{"id":135987,"date":"2020-12-03T18:05:44","date_gmt":"2020-12-03T18:05:44","guid":{"rendered":"https:\/\/www.mobileworldlive.com\/?p=303767"},"modified":"2020-12-03T18:05:44","modified_gmt":"2020-12-03T18:05:44","slug":"phonepe-raises-700m-in-flipkart-split","status":"publish","type":"post","link":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/2020\/12\/03\/phonepe-raises-700m-in-flipkart-split\/","title":{"rendered":"PhonePe raises $700M in Flipkart split"},"content":{"rendered":"

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\tOnline retailer Flipkart Group spun off part of its digital payment arm PhonePe, clearing the unit to raise $700 million to fund fresh developments from a group of existing investors led by US retail giant Walmart.<\/p>\n

In addition to allowing it to tap third-party capital, Flipkart explained the move values PhonePe at $5.5 billion, and enables the unit to create its own board of directors focused on its development and offer employees new stock benefits.<\/p>\n

Flipkart retains a majority stake of around 87 per cent in PhonePe: it said the companies will continue to work closely together.<\/p>\n

Sameer Nigam, PhonePe founder and CEO, said the move provided it with the “dedicated long-term capital” required to achieve a goal of\u00a0 \u201cproviding financial inclusion to a billion Indians\u201d.<\/p>\n

In October, PhonePe staked a claim as the top mobile payments provider in India [1], stating it handled a record 925 million transactions for its more than 250 million registered users.<\/p>\n

It faces competition from WhatsApp, which launched a payments service in the country [2] in November, and Google Pay, currently in second place by transaction volume.<\/p>\n

[1] https:\/\/www.mobileworldlive.com\/money\/news-money\/phonepe-claims-india-payments-market-leadership
\n[2] https:\/\/www.mobileworldlive.com\/money\/news-money\/whatsapp-finally-brings-payments-to-india<\/p>\n\n

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Online retailer Flipkart Group spun off part of its digital payment arm PhonePe, clearing the …<\/p>\n

The post PhonePe raises $700M in Flipkart split<\/a> appeared first on Mobile World Live<\/a>.<\/p>\n<\/div>","protected":false},"author":245,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"slim_seo":{"title":"PhonePe raises $700M in Flipkart split - ITTeacherITFreelance.hk","description":"Online retailer Flipkart Group spun off part of its digital payment arm PhonePe, clearing the ... The post PhonePe raises $700M in Flipkart split appeared first"},"footnotes":""},"categories":[11,8],"tags":[],"_links":{"self":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/135987"}],"collection":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/users\/245"}],"replies":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/comments?post=135987"}],"version-history":[{"count":1,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/135987\/revisions"}],"predecessor-version":[{"id":135988,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/135987\/revisions\/135988"}],"wp:attachment":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/media?parent=135987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/categories?post=135987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/tags?post=135987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}