US-based e-commerce giant Amazon has invested Rs 225 crore in its Indian digital payments business, buttressing its competition with Walmart-owned PhonePe, Alibaba-backed Paytm, and Google s mobile payment service Google Pay. The funding for Amazon Pay came from Singapore-based Amazon Corporate Holdings Private Limited and Mauritius-based entity Amazon.com.incs Limited Company, according to regulatory documents sourced by business intelligence platform Tofler.
Amazon Pay had received another Rs 225 crore in March this year from the same entities. The fresh funding takes the total capital infusion in Amazon Pay to Rs 450 crore this year, at a time when the second wave of the Covid-19 pandemic has further increased the adoption of e-commerce and digital payments.
Byju s is raising a new round of funding that will value the edtech major at about $16.5 billion valuation. The Byju Raveendran-led firm is set to become the most valuable start-up in the country ousting SoftBank and Alibaba-backed Paytm, which is valued at $16 billion. How Byju s is becoming the most valuable startup in the country? What are the factors that have led to this rapid surge in Byju’s valuation and funding? How is Byju’s growing as a learning platform, in terms of attracting students during the pandemic? How is the company’s financial performance?
In this podcast, we explained the reasons behind Byju s rapid surge in valuation and funding and company s future plans to tap global markets. Tune in
BENGALURU: A change is on its way in the top order of the most valued Indian startups.
Edtech major Byju’s is set to be the most valued startup in India amid the pandemic, toppling SoftBank- and Alibaba-backed Paytm, which is valued at $16 billion. Byju’s is in advanced stages of talks to raise another $150-200 million from UBS Group, after which it is expected to be valued at around $16.5 billion, a person aware of the matter said. The cheque size could change. This is on top of the $1-billion funding it is currently closing at a valuation of over $15 billion from a clutch of new and existing investors.
Pankaj Gupta is leaving Google Pay after leading the company’s engineering in India and Asia-Pacific at a time when it competing with rivals for a share in the financial services market. “I came in as an Apple fan-boy but leave wowed by the unimaginable reach of Android,” said Gupta, who was senior director of engineering at Google Pay and NBU (next billion users). He will join the US cryptocurrency exchange Coinbase, an online platform for buying, selling, transferring, and storing digital currency. “I have a great sense of pride and gratitude to have been a part of the Tez rocketship aka Google Pay alongside you from zero to nnnM+ users today now sending annually more than $mmm Billion to each other,” he said.
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