Walmart shareholding in PhonePe drops to 85%
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US-based retail giant Walmart has seen its shareholding in the fintech decacorn PhonePe drop from 89% to 85% amid the fintech’s $1 Bn fundraise. PhonePe has raised $850 Mn between January and May 2023 from General Atlantic, Walmart, Ribbit Capital, Tiger Global and TVS Capital. The fintech giant commanded a 50.47% share of UPI transaction value and 47.39% of transaction count in April