PhonePe Snaps up Another US$100 Million Investment From General Atlanticby Fintech News Singapore May 23, 2023
Indian digital payments company PhonePe has secured an additional US$100 million investment from its existing investor General Atlantic, a global growth equity firm, as part of its ongoing efforts to close an ongoing US$ 1 billion financing round.
This latest tranche brings the total investment from General Atlantic and its co-investors to US$550 million.
With this latest primary infusion from General Atlantic, PhonePe has now raised a total of US$850 million of primary capital in the current round.
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.