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PhonePe concludes USD 700 mln fundraise round

Thursday 19 August 2021 12:06 CET | News

PhonePe, an India-based online payments app, has raised USD 350 million from new and existing investors as part of the USD 700 million round it announced in December 2020.

Walmart led the new funding tranche with USD 281.5 million, whereas Tencent contributed with USD 50 million, and Tiger Global put in USD 16.5 million, PhonePe's regulatory filings in Singapore reveal. This marks the first fundraise for the Indian company in 2021.

Following the fresh investment tranche, PhonePe has pocketed over USD 1.6 billion in total funding. Tencent and Tiger Global are new investors in the digital payments major. The two companies, along with Google, Facebook, General Atlantic, and Google were in talks to back PhonePe at a valuation of USD 10 billion in early 2019. However, the discussions at the said valuation didn't move forward. 

According to Fintrackr's estimates, PhonePe has been valued at up to USD 5.7 billion in the new tranche. PhonePe had raised USD 350 million from the three investors in an equivalent ratio in December 2020. Following this, Walmart now owns 10.30%, while Tencent holds a 1.80% stake in the company. Meanwhile, Flipkart is the largest stakeholder in PhonePe with 87.30%.


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Keywords: online payments, funding, Flipkart, UPI
Categories: Payments & Commerce
Companies:
Countries: India
This article is part of category

Payments & Commerce