New Delhi: Walmart-owned digital payments app PhonePe on Thursday said it has raised USD 350 million at a valuation of USD 12 billion in a funding round led by private equity firm General Atlantic.
With this round, the valuation of the company has more than doubled in about a two-year period.
“PhonePe has raised USD 350 million in funding from General Atlantic, a leading global growth equity firm, at a pre-money valuation of USD 12 billion.
“Marquee Global and Indian investors are also participating in the round. The investment marks the first tranche of an up to USD 1 billion total fundraise that commenced in January 2023,” the statement said.
PhonePe had raised USD 700 million at a post-money valuation of USD 5.5 billion in December 2020.
The fresh fundraise follows PhonePe’s recently announced change of domicile to India and full separation from Flipkart.
PhonePe, in which the US retailer Walmart Inc took ownership in 2018, plans to deploy the new funds to “make significant investments in infrastructure, including the development of data centers and help build financial services offerings at scale in the country.”
Discussion about this post