The decacorn fintech company PhonePe said on Monday that General Atlantic had invested an extra $100 million (about Rs. 828 crore).
In the ongoing $1 billion (approximately Rs. 8,282 crore) investment round of PhonePe, General Atlantic and its co-investors have committed $550 million (about Rs. 4,555 crore) at a pre-money valuation of $12 billion (nearly Rs. 99,387 crore).
PhonePe stated in a statement that, “PhonePe is pleased to announce that it has secured an additional $100 million investment from General Atlantic, a leading global growth equity firm, as part of its ongoing fundraise.”
“This latest tranche brings the total investment from General Atlantic and its co-investors to $550 million. The investment reaffirms General Atlantic’s conviction in PhonePe’s business and growth potential,”it added.
With this most recent primary investment from General Atlantic, PhonePe has now successfully raised a total of $850 million (or around Rs. 7,000 crore) in the current round of funding.During the company’s current funding round, TVS Capital Funds, Tiger Global, and Ribbit Capital have all made investments.Over 450 million users have registered with the Walmart group company.
At a pre-money valuation of $12 billion (approximately Rs. 99,400 crore), PhonePe secured an additional $100 million in primary capital in February from existing investor Tiger Global as well as new investors Ribbit Capital and TVS Capital Funds. This came after the company’s $350 million (approximately Rs. 3,000 crores) primary financing round from General Atlantic on January 19.
Over the coming years, PhonePe intends to use these funds to rapidly build new businesses like lending, stockbroking, ONDC-based commerce, and account aggregators in addition to expanding its payments and insurance business in India.