<ul><li>Bengaluru-based digital payments app <keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword> has received IRDAI licence to distribute insurance products with personalised product recommendations to users.</li><li>The company has more than 300 million users on its platforms.</li><li>So far, the company was serving as a corporate agent in the insurance segment, which allowed it to partner with only three insurance companies per category.</li></ul>Bengaluru-based digital payments company PhonePe will now be able to sell diverse insurance products and offer personalised product recommendations to users as well.<br /><br />The company has received an insurance broking licence from Insurance Regulator and Development Authority of India (IRDAI).<br /><br />So far, the company was serving as a corporate agent, after foraying into the insurance segment in January 2020, which restricted the company in partnering with only three Insurance companies per category. It forayed into financial services in 2017 with the launch of digital gold.<br /><br />The new broking licence will allow PhonePe to start offering personalised and diverse product recommendations to its more than 300 million users.<br /><br />“We are building a robust, full service platform for our deeply engaged customer base through innovative products in partnership with high quality insurers. This move will lead us closer to our goal of becoming a one-stop destination for all the insurance needs of our customers,” said Gunjan Ghai, vice president and head of insurance at PhonePe.<br /><br />PhonePe offers services to send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. <br /><br />SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/pfizer-covid-19-vaccine-may-be-authorised-for-5-yr-olds-by-oct/articleshow/85760524.cms">Pfizer's COVID-19 vaccine may be authorised for kids aged 5-12 by October, says company's board member</a><br /><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/vijaya-diagnostics-ami-organics-arohan-financial-services-and-check-other-new-upcoming-ipos/slidelist/85758589.cms">Vijaya Diagnostics, Ami Organics, Arohan Financial Services and more — Here is a list of upcoming IPOs</a>

PhonePe can now sell more insurance policies across companies and categories

Popular UPI and mobile wallet app PhonePe was launched in 2016 as the first app built on the Unified Payments Interface. Over two years ago, the company said that it will allow users to buy and sell 24 Karat gold through the app.<br /><br />PhonePe partnered with MMTC-PAMP for gold of 99.99% purity and Safegold with 99.50% purity versions. The rates are updated every five minutes by both the providers and the price displayed in inclusive of 3% GST.<br /><br />The gold that the user buys is stored in an insured locker facility. The users can get gold coins of up to 20 grams delivered to their home. In this post, we will explain how to buy and <keyword id="8623757" type="UNKNOWN" weightage="20" keywordseo="sell-gold-on-phonepe">sell gold on PhonePe</keyword>.<br /><br /><strong>How to <keyword id="8623759" type="UNKNOWN" weightage="20" keywordseo="buy-gold-on-phonepe">buy gold on PhonePe</keyword><br /></strong><br /><ul><li>Log in to the PhonePe app.<br /></li><li>At the bottom, click on ‘My Money’.<br /></li><li>Under the ‘Wealth Management’ section, click on ‘Gold’.<br /></li><li>Now, choose from MMTC-PAMP and Safegold.<br /></li><li>View the current buying price.<br /></li><li>You can enter either the amount or weight of gold you want to buy.<br /></li><li>Now, click on ‘Proceed to Payment’ and complete the payment process.<br /></li></ul><strong>How to view your gold balance<br /></strong><br /><ul><li>Open the PhonePe app.<br /></li><li>At the bottom, click on ‘My Money’.<br /></li><li>Click on ‘Gold’ under the ‘Wealth Management’ section.<br /></li><li>Now, click on the gold provider from whom you have purchased the gold earlier.<br /></li><li>At the top, you will be able to see your gold’s weight and selling value.<br /></li></ul><strong><keyword id="8623755" type="UNKNOWN" weightage="20" keywordseo="how-to-sell-gold">How to sell gold</keyword><br /></strong><br /><ul><li>Open the PhonePe app.<br /></li><li>At the bottom, click on ‘My Money’.<br /></li><li>Click on ‘Gold’ under the ‘Wealth Management’ section.<br /></li><li>Now, click on the gold provider from whom you have purchased the gold earlier.<br /></li><li>Choose the amount or weight of gold you want to sell.<br /></li><li>The amount will be credited in your bank account.<br /></li></ul><strong>How to get gold delivered<br /></strong><br /><ul><li>Open the PhonePe app.<br /></li><li>At the bottom, click on ‘My Money’.<br /></li><li>Click on ‘Gold’ under the ‘Wealth Management’ section.<br /></li><li>Now, click on the gold provider from whom you have purchased the gold earlier.<br /></li><li>Click on ‘Deliver’.<br /></li><li>Select the gold coin that you want to get.<br /></li></ul>It is to be noted that you will have to pay additional charges for getting gold delivered. The charges vary depending on the provider and the coin selected. <br /><br /><strong>See also:<br /><br /><a href="https://www.businessinsider.in/business/news/jewellers-to-sell-only-14-18-22-carat-hallmarked-gold-jewellery-from-jan-2021-paswan/articleshow/73250251.cms">Jewellers to sell only 14, 18, 22 carat hallmarked gold jewellery from Jan 2021: Paswan</a><br /><br /></strong><a href="https://www.businessinsider.in/stock-market/news/goldman-sachs-says-gold-is-a-better-hedge-than-oil-as-trump-iran-tensions-heat-up/articleshow/73122500.cms"><strong>Goldman Sachs says 'gold is a better hedge than oil' as Trump-Iran tensions heat up</strong></a><br />

How to buy and sell gold on PhonePe

Digital payments platform <keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword> on Friday announced a buyback of employee stock options (<keyword id="173739" type="General" weightage="100" keywordseo="esops" source="Orion">ESOPs</keyword>) worth Rs 135 crore.<br /><br />The buyback offer follows a three-tier model, based on seniority, a statement said.<br /><br />The company's founders will not be participating in the buyback, while the top leadership can sell up to 10 per cent of their vested stock, it added.<br /><br />All other current employees can sell up to 25 per cent of their vested stock.<br /><br />The company currently has over 2,500 employees.<br /><br />"Last December, we launched a new <keyword id="10701968" type="General" weightage="20" keywordseo="phonepe-esops" source="Orion">PhonePe ESOPs</keyword> plan and issued ESOPs to 100 per cent of our employees across levels, functions and grades. All these employees will complete the one year cliff of their stock vesting next month, so it's a great time to offer some liquidity to everyone," PhonePe Head of HR Manmeet Sandhu said.<br /><br />Sandhu added that almost 75 per cent of PhonePe's current workforce is eligible to participate in the current buyback offer, and "for most it's the first time in their careers that they've either owned ESOPs or had a chance to liquidate them".<br /><br />In December last year, PhonePe launched its ESOPs program, under which it allotted ESOPs to all its 2,200 employees starting at a minimum of Rs 3.5 lakhs, cumulatively worth Rs 1,500 crore.<br /><br />PhonePe has over 335 million registered users in the country. Using PhonePe, users can send and receive money, recharge mobile phones, make various kinds of payments, and invest in gold and silver. It had forayed into financial services in 2017.<br /><br />PhonePe is also accepted at over 22 million merchant outlets across India.<br /><br />SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/covid-19-situation-worsens-in-europe-as-after-netherlands-austria-imposes-full-lockdown/articleshow/87801856.cms">COVID-19 situation worsens in Europe as after Netherlands, Austria imposes full lockdown</a><br /><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mindhouse-raises-6-million-in-seed-funding-led-by-binny-bansal/articleshow/87798613.cms">Flipkart's Binny Bansal bets on Zomato cofounder's two-year-old venture</a><br /><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/flipkart-enters-healthcare-sector-by-acquiring-stake-in-online-pharmacy-sastasundar/articleshow/87797041.cms">Flipkart enters healthcare sector by acquiring stake in online pharmacy SastaSundar</a><br />

PhonePe will buy back shares worth ₹135 crore from its employees

<ul><li><strong><keyword id="2750705" type="General" weightage="20" keywordseo="google-pay" source="Orion">Google Pay</keyword> is all set to get support for the Hinglish language.</strong></li><li><strong>The company is also adding a bill split feature that will allow you to split your bills with friends and family.</strong></li><li><strong>Merchants will soon be able to list their products in the Google Pay app.</strong></li></ul><br />Tech giant Google today announced several features for its payment and UPI app Google Pay during its Google for India 2021 event. The company highlighted the importance of digital payments amid the pandemic and showcased the upcoming features on its app.<br /><br />Ambarish Kenghe, Vice President, Google Pay said that BHIM UPI clocks 3.6 billion transactions every month, reaching an overall transaction amount of over $1 trillion on an annual basis.<br /><br />He added that Google Pay has over 15 billion transactions annually and more than $400 billion worth of transactions are done using the app.<br /><br />Here are some of the interesting features being added to Google Pay:<br /><br /><cmsannotation type="cmsannotation" annotationid="Hinglish support" comment="subhead" text="Hinglish support"><span data-til="noop">Hinglish support</span></cmsannotation><br /><br />          <div type="image" title="Hinglish 1" msid="87774317" hostid="261" caption="&amp;lt;p&amp;gt;Google Pay Hinglish support.&amp;lt;/p&amp;gt;"></div><br />Google Pay will soon get support for “Hinglish”, which is a combination of English and Hindi. Google has said that over 350 million Indians use Hinglish in their daily communication.<br /><br />Google will add support for Hinglish in early 2022, allowing users to transform the app to a Hinglish interface.<br /><br />Some of the terms that will be shown once changing the language to Hinglish are –<br /><br /><ul><li>QR code ko scan karein.</li><li>Phone number ko pay karein.</li><li>Haal hi ke payments (Recent Payments).</li><li>Naam ya number se khojein</li></ul><cmsannotation type="cmsannotation" annotationid="Bill split" comment="subhead" text="Bill split"><span data-til="noop">Bill split</span></cmsannotation><br /><br />          <div type="image" title="Bill split 1" msid="87774332" hostid="261" caption="&amp;lt;p&amp;gt;Google Pay Bill Split&amp;lt;/p&amp;gt;"></div><br />After adding groups to Google Pay, the company is working on adding the Bill split feature, allowing users to easily split expenses with friends and family. This can be done using either the group feature or contacts.<br /><br />Google Pay will also help you track which of your friends have made the payment once you have split the bill.<br /><br />The feature, Google said will be added later this year.<br /><br /><cmsannotation type="cmsannotation" annotationid="Voice support for bank account numbers" comment="subhead" text="Voice support for bank account numbers"><span data-til="noop">Voice support for bank account numbers</span></cmsannotation><br /><br />        <div type="image" title="Voice 1" msid="87774364" hostid="261" caption="&amp;lt;p&amp;gt;Users will soon be able to enter the account numbers using voice commands.&amp;lt;/p&amp;gt;"></div><br /><br />To help make transfers easier, Google is also working on adding support for voice commands for entering the recipient’s bank account number. Users will be able to say the bank account number in Hindi or English and Google will figure out the number.<br /><br /><cmsannotation type="cmsannotation" annotationid="Inventory for merchants" comment="subhead" text="Inventory for merchants"><span data-til="noop">Inventory for merchants</span></cmsannotation><br /><br />          <div type="image" title="Shop" msid="87774347" hostid="261" caption="&amp;lt;p&amp;gt;Google Pay shop&amp;lt;/p&amp;gt;"></div><br />Google Pay presently has over 10 million merchants across 19,000 pin codes in India. Merchants will soon be able to add their products, working hours and more directly in the Google Pay app.<br /><br />          <div type="image" title="Shop 2" msid="87774354" hostid="261" caption="&amp;lt;p&amp;gt;Shop owners will soon be able to sell their products online.&amp;lt;/p&amp;gt;"></div><br />Shop owners will be able to add the product image, price, discounts and more to the app. This will allow shop owners to sell their products online without having to worry about setting up a website or an app.<br /><br /><strong>SEE ALSO:<br /><br /><a href="https://www.businessinsider.in/tech/apps/news/whatsapp-wants-npci-to-increase-its-upi-cap-current-limits-prevent-it-from-onboarding-95-of-its-userbase/articleshow/87623028.cms">WhatsApp wants NPCI to increase its UPI cap, current limits prevent it from onboarding 95% of its userbase</a><br /><br /><a href="https://www.businessinsider.in/tech/news/whatsapp-offers-51-cashback-as-it-takes-on-phonepe-and-google-pay-in-india/articleshow/87357469.cms">WhatsApp offers ₹51 cashback as it takes on PhonePe and Google Pay in India</a><br /><br /></strong><a href="https://www.businessinsider.in/tech/news/how-to-buy-and-sell-gold-on-google-pay/articleshow/85998175.cms"><strong>Here’s how to buy and sell gold on Google Pay</strong></a><br />

Google Pay users in India will soon be able to interact in Hinglish, split bills and sell their products online

Popular <keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="upi">UPI</keyword> and <keyword id="490792" type="PERSON" weightage="20" keywordseo="Mobile-wallet">mobile wallet</keyword> app PhonePe was launched in 2016 and has come a long way since then. It is no longer only a wallet app and now offers several functions including ordering food, fee payment,<a href="https://www.businessinsider.in/tech/apps/how-to/buy-sell-gold-phonepe/articleshow/73520605.cms"> gold purchase</a> and more.<br /><br />PhonePe recently added a new feature that will allow users to withdraw cash from their bank accounts without using a card. The <keyword id="8639344" type="UNKNOWN" weightage="20" keywordseo="phonepe-atm">PhonePe ATM</keyword> is a digital ATM wherein the company has partnered with merchants to allow users to withdraw cash.<br /><br />The PhonePe ATM feature was introduced earlier this month and is still being rolled out. It is to be noted that this service is completely free, and the user will not be charged anything for using this service. The withdrawal limit will depend on the limit set by your respective bank.<br /><br /><strong>How to withdraw cash from PhonePe ATM<br /><br />
  
  
  
  <div type="image" title="PhonePe ATM cash" msid="73904470" hostid="261"></div>









<br /></strong><br /><ul><li>Open the PhonePe app on your device.</li><li>At the bottom, click on the ‘Stores’ tab.</li><li>Now, click on the ‘PhonePe ATM’ icon.</li><li>Then, click on ‘Withdraw now’.</li><li>Select a store from the available stores’ and then click on ‘Withdraw Cash’.</li><li>Now, in the currency box, enter the amount you want to withdraw.</li><li> Select the bank account from which you want to debit or withdraw the money.</li><li>Now, click on ‘Pay to Withdraw’ and enter your PIN.</li><li>Now, go to the store that you had selected and collect the cash.</li></ul>Commenting on the launch of the PhonePe ATM service, Vivek Lohcheb, head of offline business development, PhonePe said, “The PhonePe ATM allows customers to withdraw cash without any hassle through our trusted merchant partners. It also helps merchants avoid the hassle of storing cash and making multiple trips to the bank branch to deposit their extra cash.”<br /><br />According to<a href="https://www.businessinsider.in/advertising/brands/article/phonepe-is-looking-at-bharat-for-its-next-phase-of-growth/articleshow/72295764.cms"> a press release</a>, PhonePe has over 9 million registered partners across 300 cities in India. It also has over 185 million registered users, out of which 66 million are<a href="https://www.businessinsider.com/google-pay-adds-features-to-court-indian-merchants-2019-9"> reported</a>ly active.<br /><br />With widespread acceptance across merchants, PhonePe ATM has the potential to become a bridge between users as well as the merchants who wish to save a visit to the bank for cash deposits. Increased footfalls in merchant stores could also help them generate sales from PhonePe ATM users, making it a win-win for all the parties involved.<br /><br /><strong>See also:<br /><br /><a href="https://www.businessinsider.in/tech/how-to/recharge-fastag-phonepe-google-pay-bhim/articleshow/73485125.cms">How to recharge your FASTag using PhonePe, Google Pay and BHIM</a><br /><br /><a href="https://www.businessinsider.in/tech/apps/how-to/buy-sell-gold-phonepe/articleshow/73520605.cms">How to buy and sell gold on PhonePe</a></strong><br />

How to withdraw cash from PhonePe ATM

<strong><br /></strong><ul><li><strong>Tanishq, Malabar Gold &amp; Diamonds, Kalyan Jewellers and Titan are selling gold online. <br /></strong></li><li><strong>The Indian government<a href="https://www.timesnownews.com/business-economy/personal-finance/article/want-to-buy-gold-on-akshaya-tritiya-amid-lockdown-heres-how-you-can-buy-the-yellow-metal-online/582229"> recently launched the first tranche of Sovereign Gold Bond</a> Scheme for the current fiscal year.<br /></strong></li><li><strong>Fintech companies like PhonePe and Paytm are also selling both 24 carat physical and digital <keyword id="9113829" type="UNKNOWN" weightage="20" keywordseo="gold-during-lockdown">gold during lockdown</keyword>.<br /></strong></li><li><strong>If you are looking to purchase diamonds, Irasva, a jewellery store is offering a flat 20% off across its jewellery collection. <br /><br /></strong></li></ul>With all the non-essential stores closed in India, many people are looking at digital options to buy gold on the auspicious day of Akshaya Tritiya. Usually, about 20-25 tonnes of gold is sold on this occasion — which is around 4% of India’s annual gold consumption. <br /><br />But, this year people can’t go to physical stores to buy gold due to the Coronavirus lockdown. And, jewellers are providing options to purchase gold in various forms be it coins or jewellery - and receive the delivery after lockdown lifts. This is in addition to digital options. <br /><br /><strong>Online gold shopping with Tanishq, Kalyan Jewellers and Malabar Gold &amp; Diamonds </strong><br /><br />Jewellery brand Tanishq w<a href="https://www.tanishq.co.in/">ill be selling gold online through its e-commerce platform.</a> . In addition to the online option, Titan also announced a sale between April 18 and 27. <br /><br />Kalyan Jewellers too allows customers to buy gold which will be shipped after the lockdown."What makes this unique is that upon order confirmation, customers will receive this certificate via email or Whatsapp on the day of Akshaya Tritiya," Kalyan Jewellers managing director T S Kalyanaraman told PTI.<br /><br />Malabar Gold &amp; Diamonds is also offering an option to purchase gold online. If you are looking to purchase diamonds instead, Irasva, a jewellery store is offering a flat 20% off across its jewellery collection. <br /><br /><strong>Buying gold through PhonePe and Paytm </strong><br />Fintech companies like PhonePe and Paytm are also selling both 24 carat physical and digital gold during the lockdown. Both of them have partnered with Metals and Minerals Trading Corporation of India (MMTP) and SA Produits Artistiques Métaux Précieux (PAMP). <br /><br />The physical gold purchased during lockdown will be kept in locker facilities and delivered after lockdown ends. <br /><br /><strong>Purchase <keyword id="743230" type="PERSON" weightage="20" keywordseo="e-gold">e-gold</keyword> in the form of sovereign gold bonds<br /></strong>The Indian government<a href="https://www.timesnownews.com/business-economy/personal-finance/article/want-to-buy-gold-on-akshaya-tritiya-amid-lockdown-heres-how-you-can-buy-the-yellow-metal-online/582229"> recently launched the first tranche of Sovereign Gold Bond</a> Scheme for the current fiscal year. Under the scheme, people can buy e-gold at ₹4,639 per gram. The last date to subscribe for the scheme is April 24. <br /><br />Gold bonds and ETFs which are also referred to as e-gold, is basically purchasing gold on paper. Its prices vary according to the value of gold in the international markets. <br /><br />See Also - <br /><a href="https://www.businessinsider.in/india/article/everything-you-must-know-about-akshaya-tritiya-date-puja-timing-puja-vidhi-benefits/articleshow/75353768.cms">Akshaya Tritiya puja timing and puja vidhi</a><br /><a href="https://www.businessinsider.in/india/article/why-people-buy-gold-on-akshaya-tritiya/articleshow/75353565.cms">Why people buy gold on Akshaya Tritiya</a><br /><br />

Here’s how and where you can buy gold online for Akshaya Tritiya during the lockdown

<br /><ul><li><strong><keyword id="4465249" type="PERSON" weightage="20" keywordseo="digital-gold">Digital gold</keyword> is luring Indian consumers on the festival of Akshay Tritiya this year.<br /></strong></li><li><strong>In March, digital payments arm of Google, Google Pay also launched gold investment options to its customers in India.<br /></strong></li><li><strong>Ever since the launch, the digital gold market has seen strong growth, with an estimated over 80 million people who had digital accounts as of March 2019.</strong></li></ul>Indians love and swear by gold as a trusted investment asset so much they even have festivals popular for buying gold. Akshay Tritiya, an annual spring festival in India, is one such fare.<br /><br />But this year, the festival has taken a digital twist. With the launch of ‘<a href="https://www.businessinsider.in/google-pays-new-tactic-to-take-on-rivals-paytm-phonepe-in-india-introduces-digital-gold-offerings/articleshow/68609832.cms">Digital Gold’</a> in India, Indians considering buying gold on the occasion of <keyword id="126295" type="ORGANIZATION" weightage="20" keywordseo="Akshaya-Tritiya">Akshaya Tritiya</keyword>, also have a number of digital options if they fancy.<br /><br />Given that, National Stock Exchange (NSE) is even conducting a <a href="https://www.financialexpress.com/money/digital-gold-vs-sovereign-gold-bond-vs-gold-etf-vs-jewellery-important-watch-outs-before-you-buy-gold-on-akshay-tritiya/1569187/">trade session</a> dedicated to gold exchange and trade on Tuesday, on account of Akshaya Tritiya to give Indians this “smart investment option.”<br /><br />In March, digital payments arm of Google, Google Pay also launched gold investment options to its customers in India.<br /><br /><strong>What is ‘Digital Gold?’</strong><br /><br />‘Digital gold’ is basically buying and selling of gold via online platforms and mobile wallets. These sites are reportedly offering everything from gold coins, gold bars and even gold jewellery, but in the form of ‘digital gold.’ <br /><br />The digital method allows one to buy 99.9% 24 karat gold. One can buy gold in small quantities in rupees or grams digitally and that can be redeemed at a physical gold shop against jewellery or sold later.<br /><br />However, the price at which the digital gold is sold is valid for only for 6 minutes.<br /><br /><strong>Where to buy?</strong><br /><br />Digital wallets including Google Pay, PhonePe, Mobikwik and PayTm, among others have all rolled out the ‘digital gold’ option on their platforms in partnership with MMTC-PAMP or SafeGold, under the Gold Accumulation Plan(GAP). SafeGold is a joint venture between Invent Capital, a private equity firm, and World Gold Council. Users can buy digital gold via online wallets and store in online accounts — which are linked to GAP.<br /><br /><strong>Why the digital mode?</strong><br /><br />Digital gold is being touted as a “smart and economic investment option.” That’s because while the <a href="https://www.business-standard.com/article/pf/digital-gold-a-convenient-investment-method-or-a-ponzi-scheme-in-making-119041800720_1.html">prices of gold</a> may vary between 4%-5% on the retail price of gold from the actual price, the price variation on digital gold is said to vary between 1.5% to 2%. There’s also no storage cost for digital gold and can be kept for a maximum of five years period. After that, the user can either sell it or can be converted into gold jewellery.<br /><br />Ever since the launch, the digital gold market has seen strong growth, with an estimated over 80 million people who had digital accounts as of March 2019. But there are also concerns over the lack of <a href="https://www.business-standard.com/article/pf/digital-gold-a-convenient-investment-method-or-a-ponzi-scheme-in-making-119041800720_1.html">regulation</a> in the emerging sector.<br /><br /><strong>See also:</strong><br /><a href="https://www.businessinsider.in/google-pays-new-tactic-to-take-on-rivals-paytm-phonepe-in-india-introduces-digital-gold-offerings/articleshow/68609832.cms">Google Pay wants to offer Indians their favourite investment option – gold</a><br />

This Indian festival popular for gold shopping has gone digital this year to lure millennials

<ul><li>Zomato had a higher market cap than One97 Communications, the listed parent of the digital payments giant <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>.</li><li>Part of the sell-off in <keyword id="4326962" type="General" weightage="20" keywordseo="paytm-shares" source="Orion">Paytm shares</keyword> could also be a reflection of the market mood.</li><li>But, there is a lot more that the street is worried about.</li><li>Founder <keyword id="198636" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="Orion">Vijay Shekhar Sharma</keyword> wants the market to be excited about Paytm as a superapp but many others have argued that a smartphone itself is a super app.</li><li>Check out the latest news and updates on<a href="https://www.businessinsider.in/stock-market"> Business Insider</a>.</li></ul>Two of India’s most-awaited tech IPOs, that of Zomato and Paytm, came with a lot of anxiety around the price at which the shares were being sold to the first lot of public investors. Zomato still made some money for those who got the shares in the initial public offering (IPO) but those who got shares in the Paytm IPO have lost 27% on the opening day. <br /><br />By noon, Zomato had a higher market cap than One97 Communications, the listed parent of the digital payments giant Paytm. The overall market mood played a role in pushing down Paytm’s share price, Deven Choksey, managing director of KR Choksey Shares and Securities, told Business Insider. The sell-off seen earlier in the week intensified on Thursday (the day of Paytm’s market Debut) and 42 out of the Nifty 50 stocks were in the red. But that’s not the only reason why people sold Paytm shares. <br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><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;">Company<br /><br /></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;">Valuation pre-IPO<br /><br /></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;">Valution sought in IPO</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;">Market cap, as on November 18<br /><br /></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;">Zomato<br /><br /></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;">$5.8 billion<br /><br /></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;">$8.1 billion</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;">₹1,21,731 crore ($16.3 billion)<br /><br /></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<br /><br /></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;">$16 billion<br /><br /></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;">$19.9 billion</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;">₹1,01,399 crore ($13.6 billion)<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Companies, BSE<br /><br />It’s not that Paytm's advisors didn't see it coming. According to a Bloomberg report <a href="https://www.businessinsider.in/business/news/paytm-may-drop-its-pre-ipo-sale-as-advisors-recommend-lower-valuation/articleshow/87187525.cms">published in October</a>, Paytm was advised to go for a lower valuation than $20 billion in its pre-IPO round but the company decided to skip the round altogether. Even stock brokerage firm Macquarie had given Paytm a with an underperform rating, and projected that the stock may fall to as much as ₹1,200 (compared to an issue price of ₹2,150) any time in the next one year .<br /><br />Interestingly, Paytm was the highest valued Indian startup between 2019 to me this year. The company got a valuation of $19.9 billion in its public issue. The only smile that Paytm believers could steal was thanks to the meme fest on Twitter.<br /><br />                          <div type="image" title="Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp" msid="87778007" hostid="261"></div><br />The drop in Paytm’s share price led to a fall of the stock market. “Today’s fall in the market is also largely due to collateral damage, Paytm loss to investors,” Deven Choksey, managing director of KRChoksey Shares and Securities said.<br /><br />Manoj Dalmia, founder and director of Proficient Equities Private Limited also highlighted three reasons behind Paytm’s weak listing on the stock exchange. The issue ranges from high valuation to intense competition.<br /><br />These are some of the issues pointed out by Manoj Dalmia of Proficient Equities, Scenes by Avalon’s Shashank Udupa, TaxationHelp.in’s Neha Nagar<br /><br /><table style="border-width: initial; border-style: none;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><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;">Issue<br /><br /></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;">Reason<br /><br /></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;">Overvaluation <br /><br /></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;">The company is overvalued at a Price to Sales (P/S) value of 26 compared to its global peers, who have a P/S of 0.3-0.5<br /><br /></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;">Limited promoters in India<br /><br /></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;">Nearly 75% of the promoters of Paytm are from other countries and are selling shares worth ₹10,000 crore, which is more than 50% of the issue.<br /><br /></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;">Not a market leader<br /><br /></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;">Paytm is not a market leader in any business it operates in.<br /><br /></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;">Analyst rating<br /><br /></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;">Falling grey market premium and Macquarie's downrating has pushed the stock into a downward momentum. <br /><br /></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;">Lack of focused business model<br /><br /></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;">It is present in all over the Fintech space but not doing well in any of them while the competition is rising from players like Google, Amazon, PhonePe. <br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br />Dalmia is not alone in his pessimism around Paytm’s near-term prospects. “Dabbling in multiple business lines inhibits PayTM from being a category leader in any business except wallets, which are becoming inconsequential with the meteoric rise in UPI payments. Competition and regulation will drive down unit economics and/or growth prospects in the medium term in our view,” Macquarie Research analysts Suresh Ganapathy and Param Subramanian said. <br /><br /><strong>ALSO WATCH: Even the biggest of conglomerates find it difficult to do more than two things right, market expert Saurabh Mukherjea told Business Insider. <br /></strong><br />                            <div type="Youtube" id="kSf5f3gXjKg" title="A ₹3,000-crore fund manager explains why he won&amp;#39;t buy RIL, why he sold ITC and bought HDFC Life" thumbUrl="https://i.ytimg.com/vi/kSf5f3gXjKg/mqdefault.jpg"></div><br />Paytm is one of the biggest digital payments companies in India with offerings across several digital modes of payments like unified payments interface (UPI), credit and debit cards payments. It also offers wealth management solutions through Paytm Money and banking services through Paytm Payments Banks.The company has 333 million total customers, 114 million annual transacting users and 21 million registered merchants. <br /><br />Paytm has a strong market share in digital payments via the unified payments interface (UPI) but the margin is zero in peer-to-peer payments and wafer thin when merchants get paid. <br /><br />In the personal finance space ⁠— where Paytm sells mutual funds, gold and stocks ⁠— it has a less than 1% market share and makes zero commission, according to Macquarie. In insurance, only one out of 100 policies are sold online and Paytm is pitted against an early bird like Policybazaar as well as legacy banks, which dominate the space.<br /><br />Paytm aims to make money from its lending business. “Since Paytm will largely be engaged in selling down these loans to partner banks or NBFCs (non-banking financial companies) balance sheets, the addressable fee pool is much lower,” said Macquarie, which pegged the potential market for buy now, pay later schemes to be anywhere between $45 billion and $50 billion by March 2026.<br /><br />                            <div type="image" title="Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp" msid="87778072" hostid="261"></div><br />Despite a massive user base, the company’s revenue has been marginally declining on a year-on-year (YoY) basis. The company reported a revenue of ₹3,186 crore, with net loss of ₹1,761 crore. “Loss-making businesses will find it hard to sustain premium valuations,” Choksey added.<br /><br />Ravi Singh, head of research and vice president at ShareIndia, noted that Paytm’s future growth is a key to watch for long term investors. “We advise the investors after looking at the overall valuations and earlier losses of Paytm, to book their positions and wait for 1700-1600 levels for fresh investment. Retail investors may remain cautious as the overall market is in profit booking zone pushing maximum stocks in downside territory,” he added. <br />                            <div type="image" title="Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp" msid="87778081" hostid="261"></div><br />“People ask me how do you raise money at such a high price? I say, I don’t raise money on a price but I raise money on a purpose,” founder and chief executive officer Vijay Shekhar Sharma. He wanted India to be as excited about his dream of a super app for anything that can be bought and sold online. <br /><br />But many others have argued that a smartphone itself is a super app. Another startup founder Kavin Mittal, the man behind the $1.4 billion Hike Messenger, had similar ambitions but found it to be a misguided goal and dropped the plan in January 2021. <br /><br />Will Sharma prove his detractors wrong with Paytm? Only time will tell. <br /><br /><strong>SEE ALSO:<br /></strong><a href="https://www.businessinsider.in/stock-market/news/paytm-ipo-listed-at-discount-of-9-starts-trading-at-1955/articleshow/87772082.cms" data-type="tilCustomLink">India’s biggest IPO lists 9% below the IPO price and it may fall even further, warn analysts</a><br /><br /><a href="https://www.businessinsider.in/business/startups/news/paytm-shares-listing-below-ipo-price-but-experts-say-not-to-invest/articleshow/87762352.cms">Paytm is likely to list below IPO price and experts advice serious investors to wait a while before buying</a><br /><br /><a href="https://www.businessinsider.in/business/corporates/news/itc-reportedly-plans-to-spin-out-it-business-itc-infotech/articleshow/87758056.cms">ITC has a ₹2,500 crore IT business hiding in plain sight and that makes the street go Yippee!</a><br />

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