One of the largest financial platforms in India, PhonePe, announced today that Walmart has invested an additional $200 million in primary capital, valuing the company at $12 billion.
After relocating to India as its domicile last year, PhonePe is currently raising up to $1 billion in capital. This new funding is part of that effort. The company has raised $650 million from various international investors in this round. The company expects more investments, which will be disclosed when they become available.
PhonePe intends to use these funds to launch and grow new businesses in industries like insurance, wealth management, lending, stockbroking, account aggregators, and insurance. The money raised would also assist PhonePe in accelerating the next phase of UPI payment growth in India, including Credit on UPI and UPI light. Sameer Nigam, the CEO and founder of PhonePe, commented on the fundraising, saying, “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.”
President and CEO for Walmart International Judith McKenna 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, and we are pleased to have the opportunity to continue to support PhonePe.”
PhonePe raises an additional $200Mn in funding from Walmart. With this tranche, the company has raised $650Mn from several leading global investors.
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— PhonePe (@PhonePe) March 17, 2023
PhonePe was established in December 2015 and has since grown to become one of India’s largest finance platforms, facilitating both consumer and merchant digital inclusion. More than one in three Indian adults use PhonePe, which has 450 million registered users.
