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Time of India
29-04-2025
- Business
- Time of India
New players in UPI sweepstakes; Urban Company's IPO papers
New players in UPI sweepstakes; Urban Company's IPO papers Also in the letter: In fierce UPI fight, new players Flipkart-backed Navi, Cred start to gain ground Driving the news: How they're doing it: A broader financial services play beyond payments, with fintechs willing to subsidise UPI losses to cross-sell credit and bill payment services. Large incumbents like PhonePe, Google Pay, and Paytm have scaled back cashback offers, giving new entrants room to grow. Rising UPI volumes during the IPL season, fuelled by gaming and betting transactions. Big picture: Yes, but: Setting target: Also Read: Urban Company files DRHP for Rs 1,900-crore IPO Key details: Rs 429 crore via fresh issue; Rs 1,471 crore via secondary share sale by investors including Accel, Elevation, Tiger Global, and Vy Capital. Founders Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra will not sell shares. Use of funds: Financials: Ather Energy's IPO sees 16% subscription on first day By the numbers: 86 lakh shares bid against 5.34 crore on offer. RII (retail) portion subscribed 63%. NII (non-institutional) portion subscribed 16%. Background: Electronics parts PLI draws in Dixon, Tatas, Foxconn and others Details: Tata Electronics is targeting the enclosures segment; Dixon aims to apply for multiple categories including display and camera modules. Foxconn is exploring smartphone display module assembly. Startups step in, too: Other Top Stories By Our Reporters Dailyhunt parent VerSe's internal controls inadequate, says Deloitte audit: IPO-bound Meesho to change Indian parent entity's name from Fashnear Technologies: YouTube appoints Gunjan Soni as new India managing director: Global Picks We Are Reading Happy Tuesday! In the longstanding UPI battle, fresh players are giving incumbents a tough fight. This and more in today's ETtech Morning Dispatch.■ New PLI draws interest■ Deloitte's Dailyhunt red flags■ Meesho's pre-IPO refreshNew-generation UPI apps such as Navi, Cred, Bhim, and have been quietly gaining market share over the last six months, aggressively using cashbacks and incentives to carve out a slice of the growing digital payments data shows that these smaller apps have collectively nearly doubled their market share. While their overall percentage remains modest, the absolute gains in user numbers are and Google Pay still dominate UPI, controlling over 80% of all transactions. But the NPCI is pushing smaller players to break this remains non-remunerative and largely commoditised. Few fintechs may have the appetite to continue burning cash indefinitely to capture minister Nirmala Sitharaman on Monday underlined a target of one billion UPI transactions per day within 2–3 years and emphasised accelerating UPI's internationalisation through interoperable frameworks and wider global Singh Bhal, CEO, Urban CompanyAt-home services platform Urban Company has filed draft IPO papers for a Rs 1,900-crore offering, trimming the size from the Rs 3,000 crore planned Company plans to allocate Rs 190 crore towards tech development and cloud infrastructure, with the rest going towards office leases and company posted Rs 846 crore in operating revenue in the first nine months of FY25, up 41% year-on-year, and reported a net profit of Rs 242 Mehta, founder, Ather EnergyElectric two-wheeler maker Ather Energy opened its IPO on April 28 , garnering a 16% subscription on the first Rs 2,981-crore issue , priced at Rs 304-321 per share, is the first mainboard IPO of FY26. The offer closes on April firms including Dixon Technologies, Tata Electronics, and Foxconn plan to invest under the new electronics components PLI manufacturer Zetwerk is actively scouting partnerships across multiple categories, its electronics president Josh Foulger said.L-R, Umang Bedi and Virendra Gupta, founders, DailyhuntVerSe Innovation's auditor, Deloitte, has flagged issues in the internal controls of the parent of Dailyhunt and Josh for the financial year ended March 31, 2024, stating that these "material weaknesses" could potentially lead to misstatement in accounting aspects including operating expenses, trade payables and expense account ecommerce firm Meesho's board has approved changing the name of its Indian entity, Fashnear Technologies Pvt Ltd, to Meesho Pvt Ltd, according to regulatory filings made with the Registrar of said on Monday that it had appointed Gunjan Soni as the country's managing director. The US-based video platform said Soni, who brings over two decades of leadership experience spanning business, technology, marketing and ecommerce, will lead YouTube's growth and innovation efforts in India.■ Poop drones are keeping sewers running so humans don't have to ( Wired ■ Why Trump can't build iPhones in the US ( FT ■ China's chipmakers are catching up to Nvidia and TSMC. Here's how they compare ( Rest of World
Time of India
29-04-2025
- Business
- Time of India
In Fierce UPI Fight, Fresh Faces Gain Some Ground
Newer Unified Payments Interface (UPI) apps such as Flipkart-backed Navi, Bhim, and Cred are increasing their share in the payment market amid a spike in UPI transactions, luring consumers with cashback offers and other incentives. #Pahalgam Terrorist Attack India stares at a 'water bomb' threat as it freezes Indus Treaty India readies short, mid & long-term Indus River plans Shehbaz Sharif calls India's stand "worn-out narrative" The newer entrants have grown their collective share to around 4% in March 2025, up from 2.3% in October 2024 and negligible a year earlier, according to data released by the National Payments Corporation of India (NPCI), which runs the UPI network. Even so, PhonePe and Google Pay continue their domination, holding on to a combined market share of 82%—47% and 35%, respectively—in the last two months, the data showed. 'The newer apps are not offering pure-play payments; they are going beyond that with credit, ecommerce, and bill payments,' said Rohan Lakhaiyar, partner at Grant Thornton Bharat. 'UPI is their customer acquisition hook, and it seems to be working,' he said. Navi is focused on consumer lending, Cred is expanding unsecured loans and bill payments through Bharat Connect, and is binding itself into Flipkart's ecommerce ecosystem. These firms are offering cashbacks and other incentives to move consumers away from their preferred apps at a time when the growth rate of UPI has slowed down. The payment network grew about 36% in 2023 and 2024, down from around 54% growth in 2022, albeit on a larger base, ET reported on April 7. Currently UPI is estimated to have more than 200 million active users. While is offering up to 5% cashback on every UPI transaction, Navi is positioning UPI payments as a 'rewarding' experience, bundling features such as buy-now-pay-later through Navi Trezo. Cred had until recently promoted cashbacks for every Cred UPI transaction.
