In a new funding round led by Tencent Holdings, the Singapore unit of PhonePe has raised $66.5 mn. While $50mn is from Tencent, US-based Tiger Global has put in the rest of the money. The $50mn from Tencent will not be brought into the Indian market due to India’s laws on foreign investment from countries it shares a border with. The funds will be invested to improve the transactions in Singapore.
Tencent gives $50mn to PhonePe, not to be used in India
Source: Business Line