PhonePe, India’s most valuable payments company and one of the country’s most highly-valued startups, has recently raised $200 million (nearly Rs. 1,650 crore) from majority backer Walmart at a pre-money valuation of $12 billion (nearly Rs. 99,000 crore). This investment comes as part of its ongoing fundraise of up to $1 billion (nearly Rs. 8,250 crore).
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Source: Google
How much PhonePe raised in all round?
This funding round was joined by private equity firm General Atlantic and Ribbit Capital, Tiger Global and TVS Capital Funds, all at the same $12 billion valuation. With this round, it is estimated that PhonePe has raised more than $660 million (nearly RS. 5,450 crore) in its ongoing series of funding exercises.
PhonePe, which separated from Indian e-commerce giant Flipkart late last year, shifted its registered headquarters from Singapore to India to ensure an easier entry into the country’s highly regulated financial services industry, particularly lending. The relocation was supported by Walmart, who picked up the nearly $1 billion tax bill for the move.
Source: Google
Plans for the funds
It is expected that PhonePe will deploy the funds to build and scale new businesses, such as insurance, wealth management and lending. This move is not only in line with their ambitions, but also with the rising popularity of online payments and the current surge in financial services startups in India.
Source: Google
In the light of the current funding landscape,it is remarkable to see PhonePe continuing to secure investments from a range of investors, showing confidence in the Indian digital payments space. It is clear that PhonePe is continuing to set the tone for the industry and that the future is a bright one.