Skip to content Skip to Search
Skip navigation

Qatar may take part in Indian payment firms’ $1bn funding drive

By Pramod Kumar
NurPhoto/Niharika Kulkarni
The all-equity round will likely close in the next two weeks

Indian digital payments firm PhonePe is planning to raise up to $1 billion from existing investors, which includes Qatar Investment Authority, Bloomberg reported, citing informed sources.

The other investors are General Atlantic, Tiger Global Management and Microsoft Corporation.

The all-equity round will likely close in the next two weeks and may take Walmart-backed PhonePe’s valuation close to $13 billion, the report said.

The company is in talks with SoftBank Group Corp.’s Vision Fund, an investor in PhonePe’s parent entity Flipkart, sources said. 

Competition is escalating between PhonePe, Paytm, Alphabet Inc.’s Google Pay and Amazon.com Inc.’s Amazon Pay, who are looking to capitalise on India’s booming digital economy.

PhonePe is closer to profitability in its core business, the report said, as revenue rose about 140 percent to $200 million. 

A PhonePe Pulse-BCG report released in June said digital payments in India will reach $10 trillion in value by 2026 from the current $3 trillion.

Latest articles

Flooding in Dubai affected many people's homes. Emaar has promised .free repairs for its residents, and an upgraded sewerage system is planned

Emaar promises free repairs as Dubai launches sewerage system

Emaar Properties is offering free repairs to residents whose homes were damaged during this week’s extreme flooding, as Dubai also announced an AED80 billion ($22 billion) sewerage system. The developer announced on Friday that it would repair all homes in its communities affected by the historic levels of rain, “at no cost to residents”. Emaar’s […]

Construction work in Kuwait. Nurseries, schools and shops are being built for the new residential district of Al Metlaa

Kuwait signs $140m contracts for Al Metlaa development

Kuwait’s Public Authority for Housing Welfare (PAHW) has signed two contracts worth KD42 million ($140 million) to construct public buildings in Al Metlaa, a new residential district north of Kuwait City. Nurseries, stores, schools and shops will be included, state news agency Kuna reported. Electricity connections have been provided for 109 buildings in the district, […]

Iraq gas oil

Iraq to auction 30 oil and gas projects this month

Iraq will auction 30 new oil and gas projects in two licensing rounds before the end of April. The bidding round will be held on April 27, Reuters reported, citing an oil ministry statement. Last October Iraq passed a long-awaited oil and gas law, which will help the country attract more international investments into the hydrocarbon industry and boost government revenues.  Ali Metwally, an […]

Workers at Cano Limon oil field in eastern Colombia. Oil is one of the country's largest exports

UAE strikes Colombia deal to strengthen Latin American links

The UAE has strengthened trade relations with Latin America after signing a comprehensive economic partnership agreement with Colombia, just days after a Cepa deal was struck with Costa Rica. Officials from the UAE and Colombia put pen to paper on an agreement that will cut tariffs and remove trade barriers between the two countries. UAE […]