PhonePe, India’s largest pre-money fintech startup announced that it has raised $200 million from Walmart on March 17. The payment aggregator appears to be unfazed by the funding drought in the tech ecosystem as it marches ahead in its plans to continue raising $1 billion in funds.
This latest round will take PhonePe’s total funding this year to $650 million. The startup raised $350 million from General Atlantic in January this year. The round was followed by Ribbit Capital, Tiger Global and TVS Capital Funds investing $100 million in February.
PhonePe plans to use the funds in developing and scaling new businesses like insurance, wealth management, credit, stockbroking, and ONDC-based shopping. The company will also work towards offerings like UPI Lite and lending via UPI. PhonePe began offering its financial products in 2017 and offers several insurance products as well as mutual funds.
Sameer Nigam, CEO and Founder of PhonePe said, “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.”
The company has around 45 crore registered users and has digitised over 3.5 crore offline merchants across India. The company stated that it has annualized total value has reached the $1 trillion mark. PhonePe is one of India’s most valuable fintech startups with a pre-money valuation of $12 billion.
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