Walmart Owned Indian Fintech PhonePe Raises Funds At $12B Valuation

Walmart Inc WMT-owned Indian fintech platform PhonePe raised another $100 million in primary capital from Ribbit Capital, Tiger Global, and TVS Capital Funds, at a pre-money valuation of $12 billion.
This new investment follows the recent $350 million primary fundraise that closed on January 19.
PhonePe started its latest fundraiser with a target of raising $1 billion in the capital, post its domicile shift to India.
The company expects further investments from leading global and prominent high-net-worth Indian investors.
PhonePe plans to deploy these funds to scale up its Payments and Insurance businesses in India and launch and aggressively scale new businesses like Lending, Stockbroking, ONDC-based Shopping, and Account Aggregators over the next few years.
Speaking on the fundraiser, Sameer Nigam, CEO and Founder of PhonePe, said, "We are privileged to have a great set of leading global investors, both existing and new, who believe in our mission of building massive technology platforms to bring at-scale financial and digital inclusion in India."
India, the second-largest internet market, became a critical overseas market for Walmart and Amazon.Com, Inc AMZN.
Walmart reportedly earmarked over $2.5 billion in India as the retailer doubled down on the opportunities to tap India's e-commerce and payments markets amid macro headwinds.
Price Action: WMT shares traded lower by 0.71% at $144.90 on the last check Tuesday.