PhonePe Showcases Its Services Powered By UPI At A Special Event In Nepal

PhonePe today showcased its services powered by the Unified Payments Interface (UPI) platform at a special event held in Kathmandu, Nepal. The event brought together key stakeholders from the Nepalese financial landscape, including senior representatives from Banking sectors, Payment System Providers, UPI accepting merchants and representatives from business associations. The event was supported by Nepal’s largest payment system operator Fonepay payment Service Limited which is also NIPL’s counterpart for Nepal.

The event saw a keynote address from Diwas Sapkota, CEO of FonePay Network, outlining the potential of UPI for Nepal's digital economy. This was followed by an engaging panel discussion on the Influence of cross-border payments on Nepal’s economy and the financial landscape. The panel included esteemed panelists like Anish Tamrakar - Chief Digital Banking Officer, Kumari Bank, Shradha Shrestha - Manager, Nepal Tourism Board, Jagdish Khadka - CEO, eSewa, and Vivek Rana - ICT/MIS Consultant, Asian Development Bank (ADB). The panel discussion addressed a range of issues related to cross-border payments and their impact on Nepal's economy and financial landscape as well as regulatory hurdles and compliance demands in facilitating international transactions. The panelists highlighted the positive influence of UPI on Nepal's tourism sector, particularly by enhancing the overall tourist experience through convenient cashless payments. The discussion further explored how cross-border payments impact the revenue streams and business models of financial institutions. Additionally, panelists examined the influence of UPI on consumer experience in Nepal, focusing on factors like convenience, interoperability, security, and cost-effectiveness. Finally, the conversation delved into the broader macroeconomic implications of cross-border payments through alternative payment methods impacting underserved small and medium scale entrepreneurs.

The program culminated in a product showcase led by Ritesh Pai, CEO of International Payments, PhonePe. His presentation provided a comprehensive overview of PhonePe's journey, highlighting its evolution. The presentation also delved into how PhonePe, powered by UPI fosters a thriving ecosystem, driving the democratization of payments across India. This was followed by a demonstration of solutions that benefit both Indian tourists and Nepalese merchants. Drawing parallels with the Indian market success story, the presentation illustrated how PhonePe can replicate this success in Nepal.

Nepal is a very popular destination among Indian visitors who can now use UPI to pay at various tourist spots, retail stores, religious sites, and other popular locations. Users simply need to scan QR codes from their preferred UPI-enabled app at merchant locations who are enrolled in Fonepay QR scheme in Nepal.

This is facilitated through Fonepay’s partnership with NPCI International Payments Limited (NIPL). Through this partnership, Fonepay has enabled QR-code-based payments across payment service providers, leading banks and wallets , allowing Indian travelers to use UPI for transactions.

Additionally, going forward shortly, tourists and visitors from Nepal traveling to India will be enabled to utilize their financial instruments like wallet-based apps to scan the UPI QR code and make payments effortlessly.

Speaking on the sidelines of the event, Ritesh Pai, CEO International Payments, PhonePe, said, "We're thrilled to be showcasing services powered by UPI in Nepal. This gathering has brought together key players from Nepal’s financial landscape, including Fonepay, leading business figures, and representatives from hospitality and tourism. It's a testament to the collaborative spirit that will ensure UPI's success in Nepal. We are thankful for their presence and participation today. Nepal is a popular tourist destination, particularly for travelers from India. With UPI, Indian tourists can now enjoy the same convenient cashless payment experience they're accustomed to back home, using UPI powered apps such as PhonePe. This will not only enhance their travel experience but also encourage digital transactions."

Addressing the event, Diwas Kumar, CEO Fonepay Nepal, said, “This is a moment of immense pride and joy for Fonepay Payment Service Ltd. Our 4 years of journey to bring cross border payments in Nepal is finally successful and UPI payment is Live in Nepal. As we introduce UPI payments in partnership with NPCI International, and welcome PhonePe to Nepal, we see a future where smooth digital transactions boost economic growth and financial inclusion, benefiting merchants and businesses. We extend our heartfelt gratitude to the regulators, government agencies for their invaluable support, recognizing innovations and supporting private sector efforts in facilitating Nepal’s journey towards digital transformation. We urge authorities to foster an ecosystem that embraces and supports innovations, promote partnership with private sector players in technological advancements and bringing state of art products and services to Nepalese consumers "

About PhonePe Group:

PhonePe Group is India’s leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in Aug 2016. In just 7 years, the company has scaled rapidly to become India’s leading consumer payments app with 520+ million registered users and a digital payments acceptance network of 38 million merchants. PhonePe also processes 230+ million daily transactions with an annualized Total Payment Value (TPV) of USD 1.5+ Trillion.

On the back of its leadership in digital payments, PhonePe Group has expanded into financial services (Insurance, Lending, Wealth) as well as new consumer tech businesses (Pincode - hyperlocal e-commerce and Indus App Store - India's first localized App Store). PhonePe Group is an India headquartered technology company with a portfolio of businesses aligned with the company's vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.

About FonePay:

Fonepay is the largest Payment System Operator of Nepal Licensed and regulated by Central Bank of Nepal (Nepal Rastra Bank). A subsidiary of the F1Soft Group, Fonepay is an ISO 27001:2013 certified company. Fonepay has been making active efforts to contribute towards a cashless economy by enabling fast, secure, and reliable digital cashless payment services to bank and wallet customers as well as businesses. The company is focused on bringing innovations to the mobile payment network through the usage of technology to achieve greater efficiency in operations and widen the reach of payment systems.

For more information, visit: https://fonepay.com/

MIT-Manipal Wins IMC RBNQ Milestone Merits Recognition 2023 - Customer Focus

In a significant achievement, the Manipal Institute of Technology (MIT) has been honored with the prestigious IMC RBNQ Milestone Merits Recognition for 2023 in the Customer Focus Category. The award ceremony took place at the Walchand Hirachand Hall within the IMC Chamber of Commerce & Industry in Churchgate, Mumbai.

Nobel laureate Kailash Satyarthi presented the award, which was received by Dr. Somashekhara Bhat, Joint Director of MIT-Manipal, on behalf of the institution. The selection process for the award involved a rigorous assessment of applications, carried out by an experienced panel of examiners from various industries, underscoring the integrity and competitiveness of the award.

Cdr. (Dr.) Anil Rana, Director, MIT, addressing the press, highlighted the significance of this recognition. "The RBNQ Milestone Merits Recognition in the Customer Focus Category, coupled with last year’s Milestone Merits Leadership Award, underscores MIT-Manipal’s commitment to providing world-class quality and experiential education," he stated. Dr. Bhat extended heartfelt congratulations to the Team MIT, whose relentless efforts he credited for securing this accolade. He said that the achievement not only celebrates MIT’s commitment to excellence but also sets a benchmark for educational institutions striving for quality and customer satisfaction in their offerings.

Blue Dart Sales At Rs 5,268 Crore; Financial Performance Driven By Revenue Growth And Strategic Investments

Blue Dart Express Limited, South Asia's premier express air, integrated transportation, and distribution logistics Company, declared its financial results for the quarter and year ended March 31, 2024, at its Board Meeting.

During the fiscal year ending March 31, 2024, revenue from operations stood at Rs 5,268 crore, accompanied by a profit after tax of Rs 289 crore. This marks sustaining of revenue levels after significant surge observed in post-pandemic period. Revenue from operations for the quarter ended March 31, 2024, is at Rs 1,323 crore with a growth of 8.7% and profit after tax is Rs 76 crore with a growth of 8.1%, signifying the growth rates getting further momentum in the last quarter vs. full year.

Reflecting on the company's performance, Balfour Manuel, Managing Director, Blue Dart Express, stated, "In FY24, our profit margin levels have been sustained amidst network expansion and infrastructure investments in the recent quarters. These initiatives included the establishment of crucial air routes through the acquisition of two 737 freighters and the inauguration of state-of-the-art facilities. With addition of network and capacities, the growth in volumes in picking up additional momentum. The volumes have continued to grow with 9.5% growth in shipments and 4.4% growth in weights during the financial year. Additionally, we introduced innovative shipping platforms and forged strategic partnerships to further enhance our operations. These efforts signify our commitment to improving customer experience and strengthening market position. Amidst this trajectory of growth, we have consistently maintained operational efficiency, serving as a testament to our pursuit of excellence."

Discussing the business outlook, he highlighted, "We are optimistic about the opportunities that lie ahead. Aligned with India's development path, we are focusing on offering expedited deliveries across the country. With our capabilities, leadership, and the strength of our ground surface and air operations, we are poised to realize our goals.”

In 2024, Blue Dart received the distinction of being a Top Employer and Best Organization for Women. As an ‘Equal Opportunity Employer,’ the company has embedded robust policies and initiatives aimed at empowering women into the company’s DNA. Additionally, the company was recognized as a Well-Known Trademark by the Indian Trademark Registry. The company continues to prioritize Exceptional Service Quality, leveraging automation and technology to deliver seamless, one-stop logistics solutions to its customers.

IN-SPACe Releases Norms, Guidelines And Procedures (NGP) For Implementation Of Indian Space Policy 2023

Indian National Space Promotion and Authorization Centre (IN-SPACe) was constituted in October 2021 as part of the far-reaching reforms in the space sector brought out by the Government of India, aiming towards boosting private sector participation in the entire range of space activities. IN-SPACe was created with a mandate to regulate and authorize all space activities undertaken by the Government entities and Non-Government Entities (NGEs), along with its role as a promoter, enabler and supervisor for the NGEs engaged in the space activities in the country.

The release of Indian Space Policy-2023 in April 2023 by the Government of India was a watershed moment for the Indian space sector. This policy permitted NGEs to participate in space activities end-to-end. In line with the role of IN-SPACe defined in ISP-2023, IN-SPACe has formulated and released today the Norms, Guidelines and Procedures (NGP) for implementation of the Indian Space Policy 2023 in respect of Authorization of Space Activities.

The NGP would complement Government endeavour in providing predictable regulatory regime, transparency and ease of doing business in Indian space sector. The NGP document lists space activities which need authorization from IN-SPACe, specifies criteria for granting such authorizations and provides necessary guidelines/pre-requisites to be fulfilled by an Applicant for making authorization application to IN-SPACe. The NGP document can be viewed and downloaded from IN-SPACe digital portal (www.inspace.gov.in)

About IN-SPACe:                                                                         

Indian National Space Promotion and Authorization Centre (IN-SPACe) is an autonomous nodal agency attached to the Department of Space, Government of India formed on 24 June 2020 to promote, enable, authorize and supervise non-government entities (NGE) to undertake space activities. These activities include manufacturing of launch vehicles and satellites, providing space-based services, establishing a ground station, sharing of space infrastructure & facilities; and establishing new facilities under DOS.

IN-SPACe is currently functioning with three directorates viz., Promotion Directorate (PD), Technical Directorate (TD) and Program Management and Authorization Directorate (PMAD) and Legal, Finance and Administration Wing with its headquarters at Ahmedabad.  

Coforge Records Weak Operating Performance; Cigniti Acquisition To Support FY27 Goals

SELL

TARGET PRICE (Rs) : 5,200

Coforge posted weak Q4 results – revenue and margin both missed estimates. Deal intake grew >2x in Q4, QoQ and YoY, on the back of a large renewal deal (USD400mn TCV; 6Y tenure). NTM executable orderbook grew 5%/17% QoQ/YoY; growth was slower than the deal intake on higher share of renewal. Mgmt refrained from giving quantitative revenue guidance, unlike in prior few years, due to market uncertainty. Coforge has entered into a share purchase agreement with promoters/select public shareholders of Cigniti Technologies, for acquiring up to ~54% stake for cash consideration of Rs1,415/sh, to scale new verticals/improve US presence. We cut FY25E/26E EPS by 15.3%/11.8%, factoring-in the Q4 miss, slower revenue and weak margin trajectory. We do not incorporate the Cigniti acquisition in our estimate, awaiting more clarity. Given the soft margin trajectory, potential equity dilution, and merger-related risks, we cut target PER to 28x (from 30x). Despite the 10%/22% correction in stock price in the last 1M/3M, we believe valuation is rich as the earnings cut remains rather severe; retain REDUCE; cut TP to Rs5,200 at 28x Mar-26E EPS.

Results Summary

Revenue grew 1.7% QoQ (1.9% cc) to USD286.8mn, lower than our estimate of USD290.2mn. For FY24, the company delivered revenue growth of 13.3% YoY (in cc), close to the lower end of its guidance of 13-16%. Adjusted EBITDAM (excluding ESOP and acquisition related expenses) expanded by 100bps QoQ to 19%, and missed Management guidance of 150-200bps expansion as well as our expectation of 19.7%. Reported EBITM missed our estimates by 120bps due to the adjusted EBITDAM miss and higher ESOP costs. Revenue growth was led by BFS (6.6% QoQ) and Travel (1%). The insurance vertical was flat, whereas other emerging verticals declined (-2%). Total TCV of fresh-order intake was USD774mn (including 2 large deals) vs USD354mn in Q3. Executable order book over the next 12 months is USD1,019m compared with USD974mn in Q3. The quarter saw 8 new client additions. Headcount grew 0.5% QoQ to 27,726. The company declared a final dividend of Rs19 per share. What we liked: Strong deal wins, traction in BFS. What we did not like: EBITM miss and guidance trajectory.

Earnings Call KTAs

1) Company has agreed to enter into a share purchase agreement with the promoters and select public shareholders of Cigniti Technologies, to acquire up to ~54% stake (between ~51% and ~54%, depending on the open offer outcome). It intends to merge both companies via share swap, after obtaining shareholder approval post-open offer. 2) Cigniti acquisition will help Coforge grow into a USD2bn firm by FY27, with ensuing synergies aiding it to improve margin by 150-250bps over the same period (more details ahead). 3) Demand environment remains challenging amid macro uncertainties, though Mgmt expects all verticals to register growth. 4) Order intake for Q4 was USD774mn, with 8 new client logos being added. This quarter included 2 large deals: a USD400mn 6-year deal in the BFS vertical, and a USD55mn 3-year deal in the insurance vertical. Company ended FY24 with its highest-ever order intake of USD1.97bn. 5) Management is confident about delivering robust growth in FY25, backed by a 17.3% higher executable order book YoY. 6) Mgmt. believes that gross margin and adjusted EBITDAM will expand by 50bps each in FY25. Reported EBITDAM should remain flat in FY25 due to higher ESOP costs (50-60bps higher YoY due to first year of the new ESOP scheme). It expects 70-80bps margin tailwinds in ESOP costs in FY26. 7) Weakness in travel was on account of the largest account in the vertical being under immense pressure. Ex this, travel vertical would have grown in double digits. This account is bottoming out now. 8) BFS continues to lead the growth in FY24, while Insurance has turned around smartly.

Indegene IPO Open From Monday, May 6-8, 2024, To Turn Debt Free Post IPO

* Price Band fixed at Rs 430 per equity share to Rs 452 per Equity Share of face value of Rs 2 each of Indegene Limited (“Equity Shares”) 

* Anchor Investor Bidding Date: Friday, May 03, 2024 

* Bid /Offer Opening Date: Monday, May 06, 2024 

* Bid/ Offer Closing Date: Wednesday, May 08, 2024

* Bids can be made for a minimum of 33 Equity Shares and in multiples of 33 Equity Shares thereafter 

* The Floor Price is 215 times and the Cap Price is 226 times the face value of the Equity Shares.

Indegene Limited (the “Company”) proposes to open its initial public offering (“Offer”) on Monday, May 06, 2024, 2024. Bid/ Offer Closing Date will be Wednesday, May 08, 2024. Anchor Investor Bidding Date is one Working Day prior to Bid/Offer Opening Date, that is, Friday, May 03, 2024.  Indegene The healthcare solutions provider, backed by private equity giant Carlyle, is aming to be a zero-debt company post its initial public offering (IPO) issue. The company is gearing up to raise around Rs 1,850 crore from the offering that kicks off on May 6.

The Price Band of the Offer has been fixed from ?430 per Equity Share to ?452 per Equity Share. Bids can be made for a minimum of 33 Equity Shares and in multiples of 33 Equity Shares thereafter.  

The Offer comprises of a Fresh Issue of equity shares aggregating up to ? 7,600 Million (The “Fresh Issue”) and an offer for sale of up to 23,932,732 Equity Shares (The “Offered Shares”), comprising of up to 1,118,596 Equity Shares by Manish Gupta aggregating up to such million, up to 3,233,818 Equity Shares by Dr. Rajesh Bhaskaran Nair aggregating up to such million, up to 1,151,454 Equity Shares by Anita Nair aggregating up to such million (Collectively with Manish Gupta and Dr. Rajesh Bhaskaran Nair, The “Individual Selling Shareholders”), up to 3,600,000 Equity Shares by Vida Trustees Private Limited (Trustee of Fig Tree Trust) in its capacity as partner of Group Life Spring aggregating up to such million, up to 2,657,687 Equity Shares by BPC Genesis Fund I SPV, Ltd. aggregating up to such million, up to 1,378,527 Equity Shares by BPC Genesis Fund I-A SPV, Ltd. aggregating up to such million and up to 10,792,650 Equity Shares by CA Dawn Investments aggregating up to such million (Collectively with Vida Trustees Private Limited, BPC Genesis Fund I SPV, Ltd And BPC Genesis Fund I-A SPV, Ltd., The “Investor Selling Shareholders” And Collectively With The Individual Selling Shareholders, The “Selling Shareholders” And Such Equity Shares, The “Offered Shares”). 

The offer includes a Reservation of up to such number of Equity Shares, aggregating up to ?125 Million, for subscription by Eligible Employees (“Employee Reservation Portion”). The Offer less the Employee Reservation Portion is hereinafter referred to as the “Net Offer”.  A discount of ?30 per equity share is being offered to Eligible Employees bidding in the Employee Reservation Portion (“Employee Discount”). 

The Company intends to use the proceeds of the Fresh Issue utilize towards funding the Repayment/prepayment of indebtedness of one of its Material Subsidiaries, ILSL Holdings, Inc., funding the capital expenditure requirements of the Company and one of its Material Subsidiaries, Indegene, Inc. as well as funding the general corporate purposes and inorganic growth. 

The Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(1) of the SEBI ICDR Regulations, wherein in terms of Regulation 32(1) of the SEBI ICDR Regulations, not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, and such portion, the “QIB Portion”) provided that our Company in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), of which at least one-third shall be available for allocation to domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion. Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors) including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs. Further, not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders of which (a) one-third of such portion shall be reserved for applicants with application size of more than ?200,000 and up to ?1,000,000; and (b) two-third of such portion shall be reserved for applicants with application size of more than ?1,000,000, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received above the Offer Price, and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids received from them at or above the Offer Price. All Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA accounts (including UPI ID for UPI Bidders using UPI Mechanism) in which the Bid Amount will be blocked by the SCSBs or the Sponsor Banks, as applicable, to participate in the Offer. Anchor Investors are not permitted to participate in the Anchor Investor Portion of the Offer through the ASBA process.

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on BSE and NSE. The Company has received in-principle approvals from BSE and NSE for listing of the Equity Shares pursuant to their letters dated January 18, 2023 and January 19, 2023, respectively.

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited are the book running lead managers (“Book Running Lead Managers” or “BRLMs”) to the Offer.

Capitalised term herein shall have the same meaning as ascribed to them in the Red Herring Prospectus dated April 26, 2024 ("RHP”) filed with the Registrar of Companies, Karnataka at Bengaluru ("RoC”).

Samsung Eyes INR 10,000 Crore Sales From TV Business With Launch Of 2024 Neo QLED and OLED AI Televisions In India

* Samsung is India's number 1 TV manufacturer, per research agency Omdia

* Samsung launched the 2024 range of New QLED 8K, 4K and OLED TVs starting at INR 139990

Samsung, India’s largest consumer electronics brand, is aiming to hit the INR 10,000 crore sales milestone for its television business in India, with the launch of its 2024 lineup of AI televisions. According to analysts, no television brand has achieved this significant milestone in India so far.

“With the launch of our new range of AI-powered 8K Neo QLEDs, 4K Neo QLEDs and OLED TVs, we are confident of driving our revenues and extending our market leadership

in India this year. In 2024, we are looking at achieving a milestone of INR 10000 crore in revenue from our TV business in India. Our Neo QLED 8K AI TVs promise an immersive viewing experience with lifelike picture quality and premium audio," said Mohandeep Singh, Senior Vice President, Visual Display Business, Samsung India.

Citing data from research firm Omdia, Samsung said it is India’s number one television brand with 21% volume market share as of 2023. Samsung said it is the biggest TV brand in India for the last five years, according to Omdia.

The newly-launched Neo QLED 8K, Neo QLED 4K and glare-free OLED TVs come with transformative power of Artificial Intelligence (AI), helping improve consumers' lifestyles, Samsung said. The new AI-powered Neo QLED 8K, Neo QLED 4K and OLED TVs redefine the home entertainment experience and offer new innovations across accessibility, sustainability and enhanced security with the power of AI.

Samsung's new AI-powered televisions come with several AI features such as AI Picture Technology, AI Upscaling Pro and AI Motion Enhancer Pro. With the AI Energy Mode, consumers can save power without compromising picture quality.

Samsung Neo QLED 8K is available in two models, QN900D and QN800D, and in sizes of 65, 75, and 85 inches. The Neo QLED 4K is available in two models, QN85D and QN90D, and in sizes of 55, 65, 75, 85 and 98 inches.  Samsung OLED TV will be available in two models — S95D and S90D — in sizes of 55, 65, 77 and 83 inches.

With the new Samsung televisions, users can have peace of mind as these televisions come with Samsung Knox that helps secure every feature, app, and platform.

•            Samsung’s Neo QLED 8K range starts from INR 319990

•            Samsung’s Neo QLED 4K range starts from INR 139990

•            Samsung’s OLED range starts from INR 164990

About Samsung Electronics Co., Ltd.

Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, home appliances, network systems, and memory, system LSI, foundry and LED solutions, and delivering a seamless connected experience through its SmartThings ecosystem and open collaboration with partners. For latest news on Samsung India, please visit Samsung India Newsroom at http://news.samsung.com/in. For Hindi, log on to Samsung Newsroom Bharat at https://news.samsung.com/bharat. You can also follow us on Twitter @SamsungNewsIN.