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Walmart Pumps $200M Into India’s PhonePe, to Build Insurance, Wealth Businesses

March 17, 2023

Indian digital payments firm PhonePe said on Friday it has raised $200 million from majority backer Walmart Inc. at a pre-money valuation of $12 billion.

PhonePe, already India’s most valuable payments firm and among the country’s most highly valued startups, said the investment is part of its ongoing fundraise of up to $1 billion.

It has raised $350 million from private equity firm General Atlantic and $100 million from Ribbit Capital, Tiger Global and TVS Capital Funds in the past two months, at the same $12 billion valuation.

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