PhonePe raises another $200 million from Walmart at $12 billion valuation, plans to build new business

Indian digital payments company PhonePe said on Friday that it has raised $200 million (approximately Rs 1,650 crore) from Walmart, which backs the majority with a pre-money valuation of $12 billion (Rs. around 98,997 rupees).

PhonePealready India’s most valuable payments company and among the country’s most valuable startups, said the investment as part of a plan to raise funds continuously for up to $1 billion dollars (about 8,249 rupees).

It has raised $350 million (about Rs 2,887 crore) from private equity firm General Atlantic and $100 million (roughly Rs 824 crore) from Ribbit Capital, Tiger Global and TVS Capital Funds in the past two months, with the same $12 billion valuation. “PhonePe has started its latest fundraising with a goal of raising up to $1 billion, after moving its headquarters to India,” said PhonePe speak earlier this week. “With this second tranche, it raised $450 million (approximately Rs 3,800) within six weeks from top investors. The Company looks forward to further investments from leading global investors, as well as prominent high net worth Indian investors in the near term,” the company said in a statement. dad.

American retail giant Walmartwhich bought a majority stake in PhonePe in 2018, will continue as a majority investor, the Indian company said, without disclosing its stake.

Despite funding winter, India’s digital payments space remains a bright spot due to the popularity of online payments and startups’ ambitions to branch into the financial services space. main profit.

PhonePe said it plans to deploy these funds to build and scale new businesses including insurance, asset management and lending.

PhonePe separates from Indian e-commerce giant overturned car late last year, when it also moved its registered headquarters from Singapore to India, with Walmart receiving a tax bill of nearly $1 billion for the move.

According to some reports, the relocation is to ensure easier entry into the country’s highly regulated financial services industry, especially lending.

© Thomson Reuters 2023

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