fintech - $1 billion tax slap on PhonePe - Telegraph India
The fintech firm was last valued at around $5.5 billion in December 2020, based on multiple media reports
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The fintech firm was last valued at around $5.5 billion in December 2020, based on multiple media reports
PhonePe was founded by ex-Flipkart executives Sameer Nigam, Rahul Chari and Burzin Engineer, and was acquired by the ecommerce giant in 2016.
Ecommerce major Flipkart has completed the full ownership separation process of digital payments platform PhonePe
PhonePe co-founder and chief reliability officer Burzin Engineer said the $150 million investments will take the overall capacity to over 14 mega watt spread across three facilities in Bengaluru and the one inaugurated at Navi Mumbai
Speaking to reporters after the launch of a data centre facility at Navi Mumbai, Chari said PhonePe will be investing USD 200 million in data centres. He said the company has already invested USD 150 million but did not specify a timeline for investing the remaining USD 50 million.