PhonePe receives another $100m boost from General Atlantic

By Gloria Methri

PhonePe, one of India’s largest FinTech platforms, has secured an additional $100 million investment from General Atlantic, as part of its ongoing fundraise.

This latest tranche brings the total investment from General Atlantic and its co-investors to $550 million. With this latest primary infusion, PhonePe has now raised a total of $850 million of primary capital in the current round.

Recently in March, the company raised $200 million in primary capital from Walmart, at a pre-money valuation of $12 billion.

PhonePe plans to deploy these funds to build and scale new businesses like Insurance, Wealth Management, Lending, Stockbroking, ONDC-based Shopping, and Account Aggregators. The fundraiser will also help PhonePe turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI.

Founded in December 2015, PhonePe has emerged as one of India’s largest payment apps, enabling digital inclusion for consumers and merchants. With 460+ million registered users, the app has digitized 35+ million offline merchants spread across Tier 2,3,4, and beyond.

PhonePe forayed into financial services in 2017, providing users with safe investing options on its platform. Since then, the company has introduced several Mutual Funds and Insurance products that offer every Indian an equal opportunity to unlock the flow of money and access to services.