PhonePe gets additional funding of $200 million from Walmart
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With this funding, PhonePe said in a statement that the company has raised $650 million (about Rs 5,360 crore) from various global investors. A valuation of $12 billion before investment or funding makes Walmart-owned PhonePe the most valuable financial technology (fintech) company in the country.
New Delhi. Fintech platform PhonePe on Friday said it has raised an additional $200 million (about Rs 1,649 crore) in seed funding from Walmart at a pre-money valuation of $12 billion. Since shifting its headquarters to India last year, PhonePe has been looking to raise up to $1 billion. This new financing is also part of that. With this funding, PhonePe said in a statement that the company has raised $650 million (about Rs 5,360 crore) from various global investors. A valuation of $12 billion before investment or funding makes Walmart-owned PhonePe the most valuable financial technology (fintech) company in the country.
The statement said, “The company expects to receive more investments, which will be announced in the coming time.” Sameer Nigam, founder and CEO of the company, said that we thank our majority investor Walmart who has supported our long-term vision. Has consistently supported aspirations. We are excited about the next phase of growth and new offerings for Indian consumers. “We are excited about the future of PhonePe,” said Judith McKenna, President and CEO of Walmart International. We are confident of the way it is expanding its offering and providing access to financial services to Indians at large.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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