1 week ago
49
Indian integer payments steadfast PhonePe said connected Friday it has raised $200 cardinal (nearly Rs. 1,650 crore) from bulk backer Walmart at a pre-money valuation of $12 cardinal (nearly Rs. 99,000 crore).
PhonePe, already India's astir invaluable payments steadfast and among the country's astir highly-valued startups, said the concern is portion of its ongoing fundraise of up to $1 cardinal (nearly Rs. 8,250 crore).
It has raised $350 cardinal (nearly Rs. 2,900 crore) from backstage equity steadfast General Atlantic and $100 cardinal (nearly Rs. 820 crore) from Ribbit Capital, Tiger Global and TVS Capital Funds successful the past 2 months, astatine the aforesaid $12 cardinal valuation.
American retail behemoth Walmart, which acquired a bulk stock successful PhonePe successful 2018, volition proceed arsenic a bulk investor, the Indian institution said, without disclosing its stake.
Despite a backing winter, the Indian integer payments abstraction has been a agleam spot owed to the popularity of online payments and startups' ambitions to subdivision into the lucrative fiscal services space.
PhonePe said it plans to deploy these funds to physique and standard caller businesses including insurance, wealthiness absorption and lending.
PhonePe separated from Indian e-commerce elephantine Flipkart precocious past year, erstwhile it besides shifted its registered office from Singapore to India, with Walmart picking up the astir $1 cardinal taxation measure for the move.
The relocation, according to immoderate reports, was to guarantee an easier introduction into the country's highly-regulated fiscal services industry, particularly lending.
© Thomson Reuters 2023
Affiliate links whitethorn beryllium automatically generated - spot our ethics statement for details.
