Exclusive: PhonePe Raises ₹5,000 Crore At A Valuation of ₹45,000 Crore

Must Read

The Growth of OTT: Blip in the Radar Or a Real Threat to Traditional TV?

People are attached to their smartphones way more than they're to any other gadget. In fact, the average person...

Are You A Gaming Geek: ‘Five Commandments’ Before You Buy Video Games Online !

Does your day start with joysticks instead of coffee mugs? Or as a kid your best friends were the...

Top Softwares for Business in 2021 That Every Startup Entrepreneur Must Use

In the conditions of the global pandemic and economic crisis, small and medium-sized businesses face different problems and do...

The digital payment company PhonePe has raised Rs 5,000 crore (approx $690 million) in a fresh round of funding. After the new round of investment, the company is now valued Rs 45,000 crore (post-money valuation) that will help the company to strengthen its presence in the digital payment market.

According to sources Dazeinfo has spoken with, the round is led by Walmart which has invested approx Rs 3,400 crore ($480 million) in the recent round. Tencent and Tiger Global are the other major investment firms who participated in the round each investing Rs 740 crore ($100 million).

Along with the fresh round of investment, Walmart has also got PhonePe out of Flipkart umbrella, making it a separate entity altogether. Sources have also confirmed that 2 people from Walmart, one each from Tiger Global and Tencent would be the part of the new board of PhonePe.

Advertisements

PhonePe which was acquired by Flipkart for nearly $20 million in 2016 has been growing leaps and bounds due to the exploded adoption of UPI nationwide.

By the end of October there the app has nearly 25 crore registered users, of which 10 crore are actively transacting on the platform on a monthly basis.

In October, PhonePe reported a record number of transactions amounting to Rs 250,000 crore.

Developing…..

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Advertisements

Latest News

Apple AirTag: An Effective Tool For Thieves To Steal Cars

Thieves have left no stone unturned to make the most of every new technology invented. No matter how hard...

In-Depth: Dprime

Will ‘TikTok By Microsoft’ Be A Winner?

For the last two years, TikTok has been in the public eye for all sorts of reasons. First, it was the exploded and unparalleled...

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter, with a...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one of the...

More Articles Like This