Binny Bansal, Co-founder of Flipkart, is in discussions with PhonePe to invest around $100 Mn – $150 Mn. Additionally, this large sum of investment will be a part of PhonePe’s ongoing funding round.
If Mr. Binny Bansal invests in PhonePe, then, this deal is going to be one of the largest individual investments in PhonePe.
A few years back in 2018, Mr. Sachin Bansal ( Co-founder of Flipkart) also invested a large sum in Ola. He infused around INR 740 Crores in this ride-sharing company.
Furthermore, the deal is yet to be in final stage. But as per reports, the deal between Binny Bansal and PhonePe is in the advance stage.
Binny Bansal and Sachin Bansal’s Flipkart
Set up in 2007, Flipkart’s parent company is Walmart. Around 72% of the stakes of Flipkart are in the hands of Walmart and the rest are with multiple investors. Furthermore, Walmart is currently the largest investor in PhonePe.
Due to PhonePe’s new ownership structure, the existing investors of Flipkart such as Bansal, Tiger Global, Tencent and Microsoft were expected to buy more stakes.
Before this, PhonePe bagged $100 Mn in funding from Tiger Global, Ribbit Capital and TVS Capital funds at a $12 Billion valuation. In addition to this, PhonePe also suffered a huge loss of around INR 2014 crores in FY22.
The above-mentioned funds were raised with the idea of scaling businesses and expansions. Furthermore, the company also intends to use the capital for the launch of new businesses. These new businesses include lending, stockbroking and ONDC-based shopping.
Evidently, India has seen exponential growth in terms of digital payments and insurance. Multiple companies have also introduced a digital payment system in their platform. PhonePe faces direct competition with GooglePay, Paytm, Amazon Pay and WhatsApp Pay.
Set up in 2015, PhonePe is an all-in solution platform. It deals with digital payments, insurance and rewards, etc. The founders of PhonePe are former executives of Flipkart. They are Sameer Nigam, Rahul Chari and Burzin Engineer.
Furthermore, this digital payment platform claims to have over 400 Mn users.
Featured Image Credit: Logo.Wine
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