Binny Bansal planning to invest $100-150 million in PhonePe
PhonePe was acquired by Flipkart in 2016 and has since grown rapidly to become one of India's leading digital payment platforms.
New Delhi: Binny Bansal, the co-founder of Flipkart, one of India’s largest e-commerce companies, is reportedly planning to invest $100-150 million in PhonePe, the digital payments platform he founded in 2015.
PhonePe was acquired by Flipkart in 2016 and has since grown rapidly to become one of India’s leading digital payment platforms, with over 300 million registered users. The platform offers a wide range of payment services, including peer-to-peer transfers, bill payments, and online shopping.
According to reports, Binny Bansal is looking to invest in PhonePe through his new venture, xto10x Technologies, which provides technology and consulting services to startups. The investment is expected to value PhonePe at around $10-12 billion, making it one of the most valuable fintech companies in India.
The move comes as India’s digital payments sector is experiencing rapid growth, driven by factors such as rising smartphone penetration, the government’s push for digital payments, and the growth of e-commerce. PhonePe’s main competitors in the space include Paytm, Google Pay, and Amazon Pay.
In a statement, Binny Bansal said, “PhonePe has been a phenomenal success story in India’s fintech landscape, and I am excited to be a part of its journey as it scales newer heights. This investment aligns with my firm belief in the power of technology to disrupt traditional business models and bring about positive change in society.”
The investment is expected to provide a significant boost to PhonePe’s growth plans, which include expanding its merchant base, launching new products and services, and exploring international markets.
Flipkart, which Walmart acquired in 2018, has also been investing heavily in digital payments and other technology-enabled services as it seeks to compete with Amazon and other e-commerce giants in India.
Overall, Binny Bansal’s investment in PhonePe is seen as a vote of confidence in India’s fintech sector and its potential to drive innovation and growth in the country’s economy.