Since shifting its headquarters to India last year, PhonePe has been trying to raise capital of up to $1 billion. This new financing is also a part of that. PhonePe said in a statement that with this funding, the company has raised $650 million (about Rs 5,360 crore) from various global investors.
New Delhi:
Financial technology platform PhonePe said it has raised an additional $200 million (about Rs 1,649 crore) in seed funding from Walmart at a pre-money valuation of $12 billion. Since shifting its headquarters to India last year, PhonePe has been trying to raise capital of up to $1 billion. This new financing is also a part of that. PhonePe said in a statement that with this funding, the company has raised $650 million (about Rs 5,360 crore) from various global investors.
A valuation of $12 billion before investment or funding makes Walmart-owned PhonePe the most valuable financial technology (fintech) company in the country.
The statement said, “The company is expected to receive more investments, which will be announced in the coming time.” Sameer Nigam, founder and CEO of the company, said that we would like to thank Walmart, our majority investor, who has supported our long-term partnership. Continuously supported the aspirations. We are excited about the next phase of growth and new offerings for Indian consumers.
“We are excited about the future of PhonePe,” said Judith McKenna, President and CEO of Walmart International. We are confident of the way it is expanding its offerings and providing access to financial services to Indians at large.”