PhonePe Sets IPO Plans In Motion
After much ado, PhonePe is finally pulling into the IPO lane. The fintech juggernaut has publicly announced that it is commencing preparatory steps to get listed.
While the digital payments giant is yet to throw light on key aspects of its public listing plans including size, valuation, and the timeline, what has emboldened PhonePe to take the IPO plunge?
Well, the company believes that the timing is right due to the ongoing startup IPO spring and its “strong top and bottom line growth” in FY24. Interestingly, this is a sharp U-turn from last year, when PhonePe cofounder and CEO Sameer Nigam said that the Walmart-backed company would not go for an IPO until there was clarity over the UPI market share regulations.
With the said rules still in limbo, PhonePe has anyways gone ahead, as the fintech major enjoys the lion’s share (nearly half) of all UPI payments processed in the country.
Besides, the company has aggressively diversified into new segments such as wealthtech, online lending, digital commerce, app store and whatnot.
The latest update comes nearly three years after PhonePe shifted its domicile back to India, and paid a hefty tax bill to clear all decks for its potential public listing. This is also in line with what a senior Walmart executive said last year that the fintech giant could list on the Indian exchanges in a “couple of years”.
Nevertheless, as we wait for more clarity, here is a quick read on PhonePe kicking off IPO preparations. Continue reading…
From The Editor’s Desk
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SEBI To Tighten Startup IPO Norms: The markets regulator mulls increasing the disclosure timeline for all past transactions and fundraises for startups to 3 years from 18 months. Startups will also have to potentially provide other financial metrics in their DRHPs.
Google Emulates Apple’s Playbook: The big tech giant is in the final stages of opening its retail store in New Delhi and Mumbai in the next six months to sell its flagship Pixel phones. It is in the advanced stages of finalising store locations in these cities.
Tesla Begins Shipment Process: The EV giant will begin the shipment of some thousand EVs from the company’s German facility. The Elon Musk-led company plans to sell its cars in New Delhi, Bengaluru and Mumbai by the third quarter of this year.
Apple Making iPhone 16e In India: The big tech giant is assembling the newly launched iPhone 16e series in the country through its local contract manufacturers. The production at the Indian plant will cater to both domestic users as well as exports to select nations.
Dogsee Chew Nets $8 Mn: The D2C pet food brand has raised INR 69.4 Cr in its Series B round led by Ektha.com. Founded in 2015, Dogsee Chew sells vegetarian treats made from Himalayan cheese to their customers.
Govt’s Advisory To OTTs: Amid the ongoing controversy over India’s Got Latent, the Centre has directed OTT streaming and social media platforms to strictly adhere to the code of conduct prescribed under the IT Rules, 2021.
Inc42 Startup Spotlight
Can Edith’s Robotic Dog Guard India’s Borders?
India is still largely dependent on foreign imports in the defence arena. Looking to change this and capitalise on the government’s push for homegrown startups in the defence tech space, Rupesh Rupak and Deepesh Deepak founded Edith Defense in 2021.
The deeptech startup offers AI-driven automated surveillance systems to enhance national border security and protect industrial zones. The Mumbai-based startup captured the national limelight after it debuted its robotic dog.
The “dog” which is an unmanned ground vehicle (UGV) serves as a frontline defence asset equipped with a 12 kg payload capacity and a four-hour endurance.
Additionally, Edith Defense has developed miniaturised radar systems, micro-turbojet engines for high-speed UAVs, and a high-altitude drone. The startup is currently bootstrapped and competes with the likes of AeroArc and Zen Technologies.
Moving forward, the startup wants to develop next-gen defence technology with a focus on enhancing India’s security infrastructure with the help of locally developed solutions.
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