Timesof24
PhonePe plans to deploy these funds to construct and scale new companies.
Bengaluru:
Indian digital funds agency PhonePe stated at present it has raised $200 million from majority backer Walmart Inc at a pre-money valuation of $12 billion.
PhonePe, already India’s Most worthy funds agency and among the many nation’s most highly-valued startups, stated the funding is a part of its ongoing fundraise of as much as $1 billion.
It has raised $350 million from personal fairness agency Normal Atlantic and $100 million from Ribbit Capital, Tiger International and TVS Capital Funds previously two months, on the identical $12 billion valuation.
American retail behemoth Walmart, which acquired a majority share in PhonePe in 2018, will proceed as a majority investor, the Indian firm stated, with out disclosing its stake.
Regardless of a funding winter, the Indian digital funds area has been a vibrant spot because of the recognition of on-line funds and startups’ ambitions to department into the profitable monetary companies area.
PhonePe stated it plans to deploy these funds to construct and scale new companies together with insurance coverage, wealth administration and lending.
PhonePe separated from Indian e-commerce large Flipkart late final 12 months, when it additionally shifted its registered headquarters from Singapore to India, with Walmart selecting up the almost $1 billion tax invoice for the transfer.
The relocation, in keeping with some studies, was to make sure a neater entry into the nation’s highly-regulated monetary companies trade, particularly lending.
(Reporting by Meenakshi Maidas in Bengaluru; Modifying by Savio D’Souza)
(Apart from the headline, this story has not been edited by Timesof24 workers and is printed from a syndicated feed.)
