The US retail giant Walmart has given the Indian mobile payment company PhonePe $200 million in primary capital.
The investment gives PhonePe a market value of $12 billion as it tries to raise more money and break the $1 billion mark.
Investors have given the company $650 million so far, and the company is also in the process of moving from Singapore to India. This will make it easier for PhonePe to enter new financial services sectors in the heavily regulated Indian market.
PhonePe says that the money will be used to start and grow new businesses that offer financial services, such as insurance, wealth management, stock trading, lending, and account aggregation.
Walmart bought a piece of the business in 2018 and still owns most of it.
‘’We would like to thank Walmart, our majority investor, for their continued support of our long-term aspirations,” said PhonePe founder and CEO Sameer Nigam. “We are excited about the next phase of our growth as we build new offerings for Indian consumers and merchants, along with enabling financial inclusion across the nation.’’
