4 COMPANIES MUMBAI | MONDAY, 7 DECEMBER 2020 1 > PhonePe eyes rural mkt with $700-mn war chest

PEERZADA ABRAR Bengaluru, 6 December “ASLONGASWEREMAINHUNGRY ometime this year, as the country ANDAGILEASASTART-UPTO BETHE was dealing with the Covid-19 FIRSTTO GETINTO RURALINDIAAND S pandemic challenge, Sameer DOALOTOFOTHERTHINGSAS Nigam (pictured), founder and chief AMARKETLEADER,ITHINKWE'LL executive officer of PhonePe, adopted a stray cat he found hiding under his car. BEFINE” “It was raining. It came out as soon as I turned on the ignition switch. I took it home,” said Nigam, who is now able to spend time with the cat and also work from home. “Work-from-home is the only reason my wife allowed me to get the cat into the house,” he chuckled. Despite most of PhonePe’s employ- ees working remotely, the digital pay- ment firm has been able to turn the Covid-19 pandemic challenge into an opportunity. PhonePe recently crossed the 250- million registered user milestone, with over 100 million monthly active users OLYMPIC OILINDUSTRIESLIMITED generating nearly 1 billion digital pay- Regd.Off:709, CWing,One BKC, Near Indian OilPetrol Pump,GBlock, ment transactions in October alone. It Bandra- Kurla Complex, Bandra(East) Mumbai -400051 WHAT’S IN PHONEPE’S WALLET Tel: 91 22 2654 0901 Fax: 91 22 2652 0906 is targeting at crossing 500-million reg- E-mail ID: [email protected] Website: www.olympicoil.co.in istered users by December 2022. > $340 billion: Projected size of financial raise at a $5.5-billion valuation from CIN L15141MH1980PLC022912 “Digital payment volumes have services market in the next few years existing Flipkart investors, led by US NOTICE OF THE 40th ANNUAL GENERAL MEETING THROUGH VIDEO CONFERENCING exploded during Covid,” said Nigam, in giant Walmart AND REMOTE E-VOTING, REMOTE E-VOTING INFORMATION AND BOOK CLOSURE ETC. an interview, adding, “As they say, > 1 billion Indians: Financial inclusion Noticeisherebygiven thatthe Fortieth (40th)Annual General Meeting (AGM) of Members of Olympic Oil ‘never waste a good crisis.’ We've seen target of PhonePe. This includes > 500 million-plus: Projected registered Industries Limited will be held on Saturday, 26th December,2020 at 01.00 p.m. IST through video conferencing reaching millions of consumers in PhonePe users by December 2022 ("VC")/Other Audio Visual Means ("OAVM") Facilitytotransactthe Ordinarybusiness,asset out in the Notice phenomenal organic uptake.” of the AGM, in compliancewith the applicable provisions of the Companies Act, 2013 and Rules framed Due to the pandemic, people do not rural India > 250 million-plus: PhonePe registered thereunder and the SEBI (Listing Obligations and DisclosureRequirements) Regulations,2015 read with want to visit automated teller machines General Circular Nos.14/2020, 17/2020 and 20/2020 dated8th April 2020, 13th April 2020 and 5th May2020, > $700 million: Amount PhonePe will users in four years since its existence respectively,issued by the MinistryofCorporate Affairs ("MCACircular/s") and Circular No.SEBI/HO/CFD/CMD1/ or pay in cash, swipe point-of-sale CIR/P/2020/79 dated12th May2020 issued by the Securities and Exchange BoardofIndia ("SEBI Circular"), machines or touch similar devices. without the physical presenceofthe Members at acommon venue. They mainly want to rely on using digi- its platform, making it the fastest-grow- Among other initiatives, where In terms of MCACircular/s and SEBI Circular the Noticeofthe AGMand the Annual Reportfor the Financial year tal payments or quick response (QR) ing insure-tech distributor in India PhonePe plans to use the new funding 2019-20 including the Audited Financial Statements forthe year ended 31st March 2020 ("Annual Report") has been sentonFriday, 04th December,2020, electronically to those Members whose email addresses are codes. within nine months of the insurance is increasing the focus on research and registered with the Company/Depositories/DepositoryParticipants(s) or its Registrar &ShareTransfer Agent “I think we are at the right time and category going live on the app. development. i.e.Link Intime India Private Limited.The requirements of sending physical copy of the Noticeofthe AGMand place because we have millions of these PhonePe plans to launch systematic Its platform called ‘Pay at Stores’ Annual Reporttothe Members have been dispensed with vide MCACircular/s and SEBI Circular. QR codes deployed across the country,” investment plan and insurance pro- allows consumers to find nearby 'kira- Members holding shares either in physical form or in dematerialized form, as on the cut-off date of 18th December,2020 maycast their vote electronically on the OrdinaryBusiness,asset out in the Noticeofthe said Nigam. ducts in the form of sachets. “Next year, nas' or mom-and-pop stores, buy gro- 40" AGMthrough electronic voting system ("remotee-Voting/ e-Voting during AGM")ofNational Securities The Bengaluru-based firm had been we plan to take a lead in the financial ceries, get them delivered and pay DepositoryLimited ("NSDL"). Allthe members areinformed that: out in the market for a long time to raise services market at a mass level,” said remotely. The other initiative is ‘Switch’, (i) the OrdinaryBusiness,asset out in the Noticeofthe 40th AGM, will be transactedthrough voting by a large funding round, but there were Nigam. Digital payments will remain which has been to build a partner app electronic means; rd several challenges. the core part of PhonePe’s business. The ecosystem. It offers its users a conven- (ii) the remotee-Voting shall commenceonWednesday, 23 December,2020 at 9:00 a.m. lST; (iii) the remotee-Voting shall end on Friday, 25th December,2020 at 5:00 p.m. lST; However, after a lot of hardships, it new funding replenishes its war chest ient way to access and engage with mul- (iv) the cut-off date,for determining the eligibilitytovotethrough remotee-Voting or through the e-Voting has been successful at signing a deal to to take on rivals such as Google Pay, tiple apps. system during the 40th AGM, is 18th December,2020; raise $700 million in primary capital at Amazon Pay, and Alibaba-backed To help PhonePe scale up fast, (v) anyperson, who becomes Member of the Companyafter sending the Noticeofthe AGMbyemail and a post-money valuation of $5.5 billion Paytm, which are also making signifi- Flipkart co-founder Binny Bansal is holding shares as on the cut-off date i.e.18th December,2020 mayobtain the login ID and passwordby sending arequest at [email protected] or [email protected]. However, if aperson is already from existing Flipkart investors, includ- cant inroads into the financial services joining an independent board that is registered with NSDL forremotee-Voting then existing user ID and passwordcan be used forcasting vote; ing Tiger Global, led by Walmart, the market as well as payments. already being formed by PhonePe, (vi) Members maynotethat: a) the remotee-Voting module shall be disabled by NSDL afterthe aforesaid world’s largest retailer, according to But what differentiates PhonePe along with the company co-founders date and time forvoting and oncethe vote on aresolution is cast by the Member,the Member shall not people in the know. from the competitors is its ability to Sameer Nigam and Rahul Chari. “M be allowedtochange it subsequently;b)the Members who have cast their vote by remotee-Voting prior to the AGMmay participate in the AGMthrough VC/OAVMFacilitybut shall not be entitled to cast E-commerce firm Flipkart is doing a reach millions of consumers with its “Binny (Bansal) was my boss at their vote again through the e-Voting system during the AGM; c) the Members participating in the AGM partial spin-off of PhonePe, which will financial products and services in rural Flipkart. Over the years, he has become and who had not cast their vote by remotee-Voting,shall be entitled to cast their vote through e-Voting help it to access dedicated, long-term India. It is adding thousands of sales- a dear friend,” said Nigam, adding, “He system during the AGM; and d) aperson whose name is recorded in the Register of Members or in the RegisterofBeneficialOwnersmaintainedby thedepositoriesasonthecut-offdate onlyshallbeentitled capital to fund its growth ambitions, force to get into every ‘taluka’ by the is a good mentor. There are learnings to avail the facilityofremotee-Voting,participating in the AGMthroughVC/OAVMFacilityand e-Voting including going public by 2023. next year. about how he dealt with scaling up during the 40th AGM; One of the ambitions is to deepen its Nigam said many of the competitors Flipkart.” Nigam said despite the chal- (vii) the Noticeofthe AGMand the Annual Reportare available on the websiteofthe Companyathttp:// penetration into financial services, are not interested in going into rural lenges thrown by the pandemic, the olympicoil.co.in/ and the websiteofBSE Limited at www.bseindia.com. TheNoticeofthe AGMisalso whose size could touch $340 billion in India because they're not sure about the entire PhonePe team responded available on the websiteofNSDL at https://www.evoting.nsdl.com; and (viii) In case of anyqueries,you mayrefer the Frequently AskedQuestions (FAQs) forShareholders and e-Voting the next few years. The aim is to provide return on investment, but for PhonePe, incredibly well to keep the business user manual forShareholders available at the download section of www.evoting.nsdl.com or call on toll financial inclusion to 1 billion Indians. it is a home advantage. afloat. free no.: 1800-222-990 or send arequest at [email protected]. or contactMr. AmitVishal,Senior Manager The company plans to tap into “It's intimidating going into rural The new funding is helping the com- National Securities DepositoryLtd.atthe designatedemail IDs: [email protected] or [email protected] at telephone nos.:+91-22-2499 4360, who will also address the grievances connectedwith the voting opportunities ranging from banking, India if you have barely grazed the sur- pany create a tailor-made equity incen- by electronic means.Members mayalso writetothe CompanySecretaryatthe Company'semail address insurance and wealth management to face on engagement with merchants in tive or employee stock ownership plan [email protected]. lending. urban (areas),” said Nigam, adding, “As programme for its 2,200 employees. Book Closure: This year, PhonePe launched 20 cat- long as we remain hungry and agile as “We are competing with the biggest Noticeisalso herebygiven pursuanttoSection 91 of the Companies Act, 2013 read with Rule 10 of the Companies (Managementand Administration) Rules,2014 and Regulation 42 of SEBI (Listing Obligations egories in the area of insurance and a start-up to be the first to get into rural global platforms,” said Nigam, adding, and DisclosureRequirements) Regulations,2015, the Register of Members and the ShareTransfer Books wealth management alone. The firm India and do a lot of other things as a “We will need to have the best people of the Companywill remain closed from Monday, 21st December 2020 to Saturday, 26th December 2020 sold thousands of insurance policies on market leader, I think we'll be fine.” in every function at the company.” (both days inclusive) forthe purpose of Annual General Meeting of the Companytobeheld on December 26, 2020. ForOlympic Oilindustries LIMITED Date:05th December,2020 NipunVerma Place: Mumbai Chairman &whole-time Director Naukri.com AlteriaCapitalreadies founder says foreign funds GOVERNMENT OF TAMILNADU new~1,000-crorefund FINANCEDEPARTMENT colonising CHENNAI -9 Greenshoe of Dated: December05, 2020 start-ups PRESS COMMUNIQUE ~750 crore over It is notified forgeneral information thatthe outstanding balance target corpus In perhaps the first red flag of 8.39% Tamil Nadu GovernmentStock, 2021 issuedinterms of by a significant start-up the GovernmentofTamil Nadu, Finance Department, Notification curator against ‘flipping’, a likely if demand No.213(L)/W&M-II/2010, datedDecember 30, 2010 willberepaid Naukri.com and Zomato persists investor has said foreign at par on January 05, 2021 with interest due up to and including funds are the new East India January04, 2021. In the eventofaholidaybeingdeclaredonthe SAMREEN AHMAD Company that are colonis- aforesaid date by anyState Governmentunder the Negotiable Bengaluru, 6 December ing successful start-ups in InstrumentsAct, 1881, the loanwill be repaid by the paying offices India by transferring owner- in thatState on the previous workingday. No interest will accrue on Venture debt company ship overseas to skip Indian the loanfromand after January 05, 2021. Alteria Capital will be raising regulations and taxes. 2. As per sub-regulation 24(2) and 24(3) of GovernmentSecurities a second fund of ~1,000 Internet entrepreneur Regulations, 2007paymentofmaturity proceeds to the registered crore, with a green-shoe of Sanjeev Bikhchandani says holder of GovernmentSecurity heldinthe form of Subsidiary ~750 crore, said the firm’s top an estimated ~17 trillionof executive. market cap has been trans- General Ledger or Constituent SubsidiaryGeneral Ledgeraccount The venture debt fund, ferred abroad after young or Stock Certificateshall be made by apay order incorporating the which has invested in over 30 InnoVen Capital India, and THERE WILL ALSO Indian start-ups were forced relevant particularsofhis bank accountorbycredit to the account start-ups so far — such as Ankit Agarwal, an angel to shift their company domi- of the holder in anybank having facility of receiptoffunds through Dunzo, Rebel Foods, investor. BE AN cile overseas by foreign electronic means. Forthe purpose of making paymentinrespect of Lendingkart, Zestmoney, “Adding two partners of ALLOCATION FOR investors promising the the securities, the original subscriber or the subsequentholdersof Portea, and Toppr — has Ankit and Punit’s calibre will funds they need for growth. such aGovernmentSecurities, as the case maybe, shallsubmit to already received an approval enable us to collaborate, STRUCTURED DEBT “Shades of the East India the Bank or Treasury and Sub-Treasury or branch of StateBank of from capital markers regu- identify, and act more effec- PRODUCTS AIMED AT Company type of situation India, wheretheyare enfaced /registeredfor payment of interest, lator Securities and tively against a rapidly grow- here — Indian market, as the case maybe, the relevant particularsoftheir bank account. Exchange Board of India, ing market opportunity,” LATER-STAGE FIRMS Indian customers, Indian and is expected to have the said Ajay Hattangdi, co- THAT HAVE A developers, Indian work- 3. However, in the absence of relevant particularsofbank first closure by the end of the founder and managing part- force. However 100% for- account/mandate forreceiptoffunds through electronic March 2021 quarter. ner of the venture fund. DIFFERENTIATED eign ownership, foreign means, to facilitaterepaymentonthe due date,holdersof “Through this fund, we Alteria Capital is cur- RISK PROFILE” investors. IP and data trans- 8.39% Tamil Nadu GovernmentStock 2021, should tender their will target start-ups across rently investing from its ferred overseas. Transfer securitiesatthe Public DebtOffice, 20 days in advance.The securities VINOD MURALI early and growth stages with Fund I with a corpus of ~962 pricing issues foggy,” he should be tendered forrepayment, duly dischargedonthe reverse cheque size up to ~150 crore. crore, which has LPs such as Co-founder and managing partner, tweeted. Alteria Capital thereof as under:- There will also be an alloca- Azim Premji Foundation, “Basically institutional- “Received the Principal due on the Certificate”. tion for structured debt pro- IndusInd Bank, Small ised transfer of wealth away ducts aimed at later-stage Industries Development well,” said Murali. from India while living off 4. It should be particularlynoted thatatplaceswherethe treasury firms that have a differenti- Bank of India via fund of Venture debt is an the Indian market and work is done by abranch of the StateBank of India, the securities, ated risk profile,” said Vinod funds, and Binny Bansal. additional layer of capital Indian labour somewhat if theyare in the form of Stock Certificates, should be tendered at Murali, co-founder and man- With its ability to recycle that sits on top of equity like the days of the the branch of the bank concernedand not at the Treasury or Sub- aging partner of Alteria capital, Alteria will have an funds, which is a capital for Company rule.” Profits from Treasury. Capital Advisors. additional ~500 crore to better outcome or insurance such "global exploitation" of 5. Holderswho wish to receivepaymentatplacesother than It is targeting investments invest in the first fund. for more time, explains intellectual property (IP) in at least 50 technology, Hence, effectively it will have Murali. created in India by Indians those wherethe securitieshavebeen enfaced forpaymentshould consumer, and health care up to ~4,000 crore available As start-ups recognise the retained overseas. "Tax to send themduly dischargedtothe Public DebtOffice concerned start-ups from this fund, for funding start-ups from benefits of raising alternate Indian govt on such by Registeredand Insured Post.The Public DebtOffice willmake which has a deployment fund I and fund II combined. capital for their businesses, profits??? Indian investors paymentbyissuing adraftpayable at anyTreasury/Sub-Treasury or period of four years. “For the second fund, LPs venture capital has seen a shut out,” he tweeted. branch of StateBank of India conducting GovernmentTreasurywork The company has on- will be predominantly rise in its corpus of deals Reached for comments in the StateofTamil Nadu. boarded two new partners. domestic but we are also giv- after the Covid, which is over on his tweets, Bikhchandani S. KRISHNAN, They are — Punit Shah, who ing ourselves room to raise four times as compared to said flipping is externalising Additional ChiefSecretarytoGovernment, was earlier director at money from outside India as 2019, say reports. a company. PTI DIPR/ 1191 /DISPLAY/2020 Finance Department, Chennai-9.