Fintech platform PhonePe has announced that it has raised an additional $200 million in seed capital from Walmart at a pre-money valuation of $12 billion.
The company is in the process of raising $1 billion after a foray into India that has been ongoing since last year, a company statement revealed. Also, from several global investors, this company has so far raised $650 million.
The funds will be deployed to build and scale new businesses such as insurance, wealth management, lending, stockbroking, ONDC-based procurement and account aggregators. The funding will help PhonePe in its next wave of growth in the UPI payments space, including UPI Lite and Credit on UPI.’
Commenting on this development founder and CEO of the fintech company Sameer Nigam said, “We would like to thank our majority investor Walmart for their continued support towards our long-term aspirations. We are excited about the next phase of our growth as we create new offerings for Indian consumers and merchants, while enabling financial inclusion across the country.”
