New Delhi: Retail giant Walmart’s stake in DeCorn fintech firm PhonePe has come down to 85 per cent from 89 per cent, the US-based firm said, following its ongoing fundraising of USD 1 billion. PhonePe has now raised a total of USD 850 million of primary capital in the current round till the end of May.
“During the three months ended April 30, 2023, the Company received USD 0.5 billion related to a fresh round of equity funding for the Company’s majority-owned PhonePe subsidiary, bringing the Company’s ownership as of January 31, 2023 to approximately 89 percent to about 85 percent,” Walmart said in a latest regulatory filing.
As of 30 April, the Walmart Group firm has raised USD 750 million, including USD 200 million in equity from Walmart. General Atlantic and its co-investors have contributed US$550 million in PhonePe’s ongoing US$1 billion funding round at a pre-money valuation of US$12 billion.
Ribbit Capital, Tiger Global and TVS Capital Funds have invested USD 100 million during the funding round.