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Pincode had earlier said its fill rates were over 90 percent. Fill rates are an essential metric in online commerce as it denotes the percentage of products ordered which get delivered to the consumer.
In March, PhonePe raised another $200 million from its largest shareholder Walmart at a pre-money valuation of $12 billion
With 20 out of the total 108 Indian unicorns headquartered outside the country, government has been looking to accelerate reverse flipping.
While a reverse flip to India is a costly affair, Razorpay will be able to manage the same with its available funding, Sources told Moneycontrol. PhonePe, which recently domiciled to India from Singapore, said that its investors had to cough up almost Rs 8,000 crore in taxes.
‘Flipping’ refers to process of transferring entire ownership of Indian entity to entity incorporated abroad along with transfer of key assets such as intellectual property. Resultant structure is Indian company becoming wholly owned subsidiary of foreign company.