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PhonePe Raises $200 Million From Walmart

The company will utilise the recently generated capital to expand its fintech business in the country

PhonePe Raises $200 Million From Walmart

Outlook Start-Up Desk

POSTED ON March 17, 2023 12:39 PM

Indian fintech giant PhonePe raised $200 in a round led by its majority stakeholder Walmart. The global e-commerce major injected the money at a pre-money valuation of $12 billion. Walmart will continue as the largest investor in the company after the investment. 

The company will utilise the recently generated capital to expand its fintech business in the country. 

Addressing the latest investment, Sameer Nigam, the founder and chief executive officer (CEO) of PhonePe, said, "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."

Addressing their investment in PhonePe, Judith McKenna, president and CEO of Walmart International, said, “ We are excited about PhonePe’s future and have confidence in how it continues to expand its offerings and provide access to financial services for Indians at scale. India is one of the world’s most digital, dynamic and fastest growing economies.” 

Walmart’s investment in PhonePe is part of the company’s one billion fundraising round. Prior to Walmart, it raised $100 million (Rs 828 crore) from Ribbit Capital. The investment came months after PhonePe bagged $350 million from General Atlantic and became India’s most-valued fintech platform. It also stepped into India’s decacorn club after achieving a valuation of $10 billion. 

Apart from PhonePe, the other start-ups with a $10 billion valuation are Flipkart, Swiggy, Paytm, Byju’s and Nyaka. 

According to media reports, PhonePe is in talks with Binny Bansal, the co-founder of Flipkart, to raise $100-150 million. The company recently re-domiciled its headquarters in Bengaluru from Singapore. Walmart paid a $1 billion tax for the re-location. 

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