The round also saw the participation of its existing investors, DHFL and IDG Ventures, along with Ashok Agarwal, who had invested in a pre-seed round in the company in 2015.
The lending marketplace plans to use the fresh funds to strengthen its technology platform and build in new decision-making systems.
The round also saw the participation of its existing investors DHFL, IDG and even its seed investor Ashok Aggarwal.
PhonePe is the payment arm of ecommerce major Flipkart and was one of the first major platforms to adopt UPI last year.
UPI has benefitted highly from not only the increased adoption among consumers but also with more and more digital payment platforms using the railroad for settlements.
With consolidation in digi-payment space as well as the entry of new disruptors with global reach and government support, this year may mark the year of the digital payments rise.
In 2016-17 mobile wallets have reported around 1.6 billion transactions worth Rs 53,200 crore.
As per data released by the central bank, in 2016-17 mobile wallets have reported around 1.6 billion transactions worth ₹53,200 crore which shows the scale of operations for the industry.
Though PPI issuers and wallet cos are pushing users to link their Aadhaar numbers, cos feel that it’s a Herculean task to complete it within
Having launched the product with Bajaj Finserv in March 2017, the bank currently operates out of 60 cities and within a year and a half they plan to double their footprint.
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