PhonePe, a decacorn fintech startup with a pre-money valuation of $12 billion, announced on Wednesday that General Atlantic has contributed an additional USD 100 million to its ongoing USD 1 billion financing round. The Walmart group company has now raised USD 750 million with this additional capital, according to PTI.
“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.
According to PTI, 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.