Walmart's PhonePe achieves $1.3 trillion total payment volume

Walmart's digital payments subsidiary, PhonePe, achieved a significant milestone, reaching a Total Payment Volume (TPV) of $1.3 trillion.

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PhonePe, a prominent fintech platform in India, is gearing up for an Initial Public Offering (IPO) expected in 2024-2025.

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In March of this year, PhonePe secured an additional $200 million in primary capital from Walmart at a pre-money valuation of $12 billion.

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PhonePe recorded a robust revenue of Rs 2,914 crore in the financial year ending March 31, 2023, marking a substantial 77 per cent increase from Rs 1,646 crore in FY22.

Source: Unsplash