https://techcrunch.com/2023/03/16/walmart-invests-200-million-in-indian-mobile-payments-giant-phonepe/

PhonePe has raised another $200 million as part of an ongoing round, a deliberation that has now helped it pull $650 million in recent weeks despite the market slump, as the Indian fintech giant bulks up its war chest following the recent separation from the parent firm Flipkart.

Walmart, which owns the majority of PhonePe, has invested $200 million into the startup. The ongoing round values the Bengaluru-headquartered PhonePe at a pre-money valuation of $12 billion. PhonePe has previously said that it plans to raise up to $1 billion as part of the ongoing financing round.