Indian digital funds agency PhonePe stated on Friday it has raised $200 million (roughly Rs. 1,650 crore) from majority backer Walmart at a pre-money valuation of $12 billion (roughly Rs. 98,997 crore).
PhonePe, already India’s most respected funds agency and among the many nation’s most highly-valued startups, stated the funding is a part of its ongoing fundraise of as much as $1 billion (roughly Rs. 8,249 crore).
It has raised $350 million (roughly Rs. 2,887 crore) from personal fairness agency Basic Atlantic and $100 million (roughly Rs. 824 crore) from Ribbit Capital, Tiger International and TVS Capital Funds prior to now two months, on the identical $12 billion valuation. “PhonePe began its newest fundraise with a goal of elevating as much as $1 billion in capital, submit its domicile shift to India,” PhonePe stated earlier this week. “With this second tranche, it has already raised $450 million (roughly Rs. 3,800 crore) inside six weeks from main traders. The corporate expects additional investments from main international, in addition to distinguished excessive internet price Indian traders in the end,” it stated in a press release.
American retail behemoth Walmart, which acquired a majority share in PhonePe in 2018, will proceed as a majority investor, the Indian firm stated, with out disclosing its stake.
Regardless of a funding winter, the Indian digital funds area has been a shiny spot because of the reputation of on-line funds and startups’ ambitions to department into the profitable monetary providers area.
PhonePe stated it plans to deploy these funds to construct and scale new companies together with insurance coverage, wealth administration and lending.
PhonePe separated from Indian e-commerce big Flipkart late final yr, when it additionally shifted its registered headquarters from Singapore to India, with Walmart selecting up the practically $1 billion tax invoice for the transfer.
The relocation, in line with some studies, was to make sure a neater entry into the nation’s highly-regulated monetary providers business, particularly lending.
© Thomson Reuters 2023
