PremiumMumbai: State Bank of India (SBI) is actively looking to hive off its digital platform You Only Need One (Yono) App into a separate subsidiary, its chairman Rajnish Kumar said, news agency PTI reported. "There is very serious thinking going on and we are in discussions with all our partners to hive it (Yono) off as a separate subsidiary," Kumar said at a banking and finance conference, Sibos 2020, organised by the Society for Worldwide Interbank Financial Telecommunications (SWIFT).
However, he added, the discussions are at an early stage and the valuation of Yono has also not been done so far.
Recently, the SBI chairman had said that Yono is a profitable platform, and has a valuation of over USD 40 billion.
"Only thing is that because it is sitting in the bank, it does not get reflected in the valuations. If it was sitting outside banks, my valuation would be…may be USD 40-50 billion for Yono given the valuations which the start-ups get," he had said.
SBI had launched the Yono platform in November 2017 to help its customers' banking, investment and shopping needs. Yono has seen more than 56 million downloads with over 27 million registered users.
Yono has partnered with over 80 e-commerce players in more than 20 categories and has also forayed into global markets such as the UK and Mauritius
