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PhonePe

PhonePe is a digital payments and financial services company headquartered in Bangalore, India. PhonePe was founded in December 2015 by Sameer Nigam, Rahul Chari and Burzin Engineer. The company was acquired by Flipkart in April 2016 and The PhonePe app went live in August that year.

LG Electronics set to launch Rs 15,000 crore IPO in India this October

LG Electronics is set to launch its Indian arm's IPO in October, aiming to raise ₹15,000 crore. The offering, approved by Sebi, involves selling 15% of the local unit. This move follows a postponement due to market volatility and seeks to capitalize on the current bullish primary market momentum, making it potentially the largest IPO of 2025.

UPI spends on gaming drop 26% in August after real-money ban

UPI payments for digital goods dipped in August after a blanket ban on real-money gaming. Many companies had to shut down such services, which accounted for a substantial portion of their revenues. UPI transactions in other categories, like groceries and debt collection, remained strong. Overall, transaction volumes increased, but the total value slightly decreased compared to July.

NPCI raises UPI transaction limit to Rs 5 lakh for high-value payments

The relaxed transaction limit will apply to categories, including insurance, travel, jewellery, and credit card bill payments, among others.

AI, RBI nod, Amazon tie-up: How Skydo is powering India’s small exporters

Co-founder Movin Jain says the RBI licence, Amazon partnership, and AI-led compliance are driving the adoption of Skydo’s solutions among first-time and mid-market exporters.

40 IPOs hit Dalal Street in August; Tata Capital stands out in upcoming list

August 2025 marked one of the busiest months for India’s primary market, with 40 IPOs across mainboard and SME platforms. While debuts like Aditya Infotech and Highway Infrastructure soared, others such as Laxmi India Finance struggled. Experts see momentum continuing, with upcoming IPOs from Tata Capital, Zepto, PhonePe, HeroFinCorp, and FabIndia, driven by strong liquidity and investor appetite.

SME IPO meltdown: 30 NSE listings in 2025 slump up to 58% versus 9 mainboard laggards

In 2025, the Indian primary market sees 121 IPOs, but 39 stocks trade below their issue price. SME IPOs are hit hardest, with 30 in the red. Arunaya Organics falls the most, down 58%. Nine mainboard listings also quote below their price band. Experts anticipate the upbeat sentiment to continue.

How technology is democratising entrepreneurship in India

Digital tools are democratising Indian entrepreneurship and empowering individuals. Open networks, affordable smartphones, and national digital infrastructure are lowering barriers related to cost, distance, and trust. This shift is fostering growth in Tier-2 and Tier-3 towns, with increasing participation from women, although deep-tech sectors still lag behind.

PayNearby plans to go public next year, says CEO

Indian fintech giants such as Paytm, PhonePe and BharatPe dominate the market with payments and lending, but PayNearby takes a different route by building a vast network of neighborhood retailers to deliver digital services.

India needs a 'Desi Counter Intuitive UPI App' to truly leverage data: SBI Report

A State Bank of India report suggests India requires a domestic UPI application. This app will help leverage data and reduce dependence on foreign platforms. Currently, PhonePe leads in UPI transactions, followed by Google Pay and Paytm. The report highlights that concentrating transactions among a few apps may hinder India-centric fintech innovation.

HDFC ERGO partners with PhonePe to offer affordable health insurance solution

HDFC ERGO General Insurance has partnered with PhonePe to introduce an affordable health insurance plan targeting India's 'missing middle'. This collaboration leverages PhonePe's digital platform to offer accessible and comprehensive health coverage, with premiums starting at Rs 12 per day for Rs 3 lakhs coverage. The policy is designed for individuals aged 18-30, many of whom are new to insurance.

Subsidy outlay of Rs 437 crore for UPI, RuPay transactions may be revised upward: SBI economists

SBI economists say the Rs 437 crore subsidy for UPI and RuPay in FY26 may be increased, as UPI participants face costs up to Rs 5,000 crore. They raised concerns over the dominance of PhonePe and Google Pay, urging support for domestic fintech and better data reporting across more merchant categories.

Reliance Jio offers cheapest choice compared to other telecom operators: Report

Reliance Jio remains the most affordable telecom operator in India, offering better data benefits at lower prices than Airtel and Vodafone Idea, according to a BNP Paribas report. Despite aligned pricing across major plans, Jio provides higher daily data limits and monthly savings of up to ₹50. Its pricing strategy continues to cater effectively to both data-heavy and voice-only users.

UPI transactions surge in 2025, daily average value crosses Rs 90,000 crore in August: Report

UPI transactions in India have surged in 2025, reflecting a significant expansion in both value and volume. Average daily transaction values climbed steadily, reaching Rs 90,446 crore in August, while transaction volumes hit 675 million. Maharashtra leads state-wise UPI adoption, indicating a widespread shift towards digital payments across the nation.

Reliance Jio, NSE IPOs coming soon? Sebi clears roadblock for mega multi-billion dollar listings

India's IPO market may witness mega listings soon, as SEBI considers easing norms for large companies. Reliance Jio and NSE could benefit from reduced public offer requirements, potentially easing market absorption concerns. The proposed changes also extend timelines for meeting minimum public shareholding, addressing potential share oversupply.

ChatGPT Go launched in India: Check subscription price, features, plans, and how to subscribe

ChatGPT Go Subscription (Google Trends): OpenAI has launched ChatGPT Go in India, a budget-friendly subscription at Rs 399 per month. This plan offers enhanced features over the free version, including increased message limits, image generation, and file uploads. Targeted at students, professionals, and creators, it aims to make advanced AI tools more accessible in the growing Indian market.

Value and momentum mutual funds continue to perform consistently: Report

In mutual fund categories such as largecap, midcap, ELSS, contra/value, large & midcap, and aggressive hybrid, funds favouring value investment style have emerged as consistent performers, while in smallcap and flexicap categories, funds high on momentum style were among the top performers, according to Share.Market’s CRISP Mutual Funds Scorecard (second edition).

Banks are fast warming up to UPI credit line for small value loans

After delays, UPI credit lines may gain traction as banks explore offering small loans to new customers via UPI apps. Banks like ICICI and Karnataka Bank are considering scaling up the product through platforms like PhonePe and Paytm. Clarifications from the RBI regarding product functioning have paved the way for early tests, potentially boosting UPI's transaction volume and adoption.

NPCI to stop UPI P2P 'collect requests' from October 1 to combat fraud

To combat financial fraud, the National Payments Corporation of India (NPCI) has directed banks and payment apps to discontinue peer-to-peer (P2P) 'collect requests' on UPI by October 1, 2025. This decision impacts major UPI apps like PhonePe, Google Pay, and Paytm. The move aims to enhance security by ensuring all P2P transactions are payer-initiated, reducing the risk of fraud.

As regulatory curbs seem to ease fintechs bet on festive spark in unsecured lending play

After a period of slowdown due to regulatory measures, the digital lending sector anticipates a turnaround in FY26, fueled by the upcoming festive season. Fintechs and traditional lenders are cautiously optimistic, observing signs of easing stress in the unsecured credit market. Lenders are revisiting risk weights and recalibrating partnerships, expecting a strong second half driven by increased demand.

48% of mutual fund investor base is in age bracket of 18 to 30 years: Report

A Share.Market report shows 48% of mutual fund investors are aged 18-30, with most starting via equity. Youth investors prefer SIPs, diversified equity funds, and exhibit strong financial discipline across India, especially in smaller cities.

ETtech Explainer: How the rise in online payment frauds pushed NPCI to kill ‘pull’ transactions

A pull transaction, which goes by “collect” or “request money” on some apps, is initiated by the recipient, who sends a payment request. The payer receives a notification asking for approval of the payment. This feature has sometimes led to confusion or enabled manipulation.

Groceries, supermarkets lead UPI merchant payments in July; debt collection tops by value

Among remitter banks, SBI led with 5.21 billion transactions, followed by HDFC Bank (1.54 billion), Bank of Baroda (1.33 billion), and Union Bank of India (1.2 billion). On the payment service provider side, Axis Bank processed the highest volume at 7.23 billion transactions with a 93.26% approval rate, followed by Yes Bank and ICICI Bank.

UPI and beyond: The great Indian banking leap

India's banking and finance sector has transformed steadily. It evolved from colonial banking to a digitised system. The Reserve Bank of India and the Finance Ministry guided this evolution. Key events include bank nationalisation and the 1991 reforms. UPI revolutionised digital payments. Now, the digital rupee is being tested. This signals a new era for Indian finance.

PhonePe’s Indus Appstore to come preloaded on Alcatel smartphones as part of new partnership

Alcatel smartphones will soon have PhonePe's Indus Appstore pre-installed. This partnership aims to provide Alcatel users with a localized app experience. The Indus Appstore features apps in 12 Indian languages. Alcatel is re-entering the Indian market after seven years. They plan to become a top smartphone brand. This collaboration expands Indus Appstore's reach in India.

Data privacy law: Digital payment companies, NPCI seek pause on consent clause

Payment companies have sought an exemption from Digital Personal Data Protection (DPDP) Act provisions that require user consent for each transaction. The mandate will lead to a rise in cost and complexity, the companies said in submissions to the Ministry of Electronics and Information Technology.

Exempt data fiduciaries from data law's provisions for training AI models: IAMAI to govt

The IAMAI has urged the central government to temporarily exempt data fiduciaries from certain DPDP Act provisions when processing publicly available data for AI model training. Citing ambiguities and practical challenges, IAMAI argues that restrictions would burden AI companies, especially startups, hindering innovation and competition. However, some IAMAI members hold differing views on this submission.

Global Health Q1 Results: Profit surges 50% to Rs 159 crore

The mutual fund industry experienced strong growth in new Systematic Investment Plan (SIP) registrations, with 1.67 crore accounts added in the quarter ended June 2025, driven by resilient retail participation despite market volatility.

Mutual Funds see 1.67 cr SIP additions in June qtr; Groww leads with 42 lakh

DoT’s financial risk indicator blacklists 300-400k SIMs since May launch

The telecom department's Financial Risk Indicator (FRI) has blacklisted 300,000-400,000 SIMs used in fraudulent schemes. This initiative flags 2,000 high-risk numbers daily, aiding UPI platforms in preventing crores worth of suspicious transactions. Banks are integrating FRI to reduce fraud response times, with institutions like PhonePe and HDFC Bank actively using the platform to prevent fraud.

BharatPe turns profitable, reports adjusted profit before tax of Rs 6 crore

ET reported on August 1 that the company is expecting to report a profit before interest, taxes, depreciation and amortisation in its fiscal 2025 results, and is eyeing funding of $100 million.

Knowledge Realty Trust REIT IPO subscribed 4.69 times on final day; should you apply? Check key details

Knowledge Realty Trust's IPO, India's fourth REIT, closed with a strong 4.69 times subscription, signaling growing interest in Indian REITs. The Rs 4,800 crore issue attracted significant investment from both institutional and other investors.

Actor-entrepreneur Ranbir Kapoor invests in Prozo to support scalable supply chain innovation

Actor Ranbir Kapoor invests in Prozo, a tech-driven supply chain platform. Prozo integrates warehousing, freight, and fulfillment. Their tech helps brands with operations across various channels.

SBI UPI services to be temporarily unavailable on August 6, 2025: Check time, alternatives

State Bank of India will conduct maintenance. UPI services will be unavailable for 20 minutes on August 6, 2025. RBI increased UPI Lite transaction limits in December 2024. Per-transaction limit is now Rupees 1,000. Wallet limit is Rupees 5,000.

UPI transactions rebound in July after June dip

This uptick in value and volume comes amid discussions on the cost of processing UPI transactions. Banks are beginning to levy charges on certain UPI transactions due to a cut in the government incentive on small-value UPI-based transactions.

D2C brands' festive scramble; UPI's consent hurdle

Emerging direct-to-consumer brands are competing for the festive spotlight on busy online storefronts. This and more in today's ETtech Morning Dispatch.

Blinkit pilots 10-minute delivery for prescription medicines in Bengaluru

Blinkit has initiated prescription medicine deliveries in select Bengaluru areas, complementing its existing OTC pharmacy offerings. This service includes antibiotics, diabetes drugs, and dermatological medicines, with delivery times ranging from 10–30 minutes. This move comes as Blinkit expands its healthcare services, including a 10-minute ambulance service, while navigating evolving regulations in the epharmacy sector.

New UPI rules from August 1, 2025: These new payment guidelines could affect your daily transactions from today

New UPI rules: To improve UPI transaction efficiency, NPCI is introducing new guidelines effective August 1, 2025. These include capping balance inquiries, limiting account access requests, and setting time windows for auto-debits. Payment service providers must comply by July 31, 2025, or face penalties, API restrictions, or suspension of new customer onboarding.

SEBI panel mulls allowing big firms to list with just 2.5% equity dilution

A Sebi panel is considering a proposal to allow large companies valued over ₹1 lakh crore to dilute only 2.5% of their equity in IPOs, issuing shares worth ₹7,500 crore. This move aims to ease the burden of large public issues and provide exit opportunities for early investors.

From UPI, FASTag to KYC rules: Here’s what changes for consumers this August

August 1 New Rules: India is set for financial updates from August 1, 2025. NPCI will implement new UPI transaction rules. SBI will discontinue air accident insurance on some credit cards. PNB customers need to update KYC details by August 8. Fuel prices may be revised. RBI will extend money market trading hours. A FASTag annual pass will be available from August 15.

New UPI rules from August 1: Daily balance checks, autopay & API usage now regulated, here’s how Paytm, PhonePe, GPay users will be impacted

NPCI has issued additional set of guidelines to be adhered by UPI ecosystem members that includes limiting balance enquiry requests to regulating the use of APIs like Autopay Mandate Execution, and Validate Address.

Will banks soon have a 5-day working week? Here’s what the government has said

The proposal is under consideration, public sector banks (PSBs) currently follow a system where only the second and fourth Saturdays are official holidays. The government also addressed concerns regarding staff shortages and provided an update on manpower availability in PSBs.

Received approval from board to raise Rs 5,000 cr: Indian Bank MD & CEO

Indian Bank's board has approved raising Rs 5,000 crore this fiscal year, though immediate fundraising isn't anticipated due to a strong 17.80% capital adequacy ratio. The bank is developing 'IND-UPI,' its own UPI application, to save approximately Rs 150 crore annually in transaction fees.

PhonePe SBI Card launched: Two variants with reward points, lounge access, and UPI support

BharatPe firmly on profitability track, eyes $100 million round

BharatPe, the fintech once mired in lawsuits and boardroom drama, is on the verge of a turnaround. Sources told us the company expects to post its first annual profit this fiscal, signalling a clean break from its turbulent past. Over the past two years, BharatPe has tightened its belt and pushed revenue growth, turning the business cash-positive month on month.

SBI Card partners with PhonePe

Setu strengthens top deck with senior execs from Razorpay, PhonePe, Wibmo

Pine Labs-owned fintech appoints Anand Raisinghani as CEO, brings in former leaders from Razorpay, Clear, and PhonePe across key roles.

PhonePe SBI Card PURPLE details

PhonePe SBI Card details

PhonePe SBI Card SELECT BLACK details

SoftBank-backed InMobi looks to raise $1 billion via Indian IPO

InMobi, a mobile advertising platform supported by SoftBank, intends to launch an IPO in India. The company aims to raise $1 billion. It plans to appoint arrangers for the Mumbai IPO and submit a draft prospectus this year. InMobi may seek a valuation between $5 billion and $6 billion. It joins other Indian tech startups choosing domestic listings.

PhonePe SBI Card SELECT BLACK lounge access details

From Jan Dhan accounts to mutual fund SIPs, here is how you can empower your domestic staff financially

From Jan Dhan accounts to Rs.100 mutual fund SIPs, here are some practical ways to secure your domestic staff’s financial future.

Gloom lifts, India Inc ready: Consumer cos step up festive ad spends after slow H1; expect 15–20% jump

After a challenging first half of 2025 due to geopolitical tensions and a wet summer, consumer companies in India are set to increase advertising spending by 15-20% during the festive season. Sectors like personal care, food, automobiles, and retail are leading the charge, anticipating a demand revival driven by income tax relief, favorable monsoon, and easing inflation.

PhonePe appoints Shivnath Thukral as vice president of public policy

PhonePe, owned by Walmart, has appointed Shivnath Thukral as its Vice President for public policy. Thukral will engage with policymakers on financial service regulations. This appointment occurs as PhonePe plans for a $1.5 billion IPO. The company aims for a $15 billion valuation. PhonePe is a leader in UPI transactions in India. The platform handled significant transaction volumes in June.

D-St gears up for Rs 2.6 lakh crore IPO storm in H2; Tata Capital, LG, Groww among biggest issues

India's primary market is set for a significant IPO surge in the remainder of 2025, with over ₹2.58 lakh crore worth of offerings in the pipeline, driven by financial services firms, startups, and unicorns. Strong investor participation, particularly from mutual funds fueled by consistent equity scheme inflows, and private equity firms seeking exits are contributing to this robust IPO activity.

How Rs 10 – 20 payments sparked a Rs 29 lakh GST storm: Cash vs UPI, BJP vs Cong and taxpayers vs non-payers in Karnataka

GST notice to vegetable vendor: A Karnataka vegetable vendor's ₹29 lakh GST notice over UPI transactions has sparked widespread protests among small traders. They argue the tax demands are unaffordable, prompting the Karnataka Pradesh Street Vendors Association to seek government intervention.

Fewer use cases take toll on Fastag growth

Fastag, the electronic toll payment system for vehicle owners, has been stuck in neutral since early 2024. The user base remains flat at around 350-380 million, and the number of participating banks has held steady at 38. Both figures have shown no movement in over a year, pointing to an apparent plateau in adoption.

PhonePe logs highest UPI transactions volume in June; GPay, Paytm follow

PhonePe’s dominance in the space is marked by the 8.55 billion transactions and a total value of Rs 11.99 lakh crore. It held 46.5% of the total UPI volume and nearly 50% of the value.

Google Pay’s credit boost; Spiritual apps chant ‘AI’

Happy Tuesday! Google Pay is working to launch a co-branded credit card. This and more in today's ETtech Morning Dispatch.

Loan via UPI: Soon you can use UPI to withdraw money from credit line taken against property, gold, FD, share, MFs, others

Starting next month, NPCI's new guidelines will allow users to access loan amounts against their FDs, shares, gold, and property directly via UPI. This will also enable cash withdrawals, P2P, and P2PM transactions, expanding beyond the previous P2M limitations, allowing smooth transactions using various apps. All stakeholders have been asked to put the necessary infrastructure in place before August 31, 2025

Active user base of major stockbrokers drops by a million this year amid regulatory tightening

According to NSE data, the combined active investor base of major platforms, including initial Groww, Zerodha, Angel One, Dhan, Paytm Money, and PhonePe, fell to 29.5 million in June, down from 30.5 million in February.

UPI-PayNow: International remittance enabled for these 13 new banks by NPCI; Know the details

NPCI has expanded the UPI-PayNow international remittance service to include 13 additional Indian banks, bringing the total to 19. This enhancement, effective July 17, 2025, allows customers of these banks to send real-time cross-border remittances to Singapore via UPI. In Singapore, customers of DBS SG and Liquid Group can avail this service.

20 UPI Rupay credit cards to earn cashback, rewards, airport lounge access from everyday payments

UPI RuPay credit cards provide a way to earn rewards. Several banks offer these cards with UPI convenience. Users can get cashback and reward points on payments. ET Wealth lists 20 UPI RuPay credit cards. These cards offer benefits like lounge access. Linking the card to UPI apps is simple. Enjoy rewards with everyday UPI payments.

Fintech majors are counting on co-branded cards in returns play

Google Pay, India’s second-largest payment app, is in discussions to build a co-branded credit card with Axis Bank, according to two sources familiar with the matter. This marks a shift for Google, which has so far avoided regulated businesses in India and pulled back its fintech bets globally.

Flipkart’s $1.5 billion Esop buyback timeline; from 2018 to now

The latest Esop buyback, worth $50 million, will benefit about 7,500 staff. To date, the ecommerce leader, which is moving towards an IPO, has made multiple Esop buybacks valued at over $1.5 billion since 2018.

Paytm to become an AI-first company: Founder Vijay Shekhar Sharma

Sharma said that as most jobs done by humans will be done by AI, the focus should be on building core products. He added that the goal for Paytm is to go beyond a fintech and become an AI-first company.

Four banks bag bulk of UPI beneficiary payments

Yes Bank, HDFC Bank, ICICI Bank, and Axis Bank handle almost 60% of merchant UPI payments. Yes Bank has the largest share, driven by PhonePe merchants. Axis Bank and SBI have also seen growth. Banks are interested in merchant payments for revenue. They charge fintechs for processing escrow accounts and other services. SBI leads in customer-side UPI transactions.

JM sees Indian IPOs adding $3 trillion market value over decade

India's IPO market is booming. It may add $2 trillion to $3 trillion in market value in the next decade. IPOs have already raised over $6 billion this year. Many more deals are expected across various sectors. M&A activity is also increasing. Dealmaking in India is likely to remain strong as the economy grows.

Walmart-backed PhonePe seeking to raise $1.5 billion from India IPO: Bloomberg

Walmart-backed Indian fintech firm PhonePe is preparing to file preliminary documents for its initial public offering to raise as much as $1.5 billion, Bloomberg News reported on Monday, citing people familiar with the matter.

Walmart-backed PhonePe may seek $1.5 billion in Indian IPO

PhonePe, India's largest digital payments provider, is gearing up for an initial public offering. The IPO could potentially raise $1.5 billion. The fintech company may file preliminary documents as early as August. The deal could value PhonePe at around $15 billion. Kotak Mahindra Capital, JPMorgan, Citigroup, and Morgan Stanley are managing the offering.

PhonePe prepares for $1.5 billion IPO: All you need to know

PhonePe is preparing for a $1.5 billion IPO in 2025, targeting a $15 billion valuation. The fintech firm has shown strong revenue growth and narrowed losses, but remains heavily reliant on UPI. Despite strong revenue growth, with income crossing Rs 5,000 crore last year, PhonePe is finding it challenging to diversify its income streams.

PhonePe ropes in bankers for launching IPO

Country's biggest fintech firm PhonePe has roped in bankers -- Kotak Mahindra Capital, JPMorgan Chase, Citigroup and Morgan Stanley -- for launching its initial public offering, sources aware of the development said.

IPOs lead India's 2024 startup exit wave, but M&As likely to catch up

Indian startup exits in 2024 were dominated by IPOs, accounting for 68% of PE-VC exits due to high public market valuations. However, a shift is expected in the next 6-12 months towards a balance between IPOs, secondaries, and M&As as public market corrections and liquidity pressures increase.

JSW Ventures targets Rs 450 crore for third fund amid rise in domestic venture capital

JSW Ventures, the VC arm of JSW Group, is planning to raise Rs 400-450 crore for its third investment fund, targeting domestic investors. Following the full deployment of its Rs 300 crore second fund, JSW Ventures aims to continue its focus on early-stage tech startups across various sectors.

UPI sees marginal dip in June transactions, value down 4%

Despite the monthly dip, UPI transactions in June were up 32% in volume and 20% in value compared to the same month last year. The average daily transaction volume stood at 613 million, while the average daily value was Rs 80,131 crore. Other digital payment channels also recorded a decline in June.

NPCI ups RuPay credit card play against rivals

National Payments Corporation of India (NPCI) has started offering financial incentives to banks to push RuPay credit cards to their customers in a bid to challenge the Visa-Mastercard duopoly in the space.

RBI releases full list of legal digital lending apps on its site

The initiative is aimed at enhancing transparency in digital lending practices, in how loan products are offered and disclosed to prospective borrowers. In a bid to curb spread of illegal lending apps, the finance ministry had in September 2022 proposed the RBI compile a whitelist of legitimate DLAs, while ministry of electronics and information technology (MeitY) would ensure only these apps are allowed on app stores.

RBI acts tough against cyber frauds, directs all banks to use DoT’s FRI technology to protect bank customers

Reserve Bank of India directed banks to use Financial Fraud Risk Indicator (FRI). This technology, developed by Department of Telecommunications, aims to combat cyber fraud. Banks will use FRI to safeguard customers from fraudulent activities including via UPI. The system facilitates real-time responses and continuous feedback. PhonePe, HDFC Bank, ICICI Bank, Punjab National Bank and others are already using it. Read to know more.

Walmart Inc leadership meets Prime Minister Narendra Modi

Walmart CEO Doug McMillon met Prime Minister Narendra Modi to discuss the company’s expanding partnership with India, including Flipkart, PhonePe, and Walmart Global Tech. McMillon highlighted Walmart’s commitment to $10 billion in annual exports and innovation investment, with board member Steuart Walton and CEO Kath McLay also attending.

NPCI ups RuPay card play; India off YC radar

Happy Wednesday! The National Payments Corporation of India (NPCI) is rolling out fresh incentives to encourage banks to issue more RuPay credit cards. This and more in today’s ETtech Morning Dispatch.

RBI advises banks to integrate DoT's financial fraud technology

The Reserve Bank of India has advised banks to integrate the Financial Fraud Risk Indicator tool developed by the Department of Telecom to curb online fraudulent transactions. This system classifies mobile numbers based on fraud risk using data from various sources. Leading institutions are already using the platform, potentially saving millions from cyber fraud.

Pine Labs files DRHP with Sebi for Rs 2,600 crore IPO

Pine Labs has submitted documents to SEBI for an initial public offering. The fintech firm aims to raise Rs 2,600 crore. Existing shareholders will also sell shares. The company plans to use the funds for overseas expansion and technology investments. Pine Labs reported revenue of Rs 1,743 crore in FY24.

IPO-bound PhonePe announces UPI payments on feature phones

PhonePe i roll out UPI payments tailored for feature phone users, leveraging its recent acquisition of GSPay technology. This innovative feature-phone UPI app will provide essential capabilities such as peer-to-peer transfers and offline QR payments, specifically designed to cater to the often overlooked feature phone demographic.

PhonePe pares 5% stake in MapmyIndia for Rs 486 crore

Following the stake sale, shares of CE Info Systems plunged 9.39% to settle at Rs 1,768.75 apiece on the BSE. The shares were sold at an average price of Rs 1,786.22 apiece, taking the transaction value to Rs 486.03 crore.

Accenture jitters hit IT; Apple’s India push, charted

IT bellwether Accenture’s Q3 results shake up India’s $280 billion software exports sector. This and more in today’s ETtech Top 5.

RegTech startup Zango AI raises $4.8 million from Nexus Venture Partners, others

Regtech startup Zango AI has raised $4.8 million in a round led by Nexus Venture Partners to expand teams in Bengaluru and London and develop AI-native compliance tools. Founded in 2024, Zango uses regulation-specific LLMs to automate compliance tasks, serving clients like Novobanco, Monzo, and Juni.

How to recover home loan interest through smart investing

Taking a loan is often considered detrimental to one’s financial well-being, primarily due to the burden of paying interest on the borrowed capital, which often impacts one’s financial plan.

PhonePe racks up additional $200 million from Walmart in ongoing fundraise

The round is being raised at a pre-money valuation of $12 billion, making PhonePe the most valuable fintech in the country, surpassing payment services provider, Razorpay which was last valued at $7.5 billion.

Working with suppliers to achieve target of $10-bn sourcing from India: Walmart CEO

Walmart is collaborating with Indian suppliers to achieve its goal of sourcing $10 billion worth of goods from India by 2027. The retail giant is expanding its sourcing categories beyond initial limited products. Walmart is also focusing on empowering MSMEs through its Vriddhi program, aiming to connect with one lakh more MSMEs in the next three years.

Bhim powers up; Privacy hit for RTI

Happy Wednesday! Users are returning to the payments app Bhim, attracted by cashbacks and incentives. This and more in today's ETtech Morning Dispatch.

PhonePe shifts headquarters from Singapore to India

The fintech firm has moved businesses and subsidiaries of PhonePe Singapore, including its insurance broking services and wealth broking services, to PhonePe Pvt Ltd - India.

PhonePe integrates Swiggy on its Switch platform

PhonePe Switch enables merchant partners to integrate their existing progressive web apps (PWAs) or mobile sites to the platform, and reach out to the PhonePe user base.

PhonePe’s 5% dilemma: Payments still dominate revenue as it gets IPO-ready

PhonePe, backed by Walmart, is preparing for an IPO. The company's revenue heavily depends on its payments business. Financial services contribute a small portion to its total income. Rivals like Paytm generate more revenue from financial services. PhonePe's insurance business is growing. Its credit business is still in early stages. The company's valuation and IPO pricing are under scrutiny.