PhonePe gets additional USD 100 million fund from General Atlantic

Decacorn fintech firm PhonePe has received an additional USD 100 million from General Atlantic during its ongoing fundraise round of USD 1 billion at a pre-money valuation of USD 12 billion, the company said on Wednesday. With this fresh funding, the Walmart group firm has raised USD 750 million till date.

"PhonePe confirms a USD 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 USD 350 million in PhonePe in January 2023," PhonePe said in a statement.

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

SEE ALSO:
Markets extend rally to the eight consecutive day, led by IT, healthcare and auto stocks
How Omicron sub-variants escape our body's immune system