PhonePe: The financial services app PhonePe has now become the most-valued fintech in the country. The Walmart-owned digital payments company revealed that it has raised $350 million at a valuation of $12 billion from General Atlantic.
What PhonePe said
“The fundraise is expected to support PhonePe as it seeks to turbo-charge the next wave of growth for UPI payments in India, including UPI lite and credit on UPI,” the statement said.
“Marquee Global and Indian investors are also participating in the round,” PhonePe said in a statement that the investment is the first instalment of a $1 billion total fundraising effort that will begin in January 2023.
PhonePe, which Walmart Inc. acquired in 2018, intends to use the new funds to “make significant investments in infrastructure, including the development of data centres, and assist in the development of financial services offerings at scale in the country.”
“The fundraise is expected to support PhonePe as it seeks to turbo-charge the next wave of growth for UPI payments in India, including UPI lite and credit on UPI,” the statement said.
About PhonePe
Founded in 2018, PhonePe has over 400 million registered users and 35 million merchants spread across Tier 2, 3, and 4 cities and beyond.
“PhonePe is an Indian company built by Indians, and the latest fundraise will aid in investing in new business verticals such as insurance, wealth management, and lending, as well as facilitating the next wave of growth for UPI payments in India,” according to Sameer Nigam, PhonePe’s founder and CEO.
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