Walmart Inc. has announced that it has provided up to $200 million in additional funding to PhonePe, a leading digital payments platform in India. PhonePe, a Flipkart Group Company, will use the funds to further accelerate its growth and strengthen its leadership position in India’s digital payments ecosystem.
Co-founded by Sameer Nigam and Rahul Chari, PhonePe is a revolutionary digital payments platform that enables users to make mobile payments, bank transfers and recharge their mobile balance through a single application. It also enables users to shop online, pay bills, book travel tickets and much more.
PhonePe already has over 150 million users, and this additional funding will help it continue to lead the digital payments revolution in India.
Walmart’s investment in PhonePe is a testament to the company’s commitment to the Indian digital payments market, which is estimated to reach $1 trillion by 2023.
This additional capital will help PhonePe accelerate its growth and continue to innovate and expand its product portfolio. It will also help PhonePe further enhance its technology platform and build a stronger customer base.