PhonePe secures $350 Million in funding

PhonePe raised $350 million (about Rs. 2800 crore) from private equity company General Atlantic at a valuation of $12 billion. Paytm’s market capitalization has dropped to $4.2 billion (roughly Rs. 34,200).

According to National Payments Corporation of India data, PhonePe had a 46 percent market share in December.

Google’s payments app had a 34 percent market share, while SoftBank-backed Paytm had 14.7 percent. PhonePe sealed its split from Flipkart by relocating its registered offices from Singapore to India last year.

Flipkart and PhonePe have completed their separation; both entities will continue to operate under Walmart. The government has extended the deadline for implementing a 30% cap on digital transactions.

PCPI is said to be in talks with the RBI on implementing a 30% UPI volume cap deadline.