Walmart bought Flip-kart India’s largest e-commerce company for $ 16 billion. Walmart may have pointed out perhaps at the digital payment medium PhonePe in the deal. On the date of today, the PhonePe is included in the country’s top startup list. Which was Walmart’s biggest merger. Flip-kart Board recently transferred the PhonePe to a new unit and about Rs. 6,800 crore has been approved to raise.
According to sources, PhonePe valuation is about Rs. 68000 crores. There is a possibility of a deal in the next two months. PhonePe is one of the top companies in the digital payment sector in the country. For the past few years, users have been using the digital platform for money laundering. The benefit of which has been found by PhonePe. In the last one year, the value of the company’s volume and debt has increased fourfold. PhonePe is the biggest rival for PAYTM. According to Keybank Capital Market Analyst, PhonePe is a valuable asset for WalMart. The value of the business will reach $ 14-15 billion.
According to Credit Suisse’s report, the digital payment market in the country is expected to increase to one trillion dollars by 2023. The current market is about $ 200 billion. PAYTM is the leading in digital. Besides PhonePe, Mobikwik, Amazon Pay, Google Pay, Paypal and RazorPay are also included. WhatsApp is also going to bring the payment system in the short run.
3 friends from Flipkart’s left the company and make a PhonePe in December 2015. Flipkart founder Binny Bansal and Sachin Bansal bought PhonePe within one year to give convenience to online shopping and explain the importance of digital payment.While selling Flipkart, they could not understand PhonePe valuation. Walmart found the PhonePe deal with Flipkart It was not an estimate that the company would grow as soon as possible.
In June this year, the company has 29 million users. The total transaction is about 85 billion dollars. That was only 7.1 million users a year ago and the total debt was about $ 22 billion. Currently the mutual fund, movie ticket, the airline booking service has started. Also, Aamir Khan has been brand ambassador. Digital Payment Growth Rapidly Increasingly, after the government introduced the ban, the growth of digital payment companies has increased rapidly.