Reuters | | Posted by Ritu Maria Johny
Walmart-owned Indian digital funds app PhonePe mentioned on Thursday it has raised $350 million at a valuation of $12 billion in a funding spherical led by private-equity agency Normal Atlantic.
Funding rounds backed by enterprise capital companies have slowed down, with Indian startups having raised a 3rd lesser final yr than in 2021, based on Enterprise Intelligence.
Below strain to chop prices and switch worthwhile, startups have eliminated hundreds of staff within the current months.
PhonePe, wherein U.S. retailer Walmart Inc took possession in 2018, plans to make use of the proceeds in infrastructure and new companies, together with insurance coverage, wealth administration and lending, Chief Govt Officer and founder Sameer Nigam mentioned on Thursday.
Final yr, the Bengaluru-based funds firm had shifted its dwelling base from Singapore to India and in addition accomplished its separation from ecommerce big Flipkart.