Thursday, April 22, 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

Sensex tumbles over 500 points in early trade; index majors HDFC Bank, HUL track losses-Business News , Firstpost”

Sensex tumbles over 500 points in early trade; index majors HDFC Bank, HUL track losses-Business News , Firstpost”

April 22, 2021
Net profit rises 14.9% to ₹9,246 crore; revenue at ₹43,705 crore-Business News , Firstpost”

Net profit rises 14.9% to ₹9,246 crore; revenue at ₹43,705 crore-Business News , Firstpost”

April 21, 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

Suresh Raina, Piyush Chawla And Mohammed Shami Hit The Nets. Watch

Suresh Raina, Piyush Chawla And Mohammed Shami Hit The Nets. Watch

9 months ago
Bekah Martinez Shows Relatable Breastfeeding Moment With Her Daughter and Newborn Son

Bekah Martinez Shows Relatable Breastfeeding Moment With Her Daughter and Newborn Son

10 months ago
MELT YOURSELF DOWN share powerful new single ‘Born in the Manor’

MELT YOURSELF DOWN share powerful new single ‘Born in the Manor’

10 months ago
Viswanathan Anand Suffers 4th Consecutive Defeat In Legends Of Chess Tournament

Viswanathan Anand Suffers 4th Consecutive Defeat In Legends Of Chess Tournament

9 months ago

FOLLOW US

  • 85 Followers
  • 29.5k Followers
  • 113k 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
  • Sam Heughan & Graham McTavish Are Men in Kilts for Travel Show

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

    0 shares
    Share 0 Tweet 0
  • SEVENTEEN REVEALS PROMOTION SCHEDULE FOR ; SEMICOLON

    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