Walmart's stake in PhonePe falls to 85% amid its $1-bn fundraise

Walmart's shareholding in PhonePe has reduced from 89% to 85% amid the fintech startup's ongoing fundraise of $1 billion. According to Walmart's regulatory filing, the retailer received $0.5 billion related to equity funding rounds for PhonePe during the three months ended April 30, which resulted in reduced ownership. PhonePe has raised $850 million till the end of May.