The digital payment company PhonePe has raised Rs 5,000 crore (approx $690 million) in a fresh round of funding. After the new round of investment, the company is now valued Rs 45,000 crore (post-money valuation) that will help the company to strengthen its presence in the digital payment market.
According to sources Dazeinfo has spoken with, the round is led by Walmart which has invested approx Rs 3,400 crore ($480 million) in the recent round. Tencent and Tiger Global are the other major investment firms who participated in the round each investing Rs 740 crore ($100 million).
Along with the fresh round of investment, Walmart has also got PhonePe out of Flipkart umbrella, making it a separate entity altogether. Sources have also confirmed that 2 people from Walmart, one each from Tiger Global and Tencent would be the part of the new board of PhonePe.
PhonePe which was acquired by Flipkart for nearly $20 million in 2016 has been growing leaps and bounds due to the exploded adoption of UPI nationwide.
By the end of October there the app has nearly 25 crore registered users, of which 10 crore are actively transacting on the platform on a monthly basis.
In October, PhonePe reported a record number of transactions amounting to Rs 250,000 crore.
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