![]() ![]() We are excited about the next phase of our growth as we build new offerings for Indian consumers and merchants, along with enabling financial inclusion across the nation," said Sameer Nigam, co-founder, CEO, PhonePe.įounded in 2015 by former Flipkart executives Nigam, Rahul Chari, and Burzin Engineer, the fintech has over 400 million registered users and is the market leader in Unified Payments Interface (UPI) transactions. "We would like to thank Walmart, our majority investor, for their continued support of our long-term aspirations. ![]() PhonePe's lending forays come at a time when the Reserve Bank of India (RBI) and the Ministry of Electronics and Information Technology (MeiTY) have cracked down on digital lending apps. The company said that it plans to deploy these funds to scale up its payments and insurance businesses in India, as well as to launch and aggressively scale new businesses like lending, stockbroking, ONDC (open network for digital commerce)-based shopping, and account aggregators over the next few years. The Flipkart spin-off also completes PhonePe's transition to a fully Indian-domiciled company, which began in 2022. PhonePe’s fundraise follows the company’s spin-off from e-commerce major Flipkart, which was announced in December. Moneycontrol first reported in October about PhonePe eyeing new fundraising from General Atlantic and others at a valuation of $12 billion. Since then, the fintech unicorn has raised $350 million from General Atlantic and $100 million Tiger Global Management, Ribbit Capital and TVS Capital. The company expects further investments, which will be announced in due course, it said in a statement on March 17. In January, PhonePe announced raising $1 billion in tranches at a valuation of $12 billion. Digital payments and financial services unicorn PhonePe has raised another $200 million in its ongoing proposed $1 billion funding round from its largest shareholder Walmart at a pre-money valuation of $12 billion.
0 Comments
Leave a Reply. |