Thursday, September 19, 2024
Outlook.com
Outlook India
Outlook Business

Sameer Nigam

While the app store will be free for a year, PhonePe has not finalized a pricing structure for the subsequent year, though the fintech indicated that it will be in the "low single digits" in addition to the basic fee

Ritesh has been a supporter of the company since its initial days. Previously, he was the president of products and solutions at TerraPay

As per the report, Initially, the company will function as a distributor for personal loans, gradually establishing its credit underwriting capabilities

While PhonePe already offered users an option to invest in mutual funds through its app, this platform has been launched as a separate entity

With this latest primary infusion from General Atlantic, PhonePe has now raised a total of $850 million of primary capital in the current round

The company will utilise the recently generated capital to expand its fintech business in the country

PhonePe raised $350 million from the United States (US) based venture capital (VC) firm General Atlantic in February