PhonePe raises $200 mn additional funding from Walmart at $12 bn valuation

New funding is part of PhonePe's ongoing capital raise of up to $1 bn, following its domicile shift to India last year

PhonePe, one of India’s largest fintech platforms, has raised an additional $200 million in primary capital from its parent Walmart, at a pre-money valuation of $12 billion.

This new funding comes as a part of PhonePe’s ongoing fundraise of up to $1 billion in capital, following its domicile shift to India last year. With this tranche, the company has raised $650 million from several global investors. The company expects further investments, which will be announced in due course.

PhonePe plans to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping and account