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Walmart's Shareholding In PhonePe Drops To 85 per cent

PhonePe has now raised a total of $850 million of primary capital in the current round till the end of May

Walmart's Shareholding In PhonePe Drops To 85 per cent

Press Trust Of India

POSTED ON June 05, 2023 9:10 AM

Retail giant Walmart's shareholding in decacorn fintech firm PhonePe has dropped to 85 per cent from 89 per cent following its ongoing fundraising of USD 1 billion, the US-based firm said.
     
PhonePe has now raised a total of $850 million of primary capital in the current round till the end of May.
     
"During the three months ended April 30, 2023, the company received $0.5 billion related to new rounds of equity funding for the company's majority-owned PhonePe subsidiary, which reduced the company's ownership from approximately 89 per cent as of January 31, 2023, to approximately 85 per cent," Walmart said in a latest regulatory filing.
     
Till April 30, the Walmart group firm has raised $750 million, including a $200 million capital infusion from Walmart.
     
General Atlantic and its co-investors have contributed $550 million in the ongoing $1 billion funding round of PhonePe at a pre-money valuation of $12 billion.
     
Ribbit Capital, Tiger Global and TVS Capital Funds have invested $100 million during the funding round.
 

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