PhonePe, financial platform on Friday raises an additional USD 200 million in primary capital from Walmart, valued at USD 12 billion pre-money, according to media reports.
This fresh fundraising is part of PhonePe’s ongoing capital raise of up to USD 1 billion, which began last year when the company relocated its headquarters to India. The company has raised USD 650 million in this tranche from a number of global investors. More investments are expected, which will be revealed in due course.
PhonePe intends to use the money to launch and expand new companies in areas including as insurance, wealth management, lending, stockbroking, ONDC-based shopping, and account aggregation. The funds will also be used to help PhonePe accelerate the next wave of growth for UPI payments in India, such as UPI light and Credit on UPI.
PhonePe, which was created in December 2015, has grown to become one of India’s largest finance platforms, facilitating digital inclusion for both consumers and merchants. With around 45 crore registered users, PhonePe currently has more than one in every three adult Indians.