Indian digital funds agency PhonePe stated on Friday it has raised $200 million (almost Rs. 1,650 crore) from majority backer Walmart at a pre-money valuation of $12 billion (almost Rs. 99,000 crore).
PhonePe, already India’s most useful funds agency and among the many nation’s most highly-valued startups, stated the funding is a part of its ongoing fundraise of as much as $1 billion (almost Rs. 8,250 crore).
It has raised $350 million (almost Rs. 2,900 crore) from personal fairness agency General Atlantic and $100 million (almost Rs. 820 crore) from Ribbit Capital, Tiger Global and TVS Capital Funds previously two months, on the similar $12 billion valuation.
American retail behemoth Walmart, which acquired a majority share in PhonePe in 2018, will proceed as a majority investor, the Indian firm stated, with out disclosing its stake.
Despite a funding winter, the Indian digital funds area has been a brilliant spot as a result of recognition of on-line funds and startups’ ambitions to department into the profitable monetary providers area.
PhonePe stated it plans to deploy these funds to construct and scale new companies together with insurance coverage, wealth administration and lending.
PhonePe separated from Indian e-commerce big Flipkart late final yr, when it additionally shifted its registered headquarters from Singapore to India, with Walmart selecting up the almost $1 billion tax invoice for the transfer.
The relocation, in line with some stories, was to make sure a neater entry into the nation’s highly-regulated monetary providers trade, particularly lending.
© Thomson Reuters 2023
