PhonePe raises another $200 million in ongoing funding from largest shareholder Walmart
Bengaluru: Digital payments and financial services company PhonePe has raised an additional $200 million as part of its proposed $1 billion funding round from its largest shareholder, Walmart. The funding was secured at a pre-money valuation of $12 billion.
In January, PhonePe had announced its plans to raise $1 billion in tranches at a valuation of $12 billion.
Since then, the fintech unicorn has successfully raised $350 million from General Atlantic, and $100 million from Tiger Global Management, Ribbit Capital, and TVS Capital.
In a statement released on March 17, the company has expressed its expectation for further investments, which will be announced in due course.
The fundraise comes after the company's spin-off from the e-commerce giant Flipkart, which was announced in December of last year.
This spin-off marks the completion of PhonePe's transition to a fully Indian-domiciled company, which was initiated in 2022.
The newly-raised funds will be used to expand its payments and insurance operations in India, as well as to launch and scale new businesses such as lending, stockbroking, ONDC (open network for digital commerce)-based shopping, and account aggregators in the coming years.
"We would like to thank Walmart, our majority investor, for their continued support of our long-term aspirations. We are excited about the next phase of our growth as we build new offerings for Indian consumers and merchants, along with enabling financial inclusion across the nation," said Sameer Nigam, co-founder, CEO, PhonePe.