Banking & Finance Qatar may take part in Indian payment firms’ $1bn funding drive By Pramod Kumar December 9, 2022, 7:27 AM 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. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
