PhonePe Raises $200 Million Additional Funding From Walmart
The company plans to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators
By Teena Jose •
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PhonePe, one of India's largest fintech platforms, has raised additional $200 million in primary capital from Walmart, at a pre- money valuation of $12 billion. This new funding comes as a part of PhonePe's ongoing fundraise of up to $1 billion in capital, following its domicile shift to India last year. With this tranche, the company has raised $650 million from several global investors. PhonePe plans to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators. According to the company's official statement, the fundraise will also help PhonePe turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI.
''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, CEO and founder of PhonePe.
The company has also successfully digitized over 3.5 crore offline merchants spread across tier 2,3,4 and beyond, covering 99% pin codes in the country. PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45% of the transactions on the BBPS platform, the statement claimed.
"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," said Judith McKenna, president and CEO for Walmart International.
Founded in December 2015, PhonePe has emerged as one of India's largest fintech platform, enabling digital inclusion for consumers and merchants alike.
