recharge | Pixr8 News

26Feb By AnkitaNo Comments

FUNDING

PhonePe Receives $60 Million Funding From its Parent Firm

Flipkart-owned digital payments company PhonePe has received around $60 million from its parent firm in another round of funding, according to regulatory filings. PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments Pvt Ltd) was allotted 10,07,670 shares and the total amount paid was INR 427,25,20,800, according to documents sourced by Paper.vc. The resolution was passed on February 12, it added. The company declined to comment on fund infusion. In July last year, PhonePe had received fund infusion of about $100 million from its parent firm, while another $80 million was pumped into the company in December. The latest fund infusion is expected to provide PhonePe more muscle to compete in the burgeoning payments segment in India. It competes against the likes of Paytm, Google...

5Feb By AdityaNo Comments

FUNDING

Paytm Payment Bank Received 218 Cr Funding From Vijay Shekhar Sharma & One97 Communications

Vijay Shekhar Sharma, founder and CEO of Paytm & One97 Communications infused 218 Cr in its new venture Paytm Payments Bank. According to the report Vijay Shekhar will invest Rs 111 Crore and while One97 Communications Invest 107 Crore out of Rs 218 crore fresh capital. The payment bank will start operations this month from Uttar Pradesh. Earlier in January, Paytm received RBI nod to start the bank. Till date, Paytm Payments Bank has issued 2,18,000,000 shares to the three shareholders. In others, Airtel Payments Bank and India Post Payments Bank already launched their operations. In December Paytm CEO has sold his 1% equity of Paytm's parent firm One97 Communications for about Rs 325 crore. The amount he received will be invested in the payments bank. Sharma holds 51% stake i...

Paytm Hits $5 billion GMV, Rs 150 Crore Offline Transaction

22Nov By AnkitaNo Comments

News

Paytm Hits $5 billion GMV, Rs 150 Crore Offline Transaction

With people being compelled to switch to non-cash mode after the demonetisation move, digital payments company Paytm has been witnessing over 5 million transactions worth Rs 120 crore a day, helping it crosss $5 billion GMV sales, four months ahead of its target. Gross Merchandise Value (GMV), which is an industry term for estimating the total worth of goods sold through a digital platform, for Paytm was $3 billion last year. The Alibaba-backed company, which offers both mobile payment platform and e-commerce marketplace, said it is now witnessing about 5 million daily transactions worth about Rs 120 crore. "Paytm is registering over total 7 million transactions worth Rs 150 crore in a day as millions of consumers and merchants across the country try mobile payments on the Paytm p...

Demonetisation Effect: MobiKwik Revises GMV Sales Target To $10 Billion

21Nov By AdityaNo Comments

News

Demonetisation Effect: MobiKwik Revises GMV Sales Target To $10 Billion

In the wake of demonetisation drive and a surge in the demand for digital payment options, mobile wallet MobiKwik has revised its monthly annualised Gross Merchandise Value (GMV) sales target by 10 times to USD 10 billion by 2017, a top company executive said. GMV is used in online retailing to indicate a total sales value for merchandise or services sold through a marketplace over a period of time. "The currency reform implemented by the government has liberated Indians from cash and has also promoted adoption of mobile wallets and digital payments across platforms. We have a target to reach USD 10 billion GMV sales by next year," Upasana Taku, co-founder, MobiKwik told Pixr8. The mobile payments network has over 1 lakh merchants and 35 million customers at present and has witnes...

Mobikwik Offers 6% Annual Interest Rate on 5000/month Balance in Wallet

1Jun By AdityaNo Comments

News

Mobikwik Offers 6% Annual Interest Rate on 5000/month Balance in Wallet

Fin-tech company MobiKwik today said it will offer 6 per cent annual interest on the account balance to its mobile wallet users. The company, which competes with Alibaba-backed Paytm, has over 30 million wallet users in the country. MobiKwik claims it is growing at 250 per cent per year and expects to touch 70 million users by the end of 2017. "This is the first time in India that users can get higher profits than institutional savings on their mobile wallet balance," MobiKwik said in a statement. To avail the 6 percent annual return, users would have to maintain an average of Rs 5,000 or more in their wallets per month. "Profits will be credited to users MobiKwik accounts on a monthly basis only. The announcement is part of the company's plan to expand its services across solution...

Mobikwik Offers Loans to Wallet Users to Push Digital Payments

22May By AnkitaNo Comments

News

Mobikwik Offers Loans to Wallet Users to Push Digital Payments

Fin-tech company Mobikwik is expanding its services by offering instant micro loans to wallet users running short on balance as part of its efforts to boost digital payment usage in the country. The company, which competes with Alibaba-backed Paytm, started pilot on the project a few weeks back and has already given loans to about 25,000 users. "These are micro loans, about Rs 500-2,500, given to users when they are running short on balance while making a purchase. We are happy with the product, the repayment rates are around 97 per cent. We are now looking at expanding this," MobiKwik co-founder Upasana Taku said. She added that the company has partnered consumer-lending marketplace, CashCare for the service. MobiKwik is in process of adding 10-12 other similar banks and...

3May By PriyankaNo Comments

FUNDING

Mobikwik Raised USD 50 Million (Rs 330 crore) in Funding

Mobile wallet company Mobikwik today said it has raised USD 50 million (about Rs 330 crore) in funding, led by Japanese payments firm Gateway and Taiwanese chip maker MediaTek. Its existing investors such as Sequoia Capital and Treeline Asia also participated in the current round of funding. The company said it will use the proceeds for product innovations, team building, and user growth. "Despite the current business climate when funding has become challenging, unit economics, sustainable growth and a sound business model are what investors are focusing their attention on. We are very excited to live up to the investors expectations and raise the funding where even larger players are failing to raise funds," Mobikwik founder and CEO Bipin Preet Singh said in a statement. MobiKwiks...

FreeCharge Partners CCAvenue; Expands Customer Access to Online Merchants

29Mar By Press Trust of IndiaNo Comments

BUSINESS

FreeCharge Partners CCAvenue; Expands Customer Access to Online Merchants

Snapdeal-owned digital payments platform FreeCharge has partnered with a payment gateway CCAvenue, giving its customers access to over 100,000 online merchants across sectors like hospitality, retail, and education. It will also help them access real-time, multi-currency online payment services, FreeCharge said in a statement on Monday. "We want to make FreeCharge wallet ubiquitous in both the online and offline space by creating an ecosystem of partnership. With CCAvenue, we will further strengthen our partner ecosystem and offer our customers a wider assortment of online merchants. Our endeavour is to build the payment OS for digital India and I am confident that alliances like this will help us move in the right direction," Govind Rajan, Chief Operating Officer, FreeCharge said. ...

29Feb By NitishNo Comments

Story

Why So Sad Kunal Shah?

(Editor Note: The article we published here is fully focused on Kunal Shah recent activities on social media and his event speech. ) On 9th Feb 2016, the 10th India Digital Summit was organized in Delhi by IAMAI. This Summit was special for two reasons- Kunal Shah opening speech as an IAMAI chairman. First time Govt. officials and representative were also taking part. When we received a mail from IAMAI, we were very excited because this is the first time Pixr8 team going to meet eminent personalities in internet world including Kunal shah, Vijay Shekhar Sharma, Rajan Anandan & Jayant Sinha (MoS, Finance). On the event day, We present at the venue before 30 minutes prior to the start. The atmosphere looks very positive and energetic. The main hall was crowded but we m...

Aditya Birla Retail To Offer Mobile Wallet ‘Paytm’ Across 500 Stores

23Feb By NitishNo Comments

News

Aditya Birla Retail To Offer Mobile Wallet ‘Paytm’ Across 500 Stores

Indian multinational conglomerate, Aditya Birla Group has tied up with Paytm to offer its customers an easily accessible prepaid wallet to make payments for their food and grocery purchases at across 500 stores. The tie-up will be active across 'More' stores operational at 137 cities. The tie up will enable shoppers to save time with faster shopping experience, use their reward points easily and enjoy Paytm's cashbacks in addition to More's own offers and promotions. Vishak Kumar CEO, Aditya Birla Retail Limited said, "We are happy to announce our association with Paytm. Now our customers can shop with ease and convenience through the use of their Paytm Wallets and also earn attractive discounts and cash-backs at our stores across the country. "We are delighted to partner with ' More'...

FreeCharge Drives Cashless Payments With Ezetap

23Feb By AnkitaNo Comments

News

FreeCharge Drives Cashless Payments With Ezetap

ANI- Counting and handling cash may soon become a thing of the past for offline retailers. FreeCharge, the digital payments platform, has inked a partnership with Ezetap, the Bangalore-based pioneer in mobile payments, allowing the entire base of FreeCharge users to immediately start using their wallets to make payments at thousands of Ezetap service points consisting of small and mid-sized retailers across India. The partnership draws FreeCharge closer its vision of creating an ecosystem where organised and unorganised merchant networks can come together and accept electronic payments. Ezetap's Universal Mobile Wallet Acceptance is India's first universal solution that allows merchants to accept customer payments from any mobile wallet through their existing Ezetap mobile poin...