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Kul Bhushan · · 1 min readTencent, Tiger Global become Flipkart-backed PhonePe’s newest investors
“Digital payments major PhonePe has been dominating the market share in the Unified Payment Interface (UPI) ecosystem at pole position. A US$350 million fundraise from new and existing investors should help maintain that dominance,” Entrackr reported, citing regulatory filings in Singapore.
Details
- PhonePe’s first fundraise in 2021 is part of a larger US$700 million funding round that the company launched in December last year, according to the report.
- Flipkart-parent Walmart led the latest round with a US$283.5 million investment, while Tencent pumped US$50 million into the digital payments firm. Tiger Global also chipped in with US$16.5 million.
Dive Deeper
- According to the Entrackr report, the new round also marks the entry of Tencent and Tiger Global on the Bengaluru-headquartered company’s cap table.
- Ecommerce giant Flipkart owns a 87.3% stake in PhonePe, which is said to be worth up to US$5.7 billion. Walmart and Tencent now have shareholdings of 10.30% and 1.80%, respectively. Flipkart partially spun off the fintech firm in December last year and invested US$700 million into the subsidiary.
Editing by Collin Furtado and Arpit Nayak
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