Khetan Group joins fintech by buying stake in Fonepay
Summary
Khetan Group has acquired a 14 percent stake in Fonepay, Nepal's leading digital wallet operator, marking its entry into the country's digital payment ecosystem and signaling an aggressive push into fintech.
Key Points
- Khetan Group, led by Rajendra Khetan, bought a 14 percent stake in Fonepay, Nepal's leading digital wallet company.
- The share purchase raised Fonepay's valuation to Rs6.67 billion, with overall investments from ten investors totaling Rs1.49 billion.
- Fonepay processes over 90 percent of Nepal's QR payments and handles around 1.8 million transactions daily worth Rs18 billion.
- Fonepay's parent company, F1Soft, plans an IPO soon after achieving profitability, with expansions into adjacent fintech verticals.
