Retail giant Walmart's shareholding in decacorn fintech firm PhonePe has dropped to 85 per cent from 89 per cent following its ongoing fundraise of USD 1 billion, the US based firm said.

PhonePe has now raised a total of USD 850 million of primary capital in the current round till the end of May.

"During the three months ended April 30, 2023, the company received USD 0.5 billion related to new rounds of equity funding for the company's majority-owned PhonePe subsidiary, which reduced the company's ownership from approximately 89 per cent as of January 31, 2023 to approximately 85 per cent," Walmart said in a latest regulatory filing.

Till April 30, the Walmart group firm has raised USD 750 million, including USD 200 million capital infusion from Walmart.

General Atlantic and its co-investors have contributed USD 550 million in the ongoing USD 1 billion funding round of PhonePe at a pre-money valuation of USD 12 billion.

Ribbit Capital, Tiger Global and TVS Capital Funds have invested USD 100 million during the funding round.

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