PhonePe’s funding spree continues as it raises another $100m
Indian payments app PhonePe has bagged an additional $100 million from existing backer General Atlantic and its co-investors, as part of its ongoing efforts to raise $1 billion in funding.
PhonePe nets additional $100m from General Atlantic
PhonePe kicked off its latest fundraise in January, with General Atlantic offering up $350 million for the fintech giant at a pre-money valuation of $12 billion. In the second round held in February, PhonePe bagged an additional $100 million from Ribbit Capital, Tiger Global and TVS Capital Funds.
The payments giant capped off March with a $200 million investment from majority investor Walmart.
The latest funding tranche brings PhonePe’s total capital raised to $750 million.
With the money, PhonePe plans on entering and scaling new businesses such as insurance, wealth management, lending, stockbroking, shopping and account aggregators. It also plans to grow UPI payments in India by introducing new products.
Founded in 2015, PhonePe claims to be India’s largest payments app, catering to both consumers and merchants, serving over 440 million users across the subcontinent. It offers payment services, including bill payments, as well as investments and insurance products.
Earlier this month, PhonePe called off its proposed acquisition of buy now, pay later (BNPL) firm ZestMoney over concerns around its business model and debt liability.
