Phone Pe gets $200mn from Walmart at $12bn value
- New Delhi: Phone Pe, one of India's largest fintech plat- forms, on Friday said it has rai- sed an additional $200 million (around Rs 1,649 crore) in primary capital from Walmart, at a pre-money valuation of $12 billion.
- This new funding comes as a part of Phone Pe's ongoing fundraise of up to $1 billion in capital, following its domicile shift to India last year. With this tranche, the company has rai- sed $650 million (around Rs 5,360 crore) from several global investors, Phone Pe said in a statement. The $12 billion premoney valuation makes Walmart-owned Phone Pe the most valuable fintech in the country, surpassing, Razor pays which was last valued at $7.5 billion. Phone Pe competes with Google Pay and Paytm.
- "The company expects further investments, which will be announced in due course," the statement said. "Phone Pe 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 will also help Phone Pe turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI." Sameer Nigam, CEO and founder of Phone Pe said, "We would like to thank Walmart, our majority investor, for support to our long- term aspirations.