PhonePe in talks to raise $700 million at $12 billion valuation

Digital payments firm seeking investors' support to scale up operations and compete with rivals

Digital payments firm PhonePe is in talks with its parent Walmart, General Atlantic, and other existing investors to raise about $700 million, sources said.

The round is expected to more than double the firm’s valuation to around $12 billion and make it India’s most-valued financial technology firm ahead of Razorpay, which is valued at $7.5 billion.

“PhonePe has been in talks with investors for a while to raise the funding round and is seeking valuation to about $12 billion,” said a person familiar with the matter.

PhonePe was last valued at about $5.5 billion in December 2020 after raising $700