Binny Bansal, a co-founder of Flipkart, is supposedly in talks to invest around $100 to $150 million in PhonePe. The deal, if it goes through, will be one of the largest one-time expenditures a startup has ever made. According to what was previously stated, although the amount has not been decided upon, negotiations have been ongoing and are most likely to conclude soon.
Everything you need to know about investment in PhonePe!
PhonePe, valued at $12 billion, has already received close to $450 million in primary capital from major PE players Tiger Global, General Atlantic, Ribbit Capital, and others. As the company’s major investor, Walmart holds a 70% share in PhonePe. As the company was ready for a new ownership structure, more Flipkart shareholders including Tencent, Tiger Global, Microsoft, and Qatar Investment Authority were also anticipated to buy fresh shares.
The CEO of Walmart International, Judith McKenna, stated in a statement from last month that the app for online payments handles about 4 billion transactions every month. On the UPI network, it is in direct competition with services such as Amazon Pay, Google Pay, and WhatsApp Pay. Binny Bansal was instrumental in bringing about the 2016 acquisition of PhonePe by Flipkart. The insider claimed that he kept on serving on its board and was close with Rahul Chari and Sameer Nigam, who founded PhonePe.
Walmart’s President and CEO, Judith McKenna, claims that the platform records almost four billion transactions each month. Bansal is said to have been instrumental in Flipkart purchasing PhonePe’s ownership in 2016; this is according to a report. In addition to investing in other firms, such as BrightCHAMPS, Virgio, Flash, Hire Quotient, and Glints, Bansal, who co-founded Flipkart with his friend Sachin Bansal in 2007, also works as an angel investor. A total of 47 businesses were also supported by him. The entrepreneur-turned-investor has made investments through a variety of companies.
