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Tag: Citi

  • Phonepe prepares for IPO, targets $15 billion valuation with top banks

    Phonepe prepares for IPO, targets $15 billion valuation with top banks

    MUMBAI: Phonepe is gearing up for its stock market debut, enlisting J.P. Morgan, Kotak Mahindra Bank, Morgan Stanley, and Citi to oversee its IPO. The fintech firm, backed by Walmart, is eyeing a valuation of up to $15 billion as it plans to list on Indian stock exchanges.

    Marking a decade in business, Phonepe has restructured its corporate framework, consolidating its various divisions into wholly owned subsidiaries. This strategic move, coupled with robust financial growth, positions the company favourably for public listing.

    Phonepe has reported over 70 per cent revenue growth in the past fiscal year while narrowing net losses and achieving an adjusted post-tax profit. A sharp focus on automation, operational efficiency, and cost management has reinforced its financial stability.

    With a strong user base and innovative digital solutions, Phonepe aims to sustain its strong position in India’s fintech space. As it advances towards the IPO, the company remains committed to scaling its business and driving long-term profitability in the evolving digital payments sector.

  • Saraswathi Ramachandra joins Lightcast as managing director, India head

    Saraswathi Ramachandra joins Lightcast as managing director, India head

    MUMBAI:  Saraswathi Ramachandra has been appointed as the managing director & country head of Lightcast, marking a new chapter in her distinguished 25-year career in IT and data analytics. With a profound commitment to innovation and team building, Ramachandra sees her role as an opportunity to develop a world-class global capability center (GCC) that fosters collaboration and strategic decision-making.

    “Lightcast’s vision to establish a robust GCC aligns perfectly with my passion for innovation and talent development,” Ramachandra said. She aims to create an environment that not only supports global operations but also drives sustainable growth by leveraging Lightcast’s unique position in data, insights, and technology.

    In her previous role as director at Citi, Ramachandra led initiatives focusing on risk and fraud analytics while managing an innovation lab. She has a proven track record of building high-performing teams and enhancing operational efficiency across various organizations, including Danske IT, Cisco, and Accenture.

    Her academic credentials include a master’s degree in computer software engineering from the Birla Institute of Technology and Science, with additional executive education from Yale University in decision-making. Ramachandra’s extensive experience in setting up GCCs and managing large-scale transformations positions her to make a significant impact at Lightcast.

    Ramachandra expressed her enthusiasm for this new role, saying, “Joining Lightcast is more than just a career move; it’s a chance to make a meaningful difference in the industry.” 

    She looks forward to working with a talented team dedicated to delivering transformative solutions.

  • Tata Group’s Cyrus Mistry plans Rs 2,000 crore IPO for Tata Sky

    Tata Group’s Cyrus Mistry plans Rs 2,000 crore IPO for Tata Sky

    MUMBAI: In 2012 Tata Group chairman Cyrus Pallonji Mistry is believed to be offering Rs 2,000 crore for the Tata Sky’s amount of issue, according to a report.

    Mistry had had initiated the process to sell part of Tata Sky in his first initial public offering (IPO) move after becoming the group chairman and a recent report by Times of India says Tata Sky will also be the 30th publicly listed company from the Tata Group which currently has a combined market cap of nearly Rs 7.2 lakh crore.

    Early next week, the company’s investors, management, underwriters and counsel will hold the kickoff meeting to thrash out the red herring prospectus, Times of India reported.

    To take matters forward, Morgan Stanley, Citi and Kotak Mahindra Capital will manage the DTH provider’s offering in which Tata Sons owns 51per cent, media mogul Rupert Murdoch’s 21st Century Fox has 30 per cent, Singapore state investor Temasek 10 per cent, and Tata Opportunities Fund holds 9 per cent.

    Mistry has revived the plan to list Tata Sky on the domestic stock market, which will help the 47-year-old to part-monetize the asset by bringing in fresh funds to fuel the conglomerate’s growth plans and trim its debt. In fiscal 2015, its loss stood at Rs 267 crore.

    The report also stated that there are prospects of sale of new shares as well as of existing shares held by promoters including Tata Sons and Temasek, which has remained invested in Tata Sky since 2007. According to the report, Temasek wants to encash some of its holdings in the 12-year-old Tata Sky, which will have a gross profit of Rs 1,000 crore in fiscal 2016. Murdoch’s 21st Century Fox intends to retain its ownership, while Tata Opportunities Fund is undecided whether it wants to sell a stake in the IPO, the person added.

    Tata Sky intends to use the proceeds from the share sale to beef up its balance sheet. The company, which has emerged as the leader in the DTH field, will break even this financial year.

  • Tata Group’s Cyrus Mistry plans Rs 2,000 crore IPO for Tata Sky

    Tata Group’s Cyrus Mistry plans Rs 2,000 crore IPO for Tata Sky

    MUMBAI: In 2012 Tata Group chairman Cyrus Pallonji Mistry is believed to be offering Rs 2,000 crore for the Tata Sky’s amount of issue, according to a report.

    Mistry had had initiated the process to sell part of Tata Sky in his first initial public offering (IPO) move after becoming the group chairman and a recent report by Times of India says Tata Sky will also be the 30th publicly listed company from the Tata Group which currently has a combined market cap of nearly Rs 7.2 lakh crore.

    Early next week, the company’s investors, management, underwriters and counsel will hold the kickoff meeting to thrash out the red herring prospectus, Times of India reported.

    To take matters forward, Morgan Stanley, Citi and Kotak Mahindra Capital will manage the DTH provider’s offering in which Tata Sons owns 51per cent, media mogul Rupert Murdoch’s 21st Century Fox has 30 per cent, Singapore state investor Temasek 10 per cent, and Tata Opportunities Fund holds 9 per cent.

    Mistry has revived the plan to list Tata Sky on the domestic stock market, which will help the 47-year-old to part-monetize the asset by bringing in fresh funds to fuel the conglomerate’s growth plans and trim its debt. In fiscal 2015, its loss stood at Rs 267 crore.

    The report also stated that there are prospects of sale of new shares as well as of existing shares held by promoters including Tata Sons and Temasek, which has remained invested in Tata Sky since 2007. According to the report, Temasek wants to encash some of its holdings in the 12-year-old Tata Sky, which will have a gross profit of Rs 1,000 crore in fiscal 2016. Murdoch’s 21st Century Fox intends to retain its ownership, while Tata Opportunities Fund is undecided whether it wants to sell a stake in the IPO, the person added.

    Tata Sky intends to use the proceeds from the share sale to beef up its balance sheet. The company, which has emerged as the leader in the DTH field, will break even this financial year.

  • Star Plus hops on to the IPL bandwagon

    MUMBAI: Star Plus, Star India’s flagship Hindi general entertainment channel (GEC), has signed on as the official on-ground associate sponsor of the cash-rich Indian Premier League (IPL) as it seeks to keep its numero uno position intact by riding on the popularity of the tournament.

    With Star Plus on-board, the BCCI will also heave a sigh of relief as it was having a tough time in filling the on-ground sponsorship slots left vacant by the exit of Hero MotoCorp, Citi, Karbonn Mobiles and Volkswagen. The BCCI has now locked in three associate sponsors which includes Vodafone, Yes Bank and Star Plus in addition to title sponsor Pepsi.

    According to a top sports marketing executive, the sponsorship deal between Star Plus and BCCI is in the region of Rs 300 to Rs 350 million annually.

    This is not the first time a television channel has used IPL to reach out to its audience. Last year, Star India’s newly launched Hindi GEC Life OK had associated with Chennai Super Kings (CSK) to raise its brand awareness.

    “We are happy to be associated with the IPL primarily to drive our flagship channel, Star Plus. We saw a great opportunity to use this platform to communicate our brand promise of “Rishta Wahi, Soch Nayi”. We are also very keen to deepen what is
    already a strong relationship with the BCCI. The power of Star‘s platform is unique and we are keen to leverage this to support BCCI’s efforts to increase the reach and popularity of IPL,” said Star India CEO Uday Shankar.

    “Since its inception in 2008, the tournament has provided a platform to organisations, which are as passionate about achieving and maintaining standards of excellence as the IPL itself. Star India belongs to this elite fraternity. We look forward to a fruitful association with them,” said IPL chairman Rajeev Shukla.

    The Pepsi IPL 2013 will be played from 3 April to 26 May. Nine teams will play each other twice – at home and away, in a total of 72 league matches. The top four teams, in terms of points, at the end of the league stage on 19 May will qualify for the Playoffs. The final will be played on 26 May at the Eden Gardens, Kolkata.

  • TV18 marketing head Neel Chowdhury quits; to join Obopay as VP, CMO

    TV18 marketing head Neel Chowdhury quits; to join Obopay as VP, CMO

    MUMBAI: Neel Chowdhury, CNBC TV18 and CNBC Awaaz VP marketing, has ended his two-year stint with the company to join US-based mobile payment service company Obopay as vice-president and chief marketing officer.

    Confirming the development to Indiantelevision.com, Chowdhury said, “Yes I have joined the new start-up Obopay today as VP and CMO.”

    Based out of Mumbai, Chowdhury will spearhead the company’s expansion plans in India.

    Before joining TV18 in March 2008, Chowdhury was CMO at Times Global Broadcasting (TGBCL). Prior to TGBCL, he was Bharti Mumbai head -marketing. He has also worked with Tata Teleservices and Pepsico International as COO – West Bengal and channel development manager respectively.

    Obopay has several strategic investing partners like Qualcomm, Citi, Redpoint Ventures, Richmond Management, and Essar.