Wednesday, March 22, 2023

Phonepe: PhonePe gets $200 million from Walmart to use in new business – Usky News

NEW DELHI: PhonePe has secured $200 million from majority shareholder Walmart at a valuation of $12 billion. The investment is part of the fintech player’s larger ongoing funding round through which it aims to raise up to $1 billion. With the new tranche of capital, phonepe has already added $650 million to its cart.
The company opened a funding round in January with a $350 million investment from General Atlantic. Ribbit Capital, TVS Capital Funds And Tiger Global raised $100 million last month.
PhonePe will earmark a part of the funds for new business areas such as insurance, wealth management, lending, stockbroking and ONDC based shopping. In addition, part of the funds will be deployed to strengthen its is i footprint. “The fund raise will help PhonePe charge the next wave of growth for UPI payments in India, including UPI Lite and Credit on UPI,” the company said in a statement on Friday.
Led by Founder and CEO Sameer NigamToday, PhonePe is India’s most valuable privately held fintech startup. “We are excited about the next phase of our growth as we enable financial inclusion across the country as well as introduce new offerings for Indian consumers and merchants,” said the corporation. The company is one of the few startups that has been able to find favor with investors amid the global tech slowdown.


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