Walmart’s Payments Startup PhonePe Seeks to Raise $1 Billion

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A PhonePe employee places an advertisement for the company's digital payment system outside a grocery store in Bengaluru, India, on Tuesday, Sept. 28, 2021. As online payments and digital loans in the second-most populous country soar at some of the fastest rates worldwide, money is pouring into India’s financial technology sector at an unprecedented pace. Photographer: Samyukta Lakshmi/Bloomberg

A PhonePe employee places an advertisement for the company’s digital payment system outside a grocery store in Bengaluru, India, on Tuesday, Sept. 28, 2021. As online payments and digital loans in the second-most populous country soar at some of the fastest rates worldwide, money is pouring into India’s financial technology sector at an unprecedented pace. Photographer: Samyukta Lakshmi/Bloomberg