PhonePe Raises $100 Million From General Atlantic
PhonePe has received a tranche of $100 million from General Atlantic as part of an ongoing $1 billion fundraising effort. The fintech company has now raised $850 million in total funding as a result of this injection. General Atlantic had already contributed $350 million to PhonePe as part of the fundraising effort in January of this year.
Walmart has invested $200 million in the company, along with $550 million from General Atlantic and other investors, $100 million from Ribbit Capital, Tiger Global, and TVS Capital Funds, and $100 million from Walmart. The startup is valued at $12 billion in the current round.
The digital payments company with its Bengaluru headquarters previously announced its ambitions for using the money to launch and grow new companies in the insurance, wealth management, lending, stockbroking, ONDC-based retail, and account aggregator sectors. According to the business, the funds raised will also be utilised to support services like UPI Lite and credit on UPI.
In 2016, the Flipkart Group purchased the PhonePe Group, which was created by Sameer Nigam, Rahul Chari, and Burzin Engineer. Later, in 2020, Flipkart split PhonePe as a distinct company. In March 2023, PhonePe, which controls 50% of the market in terms of value for UPI payments, reached an annualised total payment value run rate of $1 trillion. Over 450 million users have reportedly joined with the company.
General Atlantic, which has supported several Indian companies over the past ten years, including Jio, BillDesk, Byju's, Amagi, NoBroker, and Unacademy, expects to invest at least $2 billion to $3 billion in India over the course of the following five to seven years.
Walmart has invested $200 million in the company, along with $550 million from General Atlantic and other investors, $100 million from Ribbit Capital, Tiger Global, and TVS Capital Funds, and $100 million from Walmart. The startup is valued at $12 billion in the current round.
The digital payments company with its Bengaluru headquarters previously announced its ambitions for using the money to launch and grow new companies in the insurance, wealth management, lending, stockbroking, ONDC-based retail, and account aggregator sectors. According to the business, the funds raised will also be utilised to support services like UPI Lite and credit on UPI.
In 2016, the Flipkart Group purchased the PhonePe Group, which was created by Sameer Nigam, Rahul Chari, and Burzin Engineer. Later, in 2020, Flipkart split PhonePe as a distinct company. In March 2023, PhonePe, which controls 50% of the market in terms of value for UPI payments, reached an annualised total payment value run rate of $1 trillion. Over 450 million users have reportedly joined with the company.
General Atlantic, which has supported several Indian companies over the past ten years, including Jio, BillDesk, Byju's, Amagi, NoBroker, and Unacademy, expects to invest at least $2 billion to $3 billion in India over the course of the following five to seven years.
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