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.”

Business Writer

Indian businesses are the growth pillars of the Indian economy. And common people should be aware of what is going on in the business world. So Pratik took the responsibility to share business stories.

Recent Posts

PM Modi Campaign “Roti, Beti, Maati ki pukar” Vision in Jharkhand’s Garhwa

On Monday Prime Minister Narendra Modi stated that Jharkhand polls are taking place while the…

November 4, 2024

Bollywood’s Diwali Blockbusters: Bhool Bhulaiyaa 3 and Singham Again Cross ₹200 Crore Combined Weekend Collection

An unprecedented battle occurred during the Diwali weekend at the box office in which Bhool…

November 4, 2024

Uttarakhand CM Pushkar Singh Dhami issues strong statement as bus plunges into gorge

Several people are feared dead as a 42-seater bus lost control and fell into a…

November 4, 2024

Say Goodbye to Wrinkles with the Power of Moringa

You are not the only one who wants to look perfect with glowing skiing, and…

November 4, 2024

Political Row Intensifies as Bommai Demands Action on Wakf Encroachment Report

On Sunday, Former Karnataka Chief Minister Basavaraj Bommai has urged the current Chief Minister Siddaramaiah…

November 4, 2024

Try these expert detox tips after all that festive feasting

This festival season is sure to have made us indulge in quite a lot of…

November 3, 2024

This website uses cookies.

Read More