India’s PhonePe secures additional $200m from Walmart
Indian payments app PhonePe’s fundraising spree continues as it has secured an additional $200 million from majority investor Walmart, at a pre-money valuation of $12 billion.
PhonePe nets additional $200m in ongoing fundraise
The fresh funding forms part of PhonePe’s ongoing fundraise of up to $1 billion in capital. The new tranche brings the total capital raised in this round so far to $650 million.
Last month, PhonePe bagged $100 million from Ribbit Capital, Tiger Global and TVS Capital Funds. The round was kicked off in January, when it raised $350 million from General Atlantic at the same valuation. The company expects further investments down the line.
With the new funds, PhonePe plans on entering and scaling new businesses such as insurance, wealth management, lending, stockbroking, shopping and account aggregators. It also plans to grow UPI payments in India by introducing new products.
Founded in 2015, PhonePe claims to be India’s largest payments app, catering to both consumers and merchants. It serves over 440 million users across the subcontinent. It offers payment services, including bill payments, as well as investments and insurance products.
