PhonePe secures $200M more in funding from Walmart
- ByStartupStory | March 17, 2023
Payment and financial services unicorn, PhonePe, has secured an additional $200 million in primary funding from Walmart at a pre-money valuation of $12 billion. The latest funding round brings the company’s total funding to $650 million from various global investors. Further investments are expected to be announced by the company in due course.
PhonePe continues its fundraising efforts with an additional $200 million investment from Walmart, as part of its goal to raise up to $1 billion in capital after relocating to India last year. In January, the fintech raised $350 million from General Atlantic and other investors at a pre-money valuation of $12 billion.
Sameer Nigam, the CEO and Founder of PhonePe, expressed gratitude to Walmart, the majority investor of the company, for their continuous backing towards their long-term goals. Nigam also expressed excitement about the upcoming growth phase of the company, wherein they will develop new offerings for Indian consumers and merchants while promoting financial inclusion throughout the country.
PhonePe intends to utilize the funding to expand its business by creating and developing new ventures such as lending, wealth management, insurance, ONDC-based shopping, stockbroking, and account aggregators. The funds will also help to power the next phase of growth for UPI payments in India, which includes Credit on UPI and UPI Lite. Judith McKenna, CEO of Walmart International, expressed confidence in PhonePe’s future and its ability to provide access to financial services at scale. She also highlighted India’s position as a dynamic and fast-growing digital economy and emphasized Walmart’s commitment to supporting PhonePe in its growth.
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