This new funding comes as a part of PhonePe's ongoing
fundraise 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 several
global investors, PhonePe said in a statement.
The $12 billion pre-money valuation makes Walmart-owned
PhonePe the most valuable fintech in the country, surpassing payment services
provider, Razorpay which was last valued at $7.5 billion.
PhonePe competes with Google Pay and Paytm.
"The company expects further investments, which will be
announced in due course," the statement said. "PhonePe plans to
deploy these funds to build and scale new businesses like insurance, wealth
management, lending, stockbroking, ONDC-based shopping and account aggregators."
The fundraise will also help PhonePe turbo-charge the next
wave of growth for UPI payments in India, including UPI lite and Credit on UPI.
Speaking on the fundraise, Sameer Nigam, CEO and Founder of
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 build new offerings for Indian consumers and
merchants, along with enabling financial inclusion across the nation".
Speaking on the fundraise, Sameer Nigam, CEO and Founder of
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 build new offerings for Indian consumers and
merchants, along with enabling financial inclusion across the nation".
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