A new path has been paved by the introduction of digital payment applications in this urban world. One such extraordinary performer is PhonePe. The remarkable platform offers the users to transact in a smart way by going cashless. PhonePe has reportedly crossed the target of reaching 1 Billion transactions by the end of 2018. It is eyeing for a huge investment from General Atlantic LLC, Tencent, and KKR & Co. All these are private equity firms showing interest in this brand.
The fresh fund will be allocated for the further development of the platform to make PhonePe a versatile payment system for the smart-phone users. So far, we all know that the digital payment industry in India is ragingly increasing presenting a cutthroat competition for the contenders.
This might be a very big win for the service provider in this aspect. The lump-sum amount might proliferate PhonePe’s growth by ten times. As of May 2018, the valuation of PhonePe reached $1.5 billion when Flipkart was acquired by Walmart.
This plan was being chalked by the authorities of PhonePe and Flipkart or the last few months. In October 2018, the reports surfaced that the brands are seeking fresh funds from elite strategic investors to fortify the foundation. One of the mentioned private equity brands, KKR is scouting for technology-based investments.
Over the years, the war of the digital payment services has gone berserk for survival. In this scenario, the fresh investment from the elite private equity brands will offer a high valuation in this market that PhonePe wants to exploit and cash in on growth. With the aid of these big backups, the popular service provider wants to etch a permanent mark in the industry.
Flipkart bought PhonePe in 2015 from the ex-Flipsters Rahul Charin, Burzin Engineer, and Sameer Nigam. This digital payment service offers elegant features to the users for easy transfer, transactions, bill payments, recharges, gold purchase, etc. As per the spokesperson, no such strategic investment plan is being cooked. After Walmart took over Flipkart, the management approaches witnessed a giant makeover. As of now, the authorities have denied these investment rumors straightway.