PhonePe Raises $200 Mn From Walmart To Scale New Businesses

PhonePe Raises $200 Mn From Walmart To Scale New Businesses

SUMMARY

With this tranche, the company has raised $650 Mn since the start of 2023 from global investors including Ribbit Capital and General Atlantic

PhonePe said it will deploy the new funding to scale new businesses such as insurance, wealth management, lending and stockbroking

In February 2023, the fintech platform processed 46.71% or 351.9 Cr UPI transactions amounting to INR 6.2 Lakh Cr

Fintech decacorn PhonePe said on Friday (March 17) that it has raised an additional $200 Mn in primary capital from Walmart, at a pre-money valuation of $12 Bn.

This new funding comes as a part of PhonePe’s ongoing $1 Bn fundraise, having shifted its domicile to India last year. In a press statement, the payments decacorn said it expects further investments and will announce the same in due course.

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