According to Business Standard, the funding would help the companies to tap into India’s booming digital payments market.
PhonePe app is currently accepted across 5 million merchant outlets in India. The company also launched its own apps platform in 2018. Its customers can place orders on ride hailing firm Ola, Indian Railway Catering, and Tourism Corporation, bus ticketing platform redBus and hotel network OYO directly from within the PhonePe Mobile App.
Pine Labs is backed by investors such as Sequoia, PayPal, Temasek, and Sofina, and announced plans to launch new solutions, foray into new markets and categories, and go for an initial public offering (IPO) over the next two years.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now