FinTech: PhonePe, India’s Highly Popular Payment Network, Raises $200M From Majority Owner Walmart

March 17, 2023 | FinTech, News
https://dailyalts.com/wp-content/uploads/2023/03/1_kP2zPvLi9dv231a8Yl4A2w.jpg

PhonePe recently raised $450 million in capital from General Atlantic, Ribbit Capital, Tiger Global and TVS Capital Funds.

PhonePe, a fintech platform, has raised an additional $200 million in primary capital from Walmart (NYSE: WMT) at a pre-money valuation of $12 billion. The company is in the process of raising $1 billion following its move to domicile in India, and has raised $650 million from several global investors so far.

The funds will be used to build and scale new businesses like insurance, wealth management, lending, and stockbroking. (PhonePe)

The fintech was founded in 2015 by ex-Flipkart executives, and was acquired by Flipkart in 2016.

In January 2023, the company domiciled in India from Singapore. It is now considered to be India’s most highly valued fintech startup.

Sameer Nigam, Founder and CEO of the fintech company said, “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.”

In the first nine months of 2022, PhonePe chalked up revenues of $234.3 million, which is likely to be $325 million for calendar year 2022; for 2023, that figure could be as much as $504 million.

It processes about half of all transactions on the UPI payments network, the most preferred way for Indians to make digital payments.

Related Story: Indian Payments Giant PhonePe Lands $100M

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2023/12/AMD_headquarters_santa_clara.624da707519a6.jpg
Artificial Intelligence: AMD Takes On Rivals In The AI Chip Sweepstakes
December 7, 2023     Artificial Intelligence, News

Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while…

https://dailyalts.com/wp-content/uploads/2023/12/RHCEU-Inline.jpg
Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU
December 7, 2023     Digital Assets, FinTech, News

Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers…

https://dailyalts.com/wp-content/uploads/2023/12/Samsung_UK_Samsung_Pay_Lifestyle_0552-revised-Pictogram-23.11.30-1024x744-1.png
FinTech: Samsung Electronics Ties With Mastercard’s Wallet Express
December 7, 2023     FinTech, News

Samsung Electronics (KRX: 005930) and Mastercard (NYSE: MA) have partnered to launch the Wallet Express program, offering banks and card issuers a cost-effective way to expand digital wallet offerings. Through…

https://dailyalts.com/wp-content/uploads/2023/12/Revaia-founders.jpg
Venture Capital: Revaia, Europe’s Biggest Female-Led VC Firm, Racks Up $160M For Second Fund
December 7, 2023     ESG and Sustainability, News, Venture Capital

Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family…