Payment Services Unicorn Phonepe raised $200 million in primary funding from existing investor Walmart at a pre-money valuation of $12 billion. The company has raised $650 million so far from global investors. The company expects to announce further investments very soon.
The Fresh funding is part of Phonpe’s constant fundraising of up to $1 billion in the capital following its Permanent Shift to India last year.
In Jan, Phonepe announced they raised $350 million in funding at a pre-money valuation of $12 billion from Private Firm General Atlantic. Also, other Indian and foreign investors participated in the round.
Sameer Nigam, Founder of the fintech, said, I would like to thank you, Walmart, for continuously investing, trusting, and supporting us. We are excited about the next phase of growth as we are building solutions for Indian merchants and customers with financial solutions with cross-border support.
How does Phonepe Utilize its Raised Funds?
Phonepe will utilize funding to build the solutions such as Insurance, stockbroking, wealth management, lending, shopping, and account aggregators. These solutions help the company to grow to the next level for UPI Payments in India.
Judith McKenna, CEO of Walmart, said, We are excited about Phonepe’s future and have confidence as the company is providing financial services in India at ranking. India is one of the most extensive digital growing economies, and we are happy to have the opportunity to support such a company.