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PhonePe Raises $200M from Walmart at $12B Valuation

PhonePe Raises $200M from Walmart at $12B Valuation

Indian digital payments company, PhonePe, has announced that it raised $200 million from Walmart, its majority backer, at a pre-money valuation of $12 billion. The investment is part of PhonePe’s ongoing fundraise of up to $1 billion, which will be used to fuel its expansion plans and strengthen its position as one of India’s leading fintech companies.

PhonePe was founded in 2015 and has grown rapidly in the Indian market, offering a range of digital payments solutions such as mobile wallets, UPI payments, and bill payments. It has over 330 million registered users and processes over 1 billion transactions every month. The company is currently valued at $12 billion, making it one of the most valuable fintech startups in India.

Walmart acquired a majority stake in PhonePe in 2018, and the digital payments firm has since become an important part of Walmart’s global strategy. Walmart has been investing heavily in its e-commerce operations and digital payments capabilities, and PhonePe has been a key part of this strategy in India.

The latest investment from Walmart will provide PhonePe with additional capital to expand its services and compete with rivals such as Paytm and Google Pay in India’s digital payments market. The company has been investing in new technologies such as artificial intelligence and machine learning to improve its offerings and enhance the customer experience.

PhonePe CEO Sameer Nigam said in a statement, “We are delighted to have Walmart’s continued support in this journey. This investment will help us accelerate our efforts to build innovative digital payment solutions for millions of people across India.”

The Indian digital payments market is one of the fastest-growing in the world, with a growing number of users adopting digital payment solutions for their daily transactions. According to a report by RedSeer Consulting, the Indian digital payments market is expected to grow from $65 billion in 2019 to $500 billion by 2025.

With its strong position in the Indian digital payments market and the backing of Walmart, PhonePe is well-positioned to capitalize on this growth and become a dominant player in the market. The company has already made significant strides in the industry, and the latest investment from Walmart will further strengthen its position and help it achieve its ambitious growth plans.

In conclusion, PhonePe’s latest investment from Walmart is a significant milestone for the Indian digital payments firm, providing it with additional capital to fuel its expansion plans and strengthen its position in India’s digital payments market. With its innovative solutions and strong growth potential, PhonePe is well-positioned to capitalize on the growing demand for digital payments in India and become a dominant player in the industry.

Author
Alice Scott is a prolific author with a keen interest in the stock market. As a writer for Livemarkets.com, 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.