Walmart pumps $200 million in PhonePe in ongoing fundraise

Indian digital payments firm PhonePe said on Friday it has raised $200 million from majority backer Walmart Inc at a pre-money valuation of $12 billion.

PhonePe, already India’s most valuable payments firm and among the country’s most highly-valued startups, said the investment is part of its ongoing fundraise of up to $1 billion.

It has raised $350 million from private equity firm General Atlantic and $100 million from Ribbit Capital, Tiger Global and TVS Capital Funds in the past two months, at the same $12 billion valuation.

American retail behemoth Walmart, which acquired a majority share in PhonePe in 2018, will continue as a majority investor, the Indian company said, without disclosing its stake.