PhonePe, a Walmart-backed company, announced on Thursday that it had raised $350 million (roughly Rs. 2800 crore) from private equity firm General Atlantic at a $12 billion (roughly Rs. 97,700) valuation, making it the most valuable payments company in India and providing it with capital to enter the lucrative lending market.
A representative for PhonePe stated, declining to provide more information, that a second round of financing from renowned international and Indian investors is anticipated to close next month.
Due to the popularity of online payments and startups’ aspirations to enter the lucrative financial services sector, the Indian digital payments sector has been a bright spot despite a financing winter.
According to a statement from founder and CEO Sameer Nigam, PhonePe will utilise the capital for infrastructure and new companies, such as insurance, wealth management, and financing.
The Indian government has pushed the nation’s cash-loving merchants and consumers to adopt digital payments, but it also wants to limit the influence of payments companies. By the end of 2024, it hopes to cap any one firm’s market share at 30%.
According to statistics provided by the National Payments Corporation of India, PhonePe has a 46% market share in December. The market share of the payments app controlled by Alphabet, Google, was 34%, and Paytm, backed by SoftBank, had a share of 14.7%.
Paytm recently claimed substantial growth in its financial offerings, such as buy-now-pay-later, personal, and merchant loans. However, Paytm’s current market value of $4.2 billion (approximately Rs. 34,200) is currently dwarfed by PhonePe.
PhonePe, in which American retail behemoth Walmart acquired a majority stake in 2018, concluded its independence from Indian e-commerce juggernaut Flipkart last year and moved its registered offices from Singapore to India.
Some reports claim that the corporation moved to India in order to enter the country’s highly regulated financial services market more easily.
VIVO X90 Leaks New Specifications and Report
In November of last year, the Vivo X90 Pro made its debut in China featuring a 120Hz refresh rate display and a MediaTek Dimensity 9200 SoC. The smartphone has apparently been seen on numerous certification websites with the model number V2219, indicating an impending launch. Vivo has not yet confirmed the global launch date of the device. The Eurasian Economic Commission (EEC), Thailand’s National Broadcasting and Telecommunications Commission (NBTC), and Indonesia’s Tingkat Komponen Dalam Negeri (TKDN) are said to have certified the Vivo X90 Pro. It’s possible that the global and Chinese versions of the Vivo X90 Pro have identical specifications.
Abhishek Yadav, the tipper, tweeted screenshots of the supposed TKDN, NBTC, and EEC certifications for the Vivo X90 Pro. The three websites claim to have listed the Vivo phone with the model number V2219. The Vivo X90 Pro may soon make its debut in markets outside of China thanks to these numerous certifications.
Recently, the Wireless Power Consortium (WPC) and Geekbench websites have listed the Vivo X90 Pro. According to the listing, the global version of the phone would use Android 13 and have a minimum of 12GB of RAM. It might support 11W wireless charging and be driven by an octa-core MediaTek Dimensity 9200 SoC.
In November of last year, Vivo introduced the Vivo X90 Pro in China, with an initial pricing of CNY4,999 (about Rs. 57,000) for the 8GB RAM + 256GB storage option.
The Vivo X90 Pro in China features a 6.78-inch AMOLED (1,260 x 2,800 pixels) display with a 120Hz refresh rate and runs OriginOS 3, an Android 13-based operating system. It has a 4nm MediaTek Dimensity 9200 processor together with a maximum of 512GB of storage and up to 12GB of LPDDR5 RAM. The other key features are a 32-megapixel selfie camera, a fingerprint sensor, and a triple back camera arrangement with a 50-megapixel Zeiss 1-inch primary sensor. It has a 4,870mAh battery and supports both 50W wireless charging and 120W rapid charging.