Flipkart co-founder Binny Bansal will invest about Rs 1,230 crore in PhonePe

Flipkart co-founder Binny Bansal is planning to make a big investment in the 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 materialized, 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 crores).
Walmart is the largest investor in PhonePe with a 70% stake. Apart from this, Flipkart shareholders Tiger Global, Tencent, Qatar Investment Authority and Microsoft were expected to buy new stakes in PhonePe. Because PhonePe had planned to create a new ownership structure.
Walmart International CEO Judith McKenna said last month that about 4 billion (400 crores) transactions happen every month through the online payment app PhonePe. PhonePe directly competes with Google Pay, Amazon Pay and WhatsApp Pay on the UPI network.
PhonePe was acquired by Flipkart in 2016 and Binny Bansal was instrumental in getting the deal done. According to the report, Binny Bansal has also been on the board of PhonePe. Apart from this, he shares a very close bond with Sameer Nigam and Rahul Chari, the founders of PhonePe.
Binny Bansal co-founded Flipkart with Sachin Bansal. He is also known for investing in new-age firms. Binny has also invested in Curefood, Eko, Ather Energy, Yulu, Roopik and others.