PhonePe, India’s largest mobile payment services company, has raised another $200 million in an ongoing funding round.
Source: Pixabay.com
In total, as of the current moment, this company has raised funds for $ 650 million. The firm is showing good results against the backdrop of a global market downturn.
Walmart, which owns most of PhonePe, invested $200 million in the firm. The payment giant has previously stated that following the results of the current round of financing, it intends to raise $ 1 billion.
Judith McCann, President and CEO of Walmart International, expressed confidence that shortly, PhonePe will expand the range of products and services available to users and increase the scale of its activities. The head of the company also noted that the Indian economy currently has one of the highest digitalization rates in the world and is characterized by dynamic and rapid growth.
The cost of PhonePe is $12 billion. The company is one of the most promising representatives of the Indian fintech industry. The firm competes with Google Pay and Paytm.
PhonePe handles a significant portion of transactions in UPI, a network created by a coalition of retail banks in India. This network is the most popular way to make financial operations online among Indian consumers. More than 8 billion transactions are made in UPI every month. PhonePe processes approximately 50% of these operations and continues to intensify its activities in the appropriate direction.
The Indian regulator has introduced a check on the market capitalization of representatives of the country’s financial system. Because of this, the growth of PhonePe has become a dubious prospect. But after some time, the regulator decided to start inspection only in 2025. In this regard, the company has the opportunity to grow steadily over the next two years.
As we have reported earlier, Walmart Teams Up With Citi on Digital Lending Platform.
