News Stocks

PhonePe Raises $200M from Walmart and $450M in Total Funding

PhonePe Raises $200M from Walmart and $450M in Total Funding

PhonePe, India’s most valuable payments firm, announced on Friday that it has raised $200 million from majority backer Walmart at a pre-money valuation of $12 billion. This investment is part of PhonePe’s ongoing fundraise of up to $1 billion. In the past two months, the company has raised $350 million from private equity firm General Atlantic and $100 million from Ribbit Capital, Tiger Global, and TVS Capital Funds at the same valuation.

PhonePe’s Growth and Future Plans

The digital payments company has seen rapid growth in India, with over 300 million registered users and over 10 million merchants on its platform. PhonePe’s revenue grew by 74% to $95 million in the financial year 2020-21, while its losses decreased by 7.3% to $12.8 million.

PhonePe plans to use the newly raised funds to expand its merchant network, deepen its technology stack, and enhance its product capabilities. The company also aims to invest in developing new use cases for its platform, such as wealth management and insurance.

Walmart’s Support and Strategy

Walmart has been a majority shareholder in PhonePe since 2018 and has played a key role in its growth. The retail giant has been expanding its presence in India, both online and offline, and sees PhonePe as a strategic investment in the country’s growing digital economy.

In addition to PhonePe, Walmart has also invested in other Indian startups, such as e-commerce company Flipkart and online grocery platform Ninjacart. The company’s strategy in India is to build a strong ecosystem of local partners and leverage their expertise to grow its business in the country.

PhonePe’s Competitors and the Digital Payments Landscape in India

PhonePe competes with other digital payments firms in India, such as Paytm and Google Pay. However, PhonePe has been able to differentiate itself by offering a more seamless and user-friendly experience, which has helped it gain a loyal user base.

India’s digital payments landscape has been growing rapidly, with the government’s push for a cashless economy and the increasing adoption of smartphones and mobile internet. According to a report by Google and Boston Consulting Group, the digital payments market in India is expected to reach $500 billion by 2025, up from $50 billion in 2020.

In conclusion, PhonePe’s recent funding rounds reflect its strong growth and potential in the Indian digital payments market. The company’s plans to expand its merchant network and develop new use cases for its platform are likely to strengthen its position in the market. As India’s digital payments landscape continues to evolve, PhonePe’s success may depend on its ability to stay ahead of the competition and adapt to changing consumer needs.


Alice Scott is a prolific author with a keen interest in the stock market. As a writer for, she specializes in covering breaking news, market trends, and analysis on various stocks. With years of experience and expertise in the financial industry, Alice has developed a unique perspective that allows her to provide insightful and informative content to her readers.