PhonePe, an Indian digital payments company, got $200 million from main backer Walmart Inc. (WMT.N) at a $12 billion pre-money value on Friday.
PhonePe, one of India’s most valuable firms, said the investment is part of its $1 billion financing.
In the previous two months, General Atlantic, Ribbit Capital, Tiger Global, and TVS Capital Funds have invested $350 million and $100 million, respectively, at a $12 billion value.
The Indian business claimed Walmart, which purchased a majority position in PhonePe in 2018, will remain a majority investor without disclosing its percentage.
Due to online payments’ popularity and companies’ desire to enter the lucrative financial services sector, the Indian digital payments field has thrived throughout a financing winter.
PhonePe wants to use these funds to grow insurance, financial management, and lending companies.
PhonePe broke from Flipkart late last year and moved its registered headquarters from Singapore to India, with Walmart paying the almost $1 billion tax bill.
According to some sources, the transfer eased access into the country’s heavily regulated financial services market, notably lending.