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PhonePe’s transaction and traffic numbers bounce back to normal
MUMBAI: Digital payments platform PhonePe today said it has bounced back hard in the last 24 hours. The platform processed over Rs 4000 crore worth of transactions in 24 hours and saw its largest-ever volume of user traffic in a single day (with over 70Mn app sessions).
PhonePe saw an extended service outage, which started immediately after the RBI moratorium on Yes Bank on March 5th (Thursday) lasting for nearly 24 hours till 6 March (Friday). The PhonePe team worked overnight with NPCI and ICICI bank, its new UPI partner to ensure all its services were up and running within a day. All merchant payment settlements were restored by Friday noon and all consumer wallet, credit, and debit card payments were restored by 3 p.m. All UPI services were restored by Friday night, with PhonePe users continuing to use their UPI @ybl handles. This ensured that there was a seamless transition for all of its 20 crore customers
PhonePe founder-CEO Sameer Nigam said: “Friday was an extraordinarily difficult situation with little precedence. We are grateful to RBI, NPCI, Yes Bank and ICICI for working collectively to ensure that millions of our customers and merchants were not inconvenienced a minute longer than necessary. The trust and loyalty of our customers and merchant partners have reposed in us by coming back in larger numbers than ever before is truly humbling. I would also like to take a moment to appreciate the mammoth effort of all the PhonePe employees who worked tirelessly for 36 hours straight with a singular focus on getting all our customer and merchant services live as fast as possible.”
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JioHotstar EVP, head subscriptions (SVOD) and media Piyush Kothari exits
Streaming executive signs off after 6.5-year run across DisneyStar and JioStar
MUMBAI: Piyush Kothari, EVP and head subscriptions (SVOD) and media at JioHotstar, has stepped down from his role, bringing the curtain down on a 6.5-year stint spanning the DisneyStar and JioStar eras.
Kothari shared the update in a note reflecting on what he called a “transformative” phase for the media industry and a personal journey through the fast-evolving world of streaming and sports entertainment.
“The last few years have been transformative for the media industry and experiencing this journey up close over the past 6.5 years with DisneyStar and now JioStar has been a thriller,” he wrote, thanking colleagues and collaborators who shaped his time in the business.
Kothari joined JioHotstar in November 2024 as EVP, head subscriptions (svod) and media, where he oversaw subscription revenues and subscriber growth for the platform’s svod business.
Before that, he spent over five years at The Walt Disney Company in a series of leadership roles. His last position there was head of product, growth, partnerships and international expansion for Disney+ Hotstar, where he led efforts to scale subscription revenues across direct to consumer and partnership channels. The role also involved overseeing the service’s standalone businesses in markets such as Singapore, Canada and the UK.
Earlier, he served as lead, corporate office and strategic projects, working across the company’s entertainment, sports and streaming businesses. He also headed business operations at Mashal Sports, the entity behind the Pro Kabaddi League, where he helped steer the league through key commercial milestones including a five year broadcast and streaming media rights deal.
Alongside his operational roles, Kothari also served as nominee director on the board of Mashal Sports and was a director on the board of Novi Digital, the company that operates Hotstar.
Before entering the media and entertainment space, Kothari held senior roles across consulting, fintech and conglomerates. He worked with Welspun Group as head, group executive office, with Aditya Birla Group as joint president and business head, digital, analytics and strategy at Aditya Birla Idea Payments Bank, and earlier served as vice president in the chairman’s office at the group.
His career also includes stints at Accenture as principal, Accenture Strategy, and earlier at Shell in channel development and sales.
Reflecting on his time in the media sector, Kothari said he leaves with a lasting belief in India’s subscription economy. He also joked about picking up a new affection along the way.
“Carrying with me love for kabaddi, a deep belief in the potential of the subscriptions business in India, and fond memories and friendships,” he wrote, adding that he is now “onward to the next chapter”.
