Tiger Global, Tencent join $700-M funding round for fintech firm PhonePe

Bengaluru-based digital payments major PhonePe has raised USD 350 million led by Flipkart-parent Walmart, which has put in USD 283.5 million and Tencent which has invested USD 50 million. Early Flipkart backer Tiger Global has contributed USD 16.5 million to the round that values PhonePe has been valued at USD 5.5-5.7 billion. The funding is part of a USD 700 million round announced in December 2020. Flipkart remains the largest stakeholder in PhonePe with 87.3%, while Walmart directly owns 10.3% and Tencent 1.8%.