PhonePe raises $101 million funding from its parent chasing $10 billion valuation

• Digital payments startup PhonePe has raised $101 million in funding from it Singapore-based parent company.
• PhonePe, which was acquired by Flipkart in 2016, and is subsequently owned by Walmart, has been yielding great results for the global giant.
• It was reported that the company was looking to raise $1 billion at a $10 billion valuation.

PhonePe receives fresh funds from its parent company – the Singapore-based PhonePe Pvt Ltd. According to filings sourced by paper.vc, PhonePe has received over $101 million in funding.

Digital payments startup PhonePe was acquired by Flipkart in 2016. Earlier this month the company was reportedly looking to raise $1 billion at a $10 billion valuation, which would have made it one of the most valued startups in the country. In the process, PhonePe was made into a separate entity by the Flipkart board.

While Paytm leads the digital payments segment with a 43% market share (until March 2019), PhonePe reportedly holds a 33.4% share in the segment.

In January 2019, PhonePe had announced that it had expanded its user base to have 1 million merchants on board. “Our offline business has shown phenomenal growth in barely a year and we are very thrilled to have reached the 1 million mark. We plan to grow offline merchant number to 6 million by December 2019,” Yuvraj Singh Shekhawat, Head – Offline Organized Business, PhonePe, had then said in a statement.