Walmart Invests $200 Mn in PhonePe to Expand New Business

Walmart Invests $200 Mn in PhonePe

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.

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

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

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

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