India’s PhonePe lands $350m from General Atlantic at $12bn valuation
Indian payments app PhonePe has raised $350 million in funding from growth equity firm General Atlantic at a pre-money valuation of $12 billion.
PhonePe raises $350m
The investment is the first part of what is expected to be a $1 billion total fundraise, with other global and Indian firms set to invest next month.
The Bengaluru-based company intends to use the cash to make “significant” investments in infrastructure, including its data centres, “and help build financial services offerings at scale in the country”.
Announcing the funding on LinkedIn, PhonePe says the fresh capital will also “turbo-charge the next wave of growth” for Unified Payments Interface (UPI) payments in India, including UPI Lite and Credit on UPI, to enable greater financial inclusion for Indians.
PhonePe CEO Sameer Nigram says the company will look to deliver its next phase of growth through investing in new business verticals such as insurance, wealth management and lending.
