By Press Trust of India | Updated: 22 May 2023
Decacorn fintech firm PhonePe on Monday said it has secured an additional $100 million (about Rs. 828 crore) investment from General Atlantic.
With this fundraising, General Atlantic and its co-investors have contributed $550 million (roughly Rs. 4,555 crore) in the ongoing $1 billion (roughly Rs. 8,282 crore) funding round of PhonePe at a pre-money valuation of $12 billion (roughly Rs. 99,387 crore).
“PhonePe is pleased to announce that it has secured an additional $100 million investment from General Atlantic, a leading global growth equity firm, as part of its ongoing fundraise.
“This latest tranche brings the total investment from General Atlantic and its co-investors to $550 million. The investment reaffirms General Atlantic’s conviction in PhonePe’s business and growth potential,” PhonePe said in a statement.
With this latest primary infusion from General Atlantic, PhonePe has now raised a total of $850 million (roughly Rs. 7,000 crore) of primary capital in the current round.
Ribbit Capital, Tiger Global and TVS Capital Funds have also invested during the current funding round of the company.
The Walmart group firm has over 450 million registered users.
In February, PhonePe raised another $100 million in primary capital from new investors Ribbit Capital and TVS Capital Funds with participation from existing investor Tiger Global, at a pre-money valuation of $12 billion (roughly Rs. 99,400 crore). This followed a $350 million (roughly Rs. 3,000 crore) primary fundraise by the company on January 19 from General Atlantic.
PhonePe plans to deploy these funds to scale up its payments and insurance businesses in India, as well as to launch and aggressively scale new businesses like lending, stockbroking, ONDC-based shopping and account aggregators over the next few years.