Wal-Mart invests $200 million in Indian mobile payment giant PhonePe

On the afternoon of March 17, Beijing time, it was reported that Wal-Mart had invested 200 million US dollars in Indian mobile payment giant PhonePe. PhonePe is in the process of raising a new round of funding, with plans to raise up to $1 billion, with an estimate of $12 billion.

"India is one of the largest digital incremental markets, and I am glad to have the opportunity to continue to support PhonePe," said CEO Judith McKenna, president and CEO Judith McKenna of Walmart International.

Earlier, PhonePe was separated from its parent company, Flipkart, an Indian e-commerce company, and Flipkart was also invested by Wal-Mart. Wal-Mart describes the separation of the two as "similar to eBay and PayPal"-each operating independently and pursuing its own plans.

Last month, Wal-Mart said the separation of Flipkart and PhonePe was "very similar to eBay and PayPal, which operate independently and can pursue their own plans."