IndusLaw acts for PhonePe on USD200m fundraise

IndusLaw acts for PhonePe fundraise

IndusLaw advised fintech startup PhonePe on its USD200 million fundraising from parent company Walmart, which gives it a pre-money valuation of USD12 billion.

The IndusLaw transaction team consisted of partners Saurav Kumar and Rohit Ambast, principal associate Swathi Sreenath and associates Saurabh Raman and Shreya Chaturvedi.

The latest tranche of fundraising is a part of PhonePe’s ongoing push to secure USD1 billion in capital, after moving its headquarters to India last year.

PhonePe has so far raised USD650 million from several global investors, which it aims to invest in building and scaling new businesses such as insurance, wealth management, lending, stockbroking, open network digital commerce-based shopping and account aggregators.

The money will also be used to help PhonePe speed up the next wave of growth for UPI payments in India, including UPI lite and credit on UPI.