ONLINE STOCKBROKING PLATFORM
Walmart-backed PhonePe files confidential IPO papers to raise $1.5 billion
PhonePe, the Walmart-backed Indian fintech giant, has confidentially filed for an IPO, aiming to raise approximately Rs 12,000 crore ($1.35 billion). The UPI-based payment app boasts over 600 million registered users and processes over 310 million daily transactions. Ahead of the IPO, PhonePe reported narrowed losses to 17.2 billion rupees with a 40% surge in revenue, reaching 71.15 billion rupees.
Sebi moves to fix 'glitches' in online trading platform rules
SEBI is proposing changes to the framework for technical glitches in stockbrokers' online trading systems, excluding issues outside trading hours or beyond their control. The new rules will apply to brokers with over 10,000 clients, exempting 457 smaller firms. Financial penalties will be waived for glitches with minor operational impacts, and exchanges will disclose glitch information.
Dhan appoints Ketan Shah as CEO of omnichannel business
Shah comes with over 25 years of experience at Angel One, where he was chief strategy officer and board member. At Dhan, he will spearhead the stock trading and investment platform’s expansion of investing and trading products across both online and offline channels.
PhonePe narrows loss in FY25 as revenue jumps 40% to Rs 7,115 crore
PhonePe, backed by Walmart, reduced its net loss in fiscal year 2025. The fintech firm's revenue increased significantly. Payment services contributed the most to the revenue. The Reserve Bank of India authorized PhonePe to operate as an online payment aggregator. PhonePe has a large user base and processes millions of transactions daily.
These 7 Tier II cities mint most millionaires
India's wealth creation is rapidly expanding beyond major metropolitan areas, though still concentrated in the top 10 states. While Mumbai, Delhi, and Bengaluru lead, Tier II cities like Ahmedabad and Surat are emerging as millionaire hubs. Wealth management services are now targeting smaller towns, driven by technology, financial growth, and increased access to information.
Groww files revised IPO papers for Rs 6,000-7,000 crore issue
The offering will include a fresh issue of Rs 1,060 crore, and an offer-for-sale (OFS) component of 574 million — worth around Rs 5,000-6,000 crore. Shareholders participating in the OFS include Peak XV Partners, Y Combinator, Ribbit Capital, Tiger Global, and Kauffman Fellows Fund.
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We have only spent about Rs 10 lakh to develop Zerodha till date: Nithin Kamath
Nithin Kamath said that without the pressure to give exits to investors, the company is free to do what is right for the customer, sometimes "at the cost of the business", citing the platform's no spam and no tracking policy.
Groww to file updated IPO papers; Indian IT’s new direction
Happy Monday! Groww will file its updated IPO papers soon, eyeing a November listing. This and more in today’s ETtech Morning Dispatch.
Groww set to file revised draft IPO papers next week
Online investment platform Groww is gearing up to file an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) as early as next week, sources said. The Peak XV-backed company is targeting listing in November, with an IPO size pegged between $700 million and $1 billion, at a $7-9 billion valuation, as we reported earlier.
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
Rise & rise of Rapido; Urban Company's Rs 854 crore anchor round
Happy Wednesday! Rapido's rise has made larger rivals Uber react. This and more in today's ETtech Morning Dispatch.
Groww, Zerodha lose active client base in 2025; smaller rivals gain ground
The slowdown in client growth and trading activity follows regulatory curbs on F&O, popular among retail investors because of their low capital requirements and high return potential.
ET Startup Awards 2025 | Startup of the Year: Strong governance, brand equity win day for this Urban Company
The jury chose Urban Company from a stellar list of nominees after debating extensively the relative merits of the founding teams and the problem statements they are addressing. On-demand logistics firm Porter, urban mobility startup Rapido and wealthtech trailblazer Groww also drew notable interest from the jury members for building a large, profitable business in a deeply complex category.
Festive lift for etailers; Elevation’s late-stage push
Happy Friday! Online sales this festive season are expected to reverse three years of slowdown. This and more in today’s ETtech Morning Dispatch.
ET Startup Awards 2025: Nominees for Startup of the Year
The ET Startup of the Year will be characterised by breakthrough innovation, top-class execution and fast-paced growth. The quality of the founding and management team was an important component in decision making.
US Treasury pullback from long-term bonds signals policy divergence, says Vishal Goenka
Vishal Goenka highlights a policy divergence in the US bond market due to reduced long-term Treasury issuance, potentially impacting global interest rates. India's corporate bond market, though growing, lags significantly behind the US. Record issuances in India are driven by RBI's accommodative stance and strong institutional demand, while structural reforms are needed to deepen market participation.
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
Mobikwik arm gets Sebi approval to act as stockbroker
A wholly-owned subsidiary of One MobiKwik Systems has received regulatory approval from the Securities and Exchange Board of India (Sebi) to act as a stockbroker and clearing member, the company told exchanges on Thursday.
MobiKwik arm gets Sebi nod to operate as stock broker
One MobiKwik Systems: MobiKwik’s broking arm, MobiKwik Securities, has received Sebi’s nod to act as a stockbroker and clearing member. The approval allows it to execute and settle equity trades, boosting MobiKwik’s presence in the capital markets. The company aims to scale its wealth distribution vertical through expanded financial offerings.
Singapore's GIC gets CCI approval to buy stake in IPO-bound Groww
Viggo Investment, a GIC subsidiary, secured CCI approval for a stake in Billionbrains Garage Ventures, Groww's owner. The investment is part of a larger funding round. GIC is expected to lead the round. Groww has engaged with Tiger Global for participation. Groww recently closed a $250 million funding round led by GIC.
Groww gets into corporate bond distribution, set to apply for Sebi licence
Bengaluru-based Groww plans to apply for an Online Bond Platform Provider licence to enable corporate bond trading via its app, expanding beyond stockbroking. As it prepares for a public listing, Groww is diversifying into credit, wealth management, and bond distribution, positioning itself to compete with platforms like Wint Wealth and Grip Invest.
Sebi warns investors against unregistered online platforms offering unlisted debt securities
Sebi cautioned investors against using unregistered online platforms offering unlisted debt securities. These platforms operate outside Sebi's regulatory purview, lacking investor protections. Investors are urged to use platforms operated by registered stockbrokers and report suspicious activities to Sebi. BSE also warned against schemes offering guaranteed stock market returns.
Sebi warns public against unregistered platforms offering unlisted debt securities
The regulator said that offering unlisted securities to more than 200 investors violates the Companies Act, 2013, and Sebi regulations, making it a "deemed public issue".
Angel One Q2 Results: Profit zooms 43% to Rs 305 crore
However, Angel One said the prohibition did not affectits client acquisition, which rose nearly 80% during the quarter, while the total number of orders advanced more than 36%.
Wint Wealth bags online bond platform licence from Sebi
Wint Wealth applied for the licence after the market regulator mandated last year that every platform operating in this space had to have one.
What are execution only platforms? Pankaj Mathpal explains
Advisory, they will not take from the platform, that is because execution only platforms will be available. So, from 1st September, once these are operational definitely it will be mentioned there and when we are talking about the stockbroker's platform, then definitely like the Zerodha or some other entities they will have this kind of platform.
ETtech Explainer: Will Coinswitch click in India’s online broking space?
While a bull run in the Indian stock markets bodes well for the cryptocurrency exchange, a slump in the number of active users on online broking platforms is a cause of concern.
Online bond platforms mull forming industry association
Several online bond platforms in India are considering creating an industry association similar to the Association of Mutual Funds in India, after a request from the Securities and Exchange Board of India. The association would help address industry issues and grievances. IndiaBonds, GoldenPi and The Fixed Income and Bond Bazar are among the regulators currently recognized. Retail interest in online bond investing has grown since Sebi reduced the face value of debt securities issued in private placements to INR 1 lakh from INR 10 lakh. The regulatory body has also implemented new rules around transparency, settlements, redressal mechanisms and offerings.
Demat account log in will not work without this from October 1, 2022
Demat account holders will not be able to log in to their accounts to trade in the equity markets if they have not enabled the two-factor authentication. This has been said via a circular dated June 14, 2022, issued by the National Stock Exchange. Read on to know more about this circular.
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