Connect with us

India Hot Topics

PhonePe raises $700 million, becomes a separate entity

Published

4 years ago

on

PhonePe raises 0 million, becomes a separate entity

PhonePe, the crown jewel in Flipkart’s acquisition by Walmart, is “partially” spinning off, the Bangalore-based financial services firm said on Thursday. To kick off its new journey, the firm said it has secured $700 million in a new financing round.

This round, the name of which was not disclosed, was led by Walmart with participation from some existing investors, PhonePe said. The new round gave PhonePe, which was founded by three former Flipkart employees, a post-money valuation of $5.5 billion.

Today’s announcement is a big boost to the confidence investors are showing on PhonePe. The startup had been engaging with investors for new capital for several quarters and, in at least one instance, struggled to raise funds at a $3 billion valuation earlier this year, TechCrunch reported earlier. It had hoped to raise about $1 billion at a valuation as high as $10 billion last year, however, according to people familiar with the matter.

The partial spin-off, which had been in the works for more than a year, means that Flipkart’s stake in PhonePe will reduce from 100% to 87%. “This partial spin-off gives PhonePe access to dedicated long-term capital to pursue our vision of providing financial inclusion to a billion Indians,” said Sameer Nigam, founder and chief executive of PhonePe, in a statement.

Advertisement

Also Read : MDH OWNER MAHASHAY DHARAMPAL GULATI DIED AT THE AGE OF 97

Related Topics:
Continue Reading

Haryana

Delhi Weather and AQI Today: Warm start at 22.05 °C, check weather forecast for October 22, 2024

Published

2 weeks ago

on

October 22, 2024

By

Delhi Weather and AQI Today: Warm start at 22.05 °C, check weather forecast for October 22, 2024

Check the weather forecast and air quality updates for Delhi on October 22, 2024 here.

The temperature in Delhi today, on October 22, 2024, is 32.93 °C. The day’s forecast indicates a minimum and maximum temperature of 22.05 °C and 35.04 °C, respectively. The relative humidity is 26% and the wind speed is 26 km/h. The sun rose at 06:26 AM and will set at 05:44 PM.

Tomorrow, on Wednesday, October 23, 2024, Delhi is predicted to experience a minimum and maximum temperature of 27.42 °C and 34.91 °C, respectively. Tomorrow humidity levels will be at 20%.

With temperatures ranging between 22.05 °C and 35.04 °C, prepare for a hot day and plan outdoor activities accordingly. If you are sensitive to heat, take note of the weather forecast and consider appropriate attire and activities suitable for the prevailing weather.

Advertisement

The AQI in Delhi today stands at 334.0, falling in the very poor category. Everyone should be cautious. Children and people with respiratory diseases, such as asthma, should stay indoors and others should also limit their outdoor activities. Usage of masks and air purifying devices is advised. Being aware of the AQI helps one make informed decisions regarding one’s overall well-being while planning the day’s activities.

Weather and AQI predictions in Delhi for next 7 days:

DateTemperatureSky
October 23, 202432.93 °CSky is clear
October 24, 202432.69 °CSky is clear
October 25, 202432.5 °CSky is clear
October 26, 202432.07 °CSky is clear
October 27, 202430.69 °CSky is clear
October 28, 202431.29 °CSky is clear
October 29, 202432.09 °CSky is clear

Weather in other cities on October 22, 2024

CityTemperatureSky
Mumbai28.35 °CLight rain
Kolkata28.84 °CSky is clear
Chennai28.94 °CLight rain
Bengaluru25.53 °CModerate rain
Hyderabad27.75 °CModerate rain
Ahmedabad31.9 °CSky is clear
Delhi32.93 °CSky is clear

Group Media Publications
Entertainment News Platforms – anyflix.in      
Construction Infrastructure and Mining News Platform – https://cimreviews.com/
General News Platform – https://ihtlive.com/

Advertisement
Continue Reading
Anyskill-ads

Facebook

Trending