Wednesday, March 22, 2023

PhonePe raises $200 million in additional funding from Walmart – Usky News

New Delhi: phonepeFinTech, one of India’s largest fintech platforms, on Friday said it has raised an additional $200 million (about Rs 1,649 crore) in seed capital from Walmart at a pre-money valuation of $12 billion.
This new funding comes as a part PhonePe running balance up to $1 billion in capital, following a change of its domicile to India last year. With this tranche, the company has raised $650 million (around Rs 5,360 crore) from multiple global investors, PhonePe said in a statement.
A pre-money valuation of $12 billion makes Walmart-owned PhonePe the most valuable fintech in the country, surpassing the payments service provider. razorpay Whose final value was 7.5 billion dollars.
phonepe is competing google pay and Paytm.
“The company expects to make further investments, which will be announced in due course,” the statement said. “PhonePe plans to deploy these funds to build and expand new businesses such as insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators.”
The fundraising will help PhonePe turbo-charge the next wave of growth for UPI payments in India, including UPI Lite and Credit on UPI.
Speaking on the fundraising, Sameer Nigam, CEO and Founder, PhonePe said, “We would like to thank our majority investor Walmart for their continued support of our long-term aspirations. We are excited about the next phase of our growth as we look to complete Build innovative offerings for Indian consumers and merchants while enabling financial inclusion in the country”.
The statement, however, did not specify how much stake Walmart now holds in PhonePe.
Judith McKenna, President and CEO, Walmart International, said: “We are excited about the future of PhonePe and we are confident in how it continues to expand its offerings and provide access to financial services for Indians at large India is one of the world’s most digital, dynamic and fastest growing economies, and we are delighted to have the opportunity to continue supporting PhonePe.”


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