The Indian payments company PhonePe, which belongs to Walmart Inc. (WMT.N), announced on Monday that it had acquired an additional $100 million from the private equity firm General Atlantic in the most recent round of its ongoing $1 billion fundraising effort.
PhonePe has now brought in a total of $850 million in funding throughout all of its rounds, including the most recent one.
It is believed that PhonePe is worth $12 billion, making it the most valuable payments company in India. It is also one of the most highly valued companies in the nation.
According to a statement made by PhonePe in March, the firm intends to put these assets to use in order to establish and expand new companies in areas such as financing, wealth management, and insurance.
Following the acquisition of a majority stake in PhonePe in 2018, American retailer Walmart will maintain its position as the company’s preeminent financial backer.
