Page 9 - Phonepe

Fintech major PhonePe launches AA Services via wholly-owned subsidiary

Authorised by RBI, an account aggregator (AA) is a licensed entity that can collect financial data with a user's consent

Walmart shareholding in fintech firm PhonePe drops to 85% from 89%

Retail giant Walmart's shareholding in decacorn fintech firm PhonePe has dropped to 85 per cent from 89 per cent following its ongoing fundraise of USD 1 billion, the US based firm said. PhonePe has now raised a total of USD 850 million of primary capital in the current round till the end of May. "During the three months ended April 30, 2023, the company received USD 0.5 billion related to new rounds of equity funding for the company's majority-owned PhonePe subsidiary, which reduced the company's ownership from approximately 89 per cent as of January 31, 2023 to approximately 85 per cent," Walmart said in a latest regulatory filing. Till April 30, the Walmart group firm has raised USD 750 million, including USD 200 million capital infusion from Walmart. General Atlantic and its co-investors have contributed USD 550 million in the ongoing USD 1 billion funding round of PhonePe at a pre-money valuation of USD 12 billion. Ribbit Capital, Tiger Global and TVS Capital Funds have inves

PhonePe links 2 lakh Rupay credit cards to UPI, says it is first to do it

Enables Rupay card acceptance across 12 million merchant outlets in the country

PhonePe raises another $100 mn from General Atlantic as part of $1 bn plan

The company has raised a total of $850 million from several global investors, including $550 million from General Atlantic alone

PhonePe raises additional $100 million from PE firm General Atlantic

Walmart Inc-owned payments firm PhonePe said that it has secured an additional $100 million from private equity firm General Atlantic, in the latest round of its ongoing $1 billion fundraising

Flipkart's double-digit growth helps Walmart sales jump 13% at $26.8 bn

Walmart-owned fintech firm PhonePe saw its annualised total payments volume cross $1 trillion in Q1

ZestMoney sets up new leadership team, a day after founders resign

ZestMoney's founders have resigned, several weeks after fintech giant PhonePe decided to halt its proposed acquisition of the buy now, pay later (BNPL) platform

Zomato begins its own UPI offering, Flipkart expected to follow soon

The report citing sources added that e-commerce platform Flipkart is also hopping on the bandwagon and has started its work for UPI offerings

ZestMoney founders resign weeks after PhonePe calls off to acquisition

In April, ZestMoney laid off 100 employees, or about 20 per cent of its workforce

Pincode clocks 5,000 daily orders on ONDC within month of launch

E-commerce app of fintech platform PhonePe says after Bengaluru it will be in more cities

PhonePe goes live with UPI LITE to enable low-value transactions

Feature enables faster, seamless transactions for low-value amounts of Rs 200 or less

PhonePe may forgo ZestMoney's $18 mn debt after failed acquisition: Report

ZestMoney is said to be in talks with some of its existing investors to raise separate equity capital, the report said

PhonePe plans to take on Google Play Store; to launch an app store

PhonePe also clarified that it would not like to put an exact timeline on it. The current focus is to build an app store

PhonePe raises $100 million additional funding from General Atlantic

This new funding is part of PhonePe's ongoing fundraise of up to $1 billion in capital, following its domicile shift to India last year

PhonePe raises another $100 mn to expand into lucrative lending space

With the latest round, PhonePe, India's most valuable payments firm with an estimated value of $12 billion, has raised $650 million across four tranches from its backers, including Tiger Global

ZestMoney laying off 100 employees after deal with PhonePe fails

PhonePe in talks with BNPL firm to hire some staff left after acquisition talks fail

We should be allowed to charge for UPI: Worldline India's Ramesh Narasimhan

In a Q&A, the company's CEO dwells on the huge opportunity the payments business provides in India and why there is a sudden rush to acquire an aggregator licence

Indian startup funding dives 75% YoY to $2.8 bn in Q1 of CY 2023: Tracxn

Deal values dip sequentially as well; despite this India emerges as second-highest funded nation, behind the US

IPO only after achieving overall profitability: PhonePe CEO Sameer Nigam

We have raised $650 million as part of PhonePe's ongoing fundraise of up to $1 billion, said Sameer Nigam, CEO and founder of PhonePe

PhonePe launches shopping app for ONDC, marking e-commerce entry

Pincode will connect consumers to small merchants and neighbourhood stores, says fintech firm