PhonePe gets $50 million from Tencent but won’t use it in India

New Delhi: The Singapore unit of PhonePe has raised $66.5 million (about Rs 500 crore) in a funding round led by Chinese tech company Tencent Holdings Ltd. along with participation of New York-based investor Tiger Global.

Tencent has infused $50 million while Tiger Global has pitched in the rest.

The funds raised from the Chinese technology company will not be brought into India due to restrictions imposed on foreign investment from countries that share a land border with India, a source aware of the development at PhonePe said.