With a pre-money valuation of $12 billion, India’s top fin-tech gateway PhonePe announced on Friday that it had secured an extra $200 million, about Rs 1,650 crore in basic investment from Walmart.
Fresh Funding being Ongoing Effort
The fresh fundraising, according to an announcement from PhonePe, is a component of the company’s ongoing effort to secure up to $1 billion in cash since switching its domicile to India last year. The business has already secured $650 million in funding from numerous international investors. The management believes in making additional acquisitions, which will be disclosed when appropriate.
The company also stated that it intended to use these assets to launch and expand new ventures in the areas of account consolidators, financing, brokerage, reinsurance, investment management, and investment management. The money raised would also assist PhonePe in accelerating the next phase of UPI payment growth in India, incorporating Credit on UPI and UPI light.
Phonepe CEO’s Gratitude To Walmart
The PhonePe CEO and founder, Sameer Nigam, expressed gratitude to Walmart, their key investor, for actively supporting their long-term goals. They are enthusiastic about the next stage of their expansion as they develop new products and services for Indian customers and businesses while also promoting financial inclusion throughout the country.
The annual total payment valuation run rate for PhonePe has reached $1 trillion (Rs 84 lakh crore). Around 35 million offline businesses located in Tier 2, Tier 3, and Tier 4 cities have been digitalized by the organization.
Moreover, PhonePe revealed that the Reserve Bank of India has given its transaction aggregator authorization preliminary clearance. With this clearance, the company will be able to scale its streamlined payment processing and promote digital literacy for the nation’s millions of small and medium-sized businesses.