PhonePe one of the leading fintech company in India plans to raise up to $1 billion according to the reports. The funding is defying all the current marketing conditions such as funding winter and recession.
The reports mentioned that the fundraising may see a new investor which is General Atlantic Chip $250 million and the rest $750 million is expected from Walmart a retail giant based in the USA. The majority of PhonePe’s majority stake is owned by Indian eCommerce Flipkart which in turn is owned by Walmart.
After the process of investment finishes then PhonePe may shift its base from Singapore to India. The step would result in significant tax liability and its implication for investors and other as well.