By Mahenoor Khan
- April 13, 2023
DATE OF ANNOUNCEMENT: 12 APRIL 2023
COMPANY'S LEGAL NAME: PhonePe Account Aggregator Pvt Ltd
FOUNDERS: PhonePe is an Indian digital payments and financial services company headquartered in Bengaluru, Karnataka, India. PhonePe was founded in December 2015 by Sameer Nigam, Rahul Chari and Burzin Engineer.The PhonePe app, based on the Unified Payments Interface (UPI), went live in August 2016.
FUNDING TILL DATE: $2.5 billions
TYPES OF FUNDING: Series D Round
VALUATION : Not disclosed
INVESTORS: is backed by 7 investors. General Atlantic and Walmart are the most recent investors.
- PhonePe is the online payment platform that creates, hosts and manages the online transaction and also, provides various services through the Internet.
- Today, there are plenty of companies that provide you with the facility of online transactions. PhonePe is included among such companies. National Payments Corporation of India has evolved its technology and provided UPI to make the transactions absolutely convenient.
- Besides the transactions of money from one bank to another, PhonePe has many more tremendous features such as it provides the facility of purchasing grocery, insurance, food and many more.
- PhonePe facilitates the supply of the products that are sold on this app. PhonePe is a multiple purpose application. It also provides the service of mobile recharge, electricity bills and other household bill payments.
- PhonePe charges the commission on the payments made by the customers from any online or offline merchants. However, the UPI transactions are based on IMPS that's why it doesn't charge any additional money from the banks.
- PhonePe has launched its POS machine that is available in almost every shop that allows PhonePe payment. The POS machine makes the payment extremely convenient and handy. PhonePe POS machine is powered by Bluetooth technology and is worlds lowest cost POS device in the world.
- PhonePe does not have its own payment bank and also, it doesn't charge any money when you regress any of your money back to your account. In fact, it provides you with different offers and cashback of the money you paid through any transactions.
- Therefore, PhonePe works by promoting several brands on its app with different offers and vouchers. It earns the major fraction from the bill payments and recharges.
- COMMENTS ON LATEST FUNDING:
Company released a statement and said “"PhonePe confirms a $100 million additional tranche of investment from General Atlantic, a leading global growth equity firm, and its co-investors as part of our ongoing fundraise. General Atlantic initially invested $350 million in PhonePe in January 2023”
PURPOSE OF FUNDING:
The funding will be used to hiring skilled resources, global business development, and scaling existing markets.