Walmart's shareholding in fintech firm PhonePe has been reduced to 85 per cent from 89 per cent following its ongoing fundraise of $1 billion.
PhonePe, which joined the decacorn club after raising $350 million earlier this year, has so far raised $850 million of primary capital in the current round till the end of May.
"During the three months ended April 30, 2023, the company received $0.5 billion related to new rounds of equity funding for the company's majority-owned PhonePe subsidiary, which reduced the company's ownership from approximately 89 per cent as of January 31, 2023 to approximately 85 per cent," Walmart said in a latest regulatory filing.
Till April 30, the Walmart group firm has raised $750 million, including $200 million capital infusion from Walmart.
General Atlantic and its co-investors have contributed $550 million in the ongoing $1 billion funding round of PhonePe at a pre-money valuation of $12 billion. The fintech firm is reportedly planning to use the funds to boost its infrastructure and scale up its financial services.
According to media reports, PhonePe has plans to launch an app store in India for Android users, with the aim of offering hyper-localized services. The company had said the planned app store would offer premiere experience for millions of users with high-quality advertisements and custom targeting, round-the-clock live chat, and customer support in 12 languages.
—With PTI inputs
