The license, granted by the country's payments authority, came as Paytm Payments Bank will cease to operate on 15 March, following regulatory action due to non-compliance with certain norms.
Walmart bought a controlling stake in Flipkart in 2018, giving it ownership of PhonePe. The company said last month it would remain a majority stakeholder in both the companies.
General Atlantic is likely to lead the round with an investment of $450- $500 million, making PhonePe the most valuable Indian financial tech firm, surpassing Razorpay and Paytm.
PhonePe, India’s leading digital payments provider with more than 175 million users, is the largest of a plethora of local start-ups that relied on Yes Bank.
First submarine, according to RFP, must be delivered 7 yrs after contract signing with 45% indigenous content, followed by one each year until programme reaches 60% localisation.
The India-South Africa series-defining fact is the catastrophic decline of Indian red ball cricket where a visiting team can mock us with the 'grovel' word.
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