Already one of the most valuable startups in the nation, Indian digital payments fintech, PhonePe, is in the middle of a remarkable round of fundraising. With its goal set at a staggering $1 billion for expansion into new financial services, the company has achieved a pre-money valuation of $12 billion thanks to help from General Atlantic, Tiger Global and other international investment heavyweights.
Now a new player has taken the lead in backing PhonePe’s plans for the future: American retail giant Walmart has announced an investment of $200 million in the company, making it the majority investor in this found of fundraising.
“We would like to thank Walmart, our majority investor, for their continued support of our long-term aspirations,” said PhonePe’s Chief Executive Officer and Founder, Sameer Nigam. “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.”