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The fresh cash will be used to expand the company’s virtual banking service and financial technologies.

Head-on competition from a deep-pocketed rival could be a headache for the still loss-making startup.

Next year, the firm plans to expand its lending services in an effort to become a “super lending” platform.

Indonesia will be a priority market for the fund.

The platform will feature 24 types of commonly used licenses and e-certificates.

It has started hotel booking service as well and is aiming 3,000 bookings a day by this year-end.

More EV companies are eyeing collaboration in the battery charging sector.

In September this year, PhonePe was valued at USD 7 billion by Morgan Stanley.