Flipkart co-founder Binny Bansal is planning to make a big investment in fintech platform PhonePe. According to reports, the company is in talks to invest around $100-150 million (Rs 820-1230 crore) in Binny Bansal's PhonePe. If materialised, the transaction would be one of the largest individual investments in a new-age firm.
According to the report of The Economic Times, a person related to this matter has told that now only the amount is left to be finalized in the deal. However, talks are on for this investment and the deal is expected to close soon.
PhonePe has already raised around $450 million (Rs 3,691 crore) in primary capital from PE giants General Atlantic, Tiger Global, Ribbit Capital and several others at a valuation of $12 billion (Rs 98.44 thousand crore).
Walmart is the largest investor in PhonePe with 70% stake. Apart from this, Flipkart shareholders Tiger Global, Tencent, Qatar Investment Authority and Microsoft were expected to buy new stake in PhonePe. Because PhonePe had planned to create a new ownership structure.