PhonePe is soon going to be a different entity as Walmart looks for investors to raise funds worth $1 billion.
The PhonePe app is reaching the milestone by having 290 million transactions with an aggregate value of $85 billion.
- Flipkart’s board recently authorized PhonePe to become a new entity.
- The company wants to raise $1 billion from outside investment at a valuation of nearly $10 billion.
- Walmart is still thinking whether to bring in strategic or financial investors.
- Digital Payments in India are projected to reach $1 trillion by 2023 from about $200 million – said Credit Suisse Group AG toEconomic Times.
- Alibaba Group made a similar move in the past when they dissociated Alipay business to allow it to work with many merchants.
- The company is growing by leaps and bounds with 150 million-plus customers and more than 5 million merchants.
- Walmart is appreciating the expertise of PhonePe and has expressed desire to use such type of expertise in other operations around the globe.