Indian mobile payments company PhonePe has secured $200 million in primary capital from US retail giant Walmart.
The investment leaves PhonePe with a market valuation of $12 billion as it looks to break the $1 billion mark in its fundrasing efforts
The company has raised $650m to date from various investors and is also in the process of moving the business from Singapore to India, a move expected to make it easier for PhonePe to enter new financial services sectors in the highly regualted Indian market
Accoridng to PhonePe, the funds will be used to develop and scale new financial services businesses including insurance, wealth management, stock trading, lending and account aggregation.
Walmart acquired a share in the business in 2018 and remains a majority investor.
‘’We would like to thank Walmart, our majority investor, for their continued support of our long-term aspirations,” said PhonePe founder and CEO Sameer Nigam. “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.’’