Flipkart’s digital payment spinout has secured the $350m second close led by Walmart and backed by Tencent and Tiger Global, valuing it in the range of $5.5bn to $5.7bn.

India-based digital payment service provider PhonePe has closed a $350m tranche to complete a $700m round led by retailer Walmart and featuring internet group Tencent, Entrackr reported yesterday.

Walmart injected $283.5m while Tencent provided $50m, according to regulatory filings in Singapore seen by Entrackr. Tiger Global Management put up $16.5m to fill out the participants.

The company had announced plans to raise the $700m round in December 2020, when it disclosed it was spun off by Walmart’s regional e-commerce…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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