India’s PhonePe secures another $100m from General Atlantic
Indian payments giant PhonePe has secured an additional $100 million from existing backer General Atlantic, as part of its efforts to raise $1 billion in funding.
PhonePe bags additional $100m from General Atlantic
The latest investment brings PhonePe closer to its target amount, having raised a total of $850 million of primary capital in the current round. Of that, General Atlantic has contributed a total of $550 million.
PhonePe kicked off its latest funding round in January, with General Atlantic investing $350 million in the paytech firm 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, and April saw another $100 million coming in from General Atlantic.
With the funding, PhonePe plans to launch new businesses such as insurance, wealth management, lending, stockbroking, shopping and account aggregators. It also intends 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 460 million users across the subcontinent. It offers payment services, including bill payments, as well as investments and insurance products.
Last month, PhonePe called off its proposed acquisition of Indian buy now, pay later (BNPL) start-up ZestMoney over concerns around its business model and debt liability.
