PhonePe Has Secured US$750M as Part of Ongoing US$1B Fundraiseby Fintech News Singapore April 13, 2023
Indian digital payments company PhonePe has raised an additional US$100 million from American growth equity firm General Atlantic as part of its ongoing efforts to close an ongoing US$ 1 billion financing round.
General Atlantic is an existing investor and was part of the US$450 million fundraise that was joined by Ribbit Capital, Tiger Global and TVS Capital Funds in January this year.
PhonePe went on to secure an additional US$200 million from Walmart two months later in March. Currently, PhonePe has raised a total of US$750 million.
The firm has plans to deploy these funds to scale up its payments and insurance businesses in India, as well as to launch and scale new businesses like lending, stockbroking, Open Network for Digital Commerce (ONDC)-based shopping and account aggregators.
PhonePe had recently abandoned plans to acquire Indian BNPL firm ZestMoney in a deal that could have been worth US$200 million to US$300 million citing due diligence concerns.