India’s leading digital payments platform, PhonePe, has successfully raised an additional $100 million in funding from global growth equity firm General Atlantic.
This investment comes as a significant boost to PhonePe’s ongoing expansion plans and further solidifies its position in India’s competitive fintech landscape.
PhonePe announced on Monday that it has raised an extra $100 million from private equity company General Atlantic as part of its ongoing $1 billion fundraising effort. It has raised a total of $850 million, including the most recent round.
PhonePe is India’s most valuable payments company, with an estimated worth of $12 billion, and one of the country’s most valuable startups.
PhonePe stated in March that the company intends to use the capital to establish and scale additional businesses such as insurance, wealth management, and lending.
Walmart, which bought a majority stake in PhonePe in 2018, will remain a major shareholder in the company.
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Story first published: Monday, May 22, 2023, 14:02 [IST]
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