PhonePe raises $200M in additional funding from Walmart
Following the relocation of its headquarters to India last year, PhonePe is currently raising up to $1 billion in capital. The new funding is a part of this effort. The fintech startup announced earlier in January that General Atlantic, a private equity group, had provided $350 million in funding at a $12 billion pre-money value. The round included investment from additional investors from India and beyond.
"We want to express our gratitude to Walmart, who holds the majority of our stock, for continuing to support our long-term goals. We are enthusiastic about the following stage of our growth as we develop new services for Indian customers and businesses and enable financial inclusion throughout the country "PhonePe's CEO and founder, Sameer Nigam, stated.
The money will be used by the company to launch and grow new ventures in the areas of account aggregators, lending, wealth management, insurance, and stockbroking. Additionally, it would support PhonePe in igniting the subsequent expansion of UPI payments in India, including Credit on UPI and UPI Lite.
"We are enthusiastic about PhonePe's future and confident in its ability to broaden its product offerings and give Indians widespread access to financial services. We are happy to have the opportunity to help PhonePe going forward because India is one of the most digitally advanced, vibrant, and rapidly expanding economies in the world, said Judith McKenna, President and CEO of Walmart International.