PhonePe

The new capital will largely be used to help employees exercise stock options and cover related tax liabilities, according to people familiar with the matter.

Joining him on the executive council are Harshil Mathur, CEO and Co-founder of Razorpay, as Vice Chairman, and Sameer Nigam, Founder and CEO of PhonePe, as Treasurer.

The Bengaluru-based fintech leader, which dominates the Unified Payments Interface (UPI) ecosystem, is poised to become the latest tech unicorn to go public.

BharatPe's settlement with Ashneer Grover ends their association, transferring his shares to a company trust and family trust while resolving all legal disputes, concluding their two-year conflict.