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