Walmart invests $200 million in Indian mobile payments giant PhonePe
By Editor - Thu Mar 16, 10:09 pm
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PhonePe has raised another $200 million as part of an ongoing round, a deliberation that has now helped it pull $650 million in recent weeks despite the market slump, as the Indian fintech giant bulks up its war chest following the recent separation from the parent firm Flipkart . Walmart, which owns the majority of PhonePe, has invested $200 million into the startup. The ongoing round values the Bengaluru-headquartered PhonePe at a pre-money valuation of $12 billion. PhonePe has previously said that it plans to raise up to $1 billion as part of the ongoing financing round. “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,” said Judith McKenna, President and CEO for Walmart International, in a statement. At a $12 billion valuation, PhonePe is India’s most valuable fintech startup. It competes with Google Pay and Paytm
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Walmart invests $200 million in Indian mobile payments giant PhonePe
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