Walmart led a $700m funding round in PhonePe.

Walmart, an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores, led a $700m funding round in PhonePe, a digital wallet platform and online payment company headquartered in Bangalore. Other investors include Tencent and Tiger Global. The company would help develop hundreds of new suppliers in sectors such as food, pharmaceuticals, consumables and apparel. India is already among Walmart’s top sourcing markets for products such as jewellery and homeware, with annual exports of about $3bn.