Flipkart Co-founder Binny Bansal could make investments as a lot as $100-150 million in PhonePe, as a part of an ongoing financing spherical, report the Financial Occasions (ET) citing a number of individuals within the know of the event.
An individual accustomed to the matter advised ET, “The quantity that he (Binny Bansal) is investing is but to be finalised. The talks have been on and are more likely to shut quickly.”
If the deal goes forward, the funding will rank among the many largest one-off investments in a new-age enterprise, the report stated.
Basic Atlantic, Tiger International, Ribbit Capital, amongst different have already invested over $450 million in PhonePe. Walmart continues to be the largest investor in PhonePe, with a stake of round 70 per cent within the enterprise.
Within the Indian digital funds market, PhonePe has a robust place. The app makes use of the Unified Funds Interface (UPI). Google Pay, Paytm, Amazon Pay, and WhatsApp Pay, amongst others are PhonePe’s rivals within the Indian market. Nonetheless, the corporate claimed to have a 50.2 per cent market share within the UPI fee area in India.
In line with the President and CEO of Walmart, Judith McKenna, the platform registers round 4 billion transactions month-to-month.
In line with the ET report, Bansal performed a key function in Flipkart’s buying possession of PhonePe in 2016. He continues to be on the board of PhonePe and maintains shut associations with the corporate’s co-founders, Sameer Nigam and Rahul Chari.
Bansal – who co-founded Flipkart alongside together with his buddy Sachin Bansal in 2007 – is an angel investor in a number of startups, together with BrightCHAMPS, Virgio, Flash, Rent Quotient, and Glints. He additionally helped again about 47 firms. The businessman-turned-investor has positioned his investments via totally different entities, together with Three State Capital, 021 Capital, and xto10x Applied sciences, which he co-founded with former Flipkart senior government Saikiran Krishnamurthy.
