CWD and PhonePe Sign Landmark MSA with a Commercial Agreement Worth INR 100 Crores Over the Next Two Years

CWD Limited, an Information Communication Technology company, today announced the signing of a Master Supply Agreement (MSA) with PhonePe, one of India's leading fintech companies, to design, develop, and manufacture the innovative Sound Box device. The two-year deal is valued at INR 100 crores, underscoring the significance of this collaboration in shaping the future of digital payments in India.

The Sound Box, a game-changing payment solution, has revolutionized the way merchants receive and confirm UPI transactions. By integrating seamlessly with PhonePe's platform, the device provides a multilingual audible confirmation of payments, enabling merchants to focus on serving customers without the need to constantly monitor their mobile devices.

"The partnership with PhonePe underscores CWD's unwavering commitment to harnessing our exceptional engineering and R&D expertise to spearhead innovation in electronic devices. Our dedicated teams have demonstrated extraordinary effort in designing and developing the Sound Box, ensuring it surpasses the highest standards of quality and performance. This collaboration represents not only a significant milestone for CWD but also a profound endorsement of the 'Make in India' initiative. It enriches our customers with superior economics, enhanced product reliability, strengthened security, and the safeguarding of Intellectual Property, while simultaneously promoting local innovation and manufacturing. We are proud to contribute to a more connected and efficient payment ecosystem in India," stated Siddhartha Xavier, Joint Managing Director of CWD Limited.

Under the terms of the agreement, CWD Limited will be responsible for the end-to-end design, development and manufacturing of the Sound Box, ensuring high-quality standards and timely delivery to PhonePe; meeting the growing demand for this innovative solution.

The Sound Box has had a significant impact on the fintech ecosystem, driving financial inclusion and supporting the government's vision of a less-cash economy. With over 14 million Sound Boxes already in use across India, this collaboration between CWD Limited and PhonePe is poised to further expand the reach and adoption of this innovative payment solution.

Shares of CWD Limited was last trading in BSE at Rs. 953.80 as compared to the previous close of Rs. 794.85. The total number of shares traded during the day was 20400 in over 152 trades.

The stock hit an intraday high of Rs. 953.80 and intraday low of 865.00. The net turnover during the day was Rs. 18565560.00.

Source : Equity Bulls

Keywords

INE0H8H01019 CWD ConsumerElectronics MSA PhonePe SoundBoxDevice