Indian digital payments firm PhonePe said on Friday it has raised $200 million (nearly Rs 16.5 crore) from majority backer Walmart at a pre-money valuation of $12 billion (nearly Rs 99,000 crore).
telephoneAlready India’s most valuable payments company and one of the country’s most valuable startups, the company said the investment is part of its ongoing fundraising of up to $1 billion (nearly Rs 8,250 crore).
In the past two months, it has raised $350 million (nearly Rs 290 crore) from private equity firm General Atlantic and $100 million (nearly Rs 820 crore) from Ribbit Capital, Tiger Global and TVS Capital Funds at the same valuation. to $12 billion.
american retail giant walmartThe Indian company said it acquired a majority stake in PhonePe in 2018 and would remain a major investor, without disclosing its stake.
Despite the funding winter, India’s digital payments sector has been a bright spot due to the popularity of online payments and the ambitions of startups to move into the lucrative financial services sector.
PhonePe said it plans to use the funds to build and expand new businesses, including insurance, wealth management and lending.
PhonePe parting ways with Indian e-commerce giant karting Walmart also moved its registered headquarters from Singapore to India late last year, for which Walmart paid nearly $1 billion in taxes.
According to some reports, the move is to ensure easier access to the country’s highly regulated financial services industry, particularly lending.
© Thomson Reuters 2023