PHONEPE
PhonePe is an Indian digital payments and financial services company. Its headquarters is in Bangalore, India. You can transfer money using UPI, recharge phone numbers, pay utility bills, etc. Using PhonePe users can send and receive money, recharge mobile, making utility payments, invest in tax saving funds, DTH, data cards, buy insurance and mutual funds, and gold.
LIMITATION OF PHONEPE PER DAY?
The Phonepe App has a maximum transaction limit per transaction. And it is 1 lakh per transaction. There is no information about the daily limit on the payment but, as we know that NPCI does not permit more than 1 lakh payments in a day from one account.
The UPI gives you the easiest way of fund transfer but there are daily transaction limits. The NPCI which runs the UPI platform has set the limit for transactions. Besides this, every UPI app operator, be it Phonepe, SBI Pay, or Paytm has also set their own limit within the limits of the UPI Payment system.
The UPI transaction limit SBI (per transaction) is Rs 1,00,000 maximum as determined by NPCI. There is no limit for per week or per month value of UPI transfer.
BUSINESS IDEA OF PHONEPE:
The app enables the transfer of money from one bank to another. It has other features as well. Through its mobile app, PhonePe sells products and some services like groceries, insurance, food, etc. The Company's job is to promote the products.
PhonePe is also used for mobile recharge. Electricity bills and gas bills can also be paid via PhonePe. It launched a POS machine that is now seen in almost every shop and in stores in India. People can use this system for payments.
PHONEPE - FUNDING, AND INVESTORS IN INDIA:
PhonePe gets Rs 150 Cr in funding plan to raise over Rs 5,000 Cr. Fintech major PhonePe has received about Rs 150 Crore from PhonePe Pvt Ltd, Singapore in funding, as per regulatory filings. PhonePe Pvt Ltd, Singapore was allotted 198,755 shares and the total amount paid was Rs 150,00,03,985 according to documents sourced by business intelligence platform Tofler, showed.
The resolution was passed on December 2. PhonePe declined to comment on the fund infusion. On December 3, Flipkart had announced a "partial spin-off" of PhonePe. The e-commerce major had said PhonePe is raising USD 700 million (about Rs 5,172 Cr) in primary capital at a post-money valuation of USD 5.5 billion from existing Flipkart investors, led by Walmart.
PhonePe has crossed the 250-million registered users milestone with over 100 million monthly active users (MAU) generating nearly 1 billion digital payment transactions in October 2020. During the earnings call last month, Walmart president, CEO, and Director C Douglas McMillon had noted the strong performance of its India units.
"In India, Flipkart and PhonePe had strong results for the quarter. The number of monthly active customers for these platforms is at an all-time high, "he had said. In February, PhonePe had filed documents with the Corporate Affairs ministry related to raising about Rs 427.25 Crore, While in December last year, it received Rs 585.66 Crore from PhonePe Pvt Ltd, Singapore (formerly Flipkart payments Pvt Ltd).
PHONEPE- FUTURE PLANS
The Company has plans to become more profitable by 2022. PhonePe is also helping its users discover several new products online. It is informing people when, where, and which shops are open and delivering such products.
These include a bouquet of new products, getting profitable by 2022, and most importantly, getting ready for a 2023 Initial public offering (IPO). These are not mere rhetoric as PhonePe has already entered key segments such as mutual funds and insurance and is planning to enter loans in 2021.
PROFIT OF PHONEPE
For FY20, Phonepe earned Rs 427 Crore in total revenue, up 74 percent from Rs 245 Crore in FY19. Since Rs 273 Crore revenue in FY16, the jump in four years has been over 156 times.
For the year ending March 31, 2020, PhonePe revenue surgery by a massive 74% to INR 427 Cr from INR 245 Cr in FY19. And while its expenses also grew, it was only 2% to INR 2,202 Cr in FY20, resulting in a lower overall loss, data accessed from business intelligence platform Tofler showed.
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