New Delhi: Retail large Walmart’s shareholding in decacorn fintech agency PhonePe has dropped to 85 per cent from 89 per cent following its ongoing fundraise of USD 1 billion, the US primarily based agency mentioned. PhonePe has now raised a complete of USD 850 million of main capital in the present spherical until the tip of May.
“During the three months ended April 30, 2023, the company received USD 0.5 billion related to new rounds of equity funding for the company’s majority-owned PhonePe subsidiary, which reduced the company’s ownership from approximately 89 per cent as of January 31, 2023 to approximately 85 per cent,” Walmart mentioned in a modern regulatory submitting.
Till April 30, the Walmart group agency has raised USD 750 million, together with USD 200 million capital infusion from Walmart. General Atlantic and its co-investors have contributed USD 550 million in the continued USD 1 billion funding spherical of PhonePe at a pre-money valuation of USD 12 billion.
Ribbit Capital, Tiger Global and TVS Capital Funds have invested USD 100 million in the course of the funding spherical.
