Thursday, April 20, 2023

At a valuation of $12 billion, PhonePe receives $100 million

PhonePe has raised a new $100 million in financing from existing supporter General Atlantic and its co-financial backers at a pre-cash valuation of $12 billion. The fintech company's investment is a part of a larger financing round that is ongoing and aims to raise up to $1 billion from investors.

The new tranche of capital comes under a month after larger part investor Walmart implanted $200 million into the organization at a similar valuation. With the most recent funding, PhonePe now has $750 million in the current round. In January of this year, a US-based growth equity investor named General Atlantic invested $350 million in PhonePe, launching the company's current $1 billion investment round. The round has also been supported by Tiger Global, Ribbit Capital, and TVS Capital Funds, which invested $100 million in the startup in February.

The fintech company's plans for expansion will be fueled by the investment. PhonePe had previously stated that new businesses like insurance, ONDC-based shopping, wealth management, and lending would receive a significant portion of the fresh funds.

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