PhonePe raises growth funding led by General Atlantic at $12 billion valuation
Walmart-backed Indian digital payments app PhonePe has raised $350 million in a funding round led by private equity firm General Atlantic that values the company at $12 billion. PhonePe plans to deploy the fresh funds to make significant investments in infrastructure, including the development of data centers and to help offer financial services at scale in the country.
PhonePe also said that it plans to invest in new businesses including insurance, wealth management and lending.
Last month, Walmart-owned Flipkart and PhonePe today announced the separation of full ownership of PhonePe. The move will help both the companies chart their own growth paths, build their businesses independently and unlock and maximize enterprise value for the shareholders of both the companies. PhonePe Group was acquired by Flipkart Group in 2016.
PhonePe claims to have over 400 million registered users.
“I would like to thank General Atlantic and all of our existing and new investors for the trust they have placed in us. PhonePe is proud to help lead India's nationwide digitization efforts and believe that this powerful public-private collaboration has made the Indian digital ecosystem a global example. We are an Indian company, built by Indians, and our latest funding will help us further accelerate the Government of India's vision of digital financial inclusion for all, Said Sameer Nigam, Founder and CEO, PhonePe.
“We look forward to completing the next phase of our growth by facilitating the next wave of growth for UPI payments in India, as well as investing in new business verticals such as insurance, wealth management and lending.”
General Atlantic is a global private equity firm with more than four decades of experience providing capital and strategic support to more than 445 growth companies throughout its history. General Atlantic currently has over $73 billion in assets under management.
Commenting on the deal, Shantanu Rastogi, Managing Director and Head of India, General Atlantic, said: “Sameer, Rahul and the PhonePe management team share a clear mission to drive payments digitization and create wider access to financial instruments for the people of India. . They are focused on adopting inclusive products developed on the open API based 'India Stack'. This vision is in line with General Atlantic's long-standing commitment to supporting high-growth businesses focused on inclusion and empowerment."
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