Walmart-backed <keyword id="22923802" type="General" weightage="100" keywordseo="PhonePe-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="PhonePe Group" meta.hostid="269" meta.entityid="PhonePe Group">PhonePe Group</keyword> on Monday reported a consolidated <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword>, excluding <keyword id="20037952" type="General" weightage="20" keywordseo="esop" source="keywords">ESOP</keyword> costs, of Rs 197 crore for fiscal year 2023-24. It had incurred a loss of Rs 738 crore in the previous fiscal, according to a company statement. The company's revenue in <keyword id="19910780" type="General" weightage="20" keywordseo="FY24" source="keywords">FY24</keyword> was Rs 5,064 crore, 73.7% higher than Rs 2,914 crore in FY23. The group's payment business reported a standalone net profit (excluding ESOP costs) of Rs 710 crore in FY24, against a loss of Rs 194 crore in the preceding fiscal. The group has expanded into <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword> (insurance, lending, wealth) as well as new consumer tech businesses (pincode - hyperlocal e-commerce and Indus App Store). The company has not provided the results of these verticals. Recently, the company also launched credit line on <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>, allowing customers to avail short-term credit effectively. PhonePe has been able to achieve growth and <keyword id="20049278" type="General" weightage="20" keywordseo="diversification" source="keywords">diversification</keyword> of revenue through a combination of market leadership, platform reliability and cross-selling a diverse product portfolio, the statement said. This achievement is a result of PhonePe's focus on driving operating leverage through automation and cost efficiencies, it added. "Our financial strategy is anchored on three key pillars: (1) predictable and sustainable growth in revenue, (2) diversification of revenue streams, and (3) continuing improvements to the bottom line," PhonePe CFO Adarsh Nahata said. These pillars have guided the firm's strategic decisions and enabled it to scale rapidly and a focus on disciplined financial management will help it continue in the progression towards profitability of the payments business, he added. <keyword id="20075850" type="General" weightage="20" keywordseo="sameer-nigam" source="keywords">Sameer Nigam</keyword>, Founder and CEO said the optimisation of investments and capital allocation, in conjunction with building a diversified revenue model, and remaining customer-focused, will provide a solid foundation for sustained future success. The PhonePe group on Monday reported an adjusted profit after tax, excluding ESOP costs, of Rs 197 crore for the financial year 2023-24, compared with a loss of Rs 738 crore a year ago. Its revenue in FY24 jumped 74 % to Rs 5,064 crore, against Rs 2,914 crore in the previous financial year. The company already boasts of 550+ million registered users, along with acceptance across 40+ million merchants. Per its release, the company processes over 270 million transactions on a daily basis, which have an annualised total payment value (TPV) of around $1.5 trillion.

PhonePe Group posts Rs 197 crore profit for FY24

Digital payments platform <keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword> on Friday announced a buyback of employee stock options (<keyword id="173739" type="General" weightage="100" keywordseo="esops" source="Orion">ESOPs</keyword>) worth Rs 135 crore. The buyback offer follows a three-tier model, based on seniority, a statement said. The company's founders will not be participating in the buyback, while the top leadership can sell up to 10 per cent of their vested stock, it added. All other current employees can sell up to 25 per cent of their vested stock. The company currently has over 2,500 employees. "Last December, we launched a new <keyword id="10701968" type="General" weightage="20" keywordseo="phonepe-esops" source="Orion">PhonePe ESOPs</keyword> plan and issued ESOPs to 100 per cent of our employees across levels, functions and grades. All these employees will complete the one year cliff of their stock vesting next month, so it's a great time to offer some liquidity to everyone," PhonePe Head of HR Manmeet Sandhu said. Sandhu added that almost 75 per cent of PhonePe's current workforce is eligible to participate in the current buyback offer, and "for most it's the first time in their careers that they've either owned ESOPs or had a chance to liquidate them". In December last year, PhonePe launched its ESOPs program, under which it allotted ESOPs to all its 2,200 employees starting at a minimum of Rs 3.5 lakhs, cumulatively worth Rs 1,500 crore. PhonePe has over 335 million registered users in the country. Using PhonePe, users can send and receive money, recharge mobile phones, make various kinds of payments, and invest in gold and silver. It had forayed into financial services in 2017. PhonePe is also accepted at over 22 million merchant outlets across India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/covid-19-situation-worsens-in-europe-as-after-netherlands-austria-imposes-full-lockdown/articleshow/87801856.cms">COVID-19 situation worsens in Europe as after Netherlands, Austria imposes full lockdown</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mindhouse-raises-6-million-in-seed-funding-led-by-binny-bansal/articleshow/87798613.cms">Flipkart's Binny Bansal bets on Zomato cofounder's two-year-old venture</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/flipkart-enters-healthcare-sector-by-acquiring-stake-in-online-pharmacy-sastasundar/articleshow/87797041.cms">Flipkart enters healthcare sector by acquiring stake in online pharmacy SastaSundar</a>

PhonePe will buy back shares worth ₹135 crore from its employees

<ul><li><keyword id="6357886" type="General" weightage="100" keywordseo="phonepe" source="Orion">PhonePe</keyword> said that all its subsidiaries have migrated from Singapore to India. </li><li>The payment service company has also migrated ESOPs from <keyword id="15153736" type="General" weightage="50" keywordseo="phonepe-singapore" source="Orion">PhonePe Singapore</keyword> to PhonePe India. </li><li>IndusOS, owned by PhonePe, has also shifted operations from Singapore to PhonePe India. </li><li>PhonePe currently has over 350 million registered users. </li></ul>Walmart-backed Indian payments service company PhonePe, today announced that it has completed three steps involved in moving its domicile to India. Over the past year, PhonePe has moved all businesses and subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd - India directly. This includes its insurance broking services and wealth broking businesses, the company claimed. “Following these actions, all <keyword id="15154047" type="General" weightage="50" keywordseo="phonepe-group" source="Orion">PhonePe Group</keyword> businesses and entities are now wholly owned by and consolidated under PhonePe Pvt Ltd - India,” PhonePe revealed in a statement. PhonePe’s board recently approved the creation of a new employee stock ownership plan (ESOP) plan and the migration of over 3,000 PhonePe Group employees’ existing ESOPs by issuing new ESOPs under PhonePe India’s new plan. Under the newly liberalized automatic overseas direct investment ODI rules, PhonePe has also moved the ownership of recently acquired IndusOS Appstore (<keyword id="15154048" type="General" weightage="50" keywordseo="oslabs-pte-ltd" source="Orion">OSLabs Pte Ltd</keyword>) from Singapore to India. <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>, in effect from August 22, 2022, announced changes in the ODI rules for fintech firms. The ODI rules come under <keyword id="88944" type="General" weightage="50" keywordseo="foreign-exchange-management-act" source="Orion">Foreign Exchange Management Act</keyword>. Last year, PhonePe acquired Samsung-backed IndusOS, an Indian smartphone application and content discovery platform. PhonePe, founded in December 2015, is one of India’s largest payments apps, which crossed 350 million registered users in January this year. It forayed into financial services in 2017. <keyword id="6354742" type="General" weightage="50" keywordseo="flipkart" source="Orion">Flipkart</keyword>, one of India’s largest ecommerce platforms and the largest shareholder in PhonePe, continues to be headquartered in Singapore. One in four Indians use services of fintech <keyword id="15154046" type="General" weightage="50" keywordseo="platform-phonepe" source="Orion">Platform PhonePe</keyword> with 150 monthly active users making it one of India’s widely used Unified <keyword id="4303474" type="General" weightage="50" keywordseo="payment-interface" source="Orion">Payment Interface</keyword> (UPI) apps. The Bengaluru-based fintech startup declared in April this year that it crossed 100 million transactions in a <a href="https://economictimes.indiatimes.com/tech/technology/phonepe-says-it-clocked-100-million-transactions-in-a-day-for-the-first-time/articleshow/90823278.cms?from=mdr">day</a>. To further strengthen its enterprise, PhonePe acquired <keyword id="9655220" type="General" weightage="50" keywordseo="gigindia" source="Orion">GigIndia</keyword> in March 2022, a marketplace for gig workers for an undisclosed amount. GigIndia has 1.5 million entrepreneurs onboard its platform. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/electronics-mart-india-ipo-set-to-open-on-oct-4-commands-grey-market-premium-of-30/share/articleshow/94620046.cms">Electronics Mart India IPO set to open on Oct 4; commands grey market premium of ₹30/share</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/mangalyaan-all-you-need-to-know-about-indias-first-historic-mission-to-mars/slidelist/94617244.cms">Mangalyaan: All you need to know about India’s first historic mission to Mars</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/millions-of-indian-smartphone-users-might-have-to-wait-till-2024-for-5g-say-experts/articleshow/94614275.cms">Millions of Indian smartphone users might have to wait till 2024 for 5G say experts</a>

PhonePe moves domicile from Singapore to India

<ul><li><keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword> is looking forward to expanding its workforce by hiring 2800 people by the end of this year.</li><li>The company will be hiring across various domains like engineering, product, analytics, business development, and sales.</li><li>Other than that, PhonePe is also actively investing in PhonePe university, which is a holistic programme in tech that aims to accelerate learning and impact for engineers.</li></ul>PhonePe, a Bengaluru-based <keyword id="4002923" type="General" weightage="20" keywordseo="digital-payment-platform" source="Orion">digital payment platform</keyword>, has announced that it will double its total employee strength by December 2022. The company will be hiring 2800 people and will be scaling up its headcount from 2600 to 5400 employees. The company plans to fill in 2800 positions in various levels and functions like engineering, product, analytics, business development, and sales teams located in Bengaluru, Pune, Mumbai, Delhi, and the rest of the country. “We are building a long-term sustainable organisation, anchored on technology, and unlocking value for all. We’re proud that PhonePe has emerged as the employer of choice for smart, ambitious people who are keen on creating outsized impact. The company offers the opportunity for people to learn and grow by getting to work on some of the most complex problems in the industry,” says Manmeet Sandhu, head of human resources at PhonePe. Other than that, PhonePe is also actively investing in PhonePe university, which is a holistic programme in tech that aims to accelerate learning and impact for engineers, while also enabling expansion of the ready-now engineering talent in the startup space. “PhonePe’s progressive efforts to create a diverse, vibrant, and positive workplace were formalised last year with the launch of its Diversity and Inclusion Initiative. Since then, the company has seen an increased representation of women in leadership roles, as well as more hires from the LGBTQI community and persons with disability,” Sandhu added further. The company also claims that it offers above-market compensation, has below-market attrition rates, and offers wealth creation opportunities to all employees through its employee stock ownership plan (ESOPs) programme. The digital payments company recently launched a ‘Mother@PhonePe’ programme especially for mothers to give them the flexibility to come back to the workforce whenever they are ready. The company also launched another programme called ‘Parents@PhonePe’ which covers secondary caregivers, thus promoting a more balanced distribution of responsibilities among new parents. PhonePe was founded in December 2015 and it claims to have digitised over 27 million offline merchants spread across tier 2,3,4 and beyond and claims to have covered 99% of pin codes in the country. Using PhonePe, users can also send and receive money, recharge mobile, DTH, pay at stores, and make all their utility payments. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/lenovo-to-hire-12000-rd-professionals-in-the-next-3-years/articleshow/90659225.cms">Lenovo to hire 12,000 R&amp;D professionals in the next 3 years</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/news/former-student-and-indigo-co-founder-rakesh-gangwal-gifts-100-crore-to-iit-kanpur/articleshow/90660595.cms">Former student and Indigo co-founder Rakesh Gangwal gifts ₹100 crore to IIT-Kanpur</a>

Digital payments platform PhonePe to hire 2800 people by the end of this year

<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

<img class="gwt-Image" src="/photo/58164113.cms" /> It’s been just few days that <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> saw a <a href="http://www.businessinsider.in/flipkart-raises-1-4-billion-from-tencent-ebay-microsoft-and-acquires-ebay-india/articleshow/58109109.cms">capital raise</a> at a valuation of $11.6 billion, and now the online retailer has sent out an email to its employees, which says they will be issued additional shares to make up for the <a href="http://www.businessinsider.in/flipkart-raises-its-biggest-round-at-a-lesser-valuation-and-acquires-ebay-but-is-it-enough-to-steer-off-amazon/articleshow/58128005.cms">lower valuation</a>. 
 
In the last funding round in 2015, Flipkart was valued at $15.2 billion. 
 
As Flipkart was funded at a lower valuation, it has seen a drop in the price of its shares that were issued to the employees with Employee Stock Options (ESOPs) when the company was valued higher. This includes not only Flipkart employees but also of its group companies, <a href="http://www.businessinsider.in/retail/e-commerce/this-is-what-myntra-jabong-are-doing-to-consolidate-their-position-in-the-ecommerce-market/articleshow/57683255.cms">Myntra and Jabong </a>along with payments venture <a href="http://www.businessinsider.in/markets/economy/phonepe-stops-all-upi-based-payments-on-flipkart-website-isindia-not-ready-with-upi-based-payment-service-yet/articleshow/56713887.cms">PhonePe</a>. About a third of Flipkart's 8,000 employees have ESOPs. 
 
Also read: <a href="http://www.businessinsider.in/and-now-artificial-intelligence-will-make-your-flipkart-experience-enriching/articleshow/58061636.cms">And now, artificial intelligence will make your Flipkart experience enriching</a> 
 
"As an organisation, Flipkart takes immense pride in being the employer of choice for thousands of professionals-a vaulted status that only comes with a deep, company-wide sense of transparency and fairness. If Flipkart does well, so should you," Group CEO <a href="http://www.businessinsider.in/retail/e-commerce/is-flipkarts-musical-chair-with-its-ceo-justified/articleshow/56473428.cms">Binny Bansal </a>said in the email. 
 
(Image source Huffington Post)

Flipkart employees to get additional shares to compensate for lower valuation

Elon Musk-run <keyword id="6360701" type="General" weightage="20" keywordseo="spaceX" source="Orion">SpaceX</keyword> is now aggressively hiring for the India market, after it appointed Sanjay Bhargava as the country director for its satellite company Starlink, and announced that it has registered its business in the country. Starlink, which will deliver low-latency broadband internet in India, is looking for a Director of Rural Transformation in the country. "In this role, you will be a critical member determining Starlink's successful adoption by local communities in India," the company said in a latest job posting, first seen by an unofficial group of fans called 'Tesla Club India'. The Director of Rural Transformation will be responsible for helping selected geographical areas deliver measurable and time-bound GDP and sustainable development goals through the deployment of Starlink technology. He or she will be responsible for partnering with the country director, and potentially manage regional directors as Starlink grows. The company's affordable satellite broadband services are being targeted in India in 2022, although its availability is subject to regulatory approvals. According to SpaceX, it is also looking for a "driven Executive Assistant to support our local team in India". "This role will work closely with HR and the management team to manage all office administration, assist with event planning, and facilitate the smooth day to day operations and functioning of the office," the company added. Starlink has already registered its business in India and is in process to apply for licenses in the country, according to Bhargava. "Pleased to share that SpaceX now has a 100 per cent owned subsidiary in India. The name is SSCPL -- Starlink Satellite Communications Private Limited and the incorporation date is November 1, 2021. We can now start applying for licenses, open bank accounts etc," Bhargava said in a LinkedIn post earlier this month. Starlink has announced that it will first focus on 10 rural Lok Sabha constituencies to provide internet services. "We will probably focus on 10 rural Lok Sabha constituencies for 80 per cent of the Starlink terminals shipped to India. The number of preorders from rural constituencies will be one factor that helps us select focus constituencies," Bhargava had said. Starlink shipped 100,000 terminals to customers recently. The project aims to provide global broadband connectivity through a constellation of satellites. SpaceX began satellite launches in November 2019 and opened its $99 per month beta programme for select customers around a year later. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/government-may-change-income-tax-laws-to-tax-cryptocurrency-gains-in-budget/articleshow/87802508.cms">Government plans to tax cryptocurrency gains in Budget 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/phonepe-announces-esop-buyback-worth-135-crore-for-employees/articleshow/87802097.cms">PhonePe announces ESOP buyback worth ₹135 crore for employees</a>

Elon Musk run firm Starlink that will provide affordable internet services to rural India is on a hiring mode

<ul><li>Government is planning to bring changes to income tax laws to bring cryptocurrencies under the tax net in Budget 2022.</li><li>Also, it is likely to introduce a bill on cryptocurrencies during the Winter Session of Parliament.</li><li>This comes amid a rising number of advertisements, featuring even film stars, promising easy and high returns on investments in cryptocurrencies.</li></ul>The government is mulling changes in the income tax laws to bring cryptocurrencies under the tax net, with some changes that could form part of the budget next year, a top official said. Revenue secretary <keyword id="947916" type="General" weightage="20" keywordseo="tarun-bajaj" source="Orion">Tarun Bajaj</keyword> said that in terms of income tax, some people are already paying capital gains tax on the income from cryptocurrency, and in respect of goods and services tax (GST) also the law is "very clear" that the rate would be applicable as those in case of other services. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> "We will take a call. I understand that already people are paying taxes on it. Now that it has really grown a lot, we will see whether we can actually bring in some changes in law position or not. But that would be a budget activity. We are already nearing the budget, we have to look at that point of time," Bajaj told PTI in an interview. Asked if a provision of TCS (tax collected at source) could be introduced for crypto trading, the secretary said "if we come up with a new law then we will see what is to be done". "But yes, if you make money you have to pay taxes... We have already got some taxes, some have treated it as an asset and paid capital gains tax on it," he said. Asked whether people involved in cryptocurrency trading would be categorized as facilitator, brokerage and trading platform and how the taxation would be done under GST, Bajaj said "there would already be such things available in other services also. So whatever GST rate they are taxed at, that will be applicable on them." "They have to get themselves registered. The GST law is very clear. If there is an activity, if there is a broker who is helping people and charging brokerage fee, GST would get charged," he said. Separately, the government is likely to introduce a bill on cryptocurrencies during the Winter Session of Parliament beginning November 29, amid concerns over such currencies being allegedly used for luring investors with misleading claims. Notably, there have been a rising number of advertisements, featuring even film stars, promising easy and high returns on investments in cryptocurrencies in recent times. Currently, there is no regulation or any ban on use of cryptocurrencies in the country. Against this backdrop, Prime Minister Narendra Modi, last week, held a meeting on cryptocurrencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue. Earlier this week, the Standing Committee on Finance, chaired by BJP member Jayant Sinha, met the representatives of crypto exchanges, block chain and Crypto Assets Council (BACC), among others, and arrived at a conclusion that cryptocurrencies should not be banned, but it should be regulated. The RBI has repeatedly reiterated its strong views against cryptocurrencies saying they pose serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them as well as their claimed market value. RBI governor Shaktikanta Das too earlier this month had reiterated his views against allowing cryptocurrencies saying they are a serious threat to any financial system since they are unregulated by central banks. The Supreme Court in early March 2020, had nullified the RBI circular banning cryptocurrencies. Following this on February 5, 2021, the central bank had instituted an internal panel to suggest a model of the central bank's digital currency. The RBI had announced its intent to come out with an official digital currency, in the face of proliferation of cryptocurrencies like Bitcoin about which the central bank has many concerns. Private digital currencies/virtual currencies/crypto currencies have gained popularity in the past one decade or so. Here, regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks. It can be noted that on March 4, 2021, the Supreme Court had set aside an RBI circular of April 6, 2018, prohibiting banks and entities regulated by it from providing services in relation to virtual currencies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/phonepe-announces-esop-buyback-worth-135-crore-for-employees/articleshow/87802097.cms">PhonePe announces ESOP buyback worth ₹135 crore for employees</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/what-is-bitcoin-golden-cross-and-death-cross/articleshow/87796591.cms">Bitcoin investors love the golden cross and death cross — here’s why they matter but there are other factors to keep in mind</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mindhouse-raises-6-million-in-seed-funding-led-by-binny-bansal/articleshow/87798613.cms">Flipkart's Binny Bansal bets on Zomato cofounder's two-year-old venture</a>

Government plans to tax cryptocurrency gains in Budget 2022

<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>

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