PhonePe is an e-commerce payment system and digital wallet company that allows users to transfer money instantly to anyone, by using just their mobile number. The users of PhonePe can send and receive money, recharge mobile, DTH and data cards, make utility payments, pay at shops, invest in tax-saving funds, and buy insurance, mutual funds, gold and silver.
PhonePe has raised $200 million as part of an ongoing round from its current majority investor, Walmart, at a valuation of $12 billion. PhonePe intends to use the fresh funding to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping, and account aggregators.
PhonePe, Bengaluru, India, was founded by Sameer Nigam, Rahul Chari, and Burzin Engineer in 2015. As of now, the company has three own data centers, one of which is the country’s first data center with smart cooling technology in Mumbai. PhonePe’s platform has more than 400 million users with approximately 3.6 billion transactions per month. This is 120 million transactions per day, the company plans to be prepared for 500 million daily transactions. “We are excited about PhonePe’s future and have confidence in how it continues to expand its offerings and provide access to financial services for Indians at scale. India is one of the world’s most digital, dynamic and fastest growing economies, and we are pleased to have the opportunity to continue to support PhonePe,” Judith McKenna, president and CEO of Walmart International said in a statement.
