- PhonePe raised $200 million from Walmart.
- With this latest tranche, the India-based company maintains its $12 billion valuation.
- The new investment brings PhonePe’s total funding to $650 million.
Today’s investment boosts the payments application expert’s total funding to $650 million, placing it more than halfway to reaching its $1 billion capital raise target. In its announcement today, PhonePe noted that it is expecting further progress toward the $1 billion goal, saying it is expecting more funding “in due course.”
PhonePe will use today’s funds to build and scale new businesses including insurance, wealth management, lending, stockbroking, Open Network for Digital Commerce-based shopping, and account aggregators. The investment will also help PhonePe grow UPI payments in India, including UPI lite and Credit on UPI. “We are excited about the next phase of our growth as we build new offerings for Indian consumers and merchants, along with enabling financial inclusion across the nation,” said PhonePe Founder and CEO Sameer Nigam.
“We are excited about PhonePe’s future and have confidence in how it continues to expand its offerings and provide access to financial services for Indians at scale,” said Walmart International President and CEO Judith McKenna. “India is one of the world’s most digital, dynamic and fastest growing economies, and we are pleased to have the opportunity to continue to support PhonePe.”
PhonePe was founded in 2015 and was acquired by Walmart-owned Flipkart in 2016. The company counts around 450 million registered users, a total that accounts for nearly one in three adult Indians. In 2017, PhonePe began offering investing tools, mutual fund products, and insurance tools.