Digital portfolio company PhonePe raised $ 700 million and joined Tencent to invest

According to an August 22 report, Indian e-payment and e-wallet company PhonePe has recovered $ 350 million. In addition to the parent companies of Flipkart, Wal-Mart, Tencent and Tiger Global have also been involved in the investment, and a new $ 700 million financial plan has been completed so far. Of that $ 350 million, Walmart invested $ 283.5 million, Tencent $ 50 million, and Tiger Global $ 16.5 million. PhonePe, which was launched by parent company Flipkart last December, announced it would raise $ 700 million in initial capital and $ 350 million this month. The 350 million yuan raised during this period is part of the existing plan. PhonePe was launched in 2015 in Bangalore, India. The online payment and digital wallet company with 275 million users and nearly one billion monthly transactions in India. Currently, its main business is the mobile payment application under the Payment Union (UPI) of the National Payments Corporation (UPI) of India, which can provide customers with digital wallets and payments.