Monday, January 25, 2021
  • About
  • Advertise
  • Careers
Scoftware Magazine
  • Home
  • Politics
  • Business
  • Culture
  • Opinion
  • Lifestyle
  • Entertainment
  • Login
No Result
View All Result
Scoftware Magazine
Home Business

PhonePe raises $700 million in a new funding round led by Walmart, becomes a separate entity

Jaleel M. by Jaleel M.
December 4, 2020
in Business
0
PhonePe raises $700 million in a new funding round led by Walmart, becomes a separate entity
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter



In unnamed funding round, Flipkart backed PhonePe raises fresh funds thereby taking its valuation to $5.5 billion.

Related posts

Union Budget 2021: Real estate sector seeks sops to boost housing demand

Union Budget 2021: Real estate sector seeks sops to boost housing demand

January 25, 2021
Union Budget 2021: Centre may announce formulation of ‘dedicated’ policy for toys sector

Union Budget 2021: Centre may announce formulation of ‘dedicated’ policy for toys sector

January 24, 2021

PhonePe, owned by Walmart-backed Flipkart, is “partially” spinning off, the Bangalore-based financial services firm said on 3 December 2020. The firm said it has secured $700 million in a new financing round. This round, the name of which was not disclosed, was led by Walmart, with participation from some existing investors. The new round gave PhonePe, which was founded by three former Flipkart employees, a post-money valuation of $5.5 billion.

Speaking on the development, Sameer Nigam, Founder and CEO, PhonePe, said, “Flipkart and PhonePe are already among the more prominent Indian digital platforms with over 250M users each. This partial spin-off gives PhonePe access to dedicated long-term capital to pursue our vision of providing financial inclusion to a billion Indians.‘’

The partial spin-off will reduce Flipkart’s stake in PhonePe from 100 percent to 87 percent. PhonePe, which means “on the phone” in Hindi, currently leads the mobile payments market in India. In October, it surpassed Google Pay to become the top UPI (Unified Payments Interface) payments app.

UPI is a four-year-old payments infrastructure built by India’s largest banks. It is the most popular way people transact money digitally in India. PhonePe reported 835 million UPI transactions in October, ahead of Google Pay, which processed about 820 million transactions in the same month.

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.



Source link

Previous Post

Chhattisgarh accepts Centre’s borrowing proposal for GST shortfall; Jharkhand lone state to keep out

Next Post

Fisdom raises $7 million fresh funds in a funding round led by payment platform PayU

Next Post
Fisdom raises $7 million fresh funds in a funding round led by payment platform PayU

Fisdom raises $7 million fresh funds in a funding round led by payment platform PayU

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Baltimore Rapper Leako Releases New Mixtape ‘Skinny Plug’

Baltimore Rapper Leako Releases New Mixtape ‘Skinny Plug’

7 months ago
Charlize Theron Says Her Kids Have Become “Little Warriors” Amid Black Lives Matter Movement

Charlize Theron Says Her Kids Have Become “Little Warriors” Amid Black Lives Matter Movement

6 months ago
“Safety Paramount But…”: Irfan Pathan Doesn’t Want ICC Guidelines To Make Cricket More Complicated

“Safety Paramount But…”: Irfan Pathan Doesn’t Want ICC Guidelines To Make Cricket More Complicated

8 months ago
Irfan Pathan Says “Racism Not Restricted To Skin Colour”, Discrimination Based On Faith Is Also Racism

Irfan Pathan Says “Racism Not Restricted To Skin Colour”, Discrimination Based On Faith Is Also Racism

8 months ago

FOLLOW US

  • 79 Followers
  • 29.5k Followers
  • 82.6k Subscribers

BROWSE BY CATEGORIES

  • Business
  • Culture
  • Entertainment
  • Lifestyle
  • Music
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Tech
  • Travel
  • World News

BROWSE BY TOPICS

2018 League Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan Istana Negara Market Stories National Exam Visit Bali

POPULAR NEWS

  • Kris Jenner Spills Details About Her Sex Life With Corey Gamble: Watch

    Kris Jenner Spills Details About Her Sex Life With Corey Gamble: Watch

    0 shares
    Share 0 Tweet 0
  • Common Saints Release New Single “Idol Eyes”

    0 shares
    Share 0 Tweet 0
  • KRISTIN LASH & JAKOB GREY Team Up On “Sleeping With The Lights On”

    0 shares
    Share 0 Tweet 0
  • Sam Heughan & Graham McTavish Are Men in Kilts for Travel Show

    0 shares
    Share 0 Tweet 0
  • A Blackhat Hacker Durgesh Singh Kushwah Tells Us All!

    0 shares
    Share 0 Tweet 0
  • About
  • Advertise
  • Careers

© 2020 Scoftware.com

No Result
View All Result
  • Home
  • Politics
  • Business
  • Culture
  • National
  • Sports
  • Lifestyle
  • Travel
  • Opinion

© 2020 Scoftware.com

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Terms and Conditions - Privacy Policy