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PhonePe becomes the Top-Rated app on the Apple App Store in India

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National, 19th November, 2024: PhonePe, today announced that it has hit 6.4 Million ratings on the Apple App Store in India with an average rating of 4.7 stars. This makes PhonePe the first Indian company to surpass the likes of YouTube, Instagram and WhatsApp to become the top rated app in volume of ratings on the iOS App Store in the country. This phenomenal achievement comes on the back of superior user interface and experience (UX & UI), highest transaction success rates, speed of transactions and strong preference for the PhonePe platform among millions of its users.

Commenting on this remarkable milestone, Rahul Chari, Co-founder & CTO, PhonePe said ‘We are thrilled to have crossed this exceptional rating on the App Store and are grateful that so many of our users love the PhonePe iOS App and continue to repose their trust in our services. We pride ourselves on being a tech-first platform and if there is one thing about PhonePe that resonates with all our 575+ million users, it is the simplicity and reliability of the app. We also continuously strive to ensure that our iOS and Android apps maintain feature parity, providing a seamless experience across both platforms. As part of this endeavor, we frequently upgrade to the latest technology stacks such as SwiftUI on iOS, ensuring our users benefit from the most latest technology available. This milestone also reflects our constant focus on innovation at scale and is made possible by the amazing talent at PhonePe.

PhonePe was the first non-banking UPI app to be launched in August 2016. In a short span of time, the company has established itself as the leader in the digital payments space and revolutionized payments, making financial inclusion possible for millions of Indians spread across 99% of the postal codes in the country. The company also recently released its first-ever annual report, providing a comprehensive overview of the company’s vision, strategy, governance, and financial performance while highlighting its commitment to delivering innovative financial solutions for a billion+ Indians.

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 8 years, the company has scaled rapidly to become India’s leading consumer payments app with 575+ million registered users and a digital payments acceptance network of 40+ million merchants. PhonePe also processes over 300+ million daily transactions with an annualized Total Payment Value (TPV) of USD 1.8+ 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.

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Adani, others accused of paying $250M bribes to secure lucrative solar deals

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Billionaire Gautam Adani has been charged by US prosecutors over his role in an alleged years-long scheme to pay $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts.

US prosecutors charged Adani, 62, his nephew Sagar, and other defendants for paying over $250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than $2 billion in profit.

This, they alleged, was concealed from the US banks and investors from whom the Adani group raised billions of dollars for the project.

US law allows pursuing foreign corruption allegations if they involve certain links to American investors or markets.

The Adani group did not immediately respond to requests for comments.

“The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars,” Breon Peace, US Attorney for the Eastern District of New York, which brought the case, said in a statement.

Adani, Chairman of the ports-to-energy Adani Group, his nephew Sagar R Adani, who is an executive director at the conglomerate’s renewable energy arm Adani Green Energy Ltd, and its former CEO Vneet Jaain were charged with securities fraud, securities fraud conspiracy, and wire fraud conspiracy. The Adanis were also charged in a US Securities and Exchange Commission (SEC) civil case.

The five-count indictment also accuses Sagar and Jaain of breaking federal laws.

The US authorities also charged three former employees of a large Canadian pension fund, CDPQ, in connection with the alleged scheme, saying they obstructed an investigation into the bribes by deleting emails and agreeing to provide false information to the US government.

CDPQ, which invests in infrastructure projects, is a shareholder in Adani companies.

The indictment may throw the conglomerate again in a turmoil just as it rebounded from US short-seller Hindenburg Reserach’s damning fraud allegations.

Hindenburg allegations of “brazen stock manipulation and accounting fraud” in January 2023 had led to the conglomerate seeing $150 billion wipeout in market value at its lowest point. The group stocks have since recovered most of the losses.

Adani Group had denied all allegations made by Hindenburg.

A school dropout, Gautam Adani founded his namesake group in 1988 as a commodities trading firm, and built a business empire that now spans airports, shipping ports, power generation, energy transmission, and mining companies.

“Specifically, on or about March 17, 2023, FBI special agents approached Sagar Adani in the United States and pursuant to a judicially authorised search warrant, took custody of electronic devices in his possession,” the court document said.

Some conspirators, according to the documents, referred privately to Gautam Adani with the code names “Numero uno” and “the big man,” while his nephew allegedly used his cellphone to track specifics about the bribes.

“On or about March 18, 2023, the defendant Gautam S Adani emailed himself photographs of each page of the search warrant executed and grand jury subpoena served on the defendant Sagar R Adani,” it said.

Others who were criminally charged include Ranjit Gupta and Rupesh Agarwal, respectively former CEO and former chief strategy and commercial officer of Azure Power Global, which authorities said agreed to pay some of the bribes.

The complaint charges them with violating the antifraud provisions of the federal securities laws and seeks permanent injunctions, civil penalties, and officer and director bars.

During the alleged scheme, Adani Green raised more than $175 million from US investors and Azure Power’s stock was traded on the New York Stock Exchange, the SEC said in a statement.

Simultaneously, the US Attorney’s Office for the Eastern District of New York unsealed criminal charges against Adani and Sagar Adani, Cyril Cabanes, and others linked to Adani Green and Azure Power.

The federal indictment unsealed in a federal court in Brooklyn charges five others with conspiracy to violate the Foreign Corrupt Practices Act in connection with the bribery scheme, involving one of the world’s largest solar energy projects.





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India’s short-form video market now engages close to 250M monthly users: report

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Amidst extensive reach into India’s Tier II+ cities and high quality content, the country’s short-form video (SFV) market has seen a 3.6x increase in daily active users, according to a report by Redseer Strategy Consultants.

In a report titled “India SFV in 2024: From ‘Likes’ to Monetising Millions”, the firm has identified four main user archetypes driving SFV engagement, namely value seekers, digital innovators, household stewards, and career mavens.

“India’s digital advertising market is set for exponential growth, projected to nearly double by FY 2029 to reach $16–17 billion, with video advertising leading the way as the fastest-growing ad format,” said Mukesh Kumar, Associate Partner at Redseer Strategy Consultants.

More than 50% of SFV users are monetisable, the report noted. The discretionary spending of these users are often directed towards e-commerce, OTT, in-app purchases, and paid gaming services.

India’s SVF platforms are now generating $95-$100 million in FY24 with ad revenue currently representing 1%-2% of its digital ad spend.

The influencer marketing space is estimated to grow at 40-45%, and is likely to touch $3-$4 billion by FY29.

In addition to advertising, the student highlighted potential for new revenue streams like virtual tapping and video commerce.

Currently, over 63% of the SFV engagement is coming from Tier II+ regions, with platforms like Josh and Moj tailoring content for local languages and preferences. On an average, users now spend about 30 minutes per day on Indian SFVs platforms, said the report.

According to the report, the focus on quality is a key factor in user retentions, particularly in Tier II+ regions, and with growing maturity of users and user-influencer connections, video commerce is expected to touch $5 billion by FY29.





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Fintech product delivery in 10 minutes: Invincible Ocean introduces no-code solution for onboarding

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In a world where rapid access to services has become the norm—whether ordering food, booking a ride, or streaming entertainment—the financial sector is catching up. Fintech companies are under increasing pressure to streamline processes, especially in areas like onboarding, where cumbersome, manual verifications have traditionally slowed things down. Responding to this demand, Invincible Ocean has launched a groundbreaking AI-powered no-code onboarding platform that reduces fintech product deployment to just 10 minutes, potentially transforming the customer onboarding landscape.

As governments globally tighten Know Your Customer (KYC) regulations, the demand for efficient, compliant eKYC solutions has become a priority across industries. Invincible Ocean’s solution is designed to help businesses, particularly in finance, navigate this requirement effortlessly while keeping fraud risks at bay.

“As onboarding journeys across different sectors are largely similar, our solution allows the same product to be used across various industries and use cases,” states Ajay Setia, CEO, Invincible Ocean. “Additionally, our Invincible Intelligence ecosystem helps design customised risk engines using alternate data.”

Simplifying onboarding with no-code efficiency

At the core of Invincible Ocean’s platform is a user-friendly drag-and-drop interface that requires no specialised coding knowledge. This no-code design allows users from various departments—not just tech teams—to customise their onboarding workflows easily. By enabling a microservices-based architecture, companies can modularise each part of the onboarding process, breaking it down into reusable components that simplify configuration. This approach allows businesses to create a personalised onboarding journey tailored to their brand’s look and feel, integrating domain names, logos, and colours, for a seamless user experience.

“Our no-code platform is accessible to a wide range of users within an organisation,” Setia says. “It allows companies to build onboarding solutions without the need for deep technical expertise, democratising access to a crucial area of customer experience and compliance.”

A standout feature of the platform is its ability to adapt across industries. While the platform is flexible enough to meet general onboarding needs, it also offers pre-designed, industry-specific solutions tailored to sectors like Non-Banking Financial Companies (NBFCs), insurance, and banking. These customised workflows are already aligned with the unique compliance and operational requirements of each industry, making it easier for businesses to deploy without the need for extensive adjustments.

Speed is the hallmark of this offering, with a record delivery time of 10 minutes for product deployment. In contrast to traditional onboarding processes that may take days or even weeks, Invincible Ocean’s rapid deployment ensures that businesses can quickly react to changing regulatory needs and roll out solutions for onboarding customers and vendors seamlessly.

“Invincible, with its DIY platform and 250+ verification APIs, provides eKYC solutions for 150+ countries and includes a comprehensive vehicle intelligence ecosystem,” says Setia, highlighting the platform’s vast reach and capability to support businesses on a global scale.

Tackling onboarding challenges

In developing this no-code solution, the company identified three critical challenges in the current onboarding landscape: inefficiency, high costs, and fraud risks. Traditional onboarding typically involves manual paperwork, time-consuming verifications, and disconnected systems, leading to bottlenecks and elevated costs. For many businesses, these processes also increase the likelihood of errors and fraud.

To address these challenges, the platform leverages AI-driven risk engines and real-time data processing, which enhance fraud detection capabilities. By allowing users to configure risk engines according to industry-specific needs, the platform also helps minimise exposure to fraudulent activities. For instance, financial institutions that prioritise security can leverage the Invincible Intelligence ecosystem, which uses alternate data to make real-time, risk-informed decisions.

It’s built as a white-label solution, enabling organisations to integrate onboarding seamlessly within their existing brand environment, while ensuring compliance and security. This adaptability ensures that clients can scale their onboarding solutions to meet evolving business demands without compromising security or user experience.

Ongoing support for changing regulatory needs

Despite the platform’s simplicity, Invincible Ocean provides robust client support. “We designed a straightforward DIY platform that emphasises ease of use,” Setia says. To facilitate smooth onboarding for users, it has incorporated AI-enabled tips throughout the platform and offers resources like tutorials, user guides, and access to a dedicated support team.

Keeping pace with the fast-changing fintech sector, Invincible Ocean actively gathers client feedback to continuously improve its platform. With a clientele of over 300 companies and 10 banks, the platform’s adaptability is a response to emerging trends and regulatory changes. The Invincible Intelligence Ecosystem was specifically designed to meet the demand for comprehensive insights from real-time data, enabling businesses to make quick, informed adjustments.

“By harnessing real-time data and advanced analytics, the platform can adapt to regulatory shifts and evolving market demands, ensuring that clients remain compliant and competitive,” explains Setia.

Data security and privacy at the forefront

In a world where data breaches are a constant threat, the company prioritises data security and privacy. The platform incorporates secure microservices and encryption to protect data at every stage of onboarding. Compliance with industry regulations is a key component of the platform’s architecture, which employs robust access controls and regular security audits to detect and prevent potential threats. For companies handling sensitive KYC information, this adherence to high-security standards is a reassurance that customer data is well-protected.

By focusing on ease of use, data security, and regulatory compliance, Invincible Ocean has effectively addressed key pain points in the onboarding process, making it a go-to solution for fintech companies worldwide. As Setia aptly concludes, “In today’s market, onboarding needs to be not only fast but also secure and adaptable. Invincible Ocean’s platform meets that demand, empowering businesses to deploy fintech products quickly and confidently.”






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