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

PhonePe
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Peerzada Abrar Bengaluru
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

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First Published: Oct 21 2022 | 3:41 PM IST

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