According to TechCrunch, the round was led by Walmart with participation from some existing investors. The investment gave PhonePe, which was founded by three former Flipkart employees, a post-money valuation of USD 5.5 billion. Besides, due to the partial spin-off, which had been planned for more than a year, Flipkart’s stake in PhonePe will reduce from 100% to 87%. However, Flipkart will remain PhonePe’s majority shareholder, and the two businesses will retain their close collaboration.
PhonePe currently leads the mobile payments market in India. In October 2020, it surpassed Google Pay to become the top UPI payments app, and reported 835 million UPI transactions, ahead of Google Pay, which processed about 820 million transactions that month.
The solution was first to launch on UPI and has extended into new use cases including travel booking, bill payments, financial services, and others. The company has also launched Switch which allows users to switch between PhonePe and other apps like food and grocery delivery, TechCrunch reported.
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