PhonePe’s $1 Bn Funding Round: General Atlantic Invests $100 Mn More

PhonePe’s $1 Bn Funding Round: General Atlantic Invests $100 Mn More

SUMMARY

The Walmart-owned payments giant has raised $750 since announcing its plans to raise up to $1 Bn earlier this year

General Atlantic invested $350 Mn in PhonePe in January this year

PhonePe will use the fresh funds to scale up its payments and insurance businesses, as well as new businesses such as lending, stockbroking

Walmart-owned PhonePe has raised another $100 Mn from existing investor General Atlantic and its co-investors as part of its ongoing $1 Bn fundraise. The US-based private equity (PE) firm invested $350 Mn in the payments giant at a pre-money valuation of $12 Bn earlier this year.

The current investment is also said to have taken place at a similar valuation.

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