Indian FinTech giant PhonePe has raised $200m in a primary capital investment from Walmart. PhonePe’s pre-money valuation was $12bn.
This investment is part of a funding effort from PhonePe which could see the FinTech company raise up to $1bn in capital. The new tranche brings the company’s total capital raised to $650m.
Its most recent injection was a $100m investment from Ribbit Capital, TVS Capital Funds and Tiger Global. This followed a $350m fundraise in January, which was backed by General Atlantic.
With the capital, the FinTech company is looking to build and scale new businesses, including insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators.
The capital will also enable PhonePe to bolster the growth wave for UPI payments in India, including UPI lite and Credit on UPI.
Speaking on the fundraise, PhonePe CEO and founder Sameer Nigam 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.”
PhonePe offers a variety of financial services. Through the platform, users can pay bills, send money, buy gold, invest and shop at online stores, as well as order food, book flights and purchase groceries.
Walmart International president and CEO Judith McKenna added, “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.”
This is not the only significant funding round from an Indian FinTech company this month.
Supply chain financing platform Mintifi secured $110m in its Series D funding round. The investment was led by the family office Premji Invest and will help Mintifi bolster its position in key sectors and release new services.
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