PhonePe raises $200 million in additional funding from Walmart

This new funding comes as part of its ongoing fundraising of up to $1 billion in capital, following PhonePe’s domicile shift to India last year. With this tranche, the company has raised $650 million from multiple global investors, The company expects further investments, which will be announced in due course.

PhonePe plans to deploy these funds to build and expand new businesses such as insurance, insurance. money management, Lending, Stockbroking, ONDC-based shopping and account aggregators. The fundraising will help PhonePe 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 & Founder, PhonePe said, “We would like to thank our majority investor Walmart 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 while enabling financial inclusion across the country.”

Judith McKenna, President and CEO, Walmart International, said: “We are excited about the future of PhonePe and we believe in how it continues to expand its offerings and provide access to financial services for Indians at large. India is one of the most digital, dynamic and fastest growing economies in the world, and we are delighted to have the opportunity to continue supporting PhonePe.”

PhonePe was founded in December 2015 and has emerged as one of India’s largest fintech platform, enabling digital inclusion for consumers and merchants alike. With ~45 crore (~450 million) registered users, more than one in three adult Indians are now on PhonePe.