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Exclusive: Japan’s Rakuten weighing US IPO of credit card business, sources say
TOKYO, Oct 15 (Reuters) – Japanese e-commerce and finance heavyweight Rakuten (4755.T) is weighing an initial public offering in the United States of its credit card business, according to two sources familiar with the matter.Rakuten began considering a potential U.S. listing of one of Japan’s largest credit card businesses last month, the sources said. The considerations are in the early stages, with other potential options including a stake sale to a strategic buyer, one of the sources said.
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One trigger for considering a U.S. IPO of Rakuten Card was rival SoftBank’s (9984.T) plans to list app pay operator PayPay in the U.S., the source said. The sources declined to be named as the information is not public.The company’s considerations of a U.S. IPO had not been reported previously.
Rakuten did not respond to requests for comment.
Mizuho Financial Group (8411.T) acquired a 15% stake in Rakuten Card for 165 billion yen ($1.1 billion) last year, valuing the business at more than 1 trillion yen, or $7 billion, with the two launching joint credit cards.For PayPay, institutional investors see a baseline valuation of 2 trillion yen, but expect the valuation could exceed 3 trillion yen in the IPO that could take place as early as December, Reuters reported this week.
CARDS CENTRAL TO RAKUTEN’S BUSINESS
Rakuten, which is led by founder and CEO Hiroshi Mikitani, shook up Japan’s finance sector by simplifying the process for applying for credit cards and making them available to a wider range of consumers.
Credit cards are an important part of a web of Rakuten businesses spanning online shopping, banking, travel and other services, with customers accruing loyalty reward points by making payments.
Rakuten listed Rakuten Bank (5838.T) in Tokyo two years ago as the group reeled from heavy losses due to launching a mobile network.Rakuten also announced plans to list Rakuten Securities, but Mizuho injected funding by taking stakes in the brokerage and card businesses.
Rakuten Card has issued more than 30 million credit cards in Japan. Non-GAAP operating profit at the business grew 20% to 62 billion yen last year but fell 4.5% in the April-June quarter of this year compared to the same period a year earlier due to higher costs.
Rakuten Card aims to expand profit to 100 billion yen over the medium term and is looking to expand its business with corporate customers, its CEO Koichi Nakamura said in March.The IPO considerations come as companies around the world are looking to list in the U.S. as they seek higher valuations.
The U.S. IPO market has had its busiest quarter since the fourth quarter of 2021, with companies raising $24 billion through first-time share sales in the third quarter, according to Dealogic.
($1 = 152.0900 yen)
Reporting by Miho Uranaka and Sam Nussey; Editing by Jamie Freed
Our Standards: The Thomson Reuters Trust Principles.
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Focus: Inside Novo Nordisk's 'Club 5,000' as Danish staff cuts gain pace – Reuters
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Tech Mahindra reports EBIT of ₹ 1,699 Crores, up 32.7% YoY; New deal-wins at USD 816 Mn – YoY growth of 35%; Interim dividend declared at ₹ 15 per share
London – October 14th, 2025:
Tech Mahindra
(NSE: TECHM), a leading global provider of technology consulting and digital
solutions to enterprises across industries announced the audited consolidated
financial results for the quarter ended September 30, 2025.Financial highlights for the quarter (USD)
-
Revenue USD 1,586 mn;
- up 1.4% QoQ, down 0.2% YoY in reported terms
- up 1.6% QoQ, down by 0.3% YoY in constant currency terms
- EBIT USD 192 mn; up 11.5% QoQ, up 25.6% YoY
- EBIT Margin 12.1%, up 108 bps QoQ, up 254 bps YoY
-
Profit After Tax (PAT) USD 135 mn; up 1.5% QoQ; Operational PAT* up 28.2%
YoY -
Profit After Tax (PAT) Margin 8.5%, flat QoQ, Operational PAT* margin up
188 bps YoY - Free cash flow USD 237 mn
- New deal wins TCV USD 816 mn
Financial highlights for the quarter (₹)
- Revenue ₹ 13,995 crores; up 4.8% QoQ, up 5.1% YoY
- EBIT ₹ 1,699 crores; up 15.0% QoQ, up 32.7% YoY
-
Consolidated PAT ₹ 1,195 crores; up 4.7% QoQ; Operational PAT* up 35.5%
YoY - Diluted Earnings per share (EPS) at ₹ 13.46
Other Highlights
- Total headcount at 152,714; down 1,559 YoY
- LTM IT attrition at 12.8%
- Days of Sales Outstanding 94 days; flat YoY
- Cash and Cash Equivalent at the end of the quarter ₹ 7,287 crores
- Interim dividend declared ₹ 15 per share
Mohit Joshi, CEO and Managing Director, Tech Mahindra, said,
“We delivered broad-based growth this quarter, reflecting the strength of
our strategy and execution. We launched TechM Orion, our next-generation AI
platform, and TechM Orion Marketplace to help enterprise accelerate
autonomous transformation. Being recognized by industry analysts reinforces
our leadership in advancing next-generation AI.”
Rohit Anand, Chief Financial Officer, Tech Mahindra, said,
“We delivered broad-based growth this quarter, reflecting the strength of
our strategy and execution. We launched TechM Orion, our next-generation AI
platform, and TechM Orion Marketplace to help enterprise accelerate
autonomous transformation. Being recognized by industry analysts reinforces
our leadership in advancing next-generation AI.”
Key Deal Wins
-
Selected by a leading European telecom operator as a strategic partner to
accelerate its enterprise- wide Autonomous Operations journey. Through
this engagement, Tech Mahindra will consolidate and transform the
customer’s ecosystem, delivering an AI and automation-led landscape that
accelerates the realisation of their vision for Autonomous Operations. -
Selected by a global logistics leader as a strategic partner with
multi-year framework agreement to drive AI led efficiency and transition
to Productized IT organization -transitioning from manual, high- touch
operations to an AI-driven, automated, and self-service enabled global
desk. -
Selected by a leading semiconductor equipment manufacturer to spearhead
the enterprise application transformation across SAP, Data & Analytics, AI
and ADMS – advancing automation, resilience, scalability across core
business platforms. -
Selected by a leading life and health insurer in Asia-Pacific region for a
multi-year Application Management Services (AMS) engagement, modernizing
core and digital platforms through AI-led automation and cloud first
transformation to enhance operational efficiency and scalability. -
Selected by a leading European fintech and HR solutions provider with
operations across multiple countries to establish a new offshore delivery
center in India. The engagement focuses on driving the development of
next-generation applications with the setup of a GCC under Built-Operate-
Transfer (BOT) model – strengthening the client’s global delivery
capabilities and future ready operations. -
Partnered with a leading US based telecom operator to advance its network
testing and certification automation and optimization initiatives under
its long-term transformation vision. The engagement focuses on
accelerating network testing and certification through a homegrown
automation platform, leveraging our delivery excellence and agility to
drive greater efficiency, scalability, and innovation across operations.
Business Highlights
-
Recognized by the Government of India as a key player in the prestigious
Indian AI Mission, aligning with country’s objectives to bolster
leadership in AI, foster technological self-reliance, and ensure the
ethical and responsible use of AI. -
Launched TechM Orion, a Next-Gen agentic AI platform, enabling global
enterprises to deploy and manage Agentic AI solutions faster, whether in
assisted or fully autonomous environments, while maintaining control and
transparency throughout the AI lifecycle. -
TechM Orion Marketplace, an Agentic AI marketplace that offers a robust
ecosystem of intelligent, autonomous and action-oriented AI agents,
engineered to centralize AI governance, reduce the cognitive load on
employees. -
300+ AI Agents at Scale: TechM’s Agentic AI portfolio powers hybrid
workforces across industries. -
79K+ employees across the company trained in AI, several of these with
advance training and certifications. -
Tech Mahindra has partnered with NVIDIA to accelerate enterprise AI
transformation. Combining NVIDIA’s accelerated computing stack with Tech
Mahindra’s integration expertise, the collaboration enables autonomous
operations, faster decision-making, measurable business impact, and
scalable AI adoption across industries. -
Tech Mahindra and AMD have entered a multi-year collaboration to
accelerate AI adoption and hybrid cloud transformation across global
enterprises. By integrating AMD’s high-performance compute infrastructure
with Tech Mahindra’s Cloud BlazeTech, the partnership aims to optimize
workloads and deliver scalable, secure, and efficient solutions across
industries. -
Tech Mahindra has joined J.P. Morgan Payments’ System Integrator Program
to help global enterprises modernize payment infrastructure and enhance
customer experiences. Leveraging its ERP and SAP expertise, Tech Mahindra
will support real-time tracking, AI-powered dashboards, and global
deployment of next-gen payment solutions.
Awards and Recognitions
-
Received the 2025 Entrepreneur India Award for Entrepreneur of the Year in
Service Business – SaaS & IT. -
Won 5 Gold medals at the Brandon Hall HCM Excellence Awards 2025 – Talent
Management, Human Resources, Learning & Development and Diversity, Equity,
Inclusion & Belonging. -
Awarded the ‘HYSEA Sustainable Development Award 2025’ reaffirming
innovative and impactful initiatives in the category of Environment. -
Recognized as one of the ‘Most Trusted Companies’ at VAR India Most
Trusted Companies 2025. -
Recognized as one of the ‘Best Tech Brands’ at ET NOW Best Tech Brands for
2025.
Analyst Ratings & Recognitions
-
Recognized as an Emerging Leader in the 2025 Gartner® Emerging Market
Quadrant for Generative AI Consulting and Implementation Services -
Leader – Enterprise Service Management -Consulting and Advisory Services-
US by ISG -
Leader – Application Development Services for AI Applications PEAK Matrix®
Assessment 2025 by Everest Group -
Leader- Application Transformation Services for AI-enablement PEAK Matrix®
Assessment 2025 by Everest Group -
Leader – AI-driven ADM Services 2025-Application Development Outsourcing-
APAC by ISG -
Leader – AI-driven ADM Services 2025-Application Managed Services- APAC
and Global Sis Brazil by ISG -
Leader – AI-driven ADM Services 2025-Application Quality Assurance- APAC
and Brazil by ISG -
Leader – AI-driven ADM Services 2025-Continuous Testing Specialists- US by
ISG -
Leader – Enterprise Service Management -Implementation and Integration
Services – US by ISG -
Leader – Enterprise Service Management -Managed Services for Converged IT
and Business Ops- US by ISG -
Leader – 5G Network Engineering Services PEAK Matrix® Assessment 2025 by
Everest Group -
Leader – 5G Engineering Services PEAK Matrix® Assessment 2025 by Everest
Group -
Recognized with the 2025 Asia-Pacific Technology Innovation Leadership
Award in Business Process Management by Frost & Sullivan. -
Horizon 3 – Market Leaders – Digital Marketing and Sales Services
Capabilities, 2025 by HFS -
Leader – VMware Ecosystem 2025-Build and Modernize IT Foundations- Global
by ISG -
Leader – AWS Ecosystem Partners 2025-AWS Professional Services- US and
APAC by ISG -
Leader – AWS Ecosystem Partners 2025-AWS Managed Services- U.K, US, and
APAC by ISG -
Leader – AWS Ecosystem Partners 2025-AWS Enterprise Data Modernization and
AI Services- U.K and US by ISG - Leader – AWS Ecosystem Partners 2025-AWS SAP Workloads – U.K and US by ISG
-
Emerging Leader – Talent Readiness for Next-generation Cloud Services PEAK
Matrix® Assessment 2025 by Gartner -
Leader – Talent Readiness for Next-generation Cloud Services PEAK Matrix®
Assessment 2025 by Everest Group -
Leader – Contact Center – Customer Experience Services 2025 -Digital
Operations Global and Australia by ISG -
Leader -Contact Center -Customer Experience Services 2025 -Intelligent
Operations- Australia by ISG -
Leader – Future of Work Services 2025-Managed End-user Technology Services
– Mid Market- US by ISG
Consolidated Financial Statement for the quarter ended September 30, 2025
drawn under Ind AS
P&L in INR Mn Q2 FY26 Q1 FY26 Q2 FY25 Revenue 139,949 133,512 133,132 Cost of Services 99,159 95,236 95,957 Gross Profit 40.790 38,276 37,175 SG&A 19,110 18,924 19,673 EBITDA 21,680 21,680 17,502 Other income 400 2,183 5,215 Interest Expense 772 778 890 Depreciation & Amortization 4,687 4,581 4,698 Share of profit / (loss) from associate (28) 5 6 Profit before Tax 16,593 16,181 17,135 Provision for taxes 4,576 4,893 4,560 Minority Interest 72 (118) 74 Profit after Tax 11,945 11,406 12,501 EPS (₹ /share) Basic 13.48 12.87 14.12 Diluted 13.46 12.86 14.10 About Tech Mahindra
Tech Mahindra (NSE: TECHM) offers technology consulting and digital solutions
to global enterprises across industries, enabling transformative scale at
unparalleled speed. With 152,000+ professionals across 90+ countries helping
1100+ clients, Tech Mahindra provides a full spectrum of services including
consulting, information technology, enterprise applications, business process
services, engineering services, network services, customer experience &
design, AI & analytics, and cloud & infrastructure services. It is the
first Indian company in the world to have been awarded the Sustainable Markets
Initiative’s Terra Carta Seal, which recognizes global companies that are
actively leading the charge to create a climate and nature-positive future.
Tech Mahindra is part of the Mahindra Group, founded in 1945, one of the
largest and most admired multinational federation of companies. For more
information on how TechM can partner with you to meet your Scale at Speed™
imperatives, please visit
https://www.techmahindra.comFor Further Queries:
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Revenue USD 1,586 mn;
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