Walmart Invests US$200 Million in PhonePe

Walmart Invests US$200 Million in PhonePe

by March 20, 2023

Indian digital payments company PhonePe announced that it has secured an additional US$200 million from Walmart, bringing its total funds raised for this tranche to US$650 million. The raise places PhonePe’s pre-money valuation at US$12 billion.

PhonePe said that it expects further investments for its ongoing fundraise of up to US$1 billion in capital and that the announcements will be made in due course.

The fintech made a domicile shift from Singapore to India and had to fork out INR 8000 crores (approximately US$18.35 million) in taxes for the move.

PhonePe plans to deploy these funds to scale up its payments and insurance businesses in India, as well as to launch and scale new businesses like lending, stockbroking, Open Network for Digital Commerce (ONDC)-based shopping and account aggregators

Sameer Nigam

Sameer Nigam

Sameer Nigam, CEO and Founder of PhonePe said,

‘’We would like to thank Walmart, our majority investor, for their continued support of our long-term aspirations. 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.’’

Judith McKenna

Judith McKenna

Judith McKenna, President and CEO for Walmart International said,

“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. 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.”