Walmart-backed PhonePe seeks to raise $1bln

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The all-equity round is expected to close in the next two weeks and may take Walmart-backed PhonePe's valuation close to $13 billion, according to the report

Ashish Chandra, Reuters News

December 8, 2022

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BENGALURU - Indian digital payments firm PhonePe is seeking to raise up to $1 billion from General Atlantic, Tiger Global Management, Qatar Investment Authority and Microsoft Corp, Bloomberg News reported on Thursday, citing sources.

The all-equity round is expected to close in the next two weeks and may take Walmart-backed PhonePe's valuation close to $13 billion, according to the report.

PhonePe declined to comment while Walmart, General Atlantic, Tiger Global, Qatar Investment Authority and Microsoft did not immediately respond to Reuters' requests for comment.

(Reporting by Ashish Chandra in Bengaluru; Editing by Krishna Chandra Eluri)

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