Walmart-backed PhonePe to raise $1 billion in funding

The Indian digital payment startup PhonePe is reportedly seeking to raise up to $1 billion from General Atlantic, Tiger Global Management, Qatar Investment Authority, and Microsoft Corp, according to a report from Bloomberg. The payments company is owned by the eCommerce firm Flipkart, which is itself owned by Walmart.

Sources tell Bloomberg that the all-equity round is expected to close in the next two weeks and may take PhonePe’s valuation close to $13 billion.

Founded in 2015 by CEO Sameer Nigam, Husna Nc Engineer, and Rahul Chari, the Maharashtra, India-based PhonePe is a UPI-based online payment system that provides a mobile payment app that enables users to transfer money instantly from their smartphones and devices.

Walmart Chief Financial Officer John David Rainey commented on an earnings call, “I traveled to India last month and was impressed by how Flipkart and PhonePe teams are innovating for the customer and driving growth.”

“We offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services,” PhonePe says on its website.