PhonePe plans to deploy these funds to build and expand new businesses such as insurance, wealth management, lending and stockbroking.
The new funding comes as part of PhonePe’s ongoing funding of up to $1 billion in capital following its domicile shift to India last year.
India’s leading fintech platform PhonePe on Friday said it has raised an additional $200 million (about Rs 1,650 crore) in seed capital from Walmart at a pre-money valuation of $12 billion.
“The new funding comes as part of PhonePe’s ongoing funding of up to $1 billion in capital following its domicile shift to India last year. With this tranche, the company has raised $650 million from multiple global investors. The company looks forward to further investments, which will be announced in due course, PhonePe said in a statement.
It added that the company plans to deploy these funds for building and expanding new businesses such as insurance, wealth management, lending, stockbroking, ONDC-based trading and account aggregators. The fundraising will help PhonePe charge the next wave of growth for UPI payments in India, including UPI Lite and Credit on UPI.
Sameer Nigam, CEO and Founder, PhonePe, 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 look to enable financial inclusion across the country. as well as new offerings for Indian consumers and merchants.”
Judith McKenna, President and CEO, Walmart International, said, “We are excited about the future of PhonePe and we believe in how it continues to expand its offerings and provide access to financial services for Indians at large. India is one of the most digital, dynamic and fastest growing economies in the world, and we are delighted to have the opportunity to continue supporting PhonePe.”
PhonePe has achieved an annualized total payment value (TPV) run rate of $1 trillion (Rs 84 lakh crore). The company has digitized over 35 million offline merchants across Tier 2, 3 & 4 cities and beyond.
PhonePe also announced that it has received in-principle approval from the Reserve Bank of India (RBI) for its Payment Aggregator (PA) license. The approval will help the company expand its simplified payment solutions and enable digital inclusion for millions of small businesses and small and medium enterprises (SMEs) in the country.
Recently, the company enabled payments abroad as well and said that all international merchant outlets with local QR codes in the UAE, Singapore, Mauritius, Nepal and Bhutan are supported.
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