NEW DELHI: PhonePeone among India’s biggest fintech platforms, on Friday stated it has raised an extra $200 million (round Rs 1,649 crore) in number one capital from Walmart, at a pre-money valuation of $12 billion.
This new investment comes as part of PhonePe’s ongoing fundraise of as much as $1 billion in capital, following its home shift to India ultimate 12 months. With this tranche, the corporate has raised $650 million (round Rs 5,360 crore) from a number of world traders, PhonePe stated in a remark.
The $12 billion pre-money valuation makes Walmart-owned PhonePe essentially the most precious fintech within the nation, surpassing cost products and services supplier, razorpay which used to be ultimate valued at $7.5 billion.
PhonePe competes with Google Pay and Paytm.
“The company expects further investments, which will be announced in due course,” the remark stated. “PhonePe plans to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators.”
The fundraise may also lend a hand PhonePe turbo-charge the following wave of expansion for UPI bills in India, together with UPI lite and Credit on UPI.
Speaking at the fundraise, Sameer Nigam, CEO and Founder of PhonePe stated, “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”.
The remark, on the other hand, didn’t give how a lot shareholding Walmart has in PhonePe now.
President and CEO for Walmart International Judith McKenna stated: “We are excited about PhonePe’s future and have confidence in how it continues to expand its offerings and provide access to financial services for Indians at scale. India is one of the world’s most digital, dynamic and fastest-growing economies, and we are pleased to have the opportunity to continue to support PhonePe.”
This new investment comes as part of PhonePe’s ongoing fundraise of as much as $1 billion in capital, following its home shift to India ultimate 12 months. With this tranche, the corporate has raised $650 million (round Rs 5,360 crore) from a number of world traders, PhonePe stated in a remark.
The $12 billion pre-money valuation makes Walmart-owned PhonePe essentially the most precious fintech within the nation, surpassing cost products and services supplier, razorpay which used to be ultimate valued at $7.5 billion.
PhonePe competes with Google Pay and Paytm.
“The company expects further investments, which will be announced in due course,” the remark stated. “PhonePe plans to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators.”
The fundraise may also lend a hand PhonePe turbo-charge the following wave of expansion for UPI bills in India, together with UPI lite and Credit on UPI.
Speaking at the fundraise, Sameer Nigam, CEO and Founder of PhonePe stated, “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”.
The remark, on the other hand, didn’t give how a lot shareholding Walmart has in PhonePe now.
President and CEO for Walmart International Judith McKenna stated: “We are excited about PhonePe’s future and have confidence in how it continues to expand its offerings and provide access to financial services for Indians at scale. India is one of the world’s most digital, dynamic and fastest-growing economies, and we are pleased to have the opportunity to continue to support PhonePe.”