PhonePe Raises ₹2,847 Crore At ₹97,617 Crore Valuation
PhonePe raised growth funds of $350 million at a valuation of $12 billion, led by General Atlantic. Currently PhonePe has over 40 lakh registered users.
In a funding round headed by private equity firm General Atlantic, the Walmart-backed Indian digital payments platform PhonePe raised $350 million, valuing the company at $12 billion.
The new funds will be used by PhonePe to expand its infrastructure expenditures, including the construction of data centers, and to support the large-scale expansion of financial services in the nation.
In addition, PhonePe stated that it intended to engage in new industries like finance, insurance, and wealth management.
Walmart-owned Flipkart and PhonePe today revealed the complete ownership split of PhonePe last month.
Both businesses will be able to independently develop their businesses, set their own growth trajectories, and use this move to maximize enterprise value for their respective shareholders. The Flipkart Group purchased the PhonePe Group in 2016.
More than 400 million people are reportedly registered with PhonePe.
“I want to express my gratitude to General Atlantic and all of our supporters, both old and new.
The Indian digital ecosystem has become a global model because of this effective public-private collaboration, and PhonePe is happy to play a leading role in the nation’s digitization efforts.
Our most recent round of fundraising will enable us to further advance the Government of India’s mission of digital financial inclusion for all because we are an Indian company developed by Indians,” said Sameer Nigam, CEO and Founder of PhonePe.
In addition to facilitating the next wave of development for UPI payments in India,
“We look forward to delivering its next stage of our progress by investing in new business domains like Insurance, Wealth Management, and Lending.”
Over the course of its history, General Atlantic, a global private equity firm, has provided financing and strategic support to over 445 growing firms. General Atlantic is now managing assets of over $73 billion.
General Atlantic’s managing director and head of India, Shantanu Rastogi, commented on the agreement by saying:
“Sameer, Rahul, and the PhonePe management team have followed a clear purpose to push payments digitalization and dramatically increase access to financial instruments for the people of India.
They are still committed to promoting the usage of inclusive goods built on the “India stack,” an open API platform.
This strategy is consistent with General Atlantic’s long-standing dedication to supporting high-growth companies with a commitment to inclusiveness and empowerment.”