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<ul><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> co-founder <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> will be joining <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword>’s board of directors. </li><li>The final list of who will be on the board will be finalised before March next year. </li><li>As a director on the board of PhonePe, Bansal will be one of the people responsible for signing off on PhonePe’s restructuring plans. </li></ul>As PhonePe separates from the Walmart-oned Flipkart to become its own independent entity, Flipkart co-founder Binny Bansal is set to join the board of directors. <div type="Article" hostid="261" msid="79544185" title="PhonePe raises $700 million at a $5.5 billion valuation, will operate as a separate entity" mstype="2" mssubtype="0"></div> Alongside Bansal, Flipkart’s independent director Rahul Bhagat will also be on the board alongside PhonePe’s co-founders Sameer Nigam and Rahul Chari. Two more slots are yet to be filled. According to Nigam, the list will be finalised by March next year. Binny Bansal makes a comeback Bansal had a sudden departure from Flipkart back in November 2018. This was two years after Flipkart acquired PhonePe when Bansal was still at the helm. After his exit, Bansal started a startup consultancy firm called xto 10x Technologies. Over the last two years, Bansal has also invested in other fintech companies, including but not limited to Acko General Insurance and Rupeek. He’s also currently an anchor investor in venture firm 021 Capital, which provides funding for projects involved in biotechnology, agritech, and the internet. As one of the directors on the board of PhonePe, Bansal will be responsible for signing off on <a href="https://www.businessinsider.in/business/startups/news/phonepe-700-million-5-5-billion-valuation-flipkart-separate-entity/articleshow/79544185.cms">PhonePe’s restructuring plans</a>. The company has raised $700 million (₹5,168 crore) at a valuation of $5.5 billion (₹40,606 crore). The move comes after the company raised around ₹698 crore in July last year. Joining the PhonePe’s board technically signals his return to his own company, since Flipkart will still be the majority shareholder in the company with 87% stake. PhonePe’s restructuring According to Nigam, Phone already has enough capital on hand, but the new plan allows it to raise funds from traditional finance service segments for the long run. In the long run, PhonePe plans to go public by 2023 and be profitable by 2022. "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," said C Douglas McMillon, the Walmart President, CEO and Director, during last month’s earnings call. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/sbis-mobile-banking-app-is-down-for-the-third-time-in-last-30-days/articleshow/79548953.cms">SBI’s mobile banking app is down for the third time in 30 days — digital services take a hit for the 25th time this year</a> <a href="https://www.businessinsider.in/business/corporates/news/ultratech-cements-5477-crore-expansion-plan-is-a-sign-that-birla-is-betting-on-a-faster-economic-recovery/articleshow/79549626.cms">UltraTech Cement's ₹5,477 crore expansion plan is a sign that Birla is betting on a faster economic recovery</a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-directs-hdfc-bank-to-suspend-its-digital-business-and-new-credit-cards-amid-rising-incidents-of-outages/articleshow/79542055.cms">RBI tells HDFC Bank to stop new digital launches and selling new credit cards after recent outages of online banking</a>

Flipkart's Binny Bansal will be joining PhonePe’s board of directors

<ul><li><keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword> has raised $700 million in its latest funding round, led by <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> and other existing investors. </li><li>As a result of this deal, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> will be selling a partial stake in PhonePe to Walmart and other investors. </li><li>The company notes that Flipkart will remain the majority shareholder, and it will continue to collaborate closely with PhonePe. </li><li>PhonePe also noted that it had 100 million active users in October 2020. </li></ul>PhonePe has raised $700 million in a fresh round of fundraising, at a post-money valuation of $5.5 billion. The new financing round is a “partial spin-off” of the payments company. It was led by Walmart, and saw participation from some existing investors. PhonePe was founded by three former Flipkart employees in December 2015. “This partial spin-off gives PhonePe access to dedicated long-term capital to pursue our vision of providing financial inclusion to a billion Indians,” said Sameer Nigam, founder and chief executive of PhonePe, in a statement. PhonePe will become a separate entity, and will constitute a new Board of Directors. In addition to this, PhonePe will also create a tailor-made equity incentive program or Employee Stock Option Plan (ESOP) for its employees. <keyword id="6379357" type="PERSON" weightage="20" keywordseo="kalyan-krishnamurthy">Kalyan Krishnamurthy</keyword>, CEO of <keyword id="3515858" type="COMPANY" weightage="20" keywordseo="flipkart-group">Flipkart Group</keyword>, said, “This move will help PhonePe maximize its potential as it moves to the next phase of its development, and it will also maximize value creation for Flipkart and our shareholders.” PhonePe currently has 250 million registered users, the company noted in its statement. Its monthly active users (MAU) number stood at 100 million in October 2020, generating one billion <keyword id="7022497" type="UNKNOWN" weightage="20" keywordseo="digital-payment-transactions">digital payment transactions</keyword> in the month. This implies each active user transacted ten times on average in October. <div type="Article" hostid="261" msid="79078603" title="Here is how WhatsApp Pay stacks up against Google Pay and PhonePe" mstype="2" mssubtype="0"></div> As a result of this deal, Flipkart’s stake in PhonePe will come down, but it will remain the majority shareholder in the company. The two companies will continue to collaborate closely, the statement noted. PhonePe holds the second spot in India’s digital payments ecosystem with a market share of 19.8% as of May 2020, <a href="https://www.businessinsider.in/business/news/amazon-pay-could-soon-get-over-a-billion-dollars-to-take-on-google-pay-paytm-phonepe-and-others/articleshow/78531110.cms">according to a Bernstein report</a>. Out of the 2.07 billion UPI transactions processed in October, PhonePe recorded 835 million transactions, while Google Pay recorded 820 million, according to<a href="https://techcrunch.com/2020/11/02/walmarts-phonepe-zips-past-google-pay-in-india-as-upi-tops-2-billion-monthly-transactions/"> TechCrunch</a>. Shoring up capital to fend off its rivals PhonePe’s latest fundraising comes at a crucial time. In addition to fueling its next phase of growth, PhonePe also has to fend off its rivals Google Pay, Amazon Pay, and now WhatsApp Pay. While it is engaged in a neck-to-neck race with Google Pay, PhonePe is also staring at challenges from Amazon Pay, which could soon get <a href="https://www.businessinsider.in/business/news/amazon-pay-could-soon-get-over-a-billion-dollars-to-take-on-google-pay-paytm-phonepe-and-others/articleshow/78531110.cms">over $1.4 billion from its parent company</a>. WhatsApp, on the other hand, already has an active user base of 400 million that it can leverage seamlessly for its payment service, now that it has <a href="https://www.businessinsider.in/finance/news/whatsapp-pay-upi-services-gets-the-green-signal-from-npci-but-rollout-will-be-in-a-graded-manner/articleshow/79068908.cms">received the green signal</a> from National Payments Corporation of India (NPCI). SEE ALSO: <a href="https://www.businessinsider.in/business/news/amazon-pay-could-soon-get-over-a-billion-dollars-to-take-on-google-pay-paytm-phonepe-and-others/articleshow/78531110.cms">Amazon Pay could soon get over a billion dollars to take on Google Pay, Paytm, Phonepe and others</a> <a href="https://www.businessinsider.in/finance/news/whatsapp-pay-upi-services-gets-the-green-signal-from-npci-but-rollout-will-be-in-a-graded-manner/articleshow/79068908.cms">WhatsApp Pay UPI services gets the green signal from NPCI, but rollout will be in a 'graded' manner</a> <a href="https://www.businessinsider.in/tech/news/whatsapp-pay-upi-rolls-out-while-google-pay-phonepe-have-already-got-the-first-sting-with-the-npci-cap/articleshow/79075049.cms">WhatsApp Pay UPI is now live while Google Pay, PhonePe have already got the first sting</a>

PhonePe raises $700 million at a $5.5 billion valuation, will operate as a separate entity

<ul><li>Paytm’s board of directors will take a call on the declassification proposal on July 12, 2021</li><li>The fintech startup has made this move to meet all regulatory guidelines before submitting its IPO proposal</li><li>Paytm plans to raise $3 billion in the upcoming IPO, of which $1.6 billion will be a fresh issue</li></ul>Digital payments giant Paytm has moved a proposal to declassify <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> as the promoter of the company ahead of its $3 billion initial public offering (IPO). The company’s board of directors will consider the proposal at the extraordinary general meeting (EGM) to be held on 12 July, 2021. According to the EGM notice from One97 Communications, the parent company of Paytm, accessed by Business Insider, this move in order to meet the regulatory, commercial and statutory requirements before hitting the public market. According to Business Insider's previous <a href="https://www.businessinsider.in/business/startups/news/paytm-has-appointed-goldman-sachs-and-jp-morgan-as-the-bankers-for-its-upcoming-ipo/articleshow/83574242.cms">report,</a> the digital payments giant is planning to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) next month. The 21-year old firm ⁠— which started as a payments company and then went to add a payments bank, trading platform, online retail and games to its business ⁠— is looking to raise $3 billion, at a valuation of $25-$30 billion. About half of this, $1.6 billion, will be new shares and the remaining will be raised by existing investors who will sell their shares in the IPO. For this, the company has appointed Goldman Sachs and JP Morgan as the merchant bankers. It is also looking to appoint more merchant bankers and advisors such as Morgan Stanley and Citigroup Inc for the IPO. This could be the largest IPO in India, surpassing Coal India Ltd’s offering to raise ₹15,000 crore ($2 billion at current conversion rate) in 2010. Paytm has raised about $3.2 billion in total, so far, from marquee investors like Berkshire Hathaway, Alibaba Group and more. The company was valued at $16 billion in its last funding round raised in November 2019. The <a href="https://www.businessinsider.in/business/startups/news/vijay-shekhar-sharma-opens-next-chapter-at-paytm-as-it-raises-1-billion-from-t-rowe-softbank-and-others/articleshow/72217033.cms">$1 billion </a>round had witnessed participation from T Rowe Price, Ant Group and Softbank Vision Fund. The Noida-based company currently competes, in payments, with Google Pay and Walmart-owned PhonePe, which too has been considering to hit the public market by 2023. Besides this, even food delivery app Zomato and online auto classifieds CarTrade have filed the DRHP for their IPO with the SEBI. These companies have appointed their respective CEOs<a href="https://www.sebi.gov.in/filings/public-issues/apr-2021/zomato-limited-drhp_49956.html"> Deepinder Goyal (Zomato)</a> and <a href="https://www.sebi.gov.in/filings/public-issues/may-2021/cartrade-tech-limited-drhp_50134.html">Vinay Sanghi (CarTrade)</a> as the managing directors (MD) for the next five years. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-download-link-early-access-registration/articleshow/83597180.cms">Battlegrounds Mobile India beta now available, early access rolling out – download and registration links here</a> <a href="https://www.businessinsider.in/tech/enterprise/news/oneplus-officially-announces-its-integration-with-oppo/articleshow/83596714.cms">OnePlus officially announced its integration with Oppo — this is what it could mean for users</a> <a href="https://www.businessinsider.in/careers/news/how-learning-foreign-languages-can-help-you-get-better-jobs/articleshow/83601709.cms">Learning foreign languages can help you get better jobs — here’s how</a> <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-crypto-miners-are-looking-at-texas-amid-the-great-mining-migration/articleshow/83601284.cms">Crypto’s ‘great mining migration’ has Chinese miners looking at Texas</a>

Paytm IPO: Vijay Shekhar Sharma may not remain the promoter of the company he founded 21 years ago

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul><li>Walmart purchased Flipkart in 2018 for $16 billion as a way to break into the growing Indian e-commerce market. It marked the biggest acquisition in the retailer's history.</li><li>Flipkart is planning to spin off its digital payments platform, PhonePe Pvt Ltd., into a separate entity.</li><li>The stand-alone company is exploring a $1 billion capital raise at a valuation that could reach $10 billion, according to a <a href="https://www.bloomberg.com/news/articles/2019-07-09/walmart-payment-unit-is-raising-funds-at-up-to-10-billion-value" target="_blank" rel="noopener">Bloomberg report</a>.</li><li><a href="https://markets.businessinsider.com/">Visit the Markets Insider homepage for more stories</a>.<a href="https://markets.businessinsider.com/"></a></li></ul>When <a href="https://markets.businessinsider.com/stocks/wmt-stock">Walmart</a> dropped $16 billion on Indian e-commerce giant Flipkart last year in its biggest-ever acquisition, it didn't expect to also scoop up a startup worth as much as $10 billion.Flipkart's board of directors is exploring a spin-off of PhonePe Pvt Ltd., a digital payments subsidiary, in a transaction that would seek $1 billion in funding for the venture, according to a <a href="https://www.bloomberg.com/news/articles/2019-07-09/walmart-payment-unit-is-raising-funds-at-up-to-10-billion-value">new report from Bloomberg</a>. Bloomberg reported the unit could achieve a valuation of as much as $10 billion, or almost two-thirds of what Walmart paid for Flipkart initially. The funding round has not been finalized yet, according to Bloomberg's sources, but the deal could be closed in the coming months.<a href="https://www.surveymonkey.com/r/BI-Young-Investor-Panel" target="_blank" rel="noopener">Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up.</a>If the deal is completed, PhonePe Pvt would become a stand-alone company with its own group investors, and Flipkart will remain a shareholder. PhonePe Pvt has developed into one of India's dominant digital payments providers as the service's transaction volume and value has increase four-fold over the past year, according to Bloomberg. Edward Yurma, an analyst at KeyBanc Capital Markets, said PhonePe could be valued up to $15 billion, Bloomberg reported. Walmart bought Flipkart in an attempt to push further into ecommerce and compete with the likes of Amazon. Walmart's stock is up 22% year-to-date.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/earnings-season-forecast-bank-of-america-predicts-better-than-expected-2019-7-1028339402?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Wall Street is expecting the worst this earnings season. But Bank of America says traders will be pleasantly surprised.</a><a href="https://markets.businessinsider.com/news/stocks/disney-plus-streaming-offering-could-beat-netflix-analyst-says-2019-7-1028347028">Disney's 3-part streaming offering will be a strong bet for investors who want the best contender to Netflix, analyst says</a><a href="https://www.businessinsider.com/leaked-memo-deutsche-bank-research-layoffs-2019-7?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Leaked memo shows how Deutsche Bank spared its research department, even as the industry braces for a brutal future</a><div class="KonaFilter image-container display-table"><div><div class="image"><a href="https://markets.businessinsider.com/stocks/wmt-stock"></a></div></div></div><a href="https://www.businessinsider.com/intelligence/future-of-retail?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=walmart&amp;itm_campaign=future-of-retail"></a>

Walmart's record-setting Flipkart acquisition contained a hidden gem that could be worth up to $10 billion

<ul><li>After India lost to Pakistan in their T20 <keyword id="8984629" type="General" weightage="20" keywordseo="world-cup-2021" source="Orion">World Cup 2021</keyword> opener on October 24, 2021, the internet flooded with heartbreak tweets and disappointment memes.</li><li>On Sunday, India suffered their consecutive defeat as they were hammered by New Zealand.</li><li>It is almost Diwali and yet nobody, at least on the internet, is in the mood to celebrate. The internet is still trying not to revisit their memories of Sunday.</li><li>India’s loss against New Zealand has pushed them towards the brink of a league stage exit. Most of us are now hoping that Afghanistan will beat New Zealand and India will win their remaining three fixtures against Scotland, Namibia and Afghanistan.</li><li>As the consumer sentiment plummeted, brands and advertisers also suffered. We speak to media experts to find out how India’s loss at the T20 World Cup will impact brands that have invested in the game this time and what it means for its airing partners.</li></ul>Cricket, undoubtedly, is still the most popular sport in India and it is the best way for brands to connect with their audiences. And when it is T20 World Cup, consumers in India are extra excited to cheer for the men in blue. They order merchandise, invite friends over or go to a sports bar to catch the tournament. It is more like a festival of sorts, where a whole family or group of friends get together and enjoy the game. Brands also go overboard, investing on the sport, to be where their fans are. However, what happens when the team you are cheering for fails? Consumers are heartbroken and if you are an advertising agency, all your post-victory campaigns, which you worked on for weeks, will now rot in your archives. It only takes one bad game to spoil the party and this time, our country lost twice. The India-Pakistan match dampened consumer sentiment and on Sunday, India suffered their successive defeat as they were hammered by New Zealand and consumers lost their will to work on Monday. FoodTech platform Zomato mirrored India’s sentiment in this push-notification yesterday and all I want to do is say, “Same, bro. Wait, who is chopping onions?” <div type="image" title="Screenshot_20211101-111427_One UI Home" msid="87468689" hostid="261"></div> India’s loss against New Zealand has pushed them towards the brink of a league stage exit. Now the only hope is if Afghanistan beats New Zealand and India wins the remaining three fixtures against Scotland, Namibia and Afghanistan. Vikram Sakhuja, Partner &amp; Group CEO, Madison Media &amp; OOH said, “With cricket being a national passion, the fallout is that fans swing in extremes. India's wins leads to high ratings, and losses to poor ratings. In the 2016 T20 WC the super 12s (with 5 India games) had rated 4.4 amongst males audiences. This time round I won't be surprised if India's poor performance in the crunch games leads to a tournament average of sub 3 ratings. For Advertisers who pay top dollar to advertise on this platform it will be a reasonable setback. However if India does manage a top 2 position, the interest and ratings will spike. So fans and advertisers need to pray for New Zealand getting upset by the lesser ranked teams, and India dominating over these same teams.” Sharing how this low consumer sentiment is likely to impact brand performance and viewership for the rest of the World Cup tournament this year, <keyword id="512646" type="General" weightage="20" keywordseo="ambika-sharma" source="Orion">Ambika Sharma</keyword>, Founder and MD, Pulp Strategy said, “Match viewership will decline and by some estimates, it may go down by 50% or more as a fall out of India’s exit from the World Cup. ICC having anticipated the disappointment of fans has already decided to allow full refunds, fans are relieved I’m sure. Advertisers, on the other hand, will see a drop in viewership for the next set of matches. However, towards the flag end of the World Cup, most advertisers would have received their visibility via the spots in the matches up to the point of India’s exit. The media team may have some difficulty in selling the last-minute inventory which goes at a premium.” On the other hand, Mohit Joshi, CEO, Havas Media Group India is confident that the interest levels won't dip. He said, “India is a cricket-loving nation with a huge fan following for the sport and the legends of the cricketing world. While there are sentiments with team India involved and the loss is a huge disappointment, there are bigger sentiments associated with the game, and as a nation, we've always appreciated good cricket and good talent. As we move towards the semis and the finals, we expect to see great cricket, therefore I don’t see the interest levels going down and the love for the game should keep the viewership ticking.” Sujay Kar, EVP- Commerce, CRM, and Media, VMLY&amp;R India said that some advertisers might be in for a shock. "These defeats can lead to an early exit for India, which would have an adverse impact for brands that have invested their Advertising Dollars and the Advertising Mediums. Without India in the Knockout rounds, the viewership might go down significantly, which means lesser impressions served and lower business impact. Given that it’s peak festive season and there are no big showpiece events involving India in near future, some of the advertisers have invested heavily hoping for a big post-pandemic boost and they might be in for a rude shock," said Kar. Grashima Sahni, Senior Director- Planning and Strategy, Carat India told us about brands that might benefit from investing this year despite the early exit. She said, “With team India seeing an unpredictable early exit from the T20 world cup 2021, the invested brands are reaping lower than what they sowed and expected to reap. Investment in live cricket is more about associating with the spirit than pure media metrics. With the early exit and defeat from Pakistan, the mood in fans is dim. The deal deliveries may match the bought media metrics eventually but the qualitative factor of 'context' the brands were hoping to ride turned flat with this exit. Brands that balanced their investments with festive entertainment buys this season will benefit over the highly skewed and only cricket investing brands.” <keyword id="12452300" type="General" weightage="20" keywordseo="sushil-anatharaman" source="Orion">Sushil Anatharaman</keyword>, Media Director, Gozoop Group said, “Brand who have taken fixed deals like title, associate and other sponsorships will definitely suffer because the reach they would have expected in the next round will go low if India doesn't qualify. However, if we miraculously do enter the next round, then again there will absolutely be no problems for these brands. Other brands who do spot buying will really not be affected by this.” Shrenik Gandhi, CEO and Co-founder, White Rivers Media reminded us that brands who spent on digital media can easily pull back their spends. He said, "Sports marketing comes at a risk-reward ratio, subject to team’s performance. There are times when teams perform really well. Those are the times when brands benefit disproportionately. And then there are times like these, when teams don't perform - those are the times when brands can pull back their expenses. Digital has the power wherein a lot of spends can be controlled on a real-time basis. That may not be the case when it comes to ATL and outdoor media. That's the benefit where there is plug and play possible. Hence, the brands that are investing heavily on digital may not suffer as much. Of course, it's a big opportunity loss because bad performance results in lesser attention and lesser attention results in lesser impressions and lesser impressions results in lesser opportunities to sell and hence lesser advertisement budgets spent." This time, the T20 World Cup has aligned with the festive season and brands are extra generous to spend on TV and OTT platforms during this time of the year. According to media reports, broadcaster Star Sports sold inventory worth more than Rs 1,000 crore this year. It has onboarded Byju’s, Dream 11, Coca Cola, Vimal, PhonePe, Havells, Netmeds, CoinDCX, JioMart, Skoda, Mondelez, Reliance Trends, Pernod, Upstox, Samsung and Cred as key sponsors. On its streaming platform Disney+ Hotstar, Dream11, Vimal Elaichi, Coinswitch, Oppo, Swiggy, Maruti, AMFI, PhonePe, Mondelez and Upstox have invested this season. During the ICC <keyword id="1268840" type="General" weightage="20" keywordseo="world-cup-t20" source="Orion">World Cup T20</keyword> held in 2015, the India-Pakistan match rated 11.9 TVR (TAM data M15+ ABC) on the STAR network and 2.9 TVR on Doordarshan and had garnered 288 million views. This year too, cricket dominated the conversation on Twitter. Between 01 July 2020 - 01 July 2021, there have been over 75 million conversations about cricket on the service in India. However, this time, the Twitterati is too disappointed. Yesterday, #BoycottIPL was trending on Twitter because fans alleged that the Board of Control of Cricket in India (BCCI) has commercialised cricket and is prioritising the Indian Premier League over an International League. <div type="twitter" handle="gauravmondal14" handlename="Gaurav" image="http://pbs.twimg.com/profile_images/916250813063823360/dcjy4Ndh_normal.jpg" favoritecount="120" retweetcount="20" status="#BanIPLothers team mixed strategy during the break ...and then there comes indian team ..&quot;chal time mila hai ad… https://t.co/eoR5aNwFSq" createdat="1635748606000" id="1455061234961633280"></div><div type="twitter" handle="Depress7S" handlename="Samreen" image="http://pbs.twimg.com/profile_images/1454307245425143811/zbszQqUY_normal.jpg" favoritecount="1881" retweetcount="279" status="Indian fans on airport: Congratulations India . #BanIPL #IndiaVsNewZealand https://t.co/QQtSetHXoy" createdat="1635704110000" id="1454874604720332804"></div> <div type="twitter" handle="SardarSajid786" handlename="M . S A J I D 🇵🇰" image="http://pbs.twimg.com/profile_images/1439137172263682048/ihbnmQha_normal.jpg" favoritecount="0" retweetcount="0" status="Please @ICC ban IPL kun k IPL se cricket tabah ho rahi hai .#BanIPL https://t.co/Hw6tKka0nf" createdat="1635767412000" id="1455140113088983041"></div> Commenting on this Twitter outburst, Anatharaman said, “The Twitterati in India is very less if we compare to the advertising universe size of products and services advertised during IPL. Also, trends on Twitter can end in an hour too and hence people will forget these trending hashtags soon. It doesn't really affect the IPL in any way. In fact, it's been a tournament that has been associated with worse controversies like spot-fixing etc. but the tournament has still continued growing year by year and has also benefitted the brands associated with them.”

How India's loss at the T20 World Cup will affect Indian brands

<ul><li><keyword id="2988161" type="General" weightage="20" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> has resigned from his position as the managing director of <keyword id="7349800" type="General" weightage="20" keywordseo="Bharatpe" source="Orion">BharatPe</keyword>.</li><li>He was the CEO of the merchant payments platform until last year and was replaced by Suhail Sameer.</li><li>Grover accused BharatPe’s core team of leveraging on his personal network to scale up their payments business.</li></ul>Ashneer Grover, the cofounder and managing director of BharatPe, has resigned from his position at the merchant payments platform. The development comes a week after his wife, <a href="https://www.businessinsider.in/business/startups/news/bharatpe-fires-ashneer-grovers-wife-madhuri-jain-and-she-takes-to-twitter-to-make-a-new-set-of-allegations-against-the-company/articleshow/89767491.cms">Madhuri Jain, was terminated</a> on allegations of misappropriation of funds. Grover, in the resignation letter dated March 1, accused the BharatPe’s core team of leveraging on his personal network to scale up their payments business and later treating him in a “the most disgraceful manner”. “Am I perfect? As every other human being does, I am sure I have my follies. I have been told that I am too straight forward [sic], headstrong, and have very demanding standards when it comes [to] work. But it is these qualities that have resulted in BharatPe’s exponential growth in becoming an industry behemoth,” the letter read. Here is the full text of Grover’s letter: Dear Board, I write this with a heavy heart as today I am being forced to bid adieu to a company of which I am a founder. I say with my head held high that today this company stands as a leader in the fintech world. Since the beginning of 2022, unfortunately, I’ve been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which ostensibly they are trying to protect. From being celebrated as the face of Indian entrepreneurship and an inspiration to the Indian youth to build their own businesses, I am nowwasting myself fighting a long, lonely battle against my own investors and management. Unfortunately, in this battle, the management has lost of what [sic] is actually at stake – BharatPe. People who know me and have worked closely with me know that I believe in building - whatever the odds may be. I am an IIT Delhi – IIM Ahmedabad graduate, the best of what Indian [sic] education system has to offer. I am the child of middle-class parents who’ve imbibed in me the values of hard work, integrity and honesty. I am a professional with an impeccable track record who has been instrumental in building two unicorn businesses, i.e. Grofers and BharatPe from scratch. I have not only encouraged the youth of this country to follow their dreams but have also created an arena of job opportunities for tens of thousands of India’s gig-economy workers. I am proud that my journey and growth has not only been limited to me but has also encompassed within its fold people associated with me, professionally and personally. In my endeavor to promote and grow the start-up ecosystem in our country, I have invested back what I have earned and have helped many along the way. I have nurtured BharatPe as my baby. I’ve built it along with my co-founder and an amazing team of individuals. Most times the circumstances were hostile (to say the least) but it did not stop me. BharatPe was the last entrant in UPI space and competed with goliaths like PayTM, PhonePe and GooglePay – but it still emerged as a leader in the industry. I had the vision to disrupt payments with ‘0% MDR’, lending with shopkeeper ‘loans against payments’, P2P with ‘12%Club’ and BNPL with ‘postpe’. With my efforts and hard work, the Company has created a network of more than 1 Crore (10M) shopkeepers who transact more than Rs 100,000 Crores (US$ 16B) annually and lent out more than Rs 4,000 crores (US$ 0.5B) as loans. It is indisputable that BharatPe loans have helped lakhs of small businesses fight organised e-commerce and COVID. Most importantly and the only time for any Fintech in India – with my constant efforts the Company has acquired a Small Finance Bank license to create ‘Unity Small Finance Bank’. I’ve shown the gumption and intent to find a solution for PMC Bank and Ten Lakh of its depositors to give them back their hard-earned funds. The height at which BharatPe stands today is the result of the hard work of the last four years. With a team of less than Five hundred on-roll employees, an aggregate spending of less than US$ 150 Mn, and by raising US$ 615 Mn from ten of the marquee investors without using a single banker, the success story of BharatPe is for everyone to see. While scripting the commercial success of BharatPe, the Company was also affording liquidity to our employees of more than Rs 100 crores against their ESOPs and giving at least Eighty times returns to each of its twenty-eight angel investors. While the Company was valued at Rs 20,000 crores (US$ 3B) as per the Series E round; today it would be valued at Rs 40,000 crores (US$ 6B), within a span of less than a year. No other startup of similar valuation has been able to achieve what BharatPe has achieved today that too by utilizing less than Rs 1,000 crores. Clearly, BharatPe’s success story is for the world to see. Am I perfect? As every other human being does, I am sure I have my follies. I have been told that I am too straight forward, headstrong, and have very demanding standards when it comes [to] work. But it is these qualities that have resulted in BharatPe’s exponential growth in becoming an industry behemoth. Unfortunately, what has happened in the recent past seems to be a battle of egos being played to the gallery of the media under the charade of “good governance”. The fundamental fact is that all of you as investors are so far removed from reality that you’ve forgotten what real businesses look like and have no appreciation for what it took to run this enterprise day in and day out. Your outlook towards BharatPe has been limited to the small window on your Zoom Meetings application, far removed from the sweat of the brow that goes into making BharatPe the business leader that it is. None of you, including the ones based in India, have ever been to our office even once, since the andemic turned our lives upside down and sought to suffocate the economy. Not even once. Not Micky. Not Harshjit. Not Mohit. Not Teru San. Not Rahul. Not Deven. No one. None of you even turned-up despite an invitation for the inauguration of our new office. This is how connected you are to BharatPe. Your views of businesses and problems on the ground are so colored by the windows of the Ivory Tower in which you all reside that you have no connect whatsoever with the human element of the business. It is sad that you have even lost touch with the Founder. You’ve lost touch with me. For you, the Founder of this company has been reduced to a button to be pressed when needed. I cease to be a human for you. Today,you have chosen to believe gossip and rumours about me instead of having a frank conversation. You are so easily spooked because you have no touch with reality. The fact of the matter is that today you believe that I have served my utility and so incrementally I am just becoming a liability. And since then, the fact of the matter is that today you believe that I have served my utility and so incrementally I am just becoming a liability. And since the investor template to make an unwanted Founder go away is to make them the villain of the piece, that’s what you have gone ahead and done – “Let’s invoke the SHA. Let’s put him on leave under the pretext of a governance review. Let’s terminate his wife’s employment. Let’s vilify his whole clan. We as investors are on top of the food chain – let’s cut him down to size and make an example of him.” When you wanted to leverage my personal network, you were very happy to do so – today I am being vilified and treated in the most disgraceful manner. You treat us Founders as slaves – pushing us to build multi-billion-dollar businesses and cutting us down at will. Investor-Founder relation in India is one of Master-Slave. I am the rebel slave who must be hung by the tree so none of the other slaves can dare to be like me ever again. Unfortunately, I refuse to walk that path and refuse to tolerate this continuous and shameful vilification of me and my family. I have been the one who founded this company and built it up to its enviable position today, no wonder you want to oust me for your vested interests. So when do we end this? We end this now. While I maintain that you will not find a single act of impropriety against me, I will not be participating in your charade. Since you clearly believe you can run this Company better without me – I am leaving you with this challenge. Build incrementally even half of the value I created so far – I am leaving you with three times the funds I’ve utilised till date. I hereby resign as the Managing Director of BharatPe, effective immediately. I also resign as a Director of the Board. I will continue as the single largest individual shareholder of the Company. I have founded and built BharatPe into what it is today, and this identity, none of you can take away from me. Best regards, Ashneer Grover The resignation letter was<a target="_blank" class="c-link" href="https://www.moneycontrol.com/news/business/companies/read-the-full-text-of-ashneer-grovers-resignation-letter-8176891.html"> first </a>made public by Network 18. Business Insider has accessed and verified the same. Grover was the chief executive officer (CEO) of the merchant payments platform until last year and was replaced by Suhail Sameer, who was group president in the company. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/startups/news/swiggy-dunzo-zepto-and-grofers-should-roll-back-10-minute-delivery-says-petition/articleshow/89900739.cms">A netizen is seeking roll back of the 10 minute delivery feature on Swiggy, Dunzo, Zepto and Grofers</a> <a href="https://www.businessinsider.in/stock-market/news/as-long-as-mukesh-ambani-is-there-to-rescue-the-market-doesnt-care-about-future-retails-financial-stress/articleshow/89886569.cms">As long as Mukesh Ambani is there to rescue, the market doesn't care about Future Retail's financial stress</a> <a href="https://www.businessinsider.in/india/news/indian-economy-grows-by-5-4-in-oct-dec-lower-than-8-5-in-the-previous-quarter/articleshow/89898660.cms">Indian economy's growth slows down to 5.4% between October to December</a>

Ashneer Grover resigns from BharatPe. This is what he had to say.

In a major boost to <a href="http://www.businessinsider.in/searchresult.cms?query=prime+minister+narendra+modi&amp;sortorder=effectivedate">Prime Minister Narendra </a><a href="http://www.businessinsider.in/searchresult.cms?query=prime+minister+narendra+modi&amp;sortorder=effectivedate">Modi</a>’s initiatives, <a href="http://www.businessinsider.in/searchresult.cms?query=digital+payments&amp;sortorder=effectivedate">digital payments</a> through the Unified Payments Interface (<keyword id="6358921" type="COMPANY" weightage="100" keywordseo="UPI">UPI</keyword>) surged to Rs 2,000 crore in March, a 20% jump from January. 
 
As per the data by<a href="http://www.businessinsider.in/searchresult.cms?query=rbi&amp;sortorder=effectivedate"> Reserve Bank of India</a> (RBI), transactions through <a href="http://www.businessinsider.in/searchresult.cms?query=UPI&amp;sortorder=effectivedate">UPI</a>, mobile-based national payment system, jumped to Rs 2,000 crore in March, up from Rs 1,660 crore in January. 
 "We already have 44 banks on UPI, of which 35 have their own applications available on the (Google) Play Store; <keyword id="1461878" type="PERSON" weightage="20" keywordseo="Bhim">BHIM</keyword> is seeing around 80,000 transactions per day; and we are registering almost 2 lakh transactions on the entire UPI railroad," said AP Hota, managing director at <keyword id="6383340" type="ORGANIZATION" weightage="20" keywordseo="National-Payments-Corporation-of-India">National Payments Corporation of India</keyword>, the body that runs the UPI platform and BHIM app. 
 The surge in UPI is due to BHIM app (<keyword id="4013166" type="UNKNOWN" weightage="20" keywordseo="Bharat-Interface-for-Money">Bharat Interface for Money</keyword>) and non-bank payment apps such as PhonePe and Trupay. 
 
"We have already tied up with Reliance Retail for UPI transactions on point of sales terminals and are planning to get more merchants on board to start accepting UPI-based payments," Hota said. 
 Sameer Nigam, CEO at <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>'s payment app PhonePe, said the app accounts for almost half the number of all UPI transactions and 22-25% of total value of such transactions. 
 
"For us because of the Flipkart partnership we are observing a significant chunk of this payment for merchant transactions as well besides only peer to peer payments," he told ET, adding “together with UPI and our wallet-based payments we will reach around $1.3 billion worth of payments in an annualised manner.”

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