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PhonePe gets $200 million funding from Walmart

New Delhi: PhonePe which is one of the largest UPI-based App launched by e-commerce giant Flipkart, to provide a cashless and seamless payment experience, On Friday, announced it has raised an additional $200 million in primary capital from Walmart, at a pre-money valuation of $12billion.

This new funding comes as a part of PhonePe’s ongoing fundraising of up to $1 billion in the capital,  following its domicile shift to India last year. With this tranche, the company has raised $650 million from several global investors. The company expects further investments, which will be announced in due course.

PhonePe competes with Google Pay and Paytm

The statement said, “PhonePe plans to deploy these funds to build and scale new businesses like Insurance, Wealth Management, lending, Stockbroking, ONDC-based shopping, and account aggregators.”

Sameer Nigam, the CEO and Founder of PhonePe expressed his gratitude towards Walmart, their majority investor for their constant backing in achieving their long-term goals. He added that 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.

President and CEO for Walmart International Judith McKenna 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.”