Notice has been issued that the Twenty-Fourth (24th) Annual General Meeting (“AGM”) of the shareholders of BVG India Limited (“the Company”) is scheduled to be held on Thursday, July 31, 2025 at 12:30 PM IST at the Corporate Office of the Company, located at MIDAS Tower, 4th Floor, Phase I, Rajiv Gandhi Infotech Park, Hinjewadi, Pune – 411057, to transact the business as outlined in the agenda below: Ordinary Business:​<ol><li>Adoption of Financial Statements:&nbsp;Approval of standalone and consolidated audited financial statements for FY ending March 31, 2025.</li><li>Declaration of Preference Dividend:&nbsp;Approval of ₹0.0001 per compulsorily convertible cumulative preference share (₹10 face value) for FY 2024–25.</li><li>Declaration of Equity Dividend:&nbsp;Approval of ₹1.25 per equity share (₹2 face value) for FY 2024–25.</li><li>Re-appointment of Director:&nbsp;Mr. Pankaj Dhingra (Non-Executive Director) retires by rotation and seeks re-appointment.</li><li>Remuneration of Statutory Auditors:&nbsp;Authorizing the Board to fix remuneration of M/s MSKA &amp; Associates for FY 2025–26.</li></ol>Special Business: <ol><li>Re-appointment of Mr. Chandrakant Dalvi:&nbsp;As Non-Executive Independent Director for a second 5-year term (Oct 2024–Oct 2029).</li><li>Re-appointment of Mr. Prabhakar Karandikar:&nbsp;As Non-Executive Independent Director for a second 5-year term (Feb 2025–Feb 2030), despite being above 75 years (requires special approval as per SEBI norms).</li><li>Re-appointment of Mr. Rajendra Nimbhorkar:&nbsp;As Non-Executive Independent Director for a second 5-year term (Feb 2025–Feb 2030).</li><li>Appointment of Mrs. Neha Huddar:&nbsp;As a new Non-Executive Independent Director for a 5-year term (Mar 2025–Mar 2030).</li><li>Initial Public Offering (IPO) Approval:&nbsp;Approval for the Company to raise up to ₹400 crore through a fresh issue of equity shares and offer for sale (OFS) by existing shareholders.</li></ol>In conclusion, the 24th Annual General Meeting of BVG India Limited encompasses key matters vital to the Company's continued governance, financial performance, and strategic growth.

Notice has been issued that the Twenty-Fourth (24th) Annual General Meeting (“AGM”) of the shareholders of BVG India Limited (“the Company”) is scheduled to be held on Thursday, July 31, 2025 at 12:30 PM IST.

AGM Notice for the members of BVG India- 31st July 2025

The Indian Initial Public Offering (IPO) market is experiencing a significant surge in 2025, with a cohort of latest-age startups that together are targeting to raise about ₹18,000 crore.

Big IPO Plans: Startups to Raise ₹18,000 Crore in 2025

The SME IPO segment demonstrated robust activity in the first half of 2025. From January to June 2025, approximately 94 SME IPOs were launched, collectively raising a total of around ₹4,138.28 crore. This underscores a vibrant SME IPO ecosystem and strong capital-raising momentum among small and medium enterprises in India.&nbsp; Despite new SEBI rules that doubled the minimum <a target="_blank" href="https://www.planify.in/sme-ipo/">investment in SME IPOs</a> from ₹1 lakh to ₹2 lakh effective March 2025, investor enthusiasm remained strong. Several IPOs across SME achieved significant positive listings, indicating strong investor confidence and successful market debuts.&nbsp; For the SME segment, Neetu Yoshi showed substantial gains with listing at 40% Premium. Other notable SME IPOs with positive listings include Fabtech Technologies Cleanrooms Limited, Sat Kartar Shopping Limited and Monolithisch India, all listed in January 2025.&nbsp;

The SME IPO segment demonstrated robust activity in the first half of 2025. From January to June 2025, approximately 94 SME IPOs were launched, collectively raising a total of around ₹4,138.28 crore.

SME IPO Half Year Performance Tracker: H1 2025

IPO Landscape 2025: Tracking Growth in SME Space

<ul><li>Financial Highlights:&nbsp;The <a target="_blank" href="https://www.planify.in/research-report/ncdex/">National Commodity &amp; Derivatives Exchange</a> (NCDEX) has reported a net profit of ₹236 crore for FY25, which might seem promising at first glance for investors in the unlisted sector. However, a deeper look into the financial results reveals that this figure is largely driven by one-time exceptional gains from asset sales, rather than operational efficiency. In contrast, the exchange experienced a 10% decline in revenue from operations, which fell to ₹122 crore from ₹136 crore in FY24, highlighting ongoing challenges in attracting trading volumes, competing against the Multi Commodity Exchange (MCX), and engaging both institutional and retail investors. </li><li>Operational Highlights:&nbsp;The profit reported for the year is primarily attributed to significant divestments, including a 16.22% stake in National E-Repository Ltd (NERL), which generated ₹227 crore, and a 16.01% stake in <a target="_blank" href="https://www.planify.in/research-report/power-exchange-unlisted-share-price/">Power Exchange India Ltd (PXIL)</a> that brought in ₹156 crore. Both transactions were executed at prices significantly lower than their prevailing market values, raising concerns about value realization for NCDEX shareholders. NERL, which focuses on digitizing agri-commodity storage, and PXIL, a platform for power trading, are both strategically aligned with growing sectors—agriculture technology and clean energy. </li><li>Future Outlook:&nbsp;SEBI has permitted Universal Stock Exchanges like NCDEX to offer equity and index derivatives. Current volumes in equity derivatives are massive (&gt;$21B ADTV in options alone). Market coupling, index expiry reforms, and demand for alternate platforms open space for new entrants. Downside is that the equity market is dominated by NSE and BSE; entry barriers are high despite regulatory support. Current operations are loss-making; profitability depends on scaling new businesses quickly. Execution risk in raising capital and launching new segments as per SEBI timelines.</li></ul>

NCDEX FY25 Results

﻿Crizac Limited, a distinguished B2B education platform specializing in worldwide student recruitment, is poised to launch its Initial Public Offering (IPO) on July 2, 2025, with the subscription window closing on July 4, 2025.

Crizac Limited IPO Review: A Deep Dive into the International Education Recruitment Opportunity

In a significant regulatory move, the Securities and Exchange Board of India (SEBI) has obligatory and mandated the regulations related to all <a target="_blank" href="https://www.planify.in/venture-fund/">Venture Capital Funds</a> (VCFs) which are registered under the SEBI (Venture Capital Funds) Regulations, 1996, are required to transition to the AIF framework under the SEBI (Alternative Investment Funds) Regulations, 2012, by July 25, 2025."&nbsp; <h3 style="line-height:1.38;text-align: justify">Background</h3>​ <ul><li style="font-size:15px;color:#000000;background-color:transparent">VCF Structure (1996): VCFs were regulated under SEBI’s 1996 regime, which was aimed at mainly facilitating early-stage capital investment.&nbsp;&nbsp; </li><li style="font-size:15px;color:#000000;background-color:transparent">AIF Regulations (2012): Came into effect with a normative framework that aimed to standardize and provide more clarity and flexibility of pooling fund capabilities that was more comprehensive than VCFs.&nbsp;&nbsp;</li></ul>​Why Migration? This is not simply a regulatory move on the bureaucratic side of things, it seems to be a move toward modernity, transparency, and to align with the realities of today’s investments. Here's why SEBI is doing this:​ <div style="margin-left:0pt"><table><tbody><tr><td>Key Aspects</td><td>Old Regulations&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; (1996)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>New Regulations (2012 Onwards)&nbsp;</td><td>Key Benefits&nbsp;</td></tr><tr><td>Regulatory Framework&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Separate, outdated rules specific to Venture Capital Funds&nbsp;</td><td>Unified, flexible framework covering all Alternative Investment Funds (AIFs).</td><td>Consolidates fund structures under one regime, simplifying compliance and oversight.</td></tr><tr><td>Ecosystem Relevance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Designed for a nascent startup and investment environment.</td><td>Tailored for a modern, diverse investment panorama consisting startups, PE, hedge funds.</td><td>Better alignment with current market realities and investor needs.&nbsp; </td></tr><tr><td>Risk Categorisation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Limited risk classification and governance norms.&nbsp;&nbsp;&nbsp;</td><td>Clear risk categories (Category I, II, III) with defined governance standards.</td><td>Enhanced risk management and investor protection. </td></tr><tr><td>Investor Transparency&nbsp;&nbsp;&nbsp;</td><td>Minimal disclosure and reporting requirements.</td><td>Mandatory detailed disclosures, regular reporting.</td><td>Improves investor trust through greater transparency</td></tr><tr><td>Regulatory Oversight&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Fragmented oversight with potential regulatory gaps&nbsp;</td><td>Streamlined SEBI oversight with uniform compliance rules.&nbsp;</td><td>Reduces regulatory arbitrage and enforces consistent practices.&nbsp;</td></tr><tr><td>Flexibility &amp; Innovation</td><td>Rigid structure limiting fund strategies&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Flexible framework supporting varied investment strategies&nbsp;</td><td>Encourages innovation and adaptability in fund management.&nbsp;</td></tr></tbody></table></div>

This table demonstrates why SEBI is directing the shift from the prior VCF regulations to the AIF structure by July 2025. The move is not just procedural but it also is a major modernisation aimed to improve transparency, governance, and investors' confidence in India's&nbsp; evolving investment ecosystem.<h4 style="line-height:1.38;text-align: justify">&nbsp;What Does This Mean for Existing VCFs?</h4>VCFs that were registered under the 1996 regulations have two choices: <ul><li>Re-register as AIFs under the 2012 framework by July 2025.</li></ul><ul><li>Wind down operations by the deadline by July 2026, if they don’t plan to continue.</li></ul> SEBI has stated that legacy funds will not be permitted to raise new capital unless they transition to the <a target="_blank" href="https://www.alphaamc.com/aif/">AIF structure</a>.​Current Mandates<ul><li style="font-size: 17px;color: rgb(0, 0, 0)">​Migration Deadline: SEBI demands that any legacy VCF to transitions into Category I AIFs under a new “migrated VCF” sub-category must submit their migration application by 19 July 2025. </li><li style="font-size: 17px;color: rgb(0, 0, 0)">Extended Liquidation Timeline: Post-migration, funds managing expired schemes get an additional year, until 19 July 2026, to complete wind-ups.</li></ul>SEBI’s EngagementMany Venture Capital Funds (VCFs) are experiencing challenges with migration to the Alternative Investment Fund (AIF) regime, primarily due to asset liquidation delays and a lack of clarity regarding reporting under AIF norms. Certain VCFs remain operational despite the expiry of their scheme tenures and have yet to initiate the transition process. Additionally, industry feedback revealed outdated contact records and confusion surrounding the regulatory shift. SEBI has collaborated with Venture Capital Funds (VCFs) and industry bodies such as IVCA and PEVCCFO to resolve these issues and support the transition from VCFs to AIFs. In response to the issues, SEBI has taken the following actions:

<div style="margin-left:0pt"><table><tbody><tr><td>Affected Funds &amp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Issues&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>SEBI's Responses &amp; Measures&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td></tr><tr><td>Asset Liquidation Delays</td><td>Liquidation Extension: Granted a one-year extension until July 19, 2026, for winding up expired schemes.&nbsp;Purpose of the extension:Gives invaluable time to funds to clean up without compromising their governance and avoiding impairing their investors' returns. </td></tr><tr><td>Lack of Clarity on AIF Reporting &amp; Compliance</td><td>Direct Engagement: Engaged with VCFs and industry bodies like IVCA and PEVCCFO to clarify challenges.&nbsp;Industry Feedback &amp; Support: Invited industry feedback and promoted dialogue to address confusion and assist with compliance.&nbsp; </td></tr><tr><td>Tepid Response to Migration Circular</td><td>Fixed Migration Deadline: Maintained the firm deadline of July 19, 2025, for VCFs to apply for migration to the AIF framework.&nbsp;Migration Framework: Introduced a one-time migration window with simplified re-registration, fee waivers, and customized compliance norms.&nbsp; </td></tr><tr><td>Outdated Contact Records &amp; Operational VCFs Past Tenure</td><td>Proactive Outreach: Partnered with IVCA and PEVCCFO to disseminate information and effectively reach out to VCFs.Compliance Enforcement: Emphasized that VCFs operating past their permitted tenure without migration may face regulatory action.&nbsp; </td></tr><tr><td>Challenges with Residual Assets &amp; Winding Up.&nbsp;</td><td>Structured Path: The migration framework offers a structured path for managing residual assets and ensuring regulatory compliance.&nbsp;Conditions for Migration: Migration is limited to well-governed and fully compliant funds with no outstanding investor grievances or governance concerns.&nbsp; </td></tr></tbody></table></div>

Implications &amp; Outlook <ul><li style="font-size:15px;color:#000000;background-color:transparent">Regulatory Clarity: The firm's July 2025 deadline signals SEBI’s intent to finalise the consolidation of funds under the modern AIF umbrella. </li><li style="font-size:15px;color:#000000;background-color:transparent">Industry Cleanup: Underperforming or non-compliant legacy VCFs face a decision between migration or surrendering their registration. </li><li style="font-size:15px;color:#000000;background-color:transparent">Compliance Plus Time: The extra liquidation window reflects SEBI’s flexible yet structured approach, allowing a smoother glide path without compromising oversight.</li></ul> Conclusion&nbsp; SEBI’s decisive move balances momentum and flexibility, pressing VCFs to align with the contemporary AIF regime while offering them breathing space to cleanly wrap up legacy portfolios. For fund managers, the crux lies in the timely submission of migration applications by mid‑July 2025, backed by prompt and disciplined asset wind-down.

(SEBI) has obligatory and mandated the regulations related to all Venture Capital Funds (VCFs) which are registered under the SEBI (Venture Capital Funds) Regulations, 1996, are required to transition to the AIF framework under the SEBI (Alternative Investment Funds) Regulations, 2012, by July 25, 2025."

SEBI Sets Deadline for Venture Capital Funds to Shift to AIF Structure by July 2025

In India's booming aviation industry, a billionaire Vijay Mallya dreamed of creating India's most luxurious airline. He wasn't just starting an airline though—he was starting a brand that would take the decadence of his liquor empire into the stratosphere. In 2005, Kingfisher Airlines started its operation with its crimson red branding, glamorous air hostesses, and in-flight entertainment screens on every seat—then a novelty—Kingfisher was the airline everyone wanted to fly. For a time, it appeared that Mallya could do no wrong. He was dubbed the “King of Good Times,” living large in private jets, hosting lavish parties, and even owning a Formula One team. But behind the scenes, cracks were forming. And they ran deep. <h3 style="line-height:1.38">Dreams Too Big</h3>​ Mallya had grand ambitions, but so were his spending habits. He did not simply want to operate an airline; he wanted to rule the skies. In 2007 Kingfisher Airlines purchased struggling Air Deccan, which was India’s first low-cost carrier, to gain entry to the budget segment. It was a big risk; merging two very different brands and business models.&nbsp;At its peak, Kingfisher had: <ul><li style="font-size:15px;color:#000000;background-color:transparent">A fleet of 66 aircraft</li><li style="font-size:15px;color:#000000;background-color:transparent">Served over 70 domestic and international destinations</li><li style="font-size:15px;color:#000000;background-color:transparent">A market share of around 20% in Indian aviation</li></ul>But the luxury came at a cost — and it wasn’t sustainable.<h3 style="line-height:1.38">The Unraveling</h3>By 2011, the airline was bleeding money. To keep it head above water, Kingfisher borrowed massive sums of money from a consortium of 17 banks, including <a href="https://www.planify.in/research-report/sbi-home-finance-ltd/">State Bank of India (SBI)</a>.The loans amounted to a staggering ₹9,000 crore at that time. Employees went unemployed, flights were grounded, and angry passengers inundated social media with complaints. Kingfisher had gone from an aspirational image to a national disgrace.Mallya gave personal guarantees and pledged Kingfisher brand value as collateral. But these turned out to be overvalued or worthless. The airline stopped operations in 2012, and soon after, it defaulted on its loans. The airline’s license was officially suspended. And by 2012:<ul><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Net losses had crossed ₹7,000 crore (~$1.2 billion).</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Salaries went unpaid for months.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Flights were grounded, and its flying license was eventually suspended by the Directorate General of Civil Aviation (DGCA).</li></ul> <h3 style="line-height:1.38">The Escape</h3>After the debts became overwhelming and numerous court cases, Mallya made a quick escape from India in 2016 and boarded a flight to London. He left behind a bankrupt airline, thousands of people not paid wages and a trail of upset banks.&nbsp; The Indian government labeled him a "willful defaulter," meaning someone who is capable of paying but chose not to. He claimed it was a witch-hunt. That he was being singled out. Unfortunately, it was all in front of him.&nbsp; Investigations revealed that the money for loans to Kingfisher Airlines was diverted to shell companies and accounts overseas.&nbsp; In 2019, a UK court agreed to extradite him to India, however, he continues to fight the extradition. Evaluating claims vs. evidence <div style="margin-left:0pt"><table><tbody><tr><td>Claims by Mallya</td><td>Evidence / Counterpoint</td></tr><tr><td>Loans repaid fully</td><td>Banks recovered only ₹10,815 cr of ₹17,781 cr owed; significant amount still unrecovered</td></tr><tr><td>Funds used to save airline</td><td>ED alleges ₹3,500 cr diverted to non‑airline uses like F1 &amp; IPL .</td></tr><tr><td>No wrongdoing—the airline failed due to crisis</td><td>While macroeconomic factors played a role, misuse of funds and overlooked statutory obligations were major issues .</td></tr><tr><td>Legitimate exit via pre-planned trip</td><td>He traveled to London on March 2, 2016, just before legal restrictions were enforced .</td></tr></tbody></table></div><h3 style="line-height: 1.38"> </h3><h3 style="line-height:1.38">Conclusion</h3>Today, Kingfisher Airlines lives on only in memories and legal battles. The brand that once promised luxury now serves as a cautionary tale in business schools. Vijay Mallya, once India’s Richard Branson, is now a fugitive. The skies may have moved on, but the story of Kingfisher reminds us that when ego outpaces ethics, even the most glamorous dreams can come crashing down.

By 2011, the airline was bleeding money. To keep it head above water, Kingfisher borrowed massive sums of money from a consortium of 17 banks, including State Bank of India (SBI)

The Rise and Fall of Kingfisher Airlines: A Cautionary Tale of Glamour, Debt, and Deceit

PhonePe, a dominant upcoming force in India's digital payments and fintech sector, is poised for a significant Initial Public Offering (IPO) in 2025, aiming to raise approximately $1.5 billion. This strategic decision to go public and shift is anticipated to value the business enterprise at around $15 billion, marking a massive growth from its previous and last private valuation of $12 billion in 2023. The upcoming planned public debut represents a pivotal moment for PhonePe and for India's burgeoning fintech enterprise, signaling the maturation of digital payment structures in the country. PhonePe anticipates filing its Draft Red Herring Prospectus (DRHP) with Indian regulators as early as August 2025, indicating that preparations are gathering massive momentum. <h2 style="line-height: 1.38;text-align: justify">About PhonePe: Journey and Business Model</h2> Founded in December 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe rapidly emerged as a main digital payments and financial services firm in India. The company's increased growth became considerably reinforced by means of its early adoption and integration with India's Unified Payments Interface (UPI) system, which went live in August 2016. PhonePe's core business model revolves around its mobile software, enabling users to perform a big range of financial transactions, including sending and receiving money, recharging mobiles, paying utility payments, and making in-store payments. Beyond its foundational payments offerings, PhonePe has strategically varied its services to come to be a complete financial and digital ecosystem. This growth consists of financial services including insurance, lending, and wealth management, along with new consumer technology ventures like Pincode, a hyperlocal e-commerce trade platform, and the Indus App Store, India’s first localized app;ication store. PhonePe generates sales through diversified numerous channels which includes commissions from product promotions on its app, partnerships via its 'Switch' platform, and commissions from cell and phone recharges and also by online purchases. The company additionally piloted processing costs for cell recharges in late 2021, indicating a shift toward diversifying revenues streams even inside its core offerings. Over the years, PhonePe has grown unexpectedly to be India’s biggest UPI platform by market share proportion, handling nearly half of all UPI transactions in the country. As of 2025, the phonePe platform already serves over 600 million registered users and surpasses more than 40 million merchants, processing close to 310 million transactions daily. As of January 2025, PhonePe accounted for nearly half of all UPI transactions in India, ultimately commanding a dominant 48.4% market share.&nbsp; <div class="se-component se-image-container __se__float-justify"><figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXemaM9fu94y0s4IiINbdIIedW3RVPHe9GQXC9QBwp3QbX8lwN1Osc1bZyXIlD1QHDpzBzOZjYKyojNCMWpDi-tsO4rRia0pcL3CvJtWjJnUrzTn2IlnrhDaAdgcpt30GNPIuFXH3Q?key=B5weAsHCHbbEhYLNDOdAEw" alt="" data-proportion="true" data-align="justify" data-file-name="AD_4nXemaM9fu94y0s4IiINbdIIedW3RVPHe9GQXC9QBwp3QbX8lwN1Osc1bZyXIlD1QHDpzBzOZjYKyojNCMWpDi-tsO4rRia0pcL3CvJtWjJnUrzTn2IlnrhDaAdgcpt30GNPIuFXH3Q?key=B5weAsHCHbbEhYLNDOdAEw" data-file-size="0" data-origin="," data-size="," data-rotate="" data-percentage="auto,auto" origin-size="751,575" style="margin-left: 0px; margin-top: 0px;"></figure></div><h2 style="line-height: 1.38;text-align: justify">Strong Financial Performance Driving IPO Aspirations</h2> PhonePe has&nbsp; demonstrated strong and robust financial growth with a significant growth trajectory in the direction of profitability that lays down a sturdy foundation for its upcoming IPO ahead. In the financial year FY24, the enterprise stated an outstanding operating sales and revenue of ₹5,064 crore, marking a 73% to 74% year-on-year growth from ₹2,914 crore in FY23. This enormous sales increase highlights the accelerating adoption of PhonePe's services throughout India. Significantly, PhonePe has additionally made significant development in its profitability journey. While it stated a net loss of ₹1,996 crore in FY24, this represents a 28.6% to 29% discount from its ₹2,795 crore loss in FY23. More drastically, apart from employee stock option (ESOP) prices, PhonePe accumulated an adjusted Profit After Tax (PAT) of ₹197 crore in FY24, a terrific turnaround from a loss of ₹738 crore within the previous financial year. The corporation's payments enterprise mainly suggested an adjusted PAT of ₹710 crore in FY24, reinforcing its core operational efficiency, strength and demonstrating a path to average profitability. This overall financial performance is a key factor enabling PhonePe to put together for a public listing. <h2 style="line-height: 1.38;text-align: justify">Unrivaled Market Leadership: Users, Merchants, and Transactions</h2> PhonePe has solidified its function as India's main digital payments platform, commanding an unprecedented marketplace share within the UPI surroundings. As of May 2025, PhonePe processed 47.6% of UPI transactions in terms of volume and an outstanding 50% by value, handling ₹12.56 lakh crore, surpassing its closest competitors.&nbsp; The platform boasts an immense user and customer base, with over 610 million registered customers as of June 2025, and a significant acceptance network of over 40 million merchants. PhonePe also approaches over 290 million to 340 million day by day transactions, showcasing its essential role in India's digital economy. Its annualized Total Payment Value (TPV) exceeds $1.6 trillion, cementing its leadership position globally, even surpassing businesses like PayPal and Stripe on this metric. A big portion of PhonePe's customers and merchants (85%) are positioned outside India's top eight cities, demonstrating its massive penetration into non-metro areas and its commitment to financial inclusion. In January 2025, PhonePe additionally accounted for over 48% of general UPI transactions, even as Google Pay accompanied with 36.91%, and Paytm's share dipped to 6%. <h2 style="line-height: 1.38;text-align: justify">Strategic Backing from Walmart and Domicile Shift</h2> As we shed light on PhonePe's journey, it has been simply intertwined with Flipkart and its ultimate parent, Walmart. PhonePe was acquired by means of Flipkart in 2016, and finally became part of Walmart's portfolio when the retail giant received a majority stake in Flipkart in 2018. A big improvement prior to the IPO was the entire possession separation of PhonePe from Flipkart in December 2022, allowing both entities to pursue impartial growth paths. Walmart remains the majority shareholder in PhonePe and Flipkart. This separation and Walmart's continued backing are strategically crucial for <a target="_blank" href="https://www.planify.in/research-report/phonepe/">PhonePe's IPO</a>. Walmart’s backing and support provides financial balance and credibility, bolstering investor sentiment in PhonePe's business model and sturdy growth potential. The IPO additionally offers an opportunity for Walmart to monetize its investment and unlock cost from its Indian assets. A key prerequisite for its Indian listing was PhonePe's decision to shift its domicile and abode from Singapore to India. This "reverse flipping" method, finished in December 2022, included an ₹8,000 crore tax charge to the Indian authorities by using its investors, inclusive of Walmart, underscoring the dedication to an Indian public listing and aligning with local regulatory frameworks. PhonePe also converted from a private limited organisation to a public limited company in April 2025, an obligatory step for Indian IPOs, similarly signaling its readiness for enhanced transparency and governance in the public market. <h2 style="line-height: 1.38;text-align: justify">Regulatory Compliance and the Indian IPO Landscape</h2> Navigating India's regulatory landscape is a crucial element of PhonePe's IPO. The process as we know is typically governed by the Securities and Exchange Board of India (SEBI) via and through consideration of&nbsp; its Issue of Capital and Disclosure Requirements (ICDR) Regulations, which resulted in mandate stringent eligibility standards, disclosure norms, and due diligence. PhonePe's conversion to a public limited business enterprise in April 2025 was a prerequisite and crucial aspect&nbsp; under the Companies Act, 2013, to permit it to offer shares to the public. The corporation's engagement of distinguished investment banks along with Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley reflects the dimensions and institutional aid for the IPO. These firms will handle and manage the entire offering, ensuring compliance with SEBI's recommendations on diverse factors, such as the preparation and filing of the DRHP. A significant regulatory consideration for PhonePe is the National Payments Corporation of India's (NPCI) proposed 30% market share cap for UPI participants. While this cover and cap remains a long-term threat, NPCI prolonged the cut-off date or deadline for compliance to December 2026, offering PhonePe with some breathing room. This regulatory thing, combined with the overall volatility determined in Indian fintech IPOs, underscores the need for PhonePe to demonstrate persisted continuous growth and diversification. <h2 style="line-height: 1.38;text-align: justify">Competitive Dynamics and Diversification Challenges</h2> PhonePe operates in an enormously competitive Indian digital payments market, facing bold opponents along with Google Pay, Paytm, and Amazon Pay. While PhonePe and Google Pay together dominate the UPI panorama, conserving over 80% of the marketplace proportion, intense competition persists, in particular as players expand beyond center payments. A key mission for PhonePe, in spite of its market management, is its heavy reliance on payments and bills for revenue generation. In FY24, PhonePe's financial offerings commercial enterprise contributed the handiest ₹207.4 crore, a trifling 4% of its overall revenue, with 95% nonetheless derived from its payments business enterprise. This revenue concentration exposes PhonePe to margin pressures, particularly given regulatory changes just like the elimination of Merchant Discount Rate (MDR) furthermore fees on UPI transactions, which affect payment corporations' revenue streams. While PhonePe has invested significantly in diversifying into insurance, lending, and wealth management, scaling these new verticals has tested difficult. For example, insurance revenues, though growing substantially, nevertheless constitute a small part of the total, and its credit business remains nascent. This confined diversification makes PhonePe more vulnerable to sector-specific downturns or regulatory headwinds impacting the payments space. <h2 style="line-height: 1.38;text-align: justify">Conclusion</h2> The market anticipates PhonePe's IPO with vast enthusiasm, viewing it as a great opportunity to put money into a market leader inside India's hastily expanding virtual economy. The reported $15 billion valuation target is visible as a reflection of its scale, market dominance, and the sturdy backing from Walmart.&nbsp; However, a few expert evaluations advise caution, specifically in light of the blended overall performance of previous fintech listings in India, consisting of Paytm, whose stock extensively declined post-IPO. Analysts emphasize the significance of scrutinizing PhonePe's long-term period profitability and its capability to diversify revenues streams beyond core payments, which continue to be a dominant portion of its income. The grey market premium for PhonePe's unlisted shares reflects high investor interest but also raises questions on expected potential overvaluation in the <a target="_blank" href="https://www.planify.in/buy-pre-ipo/">pre-IPO marketplace</a>. Despite those considerations, PhonePe's set up market management, significant user and merchant network, robust economic overall performance, and strategic boom tasks function it as a compelling investment opportunity. The IPO is anticipated to be a landmark event for the Indian fintech sector, providing capital for PhonePe to cement its marketplace position and retain its innovation-driven boom in India’s digital economy.

PhonePe, a dominant upcoming force in India's digital payments and fintech sector, is poised for an enormous Initial Public Offering (IPO) in 2025, aiming to raise approximately $1.5 billion

PhonePe IPO 2025: Digital Payments Giant Targets $1.5 Billion Listing

Financial Performance (FY25 vs FY24): Anglo-French Drugs posted a 18.2% YoY growth in total income to ₹118.0 Cr in FY25, up from ₹100 Cr in FY24, driven by a strong surge in other income (₹30 Cr vs ₹4.5 Cr), partially offset by a 7.8% decline in core revenue from operations to ₹88 Cr from ₹95 Cr. This indicates pressure on the core pharmaceutical business. Despite lower operational revenue, profit before tax (PBT) turned positive to ₹8 Cr from a loss of ₹12 Cr in FY24. The turnaround was largely due to investment gains and reduced raw material costs. Operational Metrics (FY25 vs FY24): Net profit margin improved to 6.1% from –12.4%, aided by cost control and higher other income. Total borrowings doubled to ₹19 Cr, primarily for working capital. A related-party loan of ₹7.52 Cr to Dormirbien Pvt Ltd raised governance concerns. Net cash from operations stood at ₹2 Cr, while cash and cash equivalents rose marginally. The company also invested ₹54 Cr and spent ₹9.0 Cr in capex for the acquisition of assets indicating a tilt toward treasury income. Strategic Developments: FY25 was a transformation year for AFDIL, marked by a turnaround in profitability after consecutive losses. However, core pharma revenues declined, reflecting underlying demand pressure and execution issues, especially in exports (which fell from ₹9 Cr to ₹0.93 Cr YoY). The company’s strategic buyback of shares (₹53 Cr payout) and lending to a related startup (DPL) raise capital allocation concerns. The shift towards high-yield investments helped earnings but raises questions on sustainability. ​​

Anglo-French Drugs Returns to Profitability in FY25 Amid Decline in Core Revenue and Rising Treasury Focus

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