PhonePe, a fintech platform in India, has raised a further $200m in capital from Walmart, at a pre-money valuation of $12bn.

This latest funding forms a part of PhonePe’s ongoing fundraise of up to $1bn in capital, after it shifted its domicile to India in 2022.

With this latest funding, the company has raised $650m from many global investors.

It expects more investments, which will be announced in due course.

PhonePe intends to use these funds to scale new businesses such as insurance, wealth management, lending, stockbroking, ONDC-based Shopping and Account Aggregators.

The capital raise will also help the firm chart out the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI.

Commenting on the fundraise, PhonePe CEO and founder Sameer Nigam said: ‘’We would like to thank Walmart, our majority investor, for their continued support of our long-term aspirations.

“We are excited about the next phase of our growth as we build new offerings for Indian consumers and merchants, along with enabling financial inclusion across the nation.’’

Walmart International president and CEO Judith McKenna said: “We are excited about PhonePe’s future and have confidence in how it continues to expand its offerings and provide access to financial services for Indians at scale.

“India is one of the world’s most digital, dynamic and fastest growing economies, and we are pleased to have the opportunity to continue to support PhonePe.”

In February, the Indian digital payments firm secured $100m in funding at a pre-money valuation of $12bn following a $350m raise in January.

Set up in December 2015, PhonePe has around 450 million registered users, with more than one in three adult Indians now on PhonePe.