CWD Limited, an information and communication technology company, has secured a ₹100 crore contract with PhonePe to design, develop, and manufacture Sound Box devices over the next two years. The agreement, announced on August 19, 2024, involves CWD producing an innovative payment solution that provides audible confirmation of UPI transactions for merchants.

The shares of CWD Limited were trading at ₹953.80, up by ₹158.95 or 20 per cent, on the BSE at 3 pm on Monday.

The Master Supply Agreement (MSA) aims to meet the growing demand for Sound Boxes, with over 14 million already in use across India. CWD will be responsible for the end-to-end production process, ensuring high-quality standards and timely delivery.

Siddhartha Xavier, Joint Managing Director of CWD Limited, said, “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.” 

Published on August 19, 2024