Saturday, July 13, 2024

PhonePe gets additional $100 million fund from General Atlantic

Decacorn fintech firm PhonePe has received an additional $100 million from General Atlantic during its ongoing fundraise round of $1 billion at a pre-money valuation of $12 billion, the company said on Wednesday.

With this fresh funding, the Walmart group firm has raised $750 million till date.

“PhonePe confirms a $100 million additional tranche of investment from General Atlantic, a leading global growth equity firm, and its co-investors as part of our ongoing fundraise. General Atlantic initially invested $350 million in PhonePe in January 2023,” PhonePe said in a statement.

General Atlantic has invested $450 million in the ongoing fundraise, Ribbit Capital, Tiger Global and TVS Capital Funds
$100 million and Walmart has infused $200 million in the company.

PhonePe plans to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators.

The fundraise will also help PhonePe turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI.

Recently the company also announced its foray into hyperlocal e-commerce through new platform Pincode.

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