is driving its financial inclusion push in India as it has announced its foray into lending, micro-insurance, and micro-pension products.</li><li>The financial services plans could give the instant messaging app over 200 million new users, adding to its existing 400 million user base in India. </li><li>But with the move, WhatsApp becomes a direct competitor to the existing players in India – Paytm (backed by Alibaba and SoftBank), PhonePe (backed by Walmart) as well as <keyword id="4009819" type="PERSON" weightage="20" keywordseo="Amazon-Pay">Amazon Pay</keyword>.</li></ul>At a time when digital payments are on the rise, given the pandemic enforced lockdown, the future for 'Digital India' looks bright and companies are looking for gateways to cash in on this. Facebook owned messaging app, WhatsApp is the latest entrant - driving its financial inclusion push in India with its foray into lending, micro-insurance, and micro-pension products. Abhijit Bose, WhatsApp India head, shared the plans for the company’s foray into financial services in India at the Global Fintech Festival. Bose added that WhatsApp is already in talks with the likes of ICICI Bank, Kotak Mahindra and HDFC to explore its financial services foray in India. WhatsApp is currently running pilot programs for the same. “Based on the results, we will co-invest and scale. Even a small conversion of the demand will translate into an infusion of significant savings into the financial system,” <a href="https://techcrunch.com/2020/07/22/whatsapp-to-pilot-projects-to-deliver-credit-insurance-and-pension-to-users-in-india/">said Bose. </a> With the move, WhatsApp becomes a direct competitor to the existing players in India – Paytm (backed by Alibaba and SoftBank), PhonePe (backed by Walmart) as well as Amazon. Paytm has recently announced its <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> foray and also acquired Raheja QBE General Insurance, PhonePe has a partnership with ICICI Lombard to offer insurance products, Amazon Pay has just announced its insurance foray in partnership with digital insurance startup Acko. WhatsApp’s payments entry is with 400 million users WhatsApp already has a competitive advantage over the other players in the ecosystem as it comes with an existing 400 million user base. Moreover, WhatsApp’s partnership with Reliance Jio will only power its growth. India is one of the biggest markets for WhatsApp and the app is only looking at increasing its reach in the country. WhatsApp’s financial plans outlined for the next 18 months, have the capability of giving the instant messaging app an additional 200 million new users. But this could threaten the players who have been around for longer and have been steadily building their players. 11-year old Paytm’s parent company One97 communications has over 700-800 million users overall, a source had told Business Insider. Meanwhile, five-year old PhonePe claims to have 200 million registered users. Amazon’s user data is not publicly available. WhatsApp Pay has been in the testing mode in India since 2018, and has been caught up with regulatory hurdles. But it's bank of already existing users (through WhatsApp), will make it easier for it to conquer the market. According to Bernstein’s hypothesis, WhatsApp has already garnered 10.7% of the market in the first phase of rollout since the approval came in February. The subsequent phases will be much bigger and a lot more competitive. Analysts at Bernstein expect WhatsApp Pay’s penetration to increase to 30% (from the current 10%) by FY25. “Payments remains the missing link, the tie up could be a potential game changer with WhatsApp Pay integration with JioMart,” said the report by Bernstein. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-buys-walmarts-india-business-kirana-stores-network-to-bolster-e-retail-play/articleshow/77123978.cms">Flipkart buys Walmart’s India business - 'kirana stores' network to bolster e-retail play</a> <a href="https://www.businessinsider.in/finance/banks/news/indian-public-sector-bank-employees-get-15-wage-hike-and-performance-linked-incentives-after-three-years-of-waiting/articleshow/77114388.cms">Indian public sector bank employees get 15% wage hike and performance-linked incentives after three years of waiting</a>

WhatsApp is starting lending and insurance with a number of users that Paytm, PhonePe and Amazon took years to build

<ul><li>According to a report by Bernstein, in the month of May 2020, <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> led the payments market in India, followed by <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword>, <keyword id="4009819" type="PERSON" weightage="20" keywordseo="Amazon-Pay">Amazon Pay</keyword>, <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> and then <keyword id="4878801" type="PERSON" weightage="20" keywordseo="whatsapp-pay">Whatsapp Pay</keyword>. </li><li>Google Pay had 75 million transacting users in May, while PhonePe had 60 million users and Paytm had 30 million. </li><li>Google Pay’s operational validity as a third party app is currently under scrutiny in the Delhi High Court. </li></ul>Google Pay has taken a comfortable lead in India’s payments market over rivals like PhonePe, Amazon Pay, and a one-time market leader, Paytm. However, for Google, the up and coming WhatsApp Pay may prove to be the real challenge. <div type="image" title="payments" msid="76543059" hostid="261"></div> However, according to <a href="https://techcrunch.com/2020/06/03/google-and-walmarts-phonepe-establish-dominance-in-indias-mobile-payments-market-as-whatsapp-pay-struggles-to-launch/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAMcIsliNZIKY7hZUjEcnpwa3gQlErtUsIDDizI_EKdBwqUqwIV0OIAb1vUkIk2HhxebPYMuriJn_cVrQbQh6nrGqEvzhS69P_P7m7DtmAdhEK7EIYvYdTvTfT-AmwDDL3m9r-rpkkIddx4avmQLcoQ4xSz54FuFcCKyN3nSNsfcp">reports</a>, Google Pay had 75 million transacting users in May, while PhonePe had 60 million users and Paytm had 30 million. Paytm has been facing the pressure from competition as according to <a href="https://www.theinformation.com/articles/once-dominant-paytm-stalls-in-india">reports</a>, its monthly active users in December 2019 too were at 40 million, down from 45 million a year earlier. Paytm reached out to Business Insider to say that "Paytm Wallet &amp; other payment methods (net-banking, cards, IMPS etc) available on our app has continued to grow and we register a huge number of transactions. Overall, Paytm continues to dominate digital payments and has over 50% market share of mobile payments to merchants. We have the largest offline merchant network in the country with over 17 million merchants." The spokesperson added that "Paytm has over 10 million daily transacting users and our overall user base is much more than the combined UPI base of all players." According to the TechCrunch report which cited data from National Payments Corporation of India, Google Pay had 540 million UPI transactions, PhonePe had 460 million while Paytm saw 120 million. Another <a href="https://timesofindia.indiatimes.com/business/india-business/google-pay-maintains-lead-amazon-pay-starts-to-show-scale-as-paytm-sees-volumes-fall/articleshow/76294038.cms">report</a> said that Amazon Pay too had ramped up its operations and saw 60 million UPI transactions in May. According to NPCI, the total UPI transactions in May hit 1.23 billion. However, Paytm has clarified that " UPI consists of just a minor percentage of all digital payments happening in the country. The largest majority of payments is made on wallets, cards, and net banking." PhonePe, which claims to have 200 million registered users, has been slowly increasing its merchants user base as well and now has over 10 million merchants onboard. It has also diversified to financial services and offers travel insurance as well. Meanwhile, Amazon Pay too is offering more to users. In April, it launched the pay now, buy later option for its users. WhatsApp will be the real challenge for Google Pay But the next big challenge will come from Facebook;s WhatsApp, which has 400 million monthly active users in India – thanks to the Reliance Jio-Facebook deal. Analysts at Bernstein expect WhatsApp Pay’s penetration to increase to 30% (from the current 10%) by FY25. WhatsApp Pay has been in the testing mode in India since 2018, and has been caught up with regulatory hurdles. But its bank of already existing users (through WhatsApp), will make it easier to conquer the market. And that is visible already. According to Bernstein’s hypothesis, WhatsApp has already garnered 10.7% of the market in the first phase of rollout since the approval came in February. The subsequent phases will be much bigger and a lot more competitive. “Payments remains the missing link, the tie up could be a potential game changer with WhatsApp Pay integration with JioMart,” said the report by Bernstein. Paytm already has plan B, C and D Once, not very long back, the leader in payments, Paytm’s parent company One97 communications has now forayed into a bunch of new businesses. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Mall </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">E-commerce </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm First Games </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gaming </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Money </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mutual Funds </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Insider </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Entertainment </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Insurance Broking </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Insurance </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Payments Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Banking </td></tr></tbody></table> “One97 communications as a whole registers 700-800 million transactions,” a source told Business Insider in April. The $16 billion Paytm’s founder Vijay Shekhar Sharma also remains confident. “One of the most important KPIs for us is what’s the percentile of the market of people that is using Paytm. Our philosophy is User - Transaction - Dollar - Delta. User-wise, we remain a high percentile owner,” Sharma told Business Insider in an interview in February. Google has its share of challenges Meanwhile, Google Pay which added nearby stores feature and expanded it to 35 cities, and partnered with hyperlocal delivery app Dunzo in May, also has troubles in hand. Google Pay’s operational validity as a third party app is currently under scrutiny in the Delhi High Court. If Google Pay is a “full-fledged payment system provider” it will be a violation of Payment Systems Settlement Act 2007. However, the Reserve Bank of India has <a href="https://www.indiatoday.in/business/story/google-pay-not-payment-system-operator-rbi-to-delhi-hc-1691083-2020-06-20">told</a> the HC that it recognizes Google Pay as a third party app provider (TPAP). SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-shares-are-worth-more-than-hdfc-bank-icici-bank-and-kotak-mahindra-bank-combined/slidelist/76504066.cms">Reliance Industries’ shares are worth more than HDFC Bank, ICICI Bank, and Kotak Mahindra Bank combined</a> <a href="https://www.businessinsider.in/india/news/the-mysterious-death-of-a-bengaluru-bureaucrat-accused-in-a-4000-crore-ponzi-scheme/articleshow/76541918.cms">The mysterious death of a Bengaluru bureaucrat accused in a ₹4,000 crore ponzi scheme</a>

Google Pay has a solid lead over PhonePe, Paytm and Amazon Pay⁠ in India⁠— but its biggest challenge is yet to come

New Delhi, Feb 26 () Flipkart-owned digital payments company PhonePe has received about Rs 427.25 crore from its parent firm in another round of funding, according to regulatory filings. PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments Pvt Ltd) was allotted 10,07,670 shares and the total amount paid was Rs 427,25,20,800, according to documents sourced by Paper.vc. The resolution was passed on February 12, it added. The company declined to comment on fund infusion. In July last year, PhonePe had received fund infusion of about Rs 698 crore from its parent firm, while another Rs 585.66 crore was pumped into the company in December. The latest fund infusion is expected to provide PhonePe more muscle to compete in the burgeoning payments segment in India. It competes against the likes of Paytm, Google Pay, Amazon Pay and others in this space. "PhonePe has received the lion's share of its funding since Walmart's acquisition of Flipkart in 2018. During 2018 and 2019, PhonePe received about USD 700 million in funding as the ever-expanding digital payments space heats up in India," Nikhil Kanekal, Analyst at Paper.vc, said. Digital payments have seen significant growth in India after the government's demonetisation drive in 2016. Players like PhonePe and Paytm have witnessed strong growth in user base as well as transaction value and volumes. PhonePe has seen its losses mount to Rs 1,904.72 crore in 2018-19 from a loss of Rs 791.03 crore in the year ended March 2018. However, its revenue from operations rose manifold to Rs 184.22 crore in 2018-19 as against Rs 42.79 crore a year ago. Previously, PhonePe had stated that saw 550 million transactions on its platform in January 2020 and has about 76 million monthly active users. There have also been reports that Flipkart is looking at hiving off PhonePe into a separate entity, a move that would help the payments company raise funds independently. SR RVK

PhonePe receives Rs 427.25 cr capital infusion from parent co

Indias largest <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword> company, has priced its maiden ListCo senior issuance of USD 750m through a 3 year issuance under the 144A/Reg S format, at a fixed coupon of 4.375%. The issuance was oversubscribed by 4.7x. This issuance establishes <keyword id="4621631" type="General" weightage="20" keywordseo="AGEL" source="Orion">AGEL</keyword> as India's leading credit in the renewable sector with a robust and well defined capital management plan. The funds will be utilised towards equity funding of the capex for underlying renewable projects under construction by AGEL. Under the structure, AGEL can draw upto USD 1,700m (including the present issuance) over the course of time subject to the covenants of the structure. The notes were rated Ba3 (Stable) by Moody's. Earlier in the year, AGEL had completed the tie-up of a USD 1.35 bn revolving construction framework arrangement for senior debt funding of construction stage projects. With this USD 750 mn ListCo issuance, AGEL has completed the final phase of its capital management plan, and now has a fully funded program for both debt and equity for its stated target of 25 GW by 2025. "The 4.7X oversubscription of this issuance is testimony of the confidence of global investors in the world's fastest growing renewable energy platform and Adani's capability to set up a world class clean energy business" said Vneet S Jaain, MD and CEO, AGEL. "This ListCo Senior Green Bond issuance is yet another landmark transaction for AGEL and fully funds our pipeline of projects and reinforces our commitment towards being a sustainability focused global infrastructure platform. We expect to further accelerate our footprint and are firmly on track to become the world's largest renewable energy company by 2030." In line with the Adani Group's energy mix transition, AGEL has grown rapidly and has consistently demonstrated the strength of the company's clean energy business model and its commitment to global benchmarks of ESG. It follows the guiding principles of the <keyword id="6355833" type="General" weightage="20" keywordseo="United-Nations" source="Orion">United Nations</keyword> Sustainable Development Goals, United Nations Global Compact and the Science Based Targets Initiative. AGEL will also ensure adherence to global best practices of disclosure aligned with TCFD recommendations, GRI standards and CDP disclosures. Top external agencies have provided assurance on AGEL's green framework. Vigeo Eiris, a subsidiary of Moody's Investor Service, has provided a second party opinion endorsing AGEL's green framework and KPMG has provided independent assurance on the same. The joint lead managers (JLMs) to the Issuance were Axis Bank, Barclays, BNP Paribas, DBS Bank Ltd., Emirates NBD Capital, IMI-Intesa Sanpaolo, MUFG, Mizuho Securities, SMBC Nikko and Standard Chartered Bank. The JLMs were represented by Linklaters and Talwar Thakore &amp; Associates. The Issuer was represented by Latham &amp; Watkins and Cyril Amarchand Mangaldas. MUFG Bank acted as lead green structuring advisor and Standard Chartered Bank acted as co-green structuring advisor. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/six-month-old-investment-advisory-startup-dezerv-raises-7-million/articleshow/85865111.cms">Six-month-old investment advisory startup Dezerv raises $7 million</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/phonepe-is-citing-data-to-argue-that-merchants-should-pay-for-upi-transactions/articleshow/85863071.cms">PhonePe is citing data to argue that merchants should pay for UPI transactions</a>

Adani Green Energy raises $750 million, aims to become world's largest renewable energy company by 2030

<ul><li>As mobile phones facilitate seamless payments, <keyword id="2970472" type="General" weightage="20" keywordseo="digital-transactions" source="Orion">digital transactions</keyword> by households are estimated to cross 50% by FY26, says a Redseer report. </li><li><keyword id="237977" type="General" weightage="20" keywordseo="online-shoppers" source="Orion">Online shoppers</keyword> are expected to grow by 50% in 3 years. </li><li>UPI as payment option is expected to almost double from 350-380 million. </li></ul>The Indian <keyword id="8191146" type="General" weightage="20" keywordseo="digital-payment-ecosystem" source="Orion">digital payment ecosystem</keyword> has been swelling in the last few years but by FY26, it will grow significantly, says a report by Redseer Consultants and Pine Labs. So much so that Indian households will do half of their payments digitally in three years. Currently, 35% of payments are done via digital modes. “Customers use digital payment methods in 80% of grocery, food delivery, and travel transactions. With mobile phones facilitating seamless <keyword id="7778421" type="General" weightage="20" keywordseo="p2m-payments" source="Orion">P2M payments</keyword>, digital transactions by households are estimated to cross around 50% by FY26,” the report said. Moreover, FY26 will be a landmark year when it comes to digital payment adoption as per the report. As of FY23, 400-450 million people performed online transactions which is expected to rise to 700-750 million. Added to that, unique mobile payment users who use UPI or wallets as a digital payment mode is expected to almost double from 350-380 million now to 650-700 million in three years. “UPI has gained widespread acceptance among the masses as the most popular digital payment method. PhonePe, Google Pay, Paytm, and Cred account for over 95% of the market share,” Redseer said. Buying online, paying digitally One of the biggest boosts to <keyword id="6358577" type="General" weightage="20" keywordseo="digital-payments" source="Orion">digital payments</keyword> comes from online retail — as the act of shopping itself is going online. Moreso, Bharat i.e. India that resides beyond big towns is also taking to online shopping, increasing adoption of digital payments. “Our research suggests that online shoppers in India are expected to grow by 50% in the coming three years to reach over 30 crore by FY26, further paving the way for the reach of online payments in the country,” said Jasbir Juneja, partner at Redseer, The other popular services that people pay online for are — food delivery and mobility which is represented by cab and bike aggregators. On the other end, businesses are taking to the trend too. Around 75% of the 70 million businesses are digitally enabled. This number is expected to rise to 85% by FY26.

Indian homes expected to make half their payments digitally in 3 years

<ul><li><keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> is planning a $10 billion <keyword id="3123061" type="PERSON" weightage="20" keywordseo="Flipkart-IPO">Flipkart IPO</keyword>, valuing the Indian e-commerce giant at $40 billion.</li><li>At this valuation, Walmart’s investment in the Indian e-commerce giant would nearly double since it acquired Flipkart in 2018 for $16 billion.</li><li>Walmart has roped in investment bank Goldman Sachs to explore the Flipkart IPO plan, according to a Mint report.</li><li>Earlier in July this year, <a href="https://www.businessinsider.in/business/ecommerce/news/walmart-powers-flipkart-with-more-capital-to-battle-google-facebook-and-amazon/articleshow/76960607.cms">Flipkart raised $1.2 billion</a> in a fresh round of funding, valuing the company at $24.9 billion. This round was led by Walmart.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>The much-anticipated Flipkart IPO (initial public offering) could soon be a reality. US retail player Walmart is reportedly gearing up to float a $10 billion Flipkart IPO in the US, divesting up to 25% of the stake in the Indian e-commerce player. According to a Mint <a href="https://www.livemint.com/market/ipo/walmart-readies-for-10-bn-flipkart-ipo-11607300769974.html">report</a>, Walmart has roped in investment bank Goldman Sachs to explore the Flipkart IPO plan. Business Insider has reached out to Flipkart for a statement and is awaiting a response. A $10 billion IPO would value Flipkart at $40 billion. This is 20% lower than the $50 billion valuation that was expected <a href="https://www.businessinsider.in/retail/news/walmart-owned-flipkart-the-indian-e-commerce-giant-is-reportedly-eyeing-a-2021-overseas-listing-and-hoping-for-a-50-billion-valuation/articleshow/78151697.cms">earlier in September</a>. However, at a valuation of $40 billion, Walmart’s investment would nearly double – it acquired Flipkart in 2018 at $16 billion for a 77% stake. At the time of its acquisition, Walmart pledged to take Flipkart public within four years. <div type="image" title="Flipkart valuation history" msid="79602375" hostid="261" caption="&amp;lt;p&amp;gt;Flipkart valuation history from 2009 to December 2020.&amp;lt;/p&amp;gt;&amp;lt;p&amp;gt;*based on reports of Flipkart IPO estimated the value of the company at $40 billion&amp;lt;/p&amp;gt;"></div> Note: December 2020 valuation is based on reports of Flipkart IPO. At the moment, Walmart’s stake in Flipkart stands at 82.3%, with Tiger Global, Tencent, Accel Partners, and Microsoft being the other key investors. Earlier in July this year, <a href="https://www.businessinsider.in/business/ecommerce/news/walmart-powers-flipkart-with-more-capital-to-battle-google-facebook-and-amazon/articleshow/76960607.cms">Flipkart raised $1.2 billion</a> in a fresh round of funding, valuing the company at $24.9 billion. This round was led by Walmart. Flipkart going public will allow minority shareholders to pare their investments or make an exit. <div type="Article" hostid="261" msid="79544185" title="PhonePe raises $700 million at a $5.5 billion valuation, will operate as a separate entity" mstype="2" mssubtype="0"></div> Riding the Indian e-commerce boon Walmart’s plans to take Flipkart public could have been bolstered by the surge in e-commerce sales since the COVID-19 pandemic broke out. The massive surge in e-commerce sales is corroborated by Flipkart’s own statistics - the e-commerce giant <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-big-billion-sale-report-over-100-orders-per-second-10-million-products-delivered-already/articleshow/78790627.cms">witnessed a ten-fold increase</a> in its shipments during its festival sale this year. On an acquisition spree In addition to witnessing a massive surge in orders this year, Flipkart is also on an acquisition spree. From augmented reality startups to fashion companies, the e-commerce giant has been busy this year. After acquiring Walmart’s India operations this year, Flipkart also dabbled in the social gaming and augmented reality spaces with the acquisitions of <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-acquires-gaming-startup-mech-mocha-as-it-looks-to-tap-the-social-gaming-space-for-more-consumers/articleshow/79014466.cms">Mech Mocha</a> and <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-buys-ar-firm-scapic-to-boost-its-user-experience/articleshow/79256274.cms">Scapic</a>. It has also made a <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-invests-in-uspl-fashion-house-that-has-brands-like-virat-kohli-wrogn-and-kriti-sanon-ms-taken/articleshow/79058747.cms">few investments in the fashion space</a>, including USPL which houses Virat Kohli’s Wrogn. It has also invested in Aditya Birla Fashion Retail and Arvind Fashions. Flipkart is also expanding its partnerships with kiranas (the Hindi word for mom and pop stores), which delivered over 3.5 million orders during the Big Billion Days sale this year. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-big-billion-sale-report-over-100-orders-per-second-10-million-products-delivered-already/articleshow/78790627.cms">Flipkart Big Billion sale report - over 100 orders per second, 10 million products delivered already</a> <a href="https://www.businessinsider.in/business/ecommerce/news/walmart-powers-flipkart-with-more-capital-to-battle-google-facebook-and-amazon/articleshow/76960607.cms">Walmart powers Flipkart with an additional $1.2 billion⁠ to help e-tailer battle Google, Facebook, and Amazon</a> <a href="https://www.businessinsider.in/business/startups/news/phonepe-700-million-5-5-billion-valuation-flipkart-separate-entity/articleshow/79544185.cms">PhonePe raises $700 million at a $5.5 billion valuation, will operate as a separate entity</a>

Flipkart’s reported $10 billion IPO plan will mean Walmart’s investment in the Indian e-commerce giant will double within 3 years

New Delhi, Jun 12 () The Union Housing and Urban Affairs Ministry on Friday batted for non-motorised transport and cashless technology to prevent coronavirus transmission on public transit networks. In an advisory to states and metro rail companies, the ministry suggested a "three-pronged strategy" for public transport - with short (six months), medium (one year) and long-term (one to three years) measures. It emphasised that public transport should be restarted with "greater confidence of commuters". The advisory issued by HUA Secretary Durga Shankar Mishra underlined that non-motorised transport should be encouraged and revived. "As most of the urban trips are clocked in under five kilometres, non-motorised transport (NMT) offers perfect opportunity to implement in this COVID-19 crisis as it requires low cost, less human resource, is easy and quick to implement, scalable and environment-friendly," it said. The ministry said it is imperative at this stage that transmission of infection through usage of public transport should be curbed by adopting the right "sanitisation, containment and social distancing measures". "Touch less system like BHIM, PhonePe, Google Pay, PayTM and National Common Mobility Card (NCMC) will reduce human interaction in operations of public transit systems," the advisory said. The advisory also citied instances of world cities promoting non-motorised transport in view of the COVID-19 crisis. New York has added 40 miles of new NMT lanes to support cyclists, while Oakland has closed 10 per cent of its streets for motor vehicles. Bogotá in Colombia has added 76 kilometres of cycling lane overnight. The ministry said India has a robust 700 kms of operational metro rail in 18 major cities and a Bus Rapid Transit (BRT) network of about 450 kms operational in 11 cities carrying 10 million passengers daily. "But due to the social distancing norms being practiced, their capacities would be utilised at 25 to 50 per cent of pre-coronavirus levels. "Such dramatic and dynamic changes in demand and supply will require complementing these public transport systems with alternative modes of transit," it added. BUN SRY

Promote non-motorised transport to prevent COVID-19 spread on public transport: HUA

As people appear to prefer personal modes of commute during a pandemic, the Union <keyword id="4947616" type="PERSON" weightage="20" keywordseo="housing-and-urban-affairs-ministry">Housing and Urban Affairs Ministry</keyword> has advised states to promote and revive non-motorised transit systems, like <keyword id="6366594" type="UNKNOWN" weightage="20" keywordseo="cycling">cycling</keyword>, to prevent transmission of the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword>. It also asked them to implement <keyword id="322793" type="PERSON" weightage="20" keywordseo="Cashless">cashless</keyword> technology on <keyword id="85028" type="ORGANIZATION" weightage="20" keywordseo="public-transport">public transport</keyword> systems. Citing the examples of world cities which have promoted non-motorised transport to tide over the COVID-19 crisis, the ministry said New York has added 40 miles of new lanes to support cyclists and Oakland has closed 10 per cent of its streets for motor vehicles. Bogotá in Colombia added 76 km of cycling lane overnight, it said. Similarly, in an advisory to states and metro rail companies on Friday, HUA Secretary Durga Shankar Mishra said non-motorised transport systems should be encouraged and revived across India. "As most urban trips are clocked in under five kilometres, non-motorised transport offers perfect opportunity to implement in this COVID-19 crisis as it requires low cost, less human resource, is easy and quick to implement, scalable and environment-friendly," the advisory said. For public transport systems, the ministry suggested a "three-pronged strategy" - with short (six months), medium (one year) and long-term (one to three years) measures. It said public transport should be restarted with "greater confidence of commuters". It is imperative that transmission of infection through public transport is curbed by adopting the right sanitisation, containment and social distancing measures, the ministry said. "Touch-less systems like BHIM, PhonePe, Google Pay, PayTM and National Common Mobility Card will reduce human interaction in operations of public transit systems," it said. India has a robust 700 km of operational metro rail in 18 major cities and a Bus Rapid Transit network of about 450 km operational in 11 cities carrying 10 million passengers daily. The capacity is likely to remain underutilised for some time as commuters remain wary of using shared systems due to fear of contracting the coronavirus. "Due to the social distancing norms being practiced, their capacities would be utilised at 25 to 50 per cent of pre-coronavirus levels. Such dramatic and dynamic changes in demand and supply will require complementing these public transport systems with alternative modes of transit," it added. BUN SRY ABH ABH

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Flipkart and PhonePe complete separation six years after acquisition

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