Gabriel Budi Sutrisno · · 1 min readPhonePe secures $200m from Walmart to develop new businesses
Photo credit: PhonePe
PhonePe, an India-based fintech platform, has secured an additional US$200 million in primary capital from US-based retail chain Walmart at a pre-money valuation of US$12 billion.
The fintech company has secured a total of US$650 million in its ongoing efforts to raise US$1 billion following its domicile shift from Singapore to India in 2022. Earlier this year, it raised a total of US$450 million from General Atlantic, Ribbit Capital, Tiger Global, and TVS Capital Funds.
PhonePe will use the new funds to develop new businesses such as insurance, wealth management, lending, stockbroking, ONDC-based shopping, and account aggregators.
Founded in 2015, PhonePe boasts 450 million registered users and has digitalized over 35 million offline merchants across India. It is a major player in the Bharat Bill Payment System, where it has processed over 45% of transactions.
See also: Paytm looks to turn things around with focus on cash flow
Editing by Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
