NEW DELHI: PhonePe has bagged another $100 million in fresh funding from existing backer General Atlantic at a pre-money valuation of $12 billion. The investment is part of the Walmart-owned fintech major’s larger ongoing financing round through which it aims to garner funding of up to $1 billion from investors. With the latest capital infusion, PhonePe’s total fund count in the current round has touched $850 million.
General Atlantic and its co-investors alone have pumped in capital worth $550 million into the Bengaluru-based company in the ongoing round. The recent funding comes less than two months after the US-based growth equity investor and its affiliates wrote a $100 million cheque for PhonePe. “The investment reaffirms General Atlantic’s conviction in PhonePe’s business and growth potential,” the firm said in a statement on Monday. Other investors like Tiger Global, TVS Capital Funds and Ribbit Capital have also backed the startup’s ongoing funding round which was launched in January.
PhonePe which is counted as India’s most valued privately held fintech startup had earlier said that it will deploy large portions of the fresh funds to build new businesses like insurance, ONDC (open network for digital commerce)-based shopping, wealth management and lending. The firm has already established its ONDC footprint with the launch of its local commerce app Pincode on the network.
In its quarterly earnings call held last week, Walmart’s top leadership said that the PhonePe business continues to deliver, having already touched more than $1 trillion in annualised total payments value (TPV).
The firm’s aggressive fundraising comes at a time when the broader startup sector has been hit by a funding slowdown on the back of a global economic downturn. PhonePe shifted its domicile to India from Singapore last year and announced separation from Flipkart.
General Atlantic and its co-investors alone have pumped in capital worth $550 million into the Bengaluru-based company in the ongoing round. The recent funding comes less than two months after the US-based growth equity investor and its affiliates wrote a $100 million cheque for PhonePe. “The investment reaffirms General Atlantic’s conviction in PhonePe’s business and growth potential,” the firm said in a statement on Monday. Other investors like Tiger Global, TVS Capital Funds and Ribbit Capital have also backed the startup’s ongoing funding round which was launched in January.
PhonePe which is counted as India’s most valued privately held fintech startup had earlier said that it will deploy large portions of the fresh funds to build new businesses like insurance, ONDC (open network for digital commerce)-based shopping, wealth management and lending. The firm has already established its ONDC footprint with the launch of its local commerce app Pincode on the network.
In its quarterly earnings call held last week, Walmart’s top leadership said that the PhonePe business continues to deliver, having already touched more than $1 trillion in annualised total payments value (TPV).
The firm’s aggressive fundraising comes at a time when the broader startup sector has been hit by a funding slowdown on the back of a global economic downturn. PhonePe shifted its domicile to India from Singapore last year and announced separation from Flipkart.