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.
Unlike his colleagues from the time of the BJS, several of whom became governors and held other constitutional posts, Malhotra chose to lead a quiet and simple retired life after the massive 2014 victory of the BJP.
SEBI probe concluded that purported loans and fund transfers were paid back in full and did not amount to deceptive market practices or unreported related party transactions.
Since 1815, Nepali Gorkhas have served in Indian & British Armies, as well as in Bihar, Bengal & Assam Police. Since Agnipath scheme came in, no Nepal-domiciled Gorkha has enlisted.
What Munir has achieved with Trump is a return to normal, ironing out the post-Abbottabad crease. The White House picture gives us insight into how Pakistan survives, occasionally thrives and thinks.
COMMENTS