India-based digital payment service provider PhonePe has closed a $350m tranche to complete a $700m round led by retailer Walmart and featuring internet group Tencent, Entrackr reported yesterday.
Walmart injected $283.5m while Tencent provided $50m, according to regulatory filings in Singapore seen by Entrackr. Tiger Global Management put up $16.5m to fill out the participants.
The company had announced plans to raise the $700m round in December 2020, when it disclosed it was spun off by Walmart’s regional e-commerce subsidiary Flipkart.
PhonePe was founded in 2014 and acquired by Flipkart two years later. It runs a portal that helps users execute financial transactions with a virtual wallet, settle various types of bills including utilities, phone and purchases, and buy investment products such as mutual funds.
The company has raised in excess of $1.6bn overall. Flipkart, Tencent and Tiger Global had respectively invested $930m, $100m and $33m in the company.
Flipkart remains the largest shareholder with an 87.3% stake, followed by Walmart with 10.3% and Tencent with 1.8%. Flipkart estimates PhonePe’s valuation to be between $5.5bn and $5.7bn.
