Funding activity almost grinds to a halt; PhonePe crosses 1B transactions in over 2 years
The second full week of November will probably go down in startup history as the week that Flipkart was left without a founder at the helm. It was a shocking development, to say the least. In contrast...
- In contrast, this week saw just $8.95 million raised across nine deals, an 86 percent drop from last week’s already paltry $65 million across four deals.
- This week saw just $8.95 million raised across nine dealsFlipkart-owned PhonePe on Friday announced that it has crossed 1 billion digital payment transactions on its mobile app 26 months after it was launched.
- Launched in September 2016, PhonePe earlier in June also announced that it has crossed the 100 million users mark.
- According to the company, this funding is an expansion of its July Series A round where it raised $250 million from other investors, that raised its valuation to $1.8 billion.