PhonePe
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PhonePe becomes first payment app to link 2 lakh RuPay credit cards to UPI
The company said it aims to offer a comprehensive suite of solutions for RuPay Credit on UPI in partnership with NPCI to popularize its usage among the customers and merchants alike. The company has already enabled the acceptance of RuPay credit cards on UPI across 12 million merchant outlets in the country, achieving the highest merchant penetration in the ecosystem.
How to pay your Loan EMI using PhonePe
From money transfers to recharges, paying electricity and other utility bills, to buying insurance and investing in Mutual Funds, PhonePe is trusted by one in four Indians. During this digital age, paying Loan EMI via apps makes it comfortable and efficient, so that you don't have to spend hours at the bank.
PhonePe raises extra $100 mn at $12 bn valuation
"We are privileged to have a great set of leading global investors, both existing and new, who believe in our mission of building massive technology platforms to bring at-scale financial and digital inclusion in India," Sameer Nigam, CEO and Founder of PhonePe.
PhonePe's decision to shift domicile from Singapore to India cost its investors Rs 8,000 Cr in taxes: CEO Sameer Nigam
Nigam further stated that the challenges for startups shifting domicile to India are high, and that the move resulted in a loss of approximately $900 million dollars of accumulated losses, as it is treated as a restructuring event. Nigam also stated that at least 20 existing unicorns have expressed interest in shifting domicile to India if regulations become easier.
PhonePe envisions massive opportunity ahead across UPI, lending, insurance, ONDC
"General Atlantic is a really good blue chip global investor that has a long view on companies, which gives us the flexibility to be able to actually do at-scale investments in new sectors like insurance, lending, broking or ONDC," Sameer Nigam, Co-Founder & CEO, PhonePe, said.
PhonePe raises $350 mn at $12 billion valuation
Marquee global and Indian investors also participated in the round. The investment marks the first tranche of an up to $1 billion total fundraise that commenced in January 2023. The fundraise follows PhonePe's recently announced change of domicile to India and full separation from Flipkart.
Walmart may have to pay $1 bn tax on PhonePe shift to India: Reports
According to reports, citing sources aware of developments, the tax is the result of PhonePe's relocation and it's rising valuation, after Walmart took majority share in it. The reports citing sources also said that PhonePe is raising funds at a $12 billion pre-money valuation from General Atlantic, Qatar Investment Authority, and others, resulting in the heavy tax. Investors like Tiger Global Management have now purchased shares of PhonePe in India at the new price, leading to tax implications of around Rs 800 crore for existing shareholders, the reports said.
PhonePe fully separates from parent company Flipkart
Following the partial separation announced in December 2020, Flipkart and PhonePe are now established as separate entities, the company said in a statement. The PhonePe Group was acquired by the Flipkart Group in 2016. "We are confident PhonePe will continue to scale and achieve its vision of providing financial inclusion to millions of Indians," said Kalyan Krishnamurthy, CEO of Flipkart Group.
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