Flipkart’s board recently authorized the PhonePe Pvt Ltd. unit to become a new entity and explore raising $1 billion from outside investors at a valuation of as much as $10 billion, according to people familiar with the matter, asking not to be named because the discussions are private. The funding may close in the next couple of months, although the talks are not finalized and terms could still change, they said.
Cheap smartphones and cut-rate wireless data plans have brought millions of Indians online in the years since, boosting the whole industry. In June, the PhonePe app reached 290 million transactions with an aggregate value of $85 billion, compared with 71 million transactions at $22 billion a year earlier, according to the company.
Walmart debated for months whether to keep funding the payments business internally or whether to separate the operation so it could raise outside funds. After plowing nearly $300 million into PhonePe, the U.S. retailer opted for the latter course. Alibaba Group Holding Ltd. made a similar decision when it split off its Alipay business, helping growth by allowing it to work with a broader range of merchants.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: London beats New York in attracting Saudi ETF billionsInvestors betting on Saudi Arabian shares are showing a clear preference for funds listed in Europe over the U.S. The contrasting picture may come down to which market offers lower fees and more attractive treatment on taxes and dividends.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: PIC Inquiry: Dan Matjila – The funding middleman between the ANC and PIC beneficiariesThe former Public Investment Corporation CEO says he was asked in 2016 by the ANC’s then-treasurer general Zweli Mkhize to release funding from the PIC to support the party’s January 8 celebrations. Matjila referred Mkhize to prominent business figures who had received funding from the PIC. From junior staff to president Anc with corruption
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Taxman may get a R7bn boost from Naspers’s Prosus listingThe listing of Naspers offshoot Prosus is a big deal. A very big deal. Naspers is now as valuable as AngloAmerican, MTN, Shoprite, Sasol, Woolworths and Goldfields put together. And because it’s so big, the tax implications are big too. For one thing, government stands to make R7-billion or so from capital gains tax alone on the deal. The tax implications for shareholders will be huge too. So what to do?
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Doubts over Deutsche Bank turnaround plan shake sharesDeutsche Bank shares extended losses on Tuesday on investor doubts that its chief executive can revive the lender by shrinking the investment bank and returning to its roots as banker to corporate Germany.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK ANALYSIS: Lesson from Marikana: The other side of above-inflation pay risesMounting debt levels among mine workers are seen as a key factor behind sky-high wage demands and tensions on the Platinum Belt. Unpublished data regarding Lonmin presents a more nuanced picture. For several years before debt levels started spiking, Lonmin’s lowest-paid workers got above-inflation pay hikes, which rendered them able to consume on credit.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: The fund management sector may lead us into the next global financial crisisIt’s been a decade since the last financial crisis and there are warning signs we might be heading for another one. It is a case of well-known financial institutions suddenly becoming cash-strapped and panicked clients yanking their capital at a whim. Sound familiar? But this time, it pertains to a different participant in the financial food chain. DURITZ79 This piece centres around a real issue... however, the headline is overly-dramatic and the argument weak. Do better
Source: dailymaverick - 🏆 3. / 84 Read more »