You are here: Home » Companies ยป News
WhatsApp developing a redesigned chat attachment menu for Android beta
icon-arrow-left
Business Standard

PhonePe raises Rs 1,649 crore in additional funding from Walmart

This new funding comes as a part of PhonePe's ongoing fundraise of up to $1 billion in capital, following its domicile shift to India last year

Topics
PhonePe | Walmart | funding

Press Trust of India  |  New Delhi 



PhonePe

PhonePe, one of India's largest fintech platforms, on Friday said it has raised an additional $200 million (around Rs 1,649 crore) in primary capital from Walmart, at a pre-money valuation of $12 billion.

This new comes as a part of PhonePe's ongoing fundraise of up to $1 billion in capital, following its domicile shift to India last year. With this tranche, the company has raised $650 million (around Rs 5,360 crore) from several global investors, said in a statement.

The $12 billion pre-money valuation makes Walmart-owned the most valuable fintech in the country, surpassing payment services provider, Razorpay which was last valued at $7.5 billion.

competes with Google Pay and Paytm.

"The company expects further investments, which will be announced in due course," the statement said. "PhonePe plans to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators."

The fundraise will also help PhonePe turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI.

Speaking on the fundraise, Sameer Nigam, CEO and Founder of PhonePe said, "We would like to thank Walmart, our majority investor, for their continued support of our long-term aspirations. We are excited about the next phase of our growth as we build new offerings for Indian consumers and merchants, along with enabling financial inclusion across the nation".

The statement, however, did not give how much shareholding has in PhonePe now.

President and CEO for International Judith McKenna said: "We are excited about PhonePe's future and have confidence in how it continues to expand its offerings and provide access to financial services for Indians at scale. India is one of the world's most digital, dynamic and fastest-growing economies, and we are pleased to have the opportunity to continue to support PhonePe.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Fri, March 17 2023. 17:04 IST

RECOMMENDED FOR YOU

.