E-commerce giant Flipkart’s co-founder is planning to invest $100-150 million in online payments aggregator PhonePe according to a report by Economic Times. The amount has not been finalized as per the report. PhonePe has already raised $450 million in 2023. The first round was for $350 million by General Atlantic on January 19. The second round raised $100 million from Ribbit Capital, TVS Capital Funds and Tiger Global on February 14.
The online payments platform is India’s most valued payment firm with a valuation of $12 billion. Despite a funding crunch in the Indian startup ecosystem, PhonePe remains unaffected with its fundraises. The majority stake of PhonePe is owned by US retailer Walmart since 2018 after it acquired Flipkart. PhonePe has announced a complete ownership separation from Flipkart earlier this year.
Binny Bansal is an Indian tech entrepreneur worth $1.4 billion according to Forbes. He graduated from IIT Delhi with a degree computer science and engineering. Bansal initially worked for Amazon and later co-founded Flipkart with Sachin Bansal in 2007. He is an anchor investor in 021 Capital, a venture fund focussing on biotechnology and agritech.
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