One of the biggest financial platforms in India, PhonePe, revealed today that Walmart has contributed an additional $200 million in primary funding, valuing the company at $12 billion.
Following PhonePe’s relocation to India as its domicile last year, it is currently raising up to $1 billion in capital. This latest fundraising is a part of that effort. The company has raised $650Mn from numerous international investors with this tranche. The company anticipates more investments, which will be disclosed when they become available.
PhonePe intends to use these funds to launch and grow new businesses in industries like insurance, wealth management, lending, stockbroking, account aggregators, and insurance. The money raised would also assist PhonePe in accelerating the next phase of UPI payment growth in India, including Credit on UPI and UPI light.
PhonePe was established in December 2015 and has since grown to become one of India’s largest finance platforms, facilitating both consumer and merchant digital inclusion. More than one in three Indian adults use PhonePe, which has 450 million registered users.